Business
Biofrontera Inc. Reports Second Quarter 2024 Financial Results and Provides a Business Update
Woburn, MA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the
About this update from Biofrontera Inc.
[{"type":"text","content":"Woburn, MA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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, 2024 and provided a business update. Highlights from the second quarter of 2024 and subsequent weeks included the following: Total revenues for the second quarter of 2024 were $7.8 million, a 34% increase from the same period of the prior yearCash and cash equivalents were $4.4 million as of June 30, 2024, compared with $1.3 million on December 31, 2023Biofrontera announced the launch of a new, FDA-approved red-light source, the RhodoLED® XL lamp in June and installed several lamps by June 30th, 2024Took control of all clinical trials relating to Ameluz® in the US, allowing for more effective cost management and direct oversight of trial efficiencyBiofrontera raised an additional $8.0M in May 2024 from the exercise of warrants and has since paid down all outstanding debt Hermann Luebbert, Chief Executive Officer and Chairman of Biofrontera Inc., stated, \"This was a very exciting period for us as we got our sales and marketing efforts in full swing during the first half of the year. Additionally, on June 10th we launched the commercial distribution of the RhodoLED XL and I am pleased to say that we shipped the first three machines within 1 week of launch. The RhodoLED XL is approved by the FDA in combination with Ameluz®.” “On June 1st, under the amended Ameluz License and Supply Agreement, we took control of all clinical trials relating to Ameluz® in the US, allowing direct interaction with participating clinical centers. The reduced transfer price will allow us to finance R&D activities and continue our commercial growth trajectory, while reducing our overall costs,” concluded Prof. Luebbert Second Quarter Financial Results Total revenues for the second quarter of 2024 were $7.8 million compared with $5.8 million for the second quarter of 2023. The increase is due in part to a catch-up from lower sales in 1Q driven by reimbursement challenges stemming from the Change Healthcare cyber security event. Total operating expenses were $12.9 million for the second quarter of 2024 compared with $14.5 million for the second quarter of 2023. Cost of revenues was $4.3 million f...