Business news for the stock market
Leverkusen, Germany (pta057/02.11.2021/20:10) - Biofrontera AG (ISIN: DE0006046113) has today announced the closing of the successful IPO of its US subsidiary Biofrontera Inc. on Nasdaq (see also ad hoc announcement of November 2, 2021).
The successfully completed IPO provides Biofrontera Inc. with the financial resources necessary to expand its marketing and sales activities. In addition, the listing on Nasdaq offers U.S. companies the opportunity to flexibly exploit market opportunities and respond rapidly to market risks.
Similar financing opportunities cannot be created by Biofrontera AG, which is restricted in many respects by the German capital market and corporate law regulations.
Professor Dr. Hermann Lübbert, founder and CEO of Biofrontera AG, commented: "The IPO and the associated access to one of the largest technology markets, together with the growth-oriented US corporate law, provides Biofrontera Inc. with the opportunity for further financing independently of Biofrontera AG. The high trading volumes already on the first two trading days indicate solid investor interest."
In the U.S., the current market share of Ameluz within the Photodynamic Therapy (PDT) sector is about 24%. Considering the still limited total market share of less than 2% for PDT in the treatment of actinic keratoses, our company's declared goal is the exploitation of the growth potential through increased investments in marketing and sales. Furthermore, Biofrontera Inc. is strengthening the marketing of its second product Xepi, a topical antibiotic that is approved for the treatment of impetigo, a highly infectious bacterial skin infection, and effective even against antibiotic-resistant bacteria .
Biofrontera AG will directly benefit from the PDT sales growth of Biofrontera Inc. through a license and supply agreement. Under this agreement, Biofrontera Inc. acquires Ameluz and the PDT lamp BF-RhodoLED from Biofrontera AG. Up to annual Ameluz sales of USD 30 million, Biofrontera Inc. pays 50% of sales as a transfer price. This share decreases to 40% for sales from 30 to 50 Mio. USD and to 30% above 50 Mio. USD in sales, respectively, accounting for the associated higher sales costs.
Patents, drug approvals and all sales outside the USA, as well as future research results outside the further development of Ameluz will be exclusively owned by Biofrontera AG. Following the successful IPO of Biofrontera Inc., Biofrontera AG will be able to focus its financial resources on research and development and on marketing its products on the European and other international markets.
Following the IPO of Biofrontera Inc., Biofrontera AG now holds about 69 % of the shares.
emitter: Biofrontera AG
address: Hemmelrather Weg 201, 51377 Leverkusen
contact person: Investor Relations
phone: +49 (0) 214 87 63 20
ISIN(s): DE0006046113 (share)
stock exchanges: regulated market in Frankfurt, Dusseldorf; free market in Stuttgart, free market in Munich; open market in Berlin, Tradegate
other stock exchanges: Nasdaq