Biofrontera AG

Biofrontera Reports Financial Results and Business Update for Second Quarter and First Half 2016

Business news for the stock market

Leverkusen (pta006/31.08.2016/08:00) - Biofrontera AG (FSE: B8F), the specialist for the treatment of sun-induced skin cancer, today reported its financial results for the second quarter and six month period ending June 30, 2016 and provided an update on recent operational and clinical developments.

Q2 2016 and H1 2016 Financial Highlights:
- Sales increased 9% to Eur1.709 million in H1 2016 compared to Eur1.568 million in H1 2015
- Sales outside Germany increased 66% to Eur635 thousand compared to Eur382 thousand in H1 2015
- Net income loss was Eur3.472 million in H1 2016 compared to Eur7.323 million in H1 2015
- Company successfully completed financing rounds in February and April 2016
- Cash on balance sheet was Eur10.2 million as of June 30, 2016

Recent Operational and Clinical Development Highlights:
- Received U.S. FDA approval for Ameluz® and BF-RhodoLED® for actinic keratosis (AK)
- Received positive assessment from the European Medicines Agency (EMA) for the label extension of Ameluz® to include the treatment of field cancerization
- Completed clinical trial for Ameluz® for basal cell carcinoma (BCC) in the European Union (EU) with a clinical clearance rate of 95% and filed for label extension with the EMA
- Swiss compulsory health insurance reimbursed Ameluz® for treatment of AK
- Initiated Phase III clinical trial for Ameluz® in combination with daylight photodynamic therapy (PDT)
- Signed co-development agreement with Maruho Germany to develop four new pharmaceutical products
- Appointed key operations, quality control, market access, and medical affairs team for the U.S.
- Appointed senior regional sales, medical and operational managers and representatives in the U.S.
- Appointed four new supervisory board members

Biofrontera reported total revenue of Eur1.709 million in the first half of 2016, as compared to Eur1.568 million in the first half of 2015, which represents 9% growth year over year. Revenues in Germany were Eur1.034 million in the first half of 2016, as compared to Eur1.186 million in the previous year. International revenues reported were Eur635 thousand in the first half of 2016 compared to Eur382 thousand in the first half of 2015, which represents an increase of 66% year over year. License payments from distributors were Eur40 thousand in the first half of 2016 versus Eur0 in the first half of 2015.The guidance for the full year remains unchanged.