Fortress Biotech Appoints Lucy Lu, M.D., to its Board of Directors
December 19 2022 - 8:00AM
Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative
biopharmaceutical company focused on efficiently acquiring,
developing and commercializing or monetizing promising therapeutic
products and product candidates, today announced that Lucy Lu,
M.D., has been appointed to its Board of Directors. Dr. Lu is an
accomplished executive with over 20 years of experience in a wide
range of financial and drug development matters in the biotech and
healthcare sectors as an investment banker, equity research analyst
and executive at several biotech companies.
Lindsay A. Rosenwald, M.D., Fortress’ Chairman
and Chief Executive Officer, said, “We are delighted to welcome
Lucy back to Fortress in a new capacity, as a member of our Board
of Directors. Prior to her current role at Innovative Cellular
Therapeutics, Lucy was CEO of Avenue Therapeutics, Inc. (“Avenue”)
from its inception until March of 2022, and before that, she was
CFO of Fortress for five years. Lucy is well-versed in the Fortress
business model and well equipped to immediately add strategic value
at the Board level. She has many years of drug development and
financial expertise that we plan to leverage, as our business
development team continues to pursue new drug and drug candidate
opportunities across the globe, and we continue to advance our
eight marketed pharmaceutical products and 20 clinical-stage
product candidates through clinical development.”
Since April of 2022, Dr. Lu has served as Chief
Operating Officer of Innovative Cellular Therapeutics, a
clinical-stage biotechnology company focused on the development of
cellular immunotherapies for the treatment of solid tumors.
Additionally, she is currently a member of the Board of Directors
of Inventiva, a clinical-stage biopharmaceutical company focused on
the development of oral small molecule therapies and is also a
member of the Board of Directors and Audit Committee Chair of Veru
Inc. Previously, Dr. Lu was President and Chief Executive Officer
of Avenue, where she co-invented the foundational U.S. patents for
intravenous tramadol, led its Nasdaq initial public offering and
directed the clinical development program including two successful
Phase 3 studies. From February 2012 to June 2017, she was Executive
Vice President and Chief Financial Officer of Fortress Biotech,
Inc. Prior to working in the biotech industry, Dr. Lu spent a
decade in healthcare equity research and investment banking. From
February 2007 through January 2012, she was a senior biotechnology
equity analyst with Citigroup Investment Research. Dr. Lu holds an
M.D. from the New York University School of Medicine and an M.B.A.
from the NYU Stern School of Business. She obtained a B.A. from the
University of Tennessee’s College of Arts and Science.
Dr. Lu added, “I am very pleased to work again
with Fortress’ board members and management team to continue to
advance the company’s goal of building long-term shareholder value
through strategy and scalability. I believe Fortress can achieve
many of its upcoming milestones by using its novel business model
where shareholder value is generated through asset monetizations,
equity holdings/appreciation, and equity dividend and royalty
revenues from its partners and subsidiaries. I look forward to
utilizing my biopharma and financial experience to add value in the
coming months and years.”
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 eight 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 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 treat 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; our compliance with
applicable Nasdaq listing standards; 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 Contact:Jaclyn JaffeFortress Biotech,
Inc.(781) 652-4500ir@fortressbiotech.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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