Business
Biofrontera Inc. Announces Closing of $9.4 Million Private Placement
WOBURN, Mass., May 19, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of
About this update from Biofrontera Inc.
[{"type":"text","content":"WOBURN, Mass., May 19, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today the closing of its previously-announced $9.4 million private placement with a single institutional investor. “This private placement allows us to continue executing on our aggressive growth plan. Proceeds from the fundraise will primarily be used to fund our commercial strategy including our near-term objective to deepen relationships with current customers while further building out our sales infrastructure,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc. “With our flagship product Ameluz® we offer the market an innovative and highly effective therapeutic option for the treatment of actinic keratosis and continue to establish market leadership. The new funds will aid to expand our already strong market presence and our strategic position. Together with broadening our product label through three clinical trials running in parallel at our licensing partner, this will unravel the enormous market potential Ameluz® has long term.” The transaction consists of 3,419,000 shares of Biofrontera Inc. common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 3,419,000 shares of common stock. The purchase price for one share of common stock (or common stock equivalent) and a warrant to purchase one share of common stock was $2.75. The warrants have an exercise price of $2.77 per share, will be exercisable six months after issue date, and will expire five and one-half years from the issuance date. Roth Capital Partners and The Benchmark Company acted as the exclusive placement agents for the private offering. 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. This press release shall not constitute an offer to sell or the solicitation of ...