BFRA Biofrontera AG

3.95
-0.22  -5%
Previous Close 4.17
Open 3.99
52 Week Low 3.7
52 Week High 9.87
Market Cap $112,016,833
Shares 28,358,692
Float 27,643,402
Enterprise Value $112,515,345
Volume 120,013
Av. Daily Volume 26,160
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Drug Pipeline

Drug Stage Notes
Ameluz
Basal cell carcinoma
Phase 3
Phase 3
Phase 3 trial enrolling. 60% complete as of June 2021.
Ameluz
Actinic keratosis
Phase 3
Phase 3
Phase 3 data met primary endpoint - March 20, 2019. Additional trials required with patient recruitment to commence 1H 2022.
Ameluz
Acne
Phase 2b
Phase 2b
Phase 2b trial planned for 2H 2021.
Ameluz
Squamous Cell Carcinoma of the Head and Neck (SCCHN)
Phase 3
Phase 3
Phase 3 planned.

Latest News

  1. Leverkusen, Germany, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (OTC:BFFTF) has been in mediation proceedings with Mr. Wilhelm K. T. Zours and Deutsche Balaton AG for a year in order to find a solution for the settlement of legal disputes and other differences (see ad hoc announcement of September 11, 2020). Mr. Zours is an indirect major shareholder of Biofrontera AG, holding the shares in Biofrontera AG through various companies (hereinafter "Deutsche Balaton Group"). Another major shareholder is Maruho Deutschland GmbH, a subsidiary of Maruho Co. Ltd, Japan. At the upcoming Annual General Meeting of Biofrontera AG on December 14, 2021, new elections to the Supervisory Board will be held…

    Leverkusen, Germany, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (OTC:BFFTF) has been in mediation proceedings with Mr. Wilhelm K. T. Zours and Deutsche Balaton AG for a year in order to find a solution for the settlement of legal disputes and other differences (see ad hoc announcement of September 11, 2020). Mr. Zours is an indirect major shareholder of Biofrontera AG, holding the shares in Biofrontera AG through various companies (hereinafter "Deutsche Balaton Group"). Another major shareholder is Maruho Deutschland GmbH, a subsidiary of Maruho Co. Ltd, Japan. At the upcoming Annual General Meeting of Biofrontera AG on December 14, 2021, new elections to the Supervisory Board will be held as scheduled. In the course of the mediation process, agreement was reached between the Deutsche Balaton Group and the incumbent Supervisory Board of Biofrontera AG on the candidates for the Supervisory Board. The incumbent Supervisory Board therefore intends to propose the following candidates for election at the Annual General Meeting:

    a. Dr. Heikki Lanckriet

    b. Dr. Helge Lubenow

    c. Mrs. Prof. Franca Ruhwedel

    d. Mr Karlheinz Schmelig

    e. Dr. Jörgen Tielmann

    f. Mr Wilhelm K. T. Zours

    Of the above candidates, Mr. Zours declared his willingness to stand for election as Chairman of the Supervisory Board.

    Maruho Deutschland GmbH supports the proposal of the incumbent Supervisory Board. The companies of the Deutsche Balaton Group and Maruho Deutschland GmbH have made a one-time commitment to vote in favor of the election of the aforementioned candidates in the upcoming Annual General Meeting. Biofrontera AG, on the one hand, and Mr. Zours and companies of the Deutsche Balaton Group, on the other hand, have also mutually agreed in a settlement ("Settlement") to terminate all lawsuits pending between them by withdrawing their claims. The Settlement also provides that the Authorized Capital II resolved by the Annual General Meeting of Biofrontera AG on May 24, 2017 under agenda item 6, which is the subject of a pending action for rescission, and which would in any case be limited until May 23, 2022, is not to be used even after the withdrawal of the action. In order to ensure that Biofrontera AG will be able to raise further capital in the future, Deutsche Balaton AG will apply for an amendment to the agenda of the next shareholders meeting and propose the adoption of a respective authorized capital. The settlement does not include a review regarding the background of the IPO of Biofrontera Inc. in the USA. The settlement is subject to the condition precedent that the aforementioned candidates are elected to the Supervisory Board of Biofrontera AG by December 31, 2021 at the latest.

    Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen

    ISIN: DE0006046113

    WKN: 604611

    Contact:

    Biofrontera AG

    Tel: +49 (0214) 87 63 2 0, Fax: +49 (0214) 87 63 290

    Email:

    Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering.

    These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the annual report on Form 20-F filed with the SEC, including Item 3.D. "Key Information - Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.



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  2. Leverkusen, Germany, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, today reported its financial results for the nine months ended September 30, 2021.

    Key financial figures and business performance for the nine months ended September 30, 2021

    In EUR thousands9M 2021

    9M 2020

    ChangeQ3 2021Q3 2020Change
    Revenue18,473 20,829 (11)%5,379 4,713 14%
    thereof from product sales18,473 14,337 29%5,379 4,661 15%
    Gross profit on sales15,761 18,262 (14)%4,680 3,637 29%
    Research and development costs(4,516)(3,403)33%(1,595)(1,014)57%
    General and administrative costs(7,557)(6,882)10%(2,004)(2,410)19%
    Sales and marketing costs(16,263)(16,340)0%(6,072)(4,189

    Leverkusen, Germany, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, today reported its financial results for the nine months ended September 30, 2021.

    Key financial figures and business performance for the nine months ended September 30, 2021

    In EUR thousands9M 2021



    9M 2020



    ChangeQ3 2021Q3 2020Change
    Revenue18,473 20,829 (11)%5,379 4,713 14%
    thereof from product sales18,473 14,337 29%5,379 4,661 15%
    Gross profit on sales15,761 18,262 (14)%4,680 3,637 29%
    Research and development costs(4,516)(3,403)33%(1,595)(1,014)57%
    General and administrative costs(7,557)(6,882)10%(2,004)(2,410)19%
    Sales and marketing costs(16,263)(16,340)0%(6,072)(4,189)45%
    Profit (loss) on operations(12,574)(8,364)50%(4,991)(4,036)24%
    EBITDA(9,680)(5,410)79%(3,912)(4,713)(17)%
    EBIT(12,139)(9,993)21%(4,748)(5,474)(13)%
    Earnings (loss) before tax(14,629)(11,635)26%(5,384)(6,401)(16)%
    Earnings (loss) after tax(14,672)(12,027)22%(5,390)(6,456)(17)%

    The Biofrontera Group generated total sales of EUR 18.5 million in the period January 1 to September 30, 2021, compared to EUR 20.8 million in 2020, a decrease of approximately 11%. However, total revenue in the prior-year period included a one-time payment of EUR 6.0 million received by the company under a licensing agreement. Revenues from product sales in the first nine months of 2020 were EUR 14.3 million, representing an increase of approximately 29% for the same period in 2021.

    "Due to a significant business recovery in the second and third quarters of 2021, we look back on an encouraging nine-month period. A comparison with product sales in 2019 shows that overall product sales since the beginning of 2021 have been back at pre-pandemic levels. This is despite the fact that the first few months were still heavily impacted by the pandemic, particularly in the United States. However, we are not out of the woods yet with regard to the Corona-related restrictions on visits to doctors' offices, both for patients and our sales team, despite the encouraging sales development in the U.S.A. in the third quarter," summarizes Hermann Lübbert, CEO der Biofrontera. "The USA is and remains the growth driver for the Biofrontera Group. Following the IPO of Biofrontera Inc., the capital raised can now be invested in further growth in order to further expand the company's presence in the US market. Unchanged from the ownership structure of Biofrontera Inc., Biofrontera AG will thereby benefit directly from growing Ameluz® sales in the USA."

    In the U.S., product revenues of EUR 12,334 thousand were generated during the reporting period, an increase of 36% compared to the same period last year (EUR 9,095 thousand). Sales of Xepi® were negligible in the reporting period. The development of sales from product revenues in 2020 and early 2021 was strongly influenced by the impact of the coronavirus crisis, particularly in the USA. While sales in the USA in January and February 2021 were still significantly below the previous year's sales due to the pandemic, the Biofrontera Group has recorded a considerable year-on-year sales recovery from mid-March 2021 onwards.

