Biofrontera AG: German Federal Supreme Court overturns ruling of the Cologne Higher Regional Court
23 September 2020 - 2:02AM
Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the
“Company”), an international biopharmaceutical company, announces
that in ruling on September 22, 2020, the German Federal Supreme
Court overturned a decision by the Cologne Higher Regional Court
dated November 15, 2018, which was directed against the Company.
The overturned ruling of the Cologne Higher Regional Court
concerned an action for rescission and annulment brought by the
shareholder Deutsche Balaton AG against certain resolutions of the
Annual General Meeting held on May 24, 2017. The matter has now
been referred back to the Cologne Higher Regional Court for retrial
and decision. The reasons for the ruling of the Federal Supreme
Court are currently not available to the Company.
Context and chronology of the legal dispute as
published on August 26, 2020 in Biofrontera's interim financial
report 2020:In June 2017, Biofrontera AG was served with a claim by
the shareholder Deutsche Balaton AG, aimed at rescission and
nullification of certain resolutions of the Annual General Meeting
held on May 24, 2017. The lawsuit was dismissed by the Cologne
Regional Court in December 2017. On appeal by Deutsche Balaton AG,
the Cologne Higher Regional Court granted the action in November
2018. In its ruling, the Cologne Higher Regional Court did not
allow a review of the judgment by the Federal Supreme Court. Since
the company considered the judgment of the Cologne Higher Regional
Court to be incorrect, it filed a non-admission appeal at the
Federal Supreme Court, which was granted in May 2020.
In its ruling of September 22, 2020, the German
Federal Supreme Court overturned the decision of the Cologne Higher
Regional Court and referred the case back to the Cologne Higher
Regional Court for retrial and decision.
-End-
For enquiries, please
contact: Biofrontera AG Thomas Schaffer,
Chief Financial Officer |
+49 (0) 214 87 63 2 0
ir@biofrontera.com |
IR UK: Seton
Services Toni Vallen |
+44 (0) 207 229 0805 |
About Biofrontera:
Biofrontera AG is a biopharmaceutical company
specializing in the development and sale of dermatological drugs
and medical cosmetics.
The Germany-based company, with over 150
employees worldwide, develops and markets innovative products for
the care, protection and treatment of the skin. The company’s lead
product is the combination of Ameluz®, a topical prescription drug,
and medical device BF-RhodoLED® for the photodynamic therapy of
certain superficial skin cancers and their precursors. Ameluz® has
been marketed in the EU since 2012 and in the United States since
May 2016. In addition, the company markets the prescription
medication Xepi™ for the treatment of impetigo in the United
States. In the EU, the company also sells the dermocosmetics series
Belixos®, which offers specialized care for damaged or diseased
skin.
Biofrontera is the first German founder-led
pharmaceutical company to receive a centralized European and a US
approval for a drug developed in-house. The Biofrontera Group was
founded in 1997 by the current CEO Prof. Dr. Hermann Lübbert and is
listed on the Frankfurt Stock Exchange (Prime Standard) and on the
US NASDAQ.www.biofrontera.com.
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