WOBURN, Mass., Nov. 22, 2024 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the development and commercialization of photodynamic therapy (PDT), today announced the completion of a private placement of a $4.2 million senior secured convertible note with its principal shareholders.
The Note matures on November 22, 2027, bears a paid in kind interest of 10% per annum and is secured by the Company’s assets. The principal amount of the Note in whole or in part is convertible into common shares at the holder’s discretion at a fixed conversion price of $0.78. Alternatively, the entire amount of the note will be automatically converted to common shares if the 10-day volume weighted average price (VWAP) of Company shares on Nasdaq is greater than $2.50, and certain other conditions are met. The Notes contain customary restrictive covenants that, among other things, generally limit the ability of the Company to (i) create liens, (ii) pay dividends or acquire shares of capital stock, (iii) incur indebtedness, or (iv) enter into transactions with affiliates. The foregoing restrictive covenants are subject to a number of important exceptions and qualifications, as set forth in the Notes.
The proceeds from this financing will primarily support Biofrontera’s general operations and strategic investments, including the Company’s commercial and clinical development initiatives aimed at driving continued sustainable growth.
“With our revenues on a steady upward trajectory, the proceeds from this convertible note provide a solid foundation to meet our financial objectives for 2025 and beyond,” said Prof. Hermann Luebbert, CEO of Biofrontera.
About Biofrontera Inc.
Biofrontera Inc. is a U.S.-based biopharmaceutical company specializing in the treatment of dermatological conditions with a focus on PDT. The Company commercializes the drug-device combination Ameluz® with the RhodoLED® lamp series for PDT of Actinic Keratosis (AK), pre-cancerous skin lesions which may progress to invasive skin cancers1. The Company performs clinical trials to extend the use of the products to treat non-melanoma skin cancers and moderate to severe acne. For more information, visit www.biofrontera-us.com and follow Biofrontera on LinkedIn and X.
