Business
Biofrontera Inc. Reports First Quarter 2022 Financial Results and Provides a Business Update
Conference call begins at 11:00 a.m. Eastern time today WOBURN, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI) (the “Company”), a
About this update from Biofrontera Inc.
[{"type":"text","content":"Conference call begins at 11:00 a.m. Eastern time today WOBURN, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI) (the “Company”), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced financial results for the three months ended March 31, 2022, and provided a business update. Financial Highlights & Recent News Total revenues for the first quarter of 2022 were $9.8 million, an increase of 106% from the first quarter of 2021Cash and cash equivalents were $22.4 million as of March 31, 2022, compared with $24.5 million as of December 31, 2021Created a dedicated key accounts team to address the changing landscape of the dermatology industry, and advanced plans for a new model of inside sales support to expand reach and frequency to newer and smaller accountsReceived Orange Book listing for a RhodoLED® XL lamp patent, providing Ameluz®-PDT with protection from generic competition through October 2040Appointed Kevin Weber, a pharmaceutical executive with more than 30 years of executive and commercial experience, to the Company’s Board of DirectorsPatient recruitment by the Company’s licensor continued for a Phase 3 study evaluating Ameluz®-PDT for the treatment of basal cell carcinoma, a Phase 2 study evaluating Ameluz®-PDT in moderate-to-severe acne and a Phase 1 study evaluating three tubes of Ameluz® with the RhodoLED® XL lamp in mild-to-severe actinic keratoses (AK) on the face and scalpParticipated in multiple academic and industry conferences to strengthen the Company’s medical affairs and educational initiativesLaunched new and updated websites for Ameluz® and Xepi®, each featuring a patient-focused and a healthcare professional-focused site, at www.ameluz.com and www.xepicream.com Management Commentary “During the first quarter our team maintained the momentum we established late last year and achieved our strongest revenue quarter since the beginning of the COVID-19 pandemic and our second-highest quarter on record. Further, March 2022 was our highest sales month on record, reflecting purchasing ahead of an Ameluz® price increase and typical seasonal strength in the first and fourth quarters. We continue to expect 2022 total revenues to increase by at least 30% compared with 2021,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc. “Ou...