Biofrontera Inc. Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Warrants
November 02 2021 - 2:45PM
Biofrontera Inc. (“Biofrontera” or the “Company”) (Nasdaq: BFRI;
BFRIW), a biopharmaceutical company specializing in the
commercialization of dermatological products, today announced the
closing 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 underwriters exercised in
full their option to purchase up to an additional 540,000 warrants.
The warrants have an exercise price of $5.00 per share and are
exercisable for a period of five years after the issuance date. The
common stock and warrants are traded on the Nasdaq Capital Market
under the ticker symbols “BFRI” and “BFRIW,” respectively.
The gross proceeds to Biofrontera from the
offering, before deducting the underwriting discounts and
commissions and offering expenses, amount to $18.0 million.
Roth Capital Partners and The Benchmark Company
acted as the joint book-running managers for the offering.
McGuireWoods LLP served as legal counsel to Biofrontera and Schiff
Hardin LLP served as legal counsel to the underwriters.
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 was made only by means of a
prospectus. Copies of the prospectus can be obtained 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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