Biofrontera AG

Biofrontera Reports First Quarter 2017 Financial Results

Business news for the stock market

Leverkusen (pta010/19.05.2017/08:30) - Biofrontera AG (FSE: B8F), the specialist for the treatment of sun-induced skin cancer, today reported its financial results for the first quarter ended March 31, 2017 and provided an update on recent operational and clinical developments.

"We had a very successful start into the year 2017 with the U.S. market turning into our most important sales market in Q1. And while we continue to invest into marketing and sales in the U.S. for the treatment of AK, we look forward to expanding our reach into the hospitals and outpatient clinics in the EU with the recent approval of Ameluz® for BCC. With the support of the recent capital raises, we are working diligently towards our operational milestones, including preparations to meet with the U.S. FDA in the second quarter to discuss requirements for BCC approval, and our label extension application for daylight PDT in the EU. 'Success Stories' was the title of the annual report for the past year and we hope to maintain the momentum that we have built and look forward to sharing our continued progress with you in the near future," commented Prof. Dr. Hermann Lübbert, CEO of Biofrontera.

First Quarter 2017 Financial Highlights:
- Sales increased c. 160% to Eur2.6 million for first quarter 2017, compared to Eur1.0 million in the same period 2016.
- Generated Eur1.3 million in revenues in the U.S. in the first quarter of 2017.
- Research and development costs amounted to Eur1.1 million in the first quarter, an increase of 12%, year-over-year. These costs were mainly due to development partnerships.
- Development projects with Maruho generated sales revenue of Eur393 thousand in the first quarter of 2017.
- Net loss was Eur(3.5) million for the first quarter 2017, compared to Eur(448) thousand for the same period in 2016.
- Cash on balance sheet was Eur15.4 million as of March 31, 2017, strengthened by a Eur5 million financing completed in January 2017.

Recent Operational and Clinical Development Highlights:
- Grew sales and marketing infrastructure in the U.S.: expanded sales team to 26 staff and added a fifth region, the Midwest.
- Launched new U.S. corporate website with much more factual and medical information than in Europe.
- Appointed Randall Wilhoite as Chief Operating Officer of U.S. operations.
- Received approval from the European Commission for label extension of Ameluz® to include the treatment of basal cell carcinoma.