Biofrontera Inc. Announces Exercise of Existing Warrants and Issuance of Warrants in Private Placement
July 27 2022 - 8:45AM
Biofrontera
Inc. (Nasdaq: BFRI),
a biopharmaceutical company specializing in the commercialization
of dermatological products, announced today it has entered into
agreements with certain of its holders of its existing warrants for
2,857,143 shares of its common stock, in the aggregate. Pursuant to
the agreement such holders will promptly exercise their warrants in
full, in accordance with their terms, including any beneficial
ownership limitations. In return, the strike price was reduced by
the Company from $5.25 to $1.62 per share and the Company agreed to
issue in a private placement pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended (the "Securities Act"), new
warrants to purchase up to 4,285,715 shares of its common stock.
The new warrants have a strike price of $1.66 per share of common
stock and will be exercisable six months from the date of issuance.
The aggregate gross proceeds from the exercise of the existing
warrants and the issuance of the new warrants are expected to total
approximately $4.69 million, before deducting the financial
advisory fees.
The securities offered in the private placement
have not been registered under the Securities Act or applicable
state securities laws. Accordingly, the securities may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws. As part of the transaction, the
Company has agreed to file a registration statement on Form S-1
with the Securities and Exchange Commission within 30 days of the
closing to register the resale of the shares of common stock
underlying the warrants issued in the private placement.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an 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 photodynamic therapy (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 exercise of warrants to purchase the
Company’s common stock and the issuance of new warrants in a
private placement. 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 its licensors; the ability of the Company’s
licensors to fulfill their obligations to the Company in a timely
manner; the Company’s ability to achieve and sustain profitability;
whether the current global disruptions in supply chains 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 earlier clinical trials or trials of Ameluz® in
combination with BF-RhodoLED® in different disease indications or
product applications will be indicative of the results of ongoing
or future trials; 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; the
Company’s ability to complete the transition to a public company;
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
1539us-ir@biofrontera.com
LHA Investor RelationsTirth T.
Patel+1 212 201 6614tpatel@lhai.com
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