SCOTTSDALE, Ariz. - Journey Medical Corporation (NASDAQ:DERM), a commercial-stage pharmaceutical company, announced the appointment of Michael C. Pearce to its Board of Directors on Monday. Pearce, a principal investor with a healthcare focus, brings extensive experience in strategic, business, and financial roles across various industries, including pharmaceuticals.
Pearce has been an advisor to EP Group since 2015 and served on the board of its predecessor, Evening Post Industries (EPI), contributing to its audit, compensation, and investment committees. With a history dating back to 1896, EPI and EP Group have maintained significant operations in sectors such as home healthcare, television, real estate, and print media.
Claude Maraoui, Co-Founder, President, and CEO of Journey Medical, expressed confidence in Pearce's capabilities, particularly in anticipation of the potential November 2024 approval of DFD-29, a drug candidate for rosacea treatment. If approved, DFD-29 could be the only oral medication addressing both inflammatory lesions and erythema associated with the condition.
Pearce's previous roles include Chairman of Range Therapeutics, a healthcare advisory firm, and leadership positions at Pernix Therapeutics, Inc. He has also served on the boards of biopharmaceutical companies Myrexis, Inc. and Affymax, Inc.
Pearce commented on his admiration for Journey Medical's reputation and efficiency and expressed eagerness to contribute to the company's corporate goals.
Journey Medical, headquartered in Scottsdale, Arizona, specializes in marketing FDA-approved prescription pharmaceutical products for dermatological conditions. Currently, the company markets seven branded and two generic products. Journey Medical was founded by Fortress Biotech, Inc. (NASDAQ:FBIO) and regularly files reports with the U.S. Securities and Exchange Commission.
This announcement is based on a press release statement and contains forward-looking statements regarding the company's growth strategy and product development programs. These statements are subject to risks and uncertainties that could affect the business and stock price. The company's future success, including the development and potential approval of DFD-29, may also be influenced by competition, regulatory hurdles, and market acceptance.
InvestingPro Insights
In light of Journey Medical's strategic developments, it is worth noting the financial health and market position of its founding company, Fortress Biotech, Inc. (NASDAQ:FBIO). According to recent InvestingPro data, Fortress Biotech has a market capitalization of approximately $43.98 million USD, indicating a relatively small size within the biopharmaceutical sector.
Despite facing challenges such as a significant sales decline anticipated in the current year and weak gross profit margins, analysts are predicting that the company will turn profitable this year. This potential turnaround could have positive implications for Journey Medical's growth and the success of its product development programs, including DFD-29.
InvestingPro Tips highlight that Fortress Biotech is quickly burning through cash and operates with a moderate level of debt, which are crucial factors to consider when evaluating the company's long-term sustainability and its ability to support subsidiaries like Journey Medical. Additionally, Fortress Biotech's stock price has experienced considerable volatility, with a price that has fallen significantly over the last year.
For investors seeking a deeper analysis of Fortress Biotech's financial metrics and prospects, InvestingPro offers a comprehensive suite of tools and insights. There are a total of 11 additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/FBIO. Readers looking to take advantage of these insights can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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