Biofrontera AG announces the closing of the capital raise with gross proceeds of EUR 24.7 million

Leverkusen, Germany, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (“Biofrontera” or the “Company”), an international biopharmaceutical company, announces the closing of the capital increase resolved by the annual general meeting on May 28, 2020.

The capital increase was carried out by way of a subscription rights offering to existing shareholders of Biofrontera AG under German law. Unsubscribed shares were placed in the course of a public offering of American Depositary Shares ("ADS" and "ADS Offering") in the United States. The Company raised total gross proceeds of approximately EUR 24.7 million.

As previously announced, Biofrontera AG has completed a concurrent subscription rights offering of its ordinary shares under German law to its existing shareholders. The subscription price was set at EUR 2.75 (or approximately USD 3.34 per share, representing the same per share price as the one used in the ADS Offering).

The underwritten ADS Offering was placed at a subscription price of USD 6.68 per ADS (equivalent to EUR 5.50 per ADS based on the noon buying rate of the Federal Reserve Bank of New York for the Euro on February 23, 2021). Each ADS represents two ordinary shares of Biofrontera AG with a nominal value of EUR 1.00 per share. The Company successfully placed a total of 1,334,002 ADSs (2,668,004 shares) for gross proceeds of USD 8.9 million through the underwriters. The ADSs trade on the NASDAQ Capital Market under the existing ticker symbol "BFRA".

In total, the Company is issuing 8,969,870 new ordinary shares, including the ordinary shares underlying the ADSs. The newly issued ordinary shares shall be listed on the Frankfurt Stock Exchange under the current listing.

Net proceeds from these offerings will be used to conduct clinical studies aimed at improving the market positioning of Biofrontera’s lead product Ameluz, in particular to seek FDA or other applicable regulatory approval for the extension of the indications in the United States to basal cell carcinoma, acne and actinic keratoses on body areas other than the face and scalp, as well as to complete the development of a larger BF-RhodoLED lamp, invest in the procurement of the necessary materials for it and to seek any FDA or other regulatory approvals required to launch the new lamp, as well as for general corporate purposes.