Biofrontera Inc. Announces Pricing of $9.4 Million Private Placement
16 May 2022 - 10:00PM
Biofrontera, Inc. (Nasdaq: BFRI; BFRIW), announced today that it
has entered into a securities purchase agreement with a single
institutional investor for the purchase of 3,419,000 shares of its
common stock (or common stock equivalents in lieu thereof) and
warrants to purchase up to an aggregate of 3,419,000 shares of
common stock, in a private placement. The purchase price for one
share of common stock (or common stock equivalent) and a warrant to
purchase one share of common stock is $2.75. The warrants have an
exercise price of $2.77 per share, will be exercisable six months
after issue date, and will expire five and one-half years from the
issuance date.
Roth Capital Partners and The Benchmark Company
are acting as the exclusive placement agents for the private
offering.
The gross proceeds from the private placement
offering are expected to be approximately $9.4 million. The private
offering is expected to close on or about May 17, 2022, subject to
the satisfaction of customary closing conditions.
The securities described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Act”) and Regulation D promulgated
thereunder, and have not been registered under the Act or
applicable state securities laws. Accordingly, the securities may
not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws.
Under an agreement with the investor, the
Company is required to file an initial registration statement with
the Securities and Exchange Commission covering the resale of the
shares of common stock to be issued to the investors and shares of
common stock underlying the warrants described above within 15
calendar days and to use its best efforts to have the registration
statement declared effective as promptly as practical thereafter,
and in any event no later than 90 days in the event of a “full
review” by the Securities and Exchange Commission.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities nor
will there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Biofrontera, Inc.
Biofrontera Inc. is a U.S.-based
biopharmaceutical company commercializing a portfolio of
pharmaceutical products for the treatment of dermatological
conditions with a focus on PDT and topical antibiotics. The
Company’s licensed products are used for the treatment of actinic
keratoses, which are pre-cancerous skin lesions, as well as
impetigo, a bacterial skin infection. For more information,
visit www.biofrontera-us.com.
Forward-Looking Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995, as
amended to date. These statements include, but are not limited to,
statements relating to the gross proceeds of the private placement,
closing of the private placement and the future registration of
shares issued in connection with the private placement. We have
based these forward-looking statements on our current expectations
and projections about future events, nevertheless, actual results
or events could differ materially from the plans, intentions and
expectations disclosed in, or implied by, the forward-looking
statements we make. These risks and uncertainties, many of which
are beyond our control, including, but not limited to, the impact
of extraordinary external events, such as the current COVID-19
pandemic; any changes in the Company’s relationship with its
licensors; the ability of the Company’s licensors to fulfill their
obligations to the Company in a timely manner; the Company’s
ability to achieve and sustain profitability; whether the current
global disruptions in supply chains will impact the Company’s
ability to obtain and distribute its licensed products; changes in
the practices of healthcare providers, including any changes to the
coverage, reimbursement and pricing for procedures using the
Company’s licensed products; the uncertainties inherent in the
initiation and conduct of clinical trials; availability and timing
of data from clinical trials; whether results of earlier clinical
trials or trials of Ameluz® in combination with BF-RhodoLED® in
different disease indications or product applications will be
indicative of the results of ongoing or future trials;
uncertainties associated with regulatory review of clinical trials
and applications for marketing approvals; whether the market
opportunity for Ameluz® in combination with BF-RhodoLED® is
consistent with the Company’s expectations; the Company’s ability
to complete the transition to a public company; the Company’s
ability to retain and hire key personnel; the sufficiency of cash
resources and need for additional financing and other factors that
may be disclosed in the Company’s filings with the SEC, which can
be obtained on the SEC website at www.sec.gov. Readers are
cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made
and reflect management's current estimates, projections,
expectations and beliefs. The Company does not plan to update any
such forward-looking statements and expressly disclaims any duty to
update the information contained in this press release except as
required by law.
Contacts
Biofrontera Inc.Anke zur Mühlen+1 781 486
1539us-ir@biofrontera.com
LHA Investor RelationsTirth T. Patel+1 212 201
6614tpatel@lhai.com
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