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Platform Therapeutics Co. Posts Positive Revenue Surprise in Q2 on Higher Dermatology Product Sales

August 19, 2021 (Investorideas.com Newswire) v

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Dawson James Securities Inc.’s Senior Healthcare Analyst Jason Kolbert wrote in an August 17 research note that Fortress Biotech Inc.’s (FBIO:NASDAQ) commercially marketed dermatology products aided in delivering a positive revenue surprise in Q2/21.

The report indicated that during Q2/21, Fortress Biotech reported product revenues of $15 million, compared to $11.5 million in Q1/21. Dawson James commented that the Q2/21 revenue totals beat its estimates of $14 million and added that the company’s new dermatology products are highly complementary to its business and offer potential for further growth.

The analyst stated that “Fortress announced encouraging MB-107 and MB-207 clinical updates from its investigator-IND X-linked severe combined immunodeficiency (XSCID) trials.” The company is partnering with Mustang Bio Inc. (NASDAQ: MBIO) to develop and evaluate the safety and efficacy of these candidates in its investigator-IND X-linked severe combined immunodeficiency (XSCID) clinical studies.

Analyst Kolbert explained that in January 2021, “the FDA removed a CMC hold on the MB-107 Phase 2 clinical trial Investigational New Drug application after reviewing a comprehensive CMC package.” Kolbert noted that with the hold removed, Fortress now plans to enroll the first patient in this multicenter trial in Q3/21 and expects to receive the first top-line data in early 2022. In addition, Kolbert mentioned that Fortress expects to file an IND in H2/21 for a pivotal Phase 2 trial of MB-207.

The report listed that the company is also partnering with Mustang in a Phase 1/2 study of MB-106, which was described as “a CD20-targeted CAR T for relapsed or refractory B-cell non-Hodgkin lymphomas (B-NHL) and chronic lymphocytic leukemia (CLL).”

Another candidate in the Fortress pipeline is an anti-PD-L1 antibody called cosibelimab. The firm is partnering with Checkpoint Therapeutics (CKPT:OTC) and is evaluating the potential use for cosibelimab in treatment of metastatic cutaneous squamous cell carcinoma.

Other candidates in Fortress’s drug pipeline include olafertinib, “a light chain fibril-reactive monoclonal antibody for AL Amyloidosis,” CUTX-101, copper histidinate for Menkes disease, and dotinurad which is a urate transporter (URAT1) inhibitor for treating gout and perhaps other hyperuricemic indications including heart failure and chronic kidney disease.

Dawson James advised that it has a “Buy” rating for Fortress Biotech with a 12-month price target of $24.00. The company’s shares trade on the NASDAQ Exchange under the symbol FBIO and opened for trading on August 18, 2021 at $3.06/share.

Disclosures:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

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