Exhibit 99.1
Fortress Biotech Appoints Lucy Lu, M.D., to its Board of Directors
Miami, FL – December 19, 2022 – 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.