    In comparison, sales of EUR 3,931 thousand in the first nine months in Germany were at the same level as in the same period of the previous year (EUR 3,893 thousand). Here, sales development during the third quarter was more subdued compared to the previous year period. The rather rainy weather during these months as well as the resurgence in travel after the height of the pandemic, had a particularly negative impact on the use of daylight-PDT with Ameluz®.

    In other European countries, sales increased by 64% from EUR 1,349 thousand in 2020 to EUR 2,208 thousand in the reporting period. In Europe, Biofrontera was able to add another licensing partner. After Galenica AB had already started with the distribution of Ameluz® and BF-RhodoLED® in the Scandinavian countries by mid-year, a license has now also been granted for Poland to Medac Gesellschaft für klinische Spezialpräparate mbH. The one-time payment of EUR 50 thousand paid to the company upon conclusion of the contract is included in European sales.

    Sales from other regions, which included revenues from licensing fees as well as development projects with Maruho Co., Ltd. (Japan) in the previous year, were not generated in the reporting period (prior-year period: EUR 6,493 thousand).

    Cash and cash equivalents of the Biofrontera Group amounted to EUR 29,539 thousand as of September 30, 2021, compared to 16,546 TEUR as of December 31, 2020.

    The IPO of Biofrontera Inc. in October generated gross emission proceeds of USD 18 million (see ad hoc announcement of November 2, 2021). From today's perspective, this provides the Biofrontera Group with sufficient liquidity in the form of cash and liquid Biofrontera Inc. shares to implement the Group's strategy over the next 12 months.

    The Company has terminated the EIB loan prematurely (see ad hoc announcement of November 3, 2021) in order to repay the loan in full, including interest and other fees, during the 2021 financial year.

    Outlook

    Performance in the first nine months of 2021 was in line with the Management Board's expectations. The Management Board therefore maintains its guidance for the fiscal year 2021 published on April 12, 2021 in its entirety. Accordingly, the Management Board expects annual revenues between EUR 25 and 32 million as well as EBITDA loss between EUR 11 and 14 million and EBIT loss between EUR 13 and 16 million.

    The detailed annual forecast is available in the Company's Annual Report 2020, which is published on the website of Biofrontera AG at https://www.biofrontera.com/en/investors/financial-reports.

    Conference call

    Conference calls for shareholders and interested investors will be held on November 18, 2021, at the following times:

    In German, November 18, 2021 at 10:00 am CET (4:00 am ET)

    Dial-in number Germany: +49 69201744220

    Conference code: 35058739 #

    In English, November 18, 2021 at 2:00 pm CET (8:00 am ET)

    Dial-in number USA: +1 8774230830

    Dial-in number UK: +44 2030092470

    Conference code: 22567919 #

    Please dial in 10 minutes ahead of time to ensure a timely start of the conference call.

    Biofrontera AG's Q3 report is available for download on the Company's homepage at https://www.biofrontera.com/en/investors/financial-reports.

    -End-

    Biofrontera AG

    Anke zur Mühlen, Investor Relations



    +49-214-87632-0

    About Biofrontera:

    Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics.

    The Germany-based company develops and markets innovative products for the care, protection and treatment of the skin. The company's lead product is the combination of Ameluz®, a topical prescription drug, and medical device BF-RhodoLED® for the photodynamic therapy of certain superficial skin cancers and their precursors. Ameluz® has been marketed in the EU since 2012 and in the United States since May 2016. In the EU, the company also sells the dermocosmetics series Belixos®, which offers specialized care for damaged or diseased skin.

    Biofrontera is the first German founder-led pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 by the current CEO Prof. Dr. Hermann Lübbert and is listed on the Frankfurt Stock Exchange (Prime Standard) and on the US NASDAQ.www.biofrontera.com.

    Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.

    These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the annual report on Form 20-F filed with the SEC, including Item 3.D. "Key Information - Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.



