Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F)
(“Biofrontera” or the “Company”), an international
biopharmaceutical company, announces the closing of the capital
increase resolved by the annual general meeting on May 28, 2020.
The capital increase was carried out by way of a
subscription rights offering to existing shareholders of
Biofrontera AG under German law. Unsubscribed shares were placed in
the course of a public offering of American Depositary Shares
("ADS" and "ADS Offering") in the United States. The Company raised
total gross proceeds of approximately EUR 24.7 million.
As previously announced, Biofrontera AG has
completed a concurrent subscription rights offering of its ordinary
shares under German law to its existing shareholders. The
subscription price was set at EUR 2.75 (or approximately USD 3.34
per share, representing the same per share price as the one used in
the ADS Offering).
The underwritten ADS Offering was placed at a
subscription price of USD 6.68 per ADS (equivalent to EUR 5.50 per
ADS based on the noon buying rate of the Federal Reserve Bank of
New York for the Euro on February 23, 2021). Each ADS represents
two ordinary shares of Biofrontera AG with a nominal value of EUR
1.00 per share. The Company successfully placed a total of
1,334,002 ADSs (2,668,004 shares) for gross proceeds of USD 8.9
million through the underwriters. The ADSs trade on the NASDAQ
Capital Market under the existing ticker symbol "BFRA".
In total, the Company is issuing 8,969,870 new
ordinary shares, including the ordinary shares underlying the ADSs.
The newly issued ordinary shares shall be listed on the Frankfurt
Stock Exchange under the current listing.
Net proceeds from these offerings will be used
to conduct clinical studies aimed at improving the market
positioning of Biofrontera’s lead product Ameluz®, in particular to
seek FDA or other applicable regulatory approval for the extension
of the indications in the United States to basal cell carcinoma,
acne and actinic keratoses on body areas other than the face and
scalp, as well as to complete the development of a larger
BF-RhodoLED® lamp, invest in the procurement of the necessary
materials for it and to seek any FDA or other regulatory approvals
required to launch the new lamp, as well as for general corporate
purposes.
The Benchmark Company, LLC and Lake Street
Capital Markets have been acting as the managing underwriter with
Lake Street Capital Markets as the “qualified independent
underwriter” in connection with the ADS Offering.
In Germany, Quirin Privatbank in Berlin have
been acting as Global Coordinator, European Bookrunner and
Subscription Agent for the subscription rights offering.
A registration statement on Form F-3 relating to
this U.S. offering has been filed with, and declared effective by,
the Securities and Exchange Commission (“SEC”). The U.S. offering
of these securities is being made only by means of a prospectus
supplement, forming a part of the effective registration statement
and is available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement relating to the U.S. offering, when
available, may be obtained from Biofrontera, with an address of
Hemmelrather Weg 201, D-51377, Leverkusen, Germany Telephone: +011
49 214 876 00, email: ir@biofrontera.com. In addition, the
registration statement, including the prospectus supplement, is
available to the public at www.sec.gov or www.biofrontera.com. In
addition, you may contact The Benchmark Company by calling
212-312-6700 or prospectus@benchmarkcompany.com.
Legal counsel to the Company were McGuireWoods
LLP in the U.S and LLR Rechtsanwälte PartG mbB in Germany.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, the securities
described above, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to their registration or qualification
under the securities laws of any such state or jurisdiction.
-End-
For enquiries, please
contact: Biofrontera AG Thomas Schaffer,
Chief Financial OfficerPamela Keck, Head of IR |
ir@biofrontera.com +49 (0)
214 87 63 2 0 |
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.
Forward-Looking Statements:
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995 regarding the public offering and the
intended use of proceeds from the offering. These statements may be
identified by the use of forward-looking words such as
"anticipate," "believe," "forecast," "estimate" and "intend," among
others. Such forward-looking statements are based on the currently
held beliefs and assumptions of the management of Biofrontera AG,
which are expressed in good faith and, in their opinion,
reasonable. Forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, financial condition, performance, or achievements of the
Company, or industry results, to differ materially from the
results, financial condition, performance or achievements expressed
or implied by such forward-looking statements. These risks,
uncertainties and other factors are set forth in the Registration
Statement on Form F-3 filed with the SEC, including in the section
"Risk Factors," and in future reports filed with the SEC. Given
these risks, uncertainties and other factors, prospective investors
are cautioned not to place undue reliance on these forward-looking
statements. The Company does not undertake an obligation to update
or revise any forward-looking statement.
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