Business
Biofrontera Inc. Reports Second Quarter 2023 Financial Results and Provides a Business Update
Conference call begins at 8:30 a.m. Eastern time todayWOBURN, MA / ACCESSWIRE / August 11, 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 / August 11, 2023 / Biofrontera Inc. (Nasdaq:BFRI) (the \"Company\"), a biopharmaceutical company specializing in the commercialization of dermatologic products, today reported financial results for the three and six months ended June 30, 2023 and provided a business update.Highlights from the second quarter of 2023 and subsequent weeks included the following:Total revenues were $5.8 million, an increase of 31% from the comparable prior-year periodCash and cash equivalents were $4.5 million as of June 30, 2023, compared with $17.2 million as of December 31, 2022Equity investment in shares of Biofrontera AG were $5.9 million as of June 30, 2023Named Founder and Executive Chairman Hermann Luebbert as Chief Executive Officer, who continues to serve as Chairman of the Board of DirectorsAppointed life sciences industry veteran Heikki Lanckriet, Ph.D. to the Board of DirectorsA U.S. patent related to a novel photodynamic therapy (PDT) protocol that is expected to be less painful but similarly effective to conventional PDT awarded to our licensing partnerEngaged a contract manufacturer to develop a new, low-cost portable PDT lamp for use with Ameluz® (Ameluz-PDT)Announced last patient out in a Phase 1 clinical study evaluating the safety and tolerability of treating AK using three tubes of AmeluzAnnounced last patient enrolled in Phase 3 clinical study evaluating Ameluz-PDT for the treatment of superficial Basal Cell CarcinomaManagement Commentary\"Biofrontera has always been a leader in innovation in PDT, and with advancements expected in multiple ongoing clinical studies for Ameluz, we are positioned for significant market expansion and revenue potential. In addition to the recent progress in ongoing clinical studies, I am proud of our team now beginning work on an early prototype of a portable PDT lamp, which has the potential not only to expand the use of Ameluz-PDT to physician offices with space limitations, but also to provide our sales force with a new selling proposition that can be easily transported and demonstrated to prospective customers,\" said Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera.\"With enhancements to our commercial strategy that range from more impactful marketing to focusing investments in higher-value sales...