Biofrontera Inc. Announces Pricing of $18.0 Million Initial Public Offering
October 28 2021 - 9:40PM
Biofrontera Inc. (“Biofrontera” or the “Company”) (Nasdaq: BFRI;
BFRIW), a biopharmaceutical company specializing in the
commercialization of dermatological products, today announced the
pricing of its underwritten initial public offering of 3,600,000
units, each consisting of (i) one share of common stock and (ii)
one warrant to purchase a share of common stock, at a public
offering price per unit of $5.00. The warrants have an exercise
price of $5.00 per share and are exercisable for a period of five
years after the issuance date. All units are being offered by
Biofrontera Inc. In addition, Biofrontera has granted the
underwriters a 30-day option to purchase an additional 540,000
shares of its common stock and/or warrants to purchase up to an
additional 540,000 of its common stock, at the initial public
offering price, less the underwriting discounts and commissions.
In connection with the offering, the Company's
common stock and the warrants included in the units have been
approved for listing on the Nasdaq Capital Market. The shares and
warrants included in the units are expected to begin trading on the
Nasdaq Capital Market on October 29, 2021, under the ticker symbols
“BFRI” and “BFRIW,” respectively. The common stock and warrants
will be issued separately in this offering, and may be transferred
separately immediately upon issuance. The offering is expected to
close on November 2, 2021, subject to customary closing
conditions.
The gross proceeds to Biofrontera from the
offering, before deducting the underwriting discounts and
commissions and offering expenses, are expected to be $18.0
million.
Roth Capital Partners and The Benchmark Company
are acting as the joint book-running managers for the offering.
The securities described above are being offered by
the Company pursuant to a registration statement on Form S-1
(Registration No. 333-257722) that was previously filed with the
U.S. Securities and Exchange (the "SEC") and declared effective on
October 28, 2021. This offering is being made only by means of a
prospectus. A preliminary prospectus relating to and describing the
terms of the offering has been filed with the SEC. Copies of the
preliminary prospectus can be accessed through the SEC's website at
www.sec.gov. Copies of the final prospectus relating to the initial
public offering can be obtained, when available, through the SEC's
website at www.sec.gov or from: Roth Capital Partners, LLC, 888 San
Clemente Drive, Newport Beach, CA 92660, Attention: Equity Capital
Markets at (800) 678-9147 or by email at rothecm@roth.com or The
Benchmark Company, LLC, Attention: Prospectus Department, 150 E.
58th Street, 17th floor, New York, NY 10155 at 212-312-6700 or by
email at prospectus@benchmarkcompany.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 the fields of photodynamic therapy (PDT)
and topical antibiotics. The Company’s licensed products focus on
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, include: the
risk that the initial public offering of common stock may not
close, as well as other risks described in the section entitled
"Risk Factors" in the prospectus, 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.
INVESTOR RELATIONS
CONTACTBiofrontera Inc.Pamela Keck+1 781 486 1539
us-ir@biofrontera.com
LHA Investor RelationsTirth Patel+1 212 201 6614
tpatel@lhai.com
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