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  3. Leverkusen, Germany, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, announces that two clinical studies for its prescription drug Ameluz® in the United States are being started with site initiations currently in progress, seven sites for the phase two study for the treatment of moderate- to- severe acne in adults as well as eight sites for the phase I safety study evaluating the safety of photodynamic therapy (PDT) with the simultaneous application of three tubes of Ameluz®.

    "Both studies are focused on optimizing market positioning and expanding market share for our FDA-approved prescription drug Ameluz® for photodynamic therapy…

    Leverkusen, Germany, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, announces that two clinical studies for its prescription drug Ameluz® in the United States are being started with site initiations currently in progress, seven sites for the phase two study for the treatment of moderate- to- severe acne in adults as well as eight sites for the phase I safety study evaluating the safety of photodynamic therapy (PDT) with the simultaneous application of three tubes of Ameluz®.

    "Both studies are focused on optimizing market positioning and expanding market share for our FDA-approved prescription drug Ameluz® for photodynamic therapy in our largest market, the United States," says Hermann Lübbert, CEO of Biofrontera AG. "Site initiations for both studies are underway with patient recruitment to start before the end of the year."

    Ameluz® gel in combination with PDT using the BF-RhodoLED® lamp, is currently indicated by the FDA for the lesion-directed and field-directed treatment of actinic keratoses (AK) of mild-to-moderate severity on the face and scalp.

    In the multicenter, randomized, double-blind, four-arm study, 126 patients aged 16 and over suffering from moderate to severe acne are treated with Ameluz® PDT or placebo. The efficacy of Ameluz®-PDT is being tested with incubation durations of one and three hours compared to placebo. The primary endpoint of the study is the absolute change in the number of inflammatory lesions and a minimum improvement in symptoms as assessed by the physician conducting the study.

    The second study is a non-randomized, open-label, multicenter study to evaluate the safety and tolerability of Ameluz in the treatment of AK located on the face and scalp with PDT together with the new BF-RhodoLED® XL lamp. The study includes 100 patients with mild to severe AK. Each patient will receive the content of 3 tubes of Ameluz for a field-directed treatment. This study comes on the back of a maximal-usage pharmacokinetics (PK) clinical study completed in early 2021. The study results from that PK study were presented to the FDA earlier this year. Following that meeting, the FDA requested another safety study focusing on transient application site effects before amending the product information, which currently limits the use to one tube of Ameluz® per treatment, then allowing up to three tubes per treatment (see Biofrontera AG press release dated June 22, 2021).

    Ameluz® together with the PDT-lamp BF-RhodoLED® and its successor model BF-RhodoLED® XL is being marketed by Biofrontera Inc, a US-based affiliate of Biofrontera AG under an exclusive license and supply agreement for the United States.

    -End-

    Biofrontera AG

    Anke zur Mühlen, Investor Relations



    +49-214-87632-0

    About Biofrontera:

    Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics.

    The Germany-based company develops and markets innovative products for the care, protection and treatment of the skin. The company's lead product is the combination of Ameluz®, a topical prescription drug, and medical device BF-RhodoLED® for the photodynamic therapy of certain superficial skin cancers and their precursors. Ameluz® has been marketed in the EU since 2012 and in the United States since May 2016. In the EU, the company also sells the dermocosmetics series Belixos®, which offers specialized care for damaged or diseased skin.

    Biofrontera is the first German founder-led pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 by the current CEO Prof. Dr. Hermann Lübbert and is listed on the Frankfurt Stock Exchange (Prime Standard) and on the US NASDAQ.www.biofrontera.com.

    Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.

    These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the annual report on Form 20-F filed with the SEC, including Item 3.D. "Key Information - Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.



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  4. Leverkusen, Germany, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, will be releasing its financial results for the first nine months ended September 30, 2021 on Wednesday, November 17, 2021.

