Biofrontera Raises $8.9M Via Equity Offering

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.