Fortress Biotech shareholders approve board proposals at annual meeting

Fortress Biotech, Inc. (NASDAQ:FBIO) reported Monday that shareholders voted on five proposals at the company’s annual meeting held June 17 via an online platform, according to a press release statement based on an SEC filing.

Shareholders elected seven directors to serve until the 2026 annual meeting. The directors elected and their respective votes in favor were Lindsay (NYSE:LNN) A. Rosenwald, M.D. (9,561,328 votes for), Jimmie Harvey, Jr., M.D. (9,510,319), Malcolm Hoenlein (9,439,773), Dov Klein, CPA (9,441,597), J. Jay Lobell (9,182,951), Kevin L. Lorenz, J.D. (9,510,472), and Michael S. Weiss (9,528,675). Each director received more votes for than against, with abstentions and broker non-votes also recorded.

Shareholders also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025. This proposal received 20,400,173 votes in favor, 314,490 against, and 15,436 abstentions.

An advisory vote to approve the compensation of named executive officers resulted in 9,388,005 votes for, 312,265 against, and 112,790 abstentions, with 10,917,039 broker non-votes.

On the advisory vote regarding the frequency of future advisory votes on executive compensation, 7,421,176 votes supported holding the vote every three years, 2,051,405 supported every one year, 183,953 supported every two years, and there were 156,526 abstentions. In response to this outcome, the board determined the company will hold a Say-on-Pay vote every three years until the next required frequency vote in 2031.

Shareholders also approved the Second Amended and Restated Certificate of Incorporation, which includes provisions for officer exculpation. This proposal received 7,964,484 votes for, 1,723,623 against, and 124,953 abstentions, with 10,917,039 broker non-votes.

Fortress Biotech’s common stock and its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market under the symbols FBIO and FBIOP, respectively.

All information is based on a press release statement and details from the company’s filing with the Securities and Exchange Commission.

In other recent news, Journey Medical (TASE:BLWV) Corporation has reported its financial results for the fourth quarter of 2024. The company experienced a net loss of $14.7 million, with annual revenue decreasing to $56.1 million from $59.7 million in 2023. Despite the revenue decline, Journey Medical is optimistic about the future, focusing on the launch of IMROCI, a newly FDA-approved treatment for rosacea that is anticipated to drive significant growth. The company has successfully reduced its selling, general, and administrative expenses by 8% to $40.2 million, reflecting effective cost optimization efforts.

Additionally, Journey Medical has appointed Ramsey Alloush as the new Chief Operating Officer, who will continue to serve as General Counsel. This leadership change comes as the company aims to enhance its market position with the commercialization of Emrosi™, another product in its dermatological portfolio. The company has also achieved positive non-GAAP adjusted EBITDA for the sixth consecutive quarter, demonstrating operational resilience amidst a challenging market environment.

Journey Medical is delaying its 2025 financial guidance but remains optimistic about IMROCI's impact, expecting minimal revenue in the first quarter of 2025 with more significant contributions in the second quarter. The company is targeting a $1 billion rosacea treatment market and is working towards achieving peak payer coverage and exploring international licensing opportunities. Analysts have shown interest in the expected revenue timeline for IMROCI and international expansion plans, with Journey Medical highlighting positive initial payer responses and ongoing efforts to secure international rights.

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