Jul. 16 at 9:02 PM
$FBIO $FBIOP If I hadn't gone on a trip this morning (Swedish time), I would have written an updated view on Substack. I won't do it on my phone, so if there is an update, it will be at least 7-10 days away.
Today's news was of course very disappointing and, for me/my opinion, also unexpected. At least as disappointing and worse that there has been no communication from Fortress. If there is no PR before opening tomorrow, I plan to sell more.
I think you have to accept today's reaction that FBIOP will take more of a beating, considering how the CAEL-101 deal was structured with
$19.6M directly to Fortress upon FDA approval, while FBIO is doing better when
$DERM went up a bit. Unfortunately (for me), I think that trend will continue due to lower volume in FBIOP.
Given that Fortress does not receive any milestones, royalties or annual dividends from DERM and Dotinurad and Triplex are years away, almost everything depends on CUTX-101 for reinvested dividends in the near term now.