Journey Medical trips in public debut

Journey Medical

12/11/2021 17:00

** Journey Medical Corp  DERM.O , commercial-stage
pharmaceutical co focusing on treatment of dermatological
conditions, falls in market debut
    ** DERM opens at $8.70 vs $10 IPO price. Stock falls as low
as $8.23 early on, last trading at $9.71
    ** The 7-yr old co, subsidiary of Fortress Biotech Inc
 FBIO.O , sells 3.52 mln shares for gross raise of $35.2 mln
 urn:newsml:reuters.com:*:nGNXM8VWQ
    ** At IPO price, DERM valued at roughly $160 mln, based on
total shares outstanding in filing https://www.sec.gov/Archives/edgar/data/1867066/000110465921135431/tm2122275-11_s1a.htm
    ** DERM posted net loss of $11.6 mln in first six months of
2021 vs profit of $2.8 mln in yr-ago period
    ** B. Riley Securities sole bookrunner for the IPO, joined
by Roth Capital Partners as co-manager

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))