NEW YORK, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), a
biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products,
today announced that it has entered into an agreement to sell its 56.1 percent majority stake of National Holdings Corporation
(NASDAQ: NHLD) (“National”), a leading full-service independent brokerage, investment banking, trading, insurance, accounting and
asset management firm, to NHC Holdings, LLC, a wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), a diversified
provider of financial and business advisory services. Under the terms of the agreement, 24.0 percent of National was sold in
an initial closing on Friday, November 16 at $3.25 per share, with the remaining 32.1 percent stake to be sold at the same
per-share price following FINRA approval, for an aggregate purchase price totaling approximately $22.9 million.
About Fortress Biotech
Fortress is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical
and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain subsidiary
companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its
biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the
Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensing arrangements, acquisitions,
partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their
research and development programs. For more information, visit www.fortressbiotech.com.
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. 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 Contact:
Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
ir@fortressbiotech.com
Investor Relations Contact:
Jeremy Feffer
Managing Director, LifeSci Advisors, LLC
(212) 915-2568
jeremy@lifesciadvisors.com
Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 940-0135
tplohoros@6degreespr.com
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