Business
Biofrontera Inc. Reports First Quarter 2023 Financial Results and Provides a Business Update
Conference call begins at 8:30 a.m. Eastern time todayWOBURN, MA / ACCESSWIRE / May 12, 2023 / Biofrontera Inc. (Nasdaq:BFRI) (the "Company"), a
About this update from Biofrontera Inc.
[{"type":"text","content":"Conference call begins at 8:30 a.m. Eastern time todayWOBURN, MA / ACCESSWIRE / May 12, 2023 / Biofrontera Inc. (Nasdaq:BFRI) (the \"Company\"), a biopharmaceutical company specializing in the commercialization of dermatologic products, today reported financial results for the three months ended March 31, 2023 and provided a business update.Highlights from the first quarter of 2023 and subsequent weeks included the following:Total revenues for the first quarter of 2023 were $8.7 million with both January and February at record-high monthly sales volumesCash and cash equivalents were $13.5 million as of March 31, 2023, compared with $17.2 million on December 31, 2022Equity investment in shares of Biofrontera AG were $7.6 million as of March 31, 2023Entered into secured line of credit with borrowing up to $6.5 millionSignificantly strengthened the commercial team including adding a new sales region and increasing the size of the salesforce by nearly 30%, now covering 40 territoriesAnnounced first patient dosed in a pivotal Phase 3 clinical study evaluating Ameluz®-PDT for the treatment of actinic keratosis (AK) on the extremities, neck and trunkAnnounced last patient out in a Phase 1 clinical study evaluating the safety and tolerability of treating AK using three tubes of Ameluz®Management Commentary\"Our sales team kicked off the year by producing record-high results in January and February, while quarterly sales growth is against a prior-year comparison that included considerable buy-in ahead of the April 2022 price increase. In fact, Ameluz tube volumes for the first quarter of 2023 exceeded any other first quarter that was not aided by a pending price increase, by at least 30%,\" said Fred Leffler, Chief Financial Officer of Biofrontera Inc. \"These metrics reflect the effective integration and mobilization of our recently bolstered sales force and give us confidence in affirming our full-year revenue expectations.\"\"As we continue gaining market share for Ameluz-PDT, we look to a number of upcoming milestones from ongoing clinical trials to further expand the FDA label for Ameluz. These 2023 catalysts include reporting topline results from a three-tube study and completing enrollment in the Phase 3 extremities, neck and trunk clinical study and the Phase 3 basal cell carcinoma study,\" he added.First Quarter Financial Result...