Fortress Biotech, Inc. (FBIO) saw its loss widen to $55.10 million, or $1.38 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $48.43 million, or $1.24 a share.
Revenue during the year surged 1,809.62 percent to $16.48 million from $0.86 million in the previous year.
Operating loss for the year was $65.71 million, compared with an operating loss of $50.53 million in the previous year.
Dr. Lindsay A. Rosenwald, Fortress' chairman, president and chief executive officer, said, "Fortress had another productive year in 2016 and early 2017, with the launch of three additional Fortress Company subsidiaries, Cellvation, Caelum Biosciences, and Cyprium Therapeutics, which broaden our pipeline in cellular therapeutics and rare disease. In addition, we completed a tender offer purchasing a majority of National Holdings Corporation, a full service investment banking and advisory firm, which has a significant presence in biotechnology and the life sciences. National presents multiple opportunities for synergies with our core biotech drug development business."
Debt moves up
Fortress Biotech, Inc. has witnessed an increase in total debt over the last one year. It stood at $28.22 million as on Dec. 31, 2016, up 21.75 percent or $5.04 million from $23.17 million on Dec. 31, 2015. Short-term debt stood at $2.03 million as on Dec. 31, 2016. Total debt was 16.53 percent of total assets as on Dec. 31, 2016, compared with 19.54 percent on Dec. 31, 2015. Debt to equity ratio was at 0.34 as on Dec. 31, 2016, up from 0.27 as on Dec. 31, 2015.
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