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    Biofrontera AG  766  0 Kommentare Biofrontera Reports First Quarter 2016 Financial Results and Business Update

    Business news for the stock market

    Leverkusen (pta008/25.05.2016/09:15) - Biofrontera AG (FSE: B8F), the specialist for the treatment of sun-induced skin cancer, today reported its financial results for the first quarter for the three month period ending March 31, 2016 and provided an update on recent operational and clinical developments.

    Q1 2016 Financial Highlights:
    - Successfully completed additional capital raise
    - Reported flat total revenue growth compared to Q1 2015
    - International revenues increased 19% year over year
    - Generated net income loss before taxes of Eur (0.4) million, which includes repayment of PDUFA fee of Eur 2.1 million by U. S. Food and Drug Administration ("FDA")
    - Cash on balance sheet of Eur 8.0 million as of March 31, 2016

    Q1 2016 and Recent Operational & Clinical Highlights:
    - Completed clinical trial for basal cell carcinoma ("BCC") in the European Union ("EU") with a complete response rate of 93.4%
    - Received reimbursement status in Switzerland
    - Mid cycle review in January by the FDA raised no major issues
    - Granted U.S. FDA approval for Ameluz® in combination with BF-RhodoLED® for actinic keratosis ("AK") on May 10

    Biofrontera reported total revenue of Eur 1,017 thousand in the first quarter of 2016 compared to Eur 1,030 thousand in the first quarter of 2015, which represents flat growth year over year. Revenues in Germany were Eur 633 thousand, compared to Eur 783 thousand in the previous year, which was mainly due to stock reduction at some wholesalers. International revenues reported were Eur 323 thousand compared to Eur 247 thousand in the first quarter of 2015, which is an increase of 19% year over year. Down payments were Eur 60 thousand in the quarter versus Eur 0 in the first quarter of 2015.The guidance for the full year remains unchanged.

    Net income loss before taxes was Eur (448) thousand compared to Eur (2,363) thousand in the previous year. The net income loss includes the repayment of a PDUFA fee by the FDA in March 2013, which is classified under Other Income in the income statement.

    In February 2016, Biofrontera successfully completed a capital raise with institutional investors, which excluded the subscription rights of shareholders. Net proceeds from the capital raise were Eur 4.4 million. This represents a significant improvement in the liquidity of the Company. Cash and cash equivalents were Eur 8.0 million as of March 31, 2016.

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    Verfasst von Pressetext (Adhoc)
    Biofrontera AG Biofrontera Reports First Quarter 2016 Financial Results and Business Update Biofrontera AG (FSE: B8F), the specialist for the treatment of sun-induced skin cancer, today reported its financial results for the first quarter for the three month period ending March 31, 2016 and provided an update on recent operational and …