Business
Biofrontera Inc. Reports Third Quarter 2021 Financial Results and Provides Business Update
Conference call at 4:30 p.m. Eastern time today WOBURN, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company
About this update from Biofrontera Inc.
[{"type":"text","content":"Conference call at 4:30 p.m. Eastern time today WOBURN, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today financial results for the three and nine months ended September 30, 2021. Financial Highlights & Recent News Recorded total revenues for the quarter of $4.3 million, an increase of 33% from last yearRecorded total revenues year-to-date of $14.9 million, an increase of 45% from last yearRaised $18 million in gross proceeds through an initial public offering (IPO) and subsequently entered into a $15 million private placement, with all proceeds to be received in the fourth quarterInitiated two clinical studies to expand the positioning of Ameluz® for photodynamic therapy (PDT) in the U.S. Management Commentary “I am so very proud of the Biofrontera team for all their hard work to support our successful Nasdaq IPO while advancing our business plan. The IPO proceeds together with the funds from the private placement enable us to achieve our near-term goals, including expanding our commercial position across the U.S. and driving market awareness. We have experienced an encouraging sales trend since March with a 45% increase in year-to-date product revenue compared with last year, indicating that product demand is recovering from the COVID-19 pandemic,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc. “The clinical study program governed by our license and supply agreement with Biofrontera AG continues to advance on schedule and is a key component of driving further value from our licensed flagship product. Two clinical studies have recently launched, both of which aim to expand the label of Ameluz® to optimize its competitive position and capture more of the significant market opportunity,” she added. Third Quarter Financial Results Total revenues were $4.3 million and $3.3 million for the three months ended September 30, 2021 and 2020, respectively, an increase of $1.1 million, or 33%. The increase was primarily due to higher sales of Ameluz®, reflecting volume increases and a higher net selling price. Total operating expenses were $20.4 million and $5.6 million for the three months ended September 30, 2021 and 2020, respectively. Cost of revenues increased by $1.3 million primarily...