2022-10-31 08:59:57 BFRI Biofrontera Inc.
10/31/22 10/3108:59 10/31/2208:59 | Biofrontera enters into agreements to purchase options of Biofrontera AGBiofrontera announced it has entered into private exchange agreements with certain holders of options to acquire ordinary shares of Biofrontera AG in exchange for 3,148,042 newly issued shares of Biofrontera common stock. The AG Options represent the right to acquire 2,623,365 ordinary shares of Biofrontera AG held by the shareholders, or approximately 4.63% of Biofrontera AG's outstanding ordinary shares. "This transaction represents a major milestone in the strategic positioning of Biofrontera Inc. We strive to distinguish ourselves as an independent U.S. based biopharmaceutical company, exclusively serving the world's largest dermatology market," stated Erica Monaco, Chief Executive Officer of Biofrontera Inc. "The agreements will further strengthen our position and realize our full commercial potential in this fast-growing market. At the same time, the transaction underscores the strength of our relationship with our former parent company Biofrontera AG. As the key driver of Biofrontera AG's products' sales growth and their largest source of revenue, we will continue to work together closely," she added. "This will enable us to support our mutually beneficial interests, especially in the areas of intellectual property, manufacturing, regulatory affairs and clinical trials." |
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