Biofrontera Inc. Studies Third Quarter 2021 Monetary Outcomes and Gives Enterprise Replace

Convention call at 4:30 p.m. Jap time at present

WOBURN, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical firm specializing within the commercialization of dermatological merchandise, introduced at present monetary outcomes for the three and 9 months ended September 30, 2021.

Monetary Highlights & Latest Information

  • Recorded whole revenues for the quarter of $4.3 million, a rise of 33% from final 12 months

  • Recorded whole revenues year-to-date of $14.9 million, a rise of 45% from final 12 months

  • Raised $18 million in gross proceeds via an preliminary public providing (IPO) and subsequently entered right into a $15 million non-public placement, with all proceeds to be obtained within the fourth quarter

  • Initiated two scientific research to develop the positioning of Ameluz® for photodynamic remedy (PDT) within the U.S.

Administration Commentary

“I’m so very pleased with the Biofrontera group for all their onerous work to help our profitable Nasdaq IPO whereas advancing our marketing strategy. The IPO proceeds along with the funds from the non-public placement allow us to realize our near-term objectives, together with increasing our industrial place throughout the U.S. and driving market consciousness. We now have skilled an encouraging gross sales development since March with a forty five% improve in year-to-date product income in contrast with final 12 months, indicating that product demand is recovering from the COVID-19 pandemic,” said Erica Monaco, Chief Government Officer of Biofrontera Inc.

“The scientific examine program ruled by our license and provide settlement with Biofrontera AG continues to advance on schedule and is a key part of driving additional worth from our licensed flagship product. Two scientific research have lately launched, each of which intention to develop the label of Ameluz® to optimize its aggressive place and seize extra of the numerous market alternative,” she added.

Third Quarter Monetary Outcomes

Complete revenues have been $4.3 million and $3.3 million for the three months ended September 30, 2021 and 2020, respectively, a rise of $1.1 million, or 33%. The rise was primarily because of greater gross sales of Ameluz®, reflecting quantity will increase and a better web promoting value.

Complete working bills have been $20.4 million and $5.6 million for the three months ended September 30, 2021 and 2020, respectively. Value of revenues elevated by $1.3 million primarily because of greater gross sales of Ameluz®. Promoting, normal and administrative bills elevated by $12.9 million primarily because of a one time authorized settlement expense, advertising marketing campaign bills and elevated headcount.

Internet loss was $16.0 million and $3.0 million for the three months ended September 30, 2021 and 2020, respectively.

Adjusted EBITDA was damaging $3.8 million and damaging $3.1 million for the three months ended September 30, 2021 and 2020, respectively. Adjusted EBITDA, a non-GAAP monetary measure, is outlined as web earnings or loss excluding, curiosity earnings and expense, earnings taxes, depreciation and amortization, authorized settlement expense and sure different non-recurring or non-cash gadgets.

Money and money equivalents as of September 30, 2021 have been $1.7 million. On October 28, 2021 Biofrontera Inc. raised estimated web proceeds of $15.4 million from an IPO of three,600,000 items, with every unit consisting of 1 share of frequent inventory and one warrant to buy a share of frequent inventory. The Firm continues to consider that funds obtainable underneath the Second Intercompany Revolving Mortgage Settlement together with web proceeds from the IPO, warrants exercised, and the non-public securities placement present ample capital to help working, investing and financing actions via a minimum of the following 12 months.

9 Month Monetary Outcomes

Complete revenues have been $14.9 million and $10.3 million for the 9 months ended September 30, 2021 and 2020, respectively, a rise of $4.7 million, or 45%. The rise was primarily because of greater gross sales of Ameluz®, partially offset by decrease gross sales of Xepi®.

Complete working bills have been $38.3 million and $19.7 million for the 9 months ended September 30, 2021 and 2020, respectively. Working bills for the latest 9 months embody the aforementioned one time authorized settlement expense.

Internet loss was $23.2 million and $10.8 million for the 9 months ended September 30, 2021 and 2020, respectively.

Adjusted EBITDA was damaging $9.5 million and damaging $9.1 million for the 9 months ended September 30, 2021 and 2020, respectively.

