Biofrontera AG

Biofrontera Reports Financial Results and Business Update for Third Quarter and First Nine Months 2016

Business news for the stock market

Leverkusen (pta008/30.11.2016/08:00) - Biofrontera AG (FSE: B8F), the specialist for the treatment of sun-induced skin cancer, today reported its financial results for the third quarter and first nine month period of the year ending September 30, 2016 and provided an update on recent operational and clinical developments.

Q3 2016 and Nine Months 2016 Financial Highlights:

* Sales increased 9% to Eur 2.881 million for the first nine months 2016 compared to Eur 2.635 million in the same period 2015
* Sales outside Germany increased 151% to Eur 1,365 thousand in the first nine months 2016 compared to Eur 544 thousand in the nine month period ending September 2015
* Operational loss was Eur 7.163 million in the nine month period for 2016 compared to Eur 9.285 million in same period 2015
* Cash on balance sheet was Eur 5.7 million as of September 30, 2016, and strengthened by subsequent financing

Recent Operational and Clinical Development Highlights:

* Launched commercial sale of Ameluz® and BF-RhodoLED® in the U.S. with launch event during the Fall Clinical Dermatology Conference in Las Vegas
* Further established sales and marketing operation in the U.S.
* Received approval by the European Commission of label extension for Ameluz® to include the treatment of field cancerization
* Completed patient recruitment of Phase III clinical trial for Ameluz® in combination with daylight photodynamic therapy (PDT)
* Announced positive 12-month follow-up results for Phase III trial evaluating Ameluz® for basal cell carcinoma and filed for label extension with EMA
* Received reimbursement for Ameluz® in Switzerland

Biofrontera reported total revenue of Eur 2.881 million in the first nine months of 2016, as compared to Eur 2.635 million in the first nine months of 2015, which represents 9% growth year over year. Revenues in Germany were Eur 1.476 million for the first nine months of 2016, as compared to Eur 2.091 million in the previous year. The strong decrease was the result of a special effect of an Ameluz price increase in August 2015, which was preceded by massive stocking by the wholesalers. International revenues reported were Eur 1.365 million in the first nine months of 2016 compared to Eur 544 thousand in the first nine months of 2015, which represents an increase of 151% year over year. License payments from distributors were Eur 40 thousand in the first nine months of 2016 versus Eur 0 in the first nine months of 2015. The guidance for the full year remains unchanged.