Cellvation to Advance Three Programs Licensed from UTHealthTwo Phase 2 Studies Supported by Approximately $10M in Secured Grant FundingFrank Taffy to Serve as Interim Chief Executive Officer NEW YORK, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc., (NASDAQ:FBIO) has formed a new subsidiary company, Cellvation, Inc., to develop novel therapies for the treatment of traumatic brain injury ("TBI"). Cellvation has entered into an agreement with The University of Texas Health Science Center at Houston (UTHealth) to secure exclusive worldwide rights to three programs for TBI, including two Phase 2 cell therapies. For the pediatric population, a randomized, multi-center, double-blind, placebo-controlled, Phase 2 study of autologous bone marrow-derived stem cells for the treatment of severe TBI is ongoing and will enroll up to 50 patients ( ClinicalTrials.gov Identifier: NCT01851083). For adults, a soon-to-be-commenced, randomized, double-blind, placebo-controlled, Phase 2 study of autologous bone marrow-derived stem cells for the treatment of severe TBI will enroll up to 55 patients ( ClinicalTrials.gov Identifier: NCT02525432). The Phase 2 studies are supported by secured grants of approximately $10 million from the National Institutes of Health and the Department of Defense. Cellvation plans to strategically supplement this grant funding to open additional clinical sites and accelerate study outcomes. According to the Centers for Disease Control and Prevention, TBI is a leading cause of death and disability in adults and children in the United States, contributing to almost one third of all injury-related mortalities. TBI results from a trauma or jolt to the head (or a penetrating head injury) that impacts normal brain function. TBIs range in severity from "mild" (a brief change in mental status or consciousness, often referred to as a concussion) to "severe" (an extended period of unconsciousness typically requiring hospitalization). Based on the National Hospital Discharge Survey, there were approximately 2.5 million TBIs in the United States in 2010, which resulted in more than 50,000 deaths and 280,000 hospitalizations. Injuries associated with TBI cost an estimated $76 billion annually in the United States.