Full Press Release Details
Inc. Announces Pricing of $9.4 Million Private Placement
MA. May 16, 2022 - Biofrontera, Inc. (Nasdaq: BFRI; BFRIW), announced today that it has entered into a securities purchase
agreement with a single institutional investor for the purchase of 3,419,000 shares of its common stock (or common stock equivalents
in lieu thereof) and warrants to purchase up to an aggregate of 3,419,000 shares of common stock, in a private placement. The purchase
price for one share of common stock (or common stock equivalent) and a warrant to purchase one share of common stock is $2.75. The warrants
have an exercise price of $2.77 per share, will be exercisable six months after issue date, and will expire five and one-half years from
Capital Partners and The Benchmark Company are acting as the exclusive placement agents for the private offering.
gross proceeds from the private placement offering are expected to be approximately $9.4 million. The private offering is expected to
close on or about May 17, 2022, subject to the satisfaction of customary closing conditions.
securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act")
and Regulation D promulgated thereunder, and have not been registered under the 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 Act and such applicable state securities laws.
an agreement with the investor, the Company is required to file an initial registration statement with the Securities and Exchange Commission
covering the resale of the shares of common stock to be issued to the investors and shares of common stock underlying the warrants described
above within 15 calendar days and to use its best efforts to have the registration statement declared effective as promptly as practical
thereafter, and in any event no later than 90 days in the event of a "full review" by the Securities and Exchange Commission.
press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale
of these securities in any state or other 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 other jurisdiction.
Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological
conditions with a focus on 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.
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 gross proceeds of the private placement, closing of the private placement and the future registration of shares issued in connection
with the 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.