Business
Biofrontera Inc. Reports Third Quarter 2022 Financial Results and Provides a Business Update
Conference call begins at 11:00 a.m. Eastern time today WOBURN, Mass., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical
About this update from Biofrontera Inc.
[{"type":"text","content":"Conference call begins at 11:00 a.m. Eastern time today WOBURN, Mass., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced financial results for the three and nine months ended September 30, 2022 and provided a business update. Highlights from the third quarter of 2022 and subsequent weeks include the following: Financial Highlights Total revenues for the third quarter of 2022 were $4.3 million, consistent with the third quarter of 2021Total revenues for the first nine months of 2022 were $18.5 million, an increase of 24% from the comparable prior-year periodCash and cash equivalents were $27.5 million as of September 30, 2022, compared with $24.5 million as of December 31, 2021Raised $4.3 million in net proceeds from the exercise of existing warrants and the issuance of new warrants through a private placement transactionStrengthened and aligned the mutually beneficial relationship between Biofrontera Inc. and Biofrontera AG through an acquisition of Biofrontera AG sharesAdopted a limited duration shareholder rights plan and declared a dividend distribution of preferred stock purchase rights Clinical and Business Highlights Strengthened medical affairs through various initiatives including seminars, medical conferences, prescriber networking and key opinion leader (KOL) engagement Showcased Ameluz® for the treatment of actinic keratosis (AK) in four poster presentations at the 2022 Fall Clinical Dermatology Conference, where the Company also served as a Gold Industry SponsorSponsored an Advisory Board meeting at the Fall Clinical Dermatology Conference consisting of two sessions that provided advanced education on the advantages and current landscape of photodynamic therapy (PDT) and shared real-world PDT utilization experiences by leading clinicians Biofrontera Bioscience GmbH was granted a patent in Australia for novel illumination protocols related to the treatment of skin diseases with PDT that combine the lower pain of daylight PDT with the higher cure rates and lower recurrence rates of conventional therapyBiofrontera Pharma GmbH received notice of allowance from the United States Patent and Trademark Office for the preparation of nanoemulsions or compositions, describing its use in the treatment of...