Biofrontera Inc. Appoints Kevin D. Weber to its Board of Directors

Rhea-AI Summary

Biofrontera Inc. (Nasdaq: BFRI) has appointed Kevin D. Weber to its Board of Directors, expanding its membership to five. With over 30 years of experience in the pharmaceutical industry, Mr. Weber has expertise in clinical dermatology and product marketing, having previously served in various executive roles. His insight is expected to bolster Biofrontera's market position for its products, including Ameluz® and Xepi®. The company focuses on dermatological solutions, including treatments for actinic keratosis and impetigo.

Positive

• Appointment of Kevin D. Weber enhances board expertise with over 30 years in pharmaceutical marketing.
• Mr. Weber's previous experience at Biofrontera AG supports continuity and strategic insight.
• Focus on expanding U.S. market presence for Ameluz® and Xepi® could drive sales growth.

Negative

• Potential challenges in transitioning operations independently from Biofrontera AG.
• Dependence on successful product adoption and market penetration amid competitive landscape.

WOBURN, Mass., March 07, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI) (the “Company”), a biopharmaceutical company specializing in the commercialization of dermatological products, announces the appointment of Kevin D. Weber to its Board of Directors, expanding Board membership to five Directors.

Mr. Weber is an experienced pharmaceutical executive who brings to Biofrontera more than 30 years of executive and commercialization experience with a particular expertise in product marketing. He has worked in a range of therapeutic areas including clinical and aesthetic dermatology, pain management, inborn errors of metabolism and respiratory medicine. He is currently a Principal at Skysis, a biotech-focused brand management consulting practice, and previously served as CEO of Paraffin International. Prior to Paraffin, Mr. Weber served in senior executive and marketing roles at Depomed, Hyperion Therapeutics and Medicis Pharmaceuticals. From 2016 to 2021 Mr. Weber served as a member of the supervisory board of Biofrontera AG.

“I have already had the privilege of working with Kevin in his supervisory board function at Biofrontera AG for more than 5 years and his guidance across strategy and operations was immensely valuable. He brings a wealth of expertise, with particular strength in product positioning, pricing, managed care contracting and reimbursement, advertising and promotion, key opinion leader development and product launches. On behalf of the Biofrontera Inc. Board, we’re delighted to have Kevin join us and look forward to his valuable insight as we expand our commercial footprint in the United States,” commented Hermann Lübbert, Executive Chairman of Biofrontera Inc.

“I’m proud to join the Board of Biofrontera Inc. and am fortunate to have previously worked with its executive management. We have a strong team ready to compete aggressively in the U.S. dermatology market with Ameluz^® and Xepi^®. I’m confident in our products as well as our sales and marketing efforts that are driving adoption of PDT for the treatment of actinic keratosis and accelerate Xepi^®'s market penetration,” said Mr. Weber.

Mr. Weber previously served on the Boards of Directors of the American Academy of Pain Medicine Foundation, the American Chronic Pain Association and the Arizona Bioindustry Association. He holds a B.S. in Business Administration from Western Michigan University.

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 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. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. We have based these 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 the Licensor; the outcome of the Company’s litigation with DUSA Pharmaceuticals, Inc., including the trial scheduled to begin at the end of November; the Company’s ability to achieve and sustain profitability; whether the current disruptions in the supply chain 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 early clinical trials or trials in different disease indications will be indicative of the results of ongoing or future trials; whether results of the studies described above will be indicative of results for any future clinical trials and studies of Ameluz^® in combination with BF-RhodoLED^®; 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; whether the Company will be able to successfully transition to a public company operating independently of Biofrontera AG; 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.
Anke zur Mühlen
+1 781 486 1539
us-ir@biofrontera.com

LHA Investor Relations
Tirth T. Patel
+1 212 201 6614
tpatel@lhai.com

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FAQ

Who is Kevin D. Weber in relation to Biofrontera Inc.?

Kevin D. Weber is the newly appointed member of Biofrontera Inc.'s Board of Directors, bringing over 30 years of pharmaceutical experience.

What impact does Kevin Weber's appointment have on Biofrontera Inc.?

His appointment is expected to enhance strategic insight and support expansion efforts in the U.S. dermatology market.

What products does Biofrontera Inc. focus on?

Biofrontera Inc. specializes in dermatological products, notably Ameluz® and Xepi®, targeting actinic keratosis and bacterial skin infections.

What is the significance of the changes in the Board of Directors for BFRI?

The board expansion signifies an effort to strengthen leadership and improve strategic direction, potentially impacting stock performance positively.