Benzinga | Dec 30, 2021 08:45AM EST

Biofrontera Announces Reduction Of Biofrontera AG Shareholding To Less Than 50% Through Warrant Exercises

Biofrontera Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced that through the exercise of outstanding warrants the majority ownership of Biofrontera AG was diluted below 50%. Biofrontera AG's shareholding in Biofrontera Inc. of 8,000,000 shares is unchanged, but now represents approximately 47% of the currently outstanding shares. As a result, Biofrontera Inc. is no longer considered a subsidiary of Biofrontera AG. Biofrontera Inc.'s common stock and warrants are traded on the Nasdaq Capital Market under the ticker symbols "BFRI" and "BFRIW," respectively.



Not affected by this will be Biofrontera AG's position as Licensor for the license and supply agreement (LSA) with Biofrontera Inc, which provides the latter with the exclusive rights to market and sell Ameluz(r) and the PDT-lamps BF-RhodoLED(r) and RhodoLED XL in the United States.

Erica Monaco, CEO of Biofrontera Inc. states: "Reducing Biofrontera AG's shareholding below 50% represents a major milestone in the development of Biofrontera Inc. towards a stand-alone entity that is independent of its former parent company."