Biofrontera AG Announces Pricing of US$8.9 Million Firm Commitment Public Offering of American Depositary Shares
February 23 2021 - 7:54PM
Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F)
(“Biofrontera” or the “Company”), an international
biopharmaceutical company, today announced the pricing of a U.S.
underwritten public offering of 1,334,002 American Depositary
Shares, or ADSs, at an offering price of $6.68 per ADS. Each ADS
represents two of Biofrontera’s ordinary shares, nominal value
€1.00 per share.
The Company expects to receive aggregate gross
proceeds of approximately $8.9 million from this offering, before
deducting underwriting discounts, commissions and other related
expenses. The offering is expected to close on or about February
26, 2021, subject to completion of the capital increase, which has
to be recorded in the commercial register of the Company.
This offer is part of a concurrent preemptive
rights offering by Biofrontera of its ordinary shares pursuant to
German law to its existing holders of ordinary shares, under which
Biofrontera offers a total of 8,969,870 ordinary shares at an
offering price of €2.75 per share (or approximately $3.34 per
share, representing the same per share price as the one used in the
ADS offering).
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, and for general corporate purposes.
The Benchmark Company, LLC is acting as the
managing underwriter with Lake Street Capital Markets acting as
co-manager and as the “qualified independent underwriter” in
connection with this 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, emailing: 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.
McGuireWoods LLP is acting as U.S. legal counsel
to Biofrontera.
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 Officer Pamela 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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