- Biofrontera AG (NASDAQ: BFRA) priced 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.