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Biofrontera Raises $8.9M Via Equity Offering

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Vandana Singh
·1 min read
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  • Biofrontera AG (NASDAQ: BFRApriced an underwritten public offering of around 1.3 million ADS at $6.68 per ADS, raising gross proceeds of approximately $8.9 million. The offer price represents a discount of 5% from the last close price of $7.04 on Tuesday.

  • Each ADS represents two of BFRA's ordinary shares.

  • The offering will close by February 26.

  • This offer is part of concurrent preemptive rights offered to the company's ordinary shares holders of around 8.9 million ordinary shares at €2.75 per share.

  • Proceeds will be used for regulatory approval for expanded use of its lead product Ameluz, in the U.S. to basal cell carcinoma, acne, and actinic keratoses, complete the development of a larger BF-RhodoLED lamp, and for general corporate purposes.

  • The Benchmark Company is acting as the managing underwriter with Lake Street Capital Markets acting as co-manager for the offering.

  • Price Action: BFRA is down 1.6% at $6.91 in premarket trading on the last check Wednesday.

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