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Biofrontera Inc. Announces Closing of $15 Million Private Placement

WOBURN, MA., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI; BFRIW) (the “Company”), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced the closing of a private placement with a single institutional investor for the purchase of 2,857,143 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 2,857,143 shares of common stock. The combined purchase price for one share of common stock (or common stock equivalent) and a warrant to purchase one share of common stock was $5.25, priced at-the-market under Nasdaq rules. The warrants have an exercise price of $5.25 per share, will be immediately exercisable, and will expire five years from the issuance date.

Roth Capital Partners and The Benchmark Company acted as the exclusive placement agents for the private offering. McGuireWoods LLP served as legal counsel to Biofrontera Inc. and Schiff Hardin LLP served as legal counsel to the placement agents.

The gross proceeds from the private placement offering, before deducting commissions and offering expenses, amount to $15 million.

The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder, and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

Under an agreement with the investor, the Company is required to file an initial registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock to be issued to the investors and shares of common stock underlying the warrants described above within 15 calendar days and to use its best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days in the event of a "full review" by the Securities and Exchange Commission.

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Nachrichtenquelle: globenewswire
02.12.2021, 01:05  |  115   |   |   

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Biofrontera Inc. Announces Closing of $15 Million Private Placement WOBURN, MA., Dec. 01, 2021 (GLOBE NEWSWIRE) - Biofrontera Inc. (Nasdaq: BFRI; BFRIW) (the “Company”), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced the closing of a private placement …

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