Avenue Therapeutics Prices Initial Public Offering of $33,000,000 of Common Stock

New York, NY, June 26, 2017 —- Avenue Therapeutics, Inc. (“Avenue”), a Fortress Biotech, Inc. (NASDAQ: FBIO) company, announced today the pricing of its initial public offering of 5,500,000 shares of common stock at an initial public offering price of $6.00 per share. The gross proceeds to Avenue from the initial public offering are expected to be $33,000,000, before underwriting discounts and commissions and other estimated offering expenses. Avenue has granted the underwriters a 30-day option to purchase up to 825,000 additional shares of common stock, which may be purchased solely for the purpose of covering over-allotments, if any, at the public offering price less the underwriting discounts and commissions.

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