Business
Biofrontera Inc. Announces New Secured Line of Credit up to $6.5 Million
WOBURN, MA / ACCESSWIRE / May 11, 2023 / Biofrontera Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological
About this update from Biofrontera Inc.
[{"type":"text","content":"WOBURN, MA / ACCESSWIRE / May 11, 2023 / Biofrontera Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced that it has entered into a $6.5 million secured line of credit with MidCap Business Credit, LLC, subject to the borrowing base formula, minimum excess availability and other terms and conditions.\"Biofrontera has significant growth potential and this line of credit will enhance our flexibility and liquidity as we scale the business,\" said Fred Leffler, Chief Financial Officer of Biofrontera Inc.\"Specifically, this line of credit will provide readily available and efficient funding to support the working capital changes resulting from our seasonal inventory requirements. We also have the ability to access additional funding from this facility to support future growth.\"About Biofrontera Inc.Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company's licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com.Forward-looking StatementsCertain statements in this press release may constitute \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These statements include, but are not limited to, statements relating to the Biofrontera Inc.'s (the \"Company\") growth potential and strategy, liquidity, inventory and the ability to access additional funding through the secured line of credit. We have based these forward-looking statements on our current expectations and projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, including, but not limited to, the impact of any extraordinary external events; any changes in the Company's relationship with its licensors; the ability of the Company's licensors to fulfill their obligations t...