Biofrontera Inc Stock Price, News & Analysis

WOBURN, Mass., May 31, 2022 (GLOBE NEWSWIRE) -- Biofrontera (Nasdaq: BFRI) announced its participation in The Benchmark Healthcare House Call Virtual 1x1 Conference on June 2, 2022. Erica Monaco, CEO, and Hermann Lübbert, Executive Chairman, will engage with registered investors through virtual meetings and small group sessions.

Biofrontera is a biopharmaceutical company focused on dermatological products, including treatments for actinic keratoses and impetigo. For further information, visit biofrontera-us.com.

Biofrontera Inc. (Nasdaq: BFRI) highlights data from the American Cancer Society showing approximately 3.4 million U.S. residents may be diagnosed with non-melanoma skin cancer (NMSC) in 2022. This supports the commercial opportunity for Ameluz^®, its flagship product. A recent market report forecasts the global NMSC market to grow by over $180 million with a CAGR of 5.8% until 2026. The company is focused on establishing Ameluz^® as the leading PDT drug for actinic keratosis, with multiple ongoing clinical studies to expand its market potential.

Biofrontera Inc. has successfully closed a $9.4 million private placement with a single institutional investor. This funding will primarily support the company's commercial strategy, aiming to strengthen customer relationships and enhance sales infrastructure.

CEO Erica Monaco emphasized the importance of the funds for expanding market presence and advancing clinical trials for their flagship product, Ameluz®, which treats actinic keratosis. The transaction involved the sale of 3,419,000 shares at $2.75 each, with warrants for more shares at an exercise price of $2.77.

Biofrontera, Inc. (Nasdaq: BFRI; BFRIW) has entered a securities purchase agreement with an institutional investor for 3,419,000 shares of common stock at $2.75 per share, plus warrants for an additional 3,419,000 shares. The total gross proceeds are projected to be approximately $9.4 million, with the offering expected to close by May 17, 2022.

Roth Capital Partners and The Benchmark Company are the exclusive placement agents. The company is obligated to file a registration statement for resale within 15 days of the deal's closing.

Biofrontera Inc. (BFRI) reported a 106% increase in total revenues for Q1 2022, amounting to $9.8 million, compared to Q1 2021. Cash reserves stood at $22.4 million as of March 31, 2022, down from $24.5 million at the end of 2021. The company aims for at least 30% revenue growth in 2022, driven by expanded sales efforts and market penetration. While net income rose to $5.6 million, adjusted EBITDA remained negative at $3.0 million. A dedicated key accounts team has been established to adapt to industry changes.

Biofrontera Inc. (Nasdaq: BFRI) will announce its financial results for Q1 2022 on May 13, 2022, prior to U.S. market opening. A conference call is scheduled for the same day at 11:00 a.m. ET to discuss the results and provide a business update. The company specializes in dermatological treatments, focusing on photodynamic therapy and topical antibiotics. Its licensed products treat actinic keratoses and impetigo.

Biofrontera (Nasdaq: BFRI) announced its sponsorship of the 17th Music City Symposium for Cosmetic Advances & Laser Education, held May 11-15, 2022, in Nashville. This event marks the first domestic showcase of its FDA-approved RhodoLED® XL illumination lamp for photodynamic therapy (PDT). Dr. Michael Gold will present a live demonstration during the symposium. Biofrontera aims to promote its products and strengthen medical initiatives, participating in events supporting Skin Cancer Awareness Month. The company remains on track to launch RhodoLED® XL by the year-end.

Biofrontera Inc. (Nasdaq: BFRI) announced the launch of new and enhanced websites for its products, Ameluz® and Xepi®. The websites feature a dual structure catering to both patients and healthcare professionals, aimed at improving accessibility and brand awareness. CEO Erica Monaco emphasized the importance of educating the industry about photodynamic therapy's efficacy. The patient-oriented Xepi® site includes information on pharmacy access and co-pay programs, while Ameluz®'s site provides comprehensive treatment details, including prescribing information. This initiative is part of a broader strategy to expand market presence.

Biofrontera (Nasdaq: BFRI) announced FDA approval for its cGMP laboratory in Leverkusen, Germany, enhancing manufacturing efficiency and quality control for Ameluz (aminolevulinic acid hydrochloride gel, 10%). This clearance enables impurity testing to be performed in-house, reducing reliance on third-party suppliers and mitigating production risks. The company aims to optimize commercial supply of Ameluz and its associated PDT-lamps in the U.S. market, thus streamlining operations and ensuring consistent product quality.