Biofrontera Inc. Announces Closing of $9.4 Million Private Placement
19 May 2022 - 11:48PM
Biofrontera Inc. (Nasdaq: BFRI)
, a
biopharmaceutical company specializing in the commercialization of
dermatological products, announced today the closing of its
previously-announced $9.4 million private placement with a single
institutional investor.
“This private placement allows us to continue
executing on our aggressive growth plan. Proceeds from the
fundraise will primarily be used to fund our commercial strategy
including our near-term objective to deepen relationships with
current customers while further building out our sales
infrastructure,” stated Erica Monaco, Chief Executive Officer of
Biofrontera Inc. “With our flagship product Ameluz® we offer the
market an innovative and highly effective therapeutic option for
the treatment of actinic keratosis and continue to establish market
leadership. The new funds will aid to expand our already strong
market presence and our strategic position. Together with
broadening our product label through three clinical trials running
in parallel at our licensing partner, this will unravel the
enormous market potential Ameluz® has long term.”
The transaction consists of 3,419,000 shares of
Biofrontera Inc. 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. The purchase price for one share of common
stock (or common stock equivalent) and a warrant to purchase one
share of common stock was $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
acted as the exclusive placement agents for the private
offering.
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.
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 photodynamic therapy (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 Company’s business and marketing
strategy, future operations and business, potential to expand the
label of Ameluz®, market presence and position of Ameluz® and
ongoing clinical trials conducted by our licensing partners and the
future impact of such trials on the market for Ameluz®. 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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