Biofrontera AG

Biofrontera Reports Financial Results for Third Quarter and First Nine Months of 2017

Business news for the stock market

Leverkusen (pta009/27.11.2017/08:00) - 4th quarter has started with accelerated growth
- Biofrontera well positioned for 2018

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 months ended September 30, 2017 and provided an update on recent operational and clinical developments.

"During the first nine months of 2017, we have focused on strengthening our U.S. infrastructure and expansion opportunities in order to build on the success of Ameluz® in the largest dermatology market. Although we were able to increase total revenues in the first nine months by 155% to a total of Eur7.3 million as compared to the same period in 2016, the third quarter proved difficult due to stronger than expected seasonality in the summer months as well as the ongoing complexities in reimbursement, which led to an adjustment of our revenue forecast for 2017 to Eur12 million. However, as we enter the fourth quarter, our October revenue in the U.S. was almost equivalent to that of the entire third quarter results with a continued positive trend into November. We believe that we are well-positioned for strong growth in 2018 with the recent designation of a permanent J-Code along with revision to CPT codes that we believe will simplify and improve the reimbursement for PDT prescribing physicians beginning in January. Furthermore, we have agreed with the U.S. Food and Drug Administration (FDA) on the requirements necessary to obtain approval for our application of Ameluz® PDT for the treatment of supercial basal cell carcinoma (BCC) in the U.S.," commented Prof. Dr. Hermann Lübbert, CEO of Biofrontera.

"We have also continued to make great strides to expand our global presence. We are awaiting an opinion from the European Medicines Agency (EMA) regarding our application for an expanded label to include daylight-PDT following positive feedback from its initial review. We believe such an expanded label will drive better reimbursement in Germany and mark our entry into the self-applied topical market. In addition to our progress in Europe, we recently launched Ameluz® for actinic keratosis (AK) in Israel through our partner Perrigo. As we near 2018, we are confident that our numerous opportunities will allow us to further establish Biofrontera as a leader in the treatment of superficial skin cancers" concluded Dr. Lübbert.