    Conference calls for shareholders and interested investors will be held on Thursday, November 18, 2021, at the following times:

    In German, November 18, 2021 at 10:00 am CET (4:00 am ET)
    Dial-in number Germany: +49 69201744220
    Conference code: 35058739#

    In English, November 18, 2021 at 2:00 pm CET (8:00 am ET)
    Dial-in number USA: +1 8774230830
    Dial-in number UK: +44 2030092470
    Conference code: 22567919#

    Please dial in 10 minutes ahead of…

    Leverkusen, Germany, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, will be releasing its financial results for the first nine months ended September 30, 2021 on Wednesday, November 17, 2021.

    Conference calls for shareholders and interested investors will be held on Thursday, November 18, 2021, at the following times:

    In German, November 18, 2021 at 10:00 am CET (4:00 am ET)

    Dial-in number Germany: +49 69201744220

    Conference code: 35058739#

    In English, November 18, 2021 at 2:00 pm CET (8:00 am ET)

    Dial-in number USA: +1 8774230830

    Dial-in number UK: +44 2030092470

    Conference code: 22567919#

    Please dial in 10 minutes ahead of time to ensure a timely start of the conference call.

    -End-

    Biofrontera AG

    Anke zur Mühlen, Investor Relations



    +49-214-87632-0

    About Biofrontera:

    Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics.

    The Germany-based company develops and markets innovative products for the care, protection and treatment of the skin. The company's lead product is the combination of Ameluz®, a topical prescription drug, and medical device BF-RhodoLED® for the photodynamic therapy of certain superficial skin cancers and their precursors. Ameluz® has been marketed in the EU since 2012 and in the United States since May 2016. In the EU, the company also sells the dermocosmetics series Belixos®, which offers specialized care for damaged or diseased skin.

    Biofrontera is the first German founder-led pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 by the current CEO Prof. Dr. Hermann Lübbert and is listed on the Frankfurt Stock Exchange (Prime Standard) and on the US NASDAQ. www.biofrontera.com.



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  5. Leverkusen, Germany, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, today announced the approval of the new red-light source for photodynamic therapy (PDT), the BF-RhodoLED® XL, by the U.S. Food and Drug Administration (FDA). In accordance with FDA requirements, the approval was granted as a combination approval with our prescription drug Ameluz®, same as the approval with the predecessor model BF-RhodoLED®.

    The new, larger BF-RhodoLED® XL was approved in combination with Ameluz® for the treatment of mild and moderate actinic keratoses on the face and scalp, which corresponds to the current approval of Ameluz®. The new PDT lamp enables…

    Leverkusen, Germany, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Biofrontera AG (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))) (the "Company"), an international biopharmaceutical company, today announced the approval of the new red-light source for photodynamic therapy (PDT), the BF-RhodoLED® XL, by the U.S. Food and Drug Administration (FDA). In accordance with FDA requirements, the approval was granted as a combination approval with our prescription drug Ameluz®, same as the approval with the predecessor model BF-RhodoLED®.

    The new, larger BF-RhodoLED® XL was approved in combination with Ameluz® for the treatment of mild and moderate actinic keratoses on the face and scalp, which corresponds to the current approval of Ameluz®. The new PDT lamp enables the illumination of larger areas, enabling the simultaneous treatment of several actinic keratoses distant from each other.

    Ahead of the approval by the FDA, the new lamp was protected by several patent applications, which, due to the specifics of the FDA's combination approval, will also contribute to the protection of the prescription drug Ameluz® in the US-market once the patents are granted.

    The treatment parameters of the new BF-RhodoLED® XL, such as light dose, illumination time and wavelength of light are identical to the predecessor model BF-RhodoLED®. In order to meet the FDA's strict requirements for the manufacture of a class III medical device, production of the new lamp has, similar to the older model, been established at the Company's headquarters in Leverkusen. At present, there are no plans to market the new BF-RhodoLED® XL in Europe. The BF-RhodoLED® model will continue to be offered in all our markets.

    Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen

    ISIN: DE0006046113

    WKN: 604611

    Contact:

    Biofrontera AG

    Tel: +49 (0214) 87 63 2 0, Fax: +49 (0214) 87 63 290

    Email:

    Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering.

    These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the annual report on Form 20-F filed with the SEC, including Item 3.D. "Key Information - Risk Factors," and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.



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