REG - Biofrontera AG - Result of Open Offer and Private Placement <Origin Href="QuoteRef">B8FGn.DE</Origin>

Biofrontera AGAnnouncement

05/01/2016 13:45

RNS Number : 6554G
Biofrontera AG
23 November 2015
Ad-hoc Release pursuant to Section15 of the German Securities Trading Act (Wertpapierhandelsgesetz)
Biofrontera AG
("Biofrontera" or the "Company")
Result of Open Offer and Private Placement
Leverkusen, Germany, 23.11.2015 - Biofrontera (FSE/AIM:B8F), the biopharmaceutical company focusing on sun-induced skin cancer, announces that it has placed 1,916,588 new no-par registered shares ("New Shares") with investors in Germany and other countries under the Open Offer and Private Placement announced on 27 October 2015. 
The subscription price for the New Shares was, as determined on 5 November 2015, EUR1.90 raising net proceeds for the Company of EUR 3.5 million, which will be used for the Company's ongoing business operations as well as the establishment of a sales and marketing infrastructure for Ameluz in the USA.
Although disappointed by the level of take-up under the Open Offer and Private Placement, the Company notes the high volatility of the Company's share price during the past few weeks. As announced on 11 November 2015, the Company's business and operational developments, including approval processes in Europe and the USA remain on track. 
The net proceeds from the Open Offer and Private Placement, together with the Company's existing cash and anticipated income will enable the Company to finance its current strategy until at least the end of Q2 2016. The Board continues to evaluate further financing strategies in order to fully fund its business development plans in the USA.
Following registration and admission of the New Shares to trading on the Frankfurt Stock Market and on AIM, the total number of shares in issue will be 25,490,430 no-par registered shares with an amount of the share capital attributable to each share of EUR 1.00. 
Ends
Enquiries, please contact:
Biofrontera AG 
Thomas Schaffer, Chief Financial Officer
+49 (0) 214 87 63 2 0
press@biofrontera.com
www.biofrontera.com
IR Germany: Brainwell Asset Solutions 
Jrgen Benker
+49 (0) 152 08931514
Nomad and Broker: Shore Capital
Bidhi Bhoma / Toby Gibbs
+44(0) 20 7408 4090
IR UK: Seton Services
Toni Vallen 
+44(0) 20 7229 0805
Financial PR: Gable Communications
John Bick / Justine James
+44(0) 20 7193 7463
+44 (0)7872 061007
Background:
Biofrontera Group (FSE/AIM: B8F, ISIN DE0006046113) is a biopharmaceutical company specialising in the development, sale and distribution of drugs and medical cosmetics for the care and treatment of skin diseases. Biofrontera's most important product is Ameluz, a prescription drug which is approved in Europe for the treatment of mild and moderate actinic keratosis (superficial skin cancer) with photodynamic therapy (light therapy). Biofrontera is the first German pharmaceutical start-up company to obtain centralised approval for a drug it has developed itself. The company also plans for Ameluz to be approved for basal cell carcinoma and is currently preparing for approval in other countries, especially in the largest pharmaceutical market in the world, the United States.
The company also markets the Belixos dermatological range of cosmetics. Belixos products, a cream, a gel and a scalp tonic, contain combinations of active substances extracted from plants, relieve itching and redness and are used for the regenerative care of chronic skin conditions such as atopic dermatitis or psoriasis. The Belixos Protect, a daily skincare for sun-damaged skin, complements this dermo-cosmetic line. All products are available through Amazon.
The Biofrontera Group was established in 1997 by Prof. Dr Hermann Lbbert, the Chairman of the company's Management Board, and has its headquarters in Leverkusen, Germany.
www.biofrontera.com
This communication expressly or implicitly contains certain forward-looking statements concerning the business activities of Biofrontera AG. These forward-looking statements reflect the opinion of Biofrontera at the time of this communication and involve certain known and unknown risks. The actual results achieved by Biofrontera may differ significantly from future results or performances which are published in its forward-looking statements. Biofrontera assumes no responsibility to update its forward-looking statements. 

This information is provided by RNS
The company news service from the London Stock Exchange
  END
MSCBSBDBCUDBGUX