Journey Medical Corporation Recaps 2019 Growth
January 13 2020 - 7:30AM
Journey Medical Corporation today announced an update on its growth
and business performance, including preliminary unaudited fourth
quarter and full-year 2019 net revenue.
“2019 was a banner year for us,” said Claude
Maraoui, president and chief executive officer of Journey Medical.
“Our model of licensing or acquiring dermatology assets that
strategically fit our company continues to fuel our long-term
growth. In the past year, we acquired and launched Ximino®, a
prescription oral antibiotic indicated to treat only inflammatory
lesions of non-nodular moderate to severe acne vulgaris, and
expanded our sales force to 41 sales representatives who are
dedicated to promoting our products, including Targadox® and
Exelderm®.”
As a partner company of Fortress Biotech, Inc.
(Nasdaq: FBIO), Journey Medical was instrumental in driving
Fortress’ number 10 ranking on Deloitte’s 2019 Technology Fast
500™, an annual ranking of the fastest-growing North American
companies in the technology, media, telecommunications, life
sciences and energy tech sectors. Fortress secured the ranking
based on its 8,463 percent revenue growth due to the increase in
Journey Medical’s net product sales from 2015 to 2018.
Mr. Maraoui continued, “The Journey Medical team
has extensive experience in the marketing and promotion of some of
the largest prescription dermatology brands and is especially
skilled at executing aggressive product launches, which facilitates
quick profitability. We look forward to applying this rigor to one
or two anticipated prescription product launches this year. The
efficient sales and marketing model and strong product portfolio
that we have built will provide momentum for continued commercial
success in 2020 and beyond.”
Preliminary Fourth Quarter and Full-Year
2019 Net Revenue (Unaudited)
Based on preliminary unaudited financial
information, the company expects net revenue to range between $9
million and $12 million for the fourth quarter ended December 31,
2019. Preliminary full-year unaudited net revenue is expected to
range between $33 million and $36 million, compared to full-year
2018 net revenue of $23.4 million.
About Journey Medical
Corporation
Journey Medical is focused on identifying,
acquiring and strategically commercializing innovative,
differentiated dermatology products through its efficient sales and
marketing model. The company currently markets five products that
help treat and heal common skin conditions. The Journey Medical
team is comprised of industry experts with extensive experience
commercializing some of the most successful prescription
dermatology brands. Journey Medical is located in Scottsdale,
Arizona and is a partner company of Fortress Biotech, Inc. (Nasdaq:
FBIO). For more information, visit journeymedicalcorp.com.
About XIMINO®
(minocycline hydrochloride) Extended-Release
Capsules
INDICATIONS: Ximino is indicated to treat only
inflammatory lesions of non-nodular moderate to severe acne
vulgaris in patients 12 years of age and older. To reduce the
development of drug-resistant bacteria as well as to maintain the
effectiveness of other antibacterial drugs, Ximino should be used
only as indicated.
IMPORTANT SAFETY INFORMATION: Ximino is
contraindicated in persons who have shown hypersensitivity to any
of the tetracyclines.
Forward Looking Statements
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. As used below and throughout this press release, the words
“we”, “us” and “our” may refer to Fortress individually, a partner
company individually, or Fortress together with one or more partner
companies, as dictated by context. Such statements include, but are
not limited to, any statements relating to our growth strategy and
product development programs and any other statements that are not
historical facts. Forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock price. Factors that could
cause actual results to differ materially from those currently
anticipated include: risks relating to our growth strategy; our
ability to obtain, perform under and maintain financing and
strategic agreements and relationships; risks relating to the
results of research and development activities; uncertainties
relating to preclinical and clinical testing; risks relating to the
timing of starting and completing clinical trials; our dependence
on third-party suppliers; our ability to attract, integrate and
retain key personnel; the early stage of products under
development; our need for substantial additional funds; government
regulation; patent and intellectual property matters; competition;
as well as other risks described in our SEC filings. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations or any changes in
events, conditions or circumstances on which any such statement is
based, except as may be required by law.
Company Contacts:Jaclyn Jaffe and William
BegienFortress Biotech, Inc.(781)
652-4500ir@fortressbiotech.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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