Biofrontera raised 3 Million Euro in capital round

28 mei 2009Corporate news announcement processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- -------------- Leverkusen, Germany - Biofrontera AG (DSE: B8F) announces that the company has received 3,000,150 Euro after placing 2,000,100 new shares at a share price of 1.50 Euro. An extraordinary shareholder meeting on March 17 had authorized the ordinary capital increase. The company granted a purchase option to existing shareholders and placed the remaining shares with institutional investors. The share issue increased Biofrontera's base capital to 5,736,628 Euro. "For successful progression of the clinical trials with our product candidates the fresh capital is utterly important. With the current constraints of the capital markets money raising is extremely difficult for technology companies. We are very happy about the successful completion of this capital round, illustrating the trust of our old and new shareholders in the company. The clinical trials, which have dominated our operating expenses in the past and to a reduced extent also in the ongoing year, are almost complete and their cost will be less prominent in the company's cost structure from H2 2009 onwards. The first candidate of an innovative cosmeceutical product line specially designed for the care of diseased or irritated skin will be launched in Europe and subsequently the USA in the second half of this year. A first Phase III clinical trial with Biofrontera's leading development drug BF-200 ALA for the treatment of actinic keratosis proved its excellent efficacy and safety. By combining BF-200 ALA with optimal light irradiation the therapy cleared 96% of the patients from all actinic keratoses. In the second pivotal phase III study of BF-200 ALA all patients have already been treated and the last patient will complete the study in July. The results of phase II trials for two other drug candidates are expected within the next few months. With the liquidity we obtained in this capital raise, the risk that is imminent to the clinical development of new drugs is largely minimized. A further capital increase will immediately follow the current financing to cover the cost of the launch of the cosmeceutical product line and provide sufficient liquidity until break-even", stated Prof. Dr. Hermann LÃ¼bbert, CEO of Biofrontera AG. About Biofrontera AG Biofrontera AG is specialized in the development of pharmaceutical products in the area of dermatology. The company is characterized by a broad, relatively close to the market product portfolio. Biofrontera is listed in the regulated market of the DÃ¼sseldorf stock exchange under the symbol B8F and the ISIN number DE0006046113. This press release contains forward-looking statements based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the assumptions expressed or implied in this press release to be faulty. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on the forward-looking statements. Biofrontera AG disclaims any obligation to update these forward-looking statements to reflect future events or developments. For further information please contact: Anke zur MÃ¼hlen Corporate Communication + 49 (0) 214 87632 22 + 49 (0) 214 87632 90 a.zurmuehlen@biofrontera.com Biofrontera AG Hemmelrather Weg 201 D- 51377 Leverkusen, Germany --- End of Message --- Biofrontera AG Hemmelrather Weg 201 Leverkusen Germany WKN: 604611; ISIN: DE0006046113; Listed: Freiverkehr in BÃ¶rse Berlin, Freiverkehr in Bayerische BÃ¶rse MÃ¼nchen, Freiverkehr in BÃ¶rse Stuttgart, Open Market in Frankfurter WertpapierbÃ¶rse, Regulierter Markt in BÃ¶rse DÃ¼sseldorf;