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Biofrontera AG (NASDAQ: BFRA) has reached a mediation agreement with Mr. Wilhelm K.T. Zours and Deutsche Balaton AG regarding ongoing disputes. The mediation process aims to resolve various legal disputes affecting the company in Germany and the USA. Mr. Zours, a major stakeholder, will be involved in finding strategic solutions through a renowned mediator. The agreement's completion is anticipated today, potentially impacting shareholder relations and corporate governance.
Biofrontera AG (NASDAQ: BFRA) reported a 16% increase in total revenues to EUR 16.1 million for the first half of 2020, despite a 30% decline in product sales to EUR 9.7 million due to COVID-19's impact in the US. Operating loss improved to EUR 4.3 million from EUR 12.9 million in the previous year. Cash reserves stood at EUR 10.6 million as of June 30, 2020. Significant developments included a EUR 6 million licensing agreement with Maruho Co., Ltd. and expanded EU approval for Ameluz®.
Biofrontera AG (NASDAQ: BFRA) will announce its financial results for the first half of 2020 on August 26, 2020. A conference call for shareholders is scheduled for August 27, 2020, with sessions in German at 10:00 am CEST and in English at 2:00 pm CEST. Investors can participate by dialing the provided numbers. This event is crucial for stakeholders to assess the company's financial performance and future outlook.
Biofrontera AG announced the issuance of up to 2,638,150 qualified subordinated mandatory convertible bonds with a 1.00% interest rate. The bonds were priced at EUR 3.00 each, raising gross proceeds of EUR 7.9 million. The offering was significantly oversubscribed, indicating strong investor interest and confidence in Biofrontera's strategy. The bonds will be used to attract new investors and support existing shareholders. The private placement was conducted exclusively among investors in the DACH region, with Quirin Privatbank AG acting as the sole bookrunner.
Biofrontera AG announced the successful placement of its 1.00% qualified subordinated mandatory convertible bonds. These bonds, issued at a nominal value of EUR 3.00 each, were offered to shareholders with a subscription period ending on August 13, 2020. A total of 2,638,150 bonds were made available, ensuring that all have been successfully placed, excluding demand from ongoing private placements. The company has highlighted potential risks related to forward-looking statements regarding the offering and its intended use of proceeds.
The Executive Board of Biofrontera AG announced a decision to issue a 1.00% qualified subordinated mandatory convertible bond (ISIN: DE000A3E4548). The bond, consisting of up to 2,638,150 bearer bonds with a nominal value of EUR 3.00 each, totals up to EUR 7,914,450. Shareholders were invited to exercise subscription rights from July 30 to August 13, 2020, at a subscription price set at 100% of the nominal value, which is EUR 3.00. The announcement was published in the Federal Gazette.
Biofrontera AG (BFRA) has announced the issuance of a qualified subordinated mandatory convertible bond, approved by its Management and Supervisory Boards. This bond will mature on December 20, 2021, with a principal amount of up to EUR 7,914,450 at an interest rate of 1% per annum. Shareholders will have subscription rights, and the funds are intended for clinical studies, sales efforts for Ameluz®, and general corporate purposes. A subscription offer is expected on July 29, 2020.
Leverkusen, Germany, July 23, 2020 -- Biofrontera AG (NASDAQ: BFRA) announced the extension of CEO Prof. Dr. Hermann Lübbert and CFO Thomas Schaffer's service contracts for an additional two years, securing management continuity during a crucial phase for the company. The appointments aim to strengthen Biofrontera's journey towards becoming an independent, profitable specialty pharmaceutical entity. The new terms will last until December 31, 2022, with responsibilities within the Management Board remaining unchanged.
Biofrontera AG (NASDAQ: BFRA) reported preliminary unaudited revenue of EUR 16.0 to 16.2 million for the first six months of 2020, reflecting a 16% increase from EUR 13.9 million in 2019. However, product sales revenue declined by 30% to EUR 9.5 to 9.7 million. U.S. sales decreased by 38% to EUR 6.3 to 6.4 million, while German sales grew by 10% to EUR 2.3 to 2.4 million. The global coronavirus crisis significantly impacted sales. The company reaffirms its 2020 sales revenue guidance of EUR 34 to 38 million.
Biofrontera AG (NASDAQ: BFRA) held its Annual General Meeting on May 28, 2020, with 76.31% of registered capital represented. Shareholders approved resolutions 2 to 6 proposed by the Management Board, while supplementary motions from the Deutsche Balaton Group were rejected. The meeting was conducted virtually due to the coronavirus pandemic, allowing shareholders to participate online and vote. CEO Prof. Dr. Hermann Lübbert expressed gratitude for shareholder support. Detailed voting results are available online.
