Stock Alert: Fortress Biotech Shares Up 17% In Premarket

(RTTNews) - Shares of Fortress Biotech Inc. (FBIO) are rising over 17% in pre-market today, after the company announced that its partner company Oncogenuity Inc. has entered into an exclusive worldwide licensing agreement with Columbia University to develop novel oligonucleotides for the treatment of genetically driven cancers.

The proprietary platform produces oligomers, now known as "ONCOlogues," that are capable of binding gene sequences 1,000 times more effectively than complementary native DNA.

The stock has been trading in the range of $1.0400 - $3.1100 for the past one year, and closed Thursday's trade at $2.09, down 3 cents or 1.42%. FBIO is currently trading at $2.45, up 36 cents or 17.22% in the pre-market trading session.