Biofrontera AG

Ludwig Lutter appointed new Chief Financial Officer effective March 1, 2021

Leverkusen, Germany, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The Supervisory Board of Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, announces a change in the company's Management Board. Effective March 1, 2021, Mr. Ludwig Lutter has been appointed as the new Chief Financial Officer (CFO) of Biofrontera AG. He succeeds Thomas Schaffer and will be responsible for Finance, Administration, Controlling and Human Resources within the company. Thomas Schaffer will be leaving the Company by best mutual consent on February 28, 2021, to pursue new personal commitments outside the Company. This change is part of the succession planning previously announced by the Supervisory Board and the Management Board.

Thomas Schaffer was appointed CFO in June 2013 and has since successfully accompanied Biofrontera AG on its way to becoming a leading specialty pharma company. By replacing his position as planned, the Supervisory Board, together with the Management Board, has now been able to set the course for a smooth transition of the Management Board within the framework of the intended succession planning at an early stage.

"Over the past eight years, Thomas Schaffer has contributed substantially to the international growth of Biofrontera AG, and in particular has secured the financing of the company. The Supervisory Board expresses its sincere thanks to Mr. Schaffer for his outstanding achievements and his many years of personal commitment to the Biofrontera Management Board. On behalf of the entire management and all employees, I wish him continued success and all the best for his future," says Dr. Ulrich Granzer, Chairman of the Company’s Supervisory Board. "With Ludwig Lutter, we have been able to attract an executive leader with an international profile and impressive experience in growth companies to our Management Board. As a proven financial expert with extensive expertise also for the North American capital markets, Mr. Lutter is perfectly suited to further expand Biofrontera AG's presence in the relevant US market. This puts us in an excellent position to focus on fully exploiting our market potential in the US in the future," Dr. Granzer continued.