Journey Medical (DERM) IPO Opens 13% Lower

Today's IPO for Journey Medical Corporation (NASDAQ: DERM) opened for trading at $8.70 after pricing 3,520,000 shares of its common stock at a price to the public of $10 per share for gross proceeds to Journey Medical of $35.2 million.

B. Riley Securities is acting as the sole book-running manager for the proposed offering. Roth Capital Partners is acting as a co-manager for the proposed offering.

Journey Medical Corporation is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions. The Journey Medical team is comprised of industry experts with extensive experience commercializing some of the most successful prescription dermatology brands. Journey Medical is located in Scottsdale, Arizona and is a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO).

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