The desk under presents a reconciliation from web loss to Adjusted EBITDA for the three and 9 months ended September 31, 2021 and 2021:

Three months ended
September 30,

9 months ended
September 30,

2021

2020

2021

2020

Internet earnings/(loss)

$

(16,012

)

$

(2,985

)

$

(23,208

)

$

(10,801

)

Curiosity expense, web

86

744

255

2,113

Revenue tax bills

6

61

51

66

Depreciation and amortization

134

141

409

423

EBITDA

(15,786

)

(2,039

)

(22,493

)

(8,199

)

Change in honest worth of contingent consideration

700

100

1,698

238

Value reimbursement from Biofrontera Pharma GmbH

(1,188

)

(1,188

)

Authorized settlement bills

11,250

11,250

Adjusted EBITDA

$

(3,836

)

$

(3,127

)

$

(9,545

)

$

(9,149

)

Adjusted EBITDA margin

-88.5

%

96.2

%

-63.9

%

89.0

%

Convention Name and Webcast Info

Biofrontera Inc. will maintain a convention name at present at 4:30 p.m. Jap time to debate these outcomes and reply questions.

Date:

Tuesday, November 30, 2021

Time:

4:30 p.m. Jap time

Convention Name:

1-866-524-3160 (U.S.)

1-412-317-6760 (outdoors the U.S.)

Webcast:

Reside and 90-day replay webcast can be found right here and at www.buyers.biofrontera-us.com.

About Biofrontera Inc.

Biofrontera Inc. is a U.S.-based biopharmaceutical firm commercializing a portfolio of pharmaceutical merchandise for the therapy of dermatological situations. With a give attention to the fields of photodynamic remedy (PDT) and topical antibiotics, Biofrontera at the moment commercializes the FDA-approved flagship drug Ameluz® in the US. When utilized in mixture with PDT and Biofrontera’s BF-RhodoLED® lamp, Ameluz®-PDT is indicated for the therapy of actinic keratoses (AK), one of the crucial frequent precancerous pores and skin situations. Biofrontera additionally commercializes Xepi®, an FDA-approved drug for the therapy of impetigo. In collaboration with dermatologists, Biofrontera is totally dedicated to advancing therapy choices and affected person care. For extra data, go to www.biofrontera-us.com.

Ahead-Wanting Statements

Sure statements on this press launch might represent “forward-looking statements” inside the which means of the US Personal Securities Litigation Reform Act of 1995, as amended up to now. These statements embody, however are usually not restricted to, statements regarding the monetary influence and advantages of the Firm’s current preliminary public providing and personal placement, the scientific developments involving the Firm’s licenses merchandise and some other statements about future Expectations, prospects, estimates and different issues which might be depending on future occasions or developments. Statements containing the phrases “anticipate,” “consider,” “estimate,” “count on,” “intend,” “might,” “plan,” “predict,” “venture,” “goal,” “potential,” “seemingly,” “will,” “would,” “may,” “ought to,” “proceed,” and comparable expressions represent forward-looking statements. We now have based mostly these forward-looking statements on our present expectations and projections about future occasions, nonetheless, precise outcomes or occasions may differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These dangers and uncertainties, lots of that are past our management, together with, however not restricted to, the influence of extraordinary exterior occasions, akin to the present COVID-19 pandemic; any modifications within the Firm’s relationship with its licensors; the result of the Firm’s litigation with DUSA Prescribed drugs, Inc.; the Firm’s capability to realize and maintain profitability; whether or not the present disruptions within the provide chain will influence the Firm’s capability to acquire and distribute its licensed merchandise; modifications within the practices of healthcare suppliers, together with any modifications to the protection, reimbursement and pricing for procedures utilizing the Firm’s licensed merchandise; the uncertainties inherent within the initiation and conduct of scientific trials; availability and timing of knowledge from scientific trials; whether or not outcomes of early scientific trials or trials in several illness indications shall be indicative of the outcomes of ongoing or future trials; whether or not outcomes of the research described above shall be indicative of outcomes for any future scientific trials and research of Ameluz® together with BF-RhodoLED®; uncertainties related to regulatory overview of scientific trials and purposes for advertising approvals; whether or not the market alternative for Ameluz® together with BF-RhodoLED® is per the Firm’s expectations; whether or not the Firm will have the ability to efficiently transition to a public firm working independently of Biofrontera AG; the Firm’s capability to retain and rent key personnel; the sufficiency of money assets and want for extra financing and different elements that could be disclosed within the Firm’s filings with the SEC, which may be obtained on the SEC web site at www.sec.gov. Readers are cautioned to not place undue reliance on the forward-looking statements, which communicate solely as of the date on which they’re made and mirror administration’s present estimates, projections, expectations and beliefs. The Firm doesn’t plan to replace any such forward-looking statements and expressly disclaims any responsibility to replace the data contained on this press launch besides as required by regulation.

