Biofrontera Inc. Announces Voting Results from 2022 Annual Meeting of Stockholders

Rhea-AI Summary

Biofrontera Inc. (Nasdaq: BFRI) announced the results from its 2022 Annual Meeting of Stockholders held on December 12, 2022. Stockholders re-elected Loretta M. Wedge as a Class I director until the 2025 Annual Meeting. They approved an amendment to the 2021 Omnibus Incentive Plan, increasing share issuance by 2,589,800 shares. Additionally, Grant Thornton LLP was ratified as the independent accounting firm for the 2022 fiscal year. Detailed voting results are available in a Current Report on Form 8-K filed with the SEC.

Positive

• Re-election of Loretta M. Wedge strengthens board stability.
• Approval to increase shares by 2,589,800 supports future incentivization.

Negative

• No significant negative impacts reported.

WOBURN, Mass., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced the final voting results from its 2022 Annual Meeting of Stockholders held on December 12, 2022.

1. Stockholders re-elected board nominee Loretta M. Wedge to the Biofrontera Inc. Board of Directors as Class I director to serve until the 2025 Annual Meeting of Stockholders.
   
2. Stockholders approved an amendment to the Biofrontera Inc. 2021 Omnibus Incentive Plan to increase the number of shares authorized for issuance under the plan by 2,589,800 shares.
   
3. Stockholders ratified the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the 2022 fiscal year.
   

The final vote tally are reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission.

About Biofrontera Inc.

Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company’s licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. We have based any forward-looking statements on our current expectations and projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, including, but not limited to, the impact of extraordinary external events, such as the current COVID-19 pandemic; any changes in the Company’s relationship with its licensors; the ability of the Company’s licensors to fulfill their obligations to the Company in a timely manner; the Company’s ability to achieve and sustain profitability; whether the current global disruptions in supply chains will impact the Company’s ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the coverage, reimbursement and pricing for procedures using the Company’s licensed products; the uncertainties inherent in the initiation and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials of Ameluz^® in combination with BF-RhodoLED^® in different disease indications or product applications will be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; whether the market opportunity for Ameluz^® in combination with BF-RhodoLED^® is consistent with the Company’s expectations; the Company’s ability to complete the transition to a public company; the Company’s ability to retain and hire key personnel; the sufficiency of cash resources and need for additional financing and other factors that may be disclosed in the Company’s filings with the SEC, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.

Contacts:
Biofrontera Inc. Investor Relations
ir@bfinc.com

FAQ

What were the results of Biofrontera's 2022 Annual Meeting of Stockholders?

Stockholders re-elected Loretta M. Wedge, approved an amendment to the 2021 Omnibus Incentive Plan to increase shares by 2,589,800, and ratified Grant Thornton LLP as the independent accounting firm.

When did Biofrontera hold its 2022 Annual Meeting?

The Annual Meeting was held on December 12, 2022.

What is the stock ticker for Biofrontera?

Biofrontera's stock ticker is BFRI for common shares and BFRIW for warrants.

What is the significance of the amendment to Biofrontera's Omnibus Incentive Plan?

The amendment increases the number of shares authorized for issuance, which can enhance employee incentivization.

Who is responsible for Biofrontera's independent accounting for 2022?

Grant Thornton LLP was ratified as the independent registered public accounting firm for the 2022 fiscal year.