Journey Medical, a commercial-stage pharma with a portfolio of dermatological drugs, filed on Friday with the SEC to raise up to $40 million in an initial public offering.
Journey Medical is focused on the development and commercialization of pharmaceuticals for the treatment of dermatological conditions. Its current portfolio includes five branded (Qbrexza, Accutane, Targadox, Ximino, and Exelderm) and three authorized generic prescription drugs for dermatological conditions that are marketed in the US. Journey has a seven-year operating history and anticipates remaining a majority-owned subsidiary of Fortress Biotech (Nasdaq: FBIO).
The Scottsdale, AZ-based company was founded in 2014 and booked $49 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol DERM. Journey Medical filed confidentially on July 22, 2021. B. Riley Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
