Fortress Biotech Appoints David Jin as Chief Financial Officer
July 22 2022 - 8:00AM
Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress” or the
“Company”), an innovative biopharmaceutical company focused on
efficiently acquiring, developing and commercializing or monetizing
promising therapeutic products and product candidates, today
announced the appointment of David Jin as Chief Financial Officer
effective August 16, 2022. Mr. Jin will also continue to serve as
Head of Corporate Development.
Chairman, President and Chief Executive Officer
of Fortress, Lindsay A. Rosenwald, M.D., said, "We are thrilled to
expand David's role given the contributions he has made across
Fortress and our subsidiaries since joining over two years ago. His
experience, dedication and in-depth understanding of our portfolio
and strategy will be uniquely synergistic for the role and key to
the continuous evolution of Fortress. I look forward to working
closely with David on advancing our commitment to the development
and commercialization of therapies for patients with high unmet
need."
The appointment follows notice from Robyn Hunter
that, also effective August 16, 2022, she will step down from
Fortress after 11 years with the Company to pursue external
opportunities. Dr. Rosenwald continued, "It has been a privilege to
work with Robyn for many years, and we wish her continued success
in her next endeavor. We are grateful for her time and dedication
as she helped Fortress and our partner companies evolve for more
than a decade."
Mr. Jin commented, "I joined Fortress in 2020 to
help the team advance our vision of acquiring, developing and
accelerating therapies to patients quickly and efficiently – most
effectively demonstrated by our recent exit of Caelum Biosciences
to AstraZeneca; CAEL-101 is now in two Phase 3 clinical trials.
Fortress also has two upcoming regulatory submissions for potential
FDA approvals in a rare pediatric disease and an oncology
indication, as well as various pivotal/registrational trials across
multiple therapeutic areas needing new treatments for patients. I
am excited to continue to work with our incredible finance team to
support our current and future subsidiaries as we scale our product
portfolio.”
Mr. Jin continued, “I am especially looking
forward to expanding our work with academia and industry leaders to
continue to enhance our partner company portfolios and to build new
companies around development-stage therapies. Fortress has always
been innovative and creative in our approach to structuring and
financing assets and companies to critical clinical inflection
points, and we intend to remain active in the coming months and
years.”
Ms. Hunter commented, “I am proud to have been
part of the exceptional management team at Fortress. I am leaving
at a point in which the infrastructure for future success is in
place and is poised to be leveraged for future growth. Having
worked very closely with David over the past two years, I am
confident that I am leaving the Company with a strong financial
leader who has overseen our strategic finance and budget functions
and who can adeptly steer the Company’s continued growth. I am
committed to ensuring a successful and smooth transition.”
Mr. Jin has been a core member of the Fortress
team since joining in 2020 and also serves as Interim Chief
Executive Officer and Chief Financial Officer of Avenue
Therapeutics, a Fortress partner company. Previously, he was on the
investment team in the Private Equity & Real Assets group at
Barings, a global asset manager, focused on control equity and
royalty/debt investments in pharma and biotech. Before that, he was
a Director of Corporate Development at Sorrento Therapeutics where
he worked on and executed various asset/company acquisitions and
partnership transactions. Prior to that, he was a Vice President of
Healthcare Investment Banking at FBR & Co. where he helped
raise biotech financings and completed transactions totaling over
$3.5 billion in value. Earlier in his career, he was in the
management consulting group at IMS Health (now IQVIA). He holds a
B.S. in Industrial Engineering & Management Sciences with a
double-major in Mathematical Methods in the Social Sciences from
Northwestern University.
Ms. Hunter will continue to provide services to
the Company through the end of the calendar year to ensure a smooth
transition.
About Fortress Biotech Fortress
Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical
company focused on acquiring, developing and commercializing
high-potential marketed and development-stage drugs and drug
candidates. The company has nine marketed prescription
pharmaceutical products and over 30 programs in development at
Fortress, at its majority-owned and majority-controlled partners
and subsidiaries and at partners and subsidiaries it founded and in
which it holds significant minority ownership positions. Such
product candidates span six large-market areas, including oncology,
rare diseases and gene therapy, which allow it to create value for
shareholders. Fortress advances its diversified pipeline through a
streamlined operating structure that fosters efficient drug
development. The Fortress model is driven by a world-class business
development team that is focused on leveraging its significant
biopharmaceutical industry expertise to further expand the
company’s portfolio of product opportunities. Fortress has
established partnerships with some of the world’s leading academic
research institutions and biopharmaceutical companies to maximize
each opportunity to its full potential, including AstraZeneca plc,
City of Hope, Fred Hutchinson Cancer Research Center, St. Jude
Children’s Research Hospital, Nationwide Children’s Hospital and
Sentynl Therapeutics, Inc. For more information, visit
www.fortressbiotech.com.
Forward-Looking StatementsThis
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 or 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, ability to
generate shareholder value, ability of our products to receive
necessary approvals, including FDA, ability of our products and
therapies to help patients 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, including
disruptions that may result from hostilities in Europe; our
dependence on third-party suppliers; risks relating to the COVID-19
outbreak and its potential impact on our employees’ and
consultants’ ability to complete work in a timely manner and on our
ability to obtain additional financing on favorable terms or at
all; 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, and we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Company Contacts:Jaclyn Jaffe and Bill
BegienFortress Biotech, Inc.(781)
652-4500ir@fortressbiotech.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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