Press Release November 18, 2021

Journey Medical Closes $35.2 Million IPO of Common Stock

Alston & Bird client Journey Medical Corp., a pharmaceutical company based in Scottsdale, AZ, completed its initial public offering (IPO) of 3,520,000 shares of common stock at a price to the public of $10 per share for gross proceeds of $35.2 million, before deducting underwriting discounts and offering expenses. All the shares of common stock were offered by Journey Medical.

The company expects to use the net proceeds from the IPO, which closed November 16, for general corporate purposes and to acquire or invest in businesses, products, services, or technologies.

A subsidiary of New York–based Fortress Biotech, Journey Medical is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions.

Advising Journey Medical in its IPO is an Alston & Bird team led by partner Mark McElreath and associates Robyn Downing, Laura Giambalvo, and Misbah Mohiuddin (Corporate & Business Transactions); partner Natalie Clayton and associate Ravi Shah (Intellectual Property); and partner Brendan Carroll (Health Care).

Media Contact
Alex Wolfe
Communications Director

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