Benzinga | Feb 24, 2021 07:17AM EST

Biofrontera Raises $8.9M Via Equity Offering

* Biofrontera AG (NASDAQ: BFRA) priced an underwritten public offering of around 1.3 million ADS at $6.68 per ADS, raising gross proceeds of approximately $8.9 million. The offer price represents a discount of 5% from the last close price of $7.04 on Tuesday.

* Each ADS represents two of BFRA's ordinary shares.

* The offering will close by February 26.

* This offer is part of concurrent preemptive rights offered to the company's ordinary shares holders of around 8.9 million ordinary shares at (euro)2.75 per share.

* Proceeds will be used for regulatory approval for expanded use of its lead product Ameluz, in the U.S. to basal cell carcinoma, acne, and actinic keratoses, complete the development of a larger BF-RhodoLED lamp, and for general corporate purposes.

* The Benchmark Company is acting as the managing underwriter with Lake Street Capital Markets acting as co-manager for the offering.

* Price Action: BFRA is down 1.6% at $6.91 in premarket trading on the last check Wednesday.