Contacts

Biofrontera Inc.
Pamela Keck
+1 781 486 1539
[email protected]

LHA Investor Relations
Tirth T. Patel
+1 212 201 6614
[email protected]

(Tables to observe)

BIOFRONTERA INC.
BALANCE SHEETS
(In hundreds, besides par worth and share quantity)
(Unaudited)

September 30, 2021

December 31, 2020

ASSETS

Present property:

Money and money equivalents

$

1,716

$

8,080

Accounts receivable, web

2,007

3,216

Accounts receivable, associated events

39

73

Inventories

5,439

7,091

Pay as you go bills and different present property

936

1,116

Complete present property

10,137

19,576

Property and tools, web

289

370

Intangible asset, web

3,555

3,869

Different property

1,373

323

Complete property

$

15,354

$

24,138

LIABILITIES AND STOCKHOLDER’S EQUITY

Present liabilities:

Accounts payable

$

367

$

176

Accounts payable, associated events

1,662

1,538

Accrued bills and different present liabilities

9,262

2,706

Complete present liabilities

11,291

4,420

Lengthy-term liabilities:

Acquisition contract liabilities, web

15,795

13,828

Different liabilities

5,648

62

Complete liabilities

$

32,734

$

18,310

Commitments and contingencies (see Word 18)

Stockholder’s fairness(deficit):

Frequent Inventory, $0.001 par worth, 300,000,000 shares licensed; 8,000,000 shares issued and excellent

$

8

$

8

Extra paid-in capital

46,986

46,986

Amassed deficit

(64,374

)

(41,166

)

Complete stockholder’s fairness (deficit)

(17,380

)

5,828

Complete liabilities and stockholder’s fairness (deficit)

$

15,354

$

24,138

BIOFRONTERA INC.
STATEMENTS OF OPERATIONS
(In hundreds, besides per share quantities and variety of shares)
(Unaudited)

Three months ended
September 30,

9 months ended
September 30,

2021

2020

2021

2020

Merchandise revenues, web

$

4,319

$

3,236

$

14,890

$

10,230

Revenues, associated celebration

15

16

42

47

Complete revenues, web

4,334

3,252

14,932

10,277

Working bills

Value of revenues, associated celebration

2,249

567

7,630

4,025

Value of revenues, different

41

446

339

617

Promoting, normal and administrative

17,090

4,191

27,412

13,557

Promoting, normal and administrative, associated celebration

160

111

520

397

Restructuring prices

199

181

654

861

Change in honest worth of contingent consideration

700

100

1,698

238

Complete working bills

20,439

5,596

38,253

19,695

Loss from operations

(16,105

)

(2,344

)

(23,321

)

(9,418

)

Different earnings (expense)

Curiosity expense, web

(86

)

(744

)

(255

)

(2,113

)

Different earnings (expense), web

185

164

419

796

Complete different earnings (expense)

99

(580

)

164

(1,317

)

Loss earlier than earnings taxes

(16,006

)

(2,924

)

(23,157

)

(10,735

)

Revenue tax expense

6

61

51

66

Internet loss

$

(16,012

)

$

(2,985

)

$

(23,208

)

$

(10,801

)

Loss per frequent share:

Fundamental and diluted

$

(2.00

)

$

(2,984.67

)

$

(2.90

)

$

(10,800.96

)

Weighted-average frequent shares excellent:

Fundamental and diluted

8,000,000

1,000

8,000,000

1,000

# # #

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