23rd Nov 2015 15:26
LONDON (Alliance News) - Biofrontera AG was left "disappointed" after take-up under an open offer and private placement was lower than hoped, as the move raised EUR3.5 million for the skin cancer treatment company.
Biofrontera placed 1.9 million new shares at EUR1.90 each with investors in Germany and other countries under the open offer and private placement, which was announced on October 27. The company had offered 5.9 million new shares.
The company noted the "high volatility" in its share price over the past few weeks, as it voiced its disappointment at the level of take-up.
The money raised will go towards the company's ongoing business operations as well as the establishment of a sales and marketing infrastructure for Ameluz in the US. The fundraising means the company will be able to finance its current strategy until at least the end of the second quarter of 2016.
"The board continues to evaluate further financing strategies in order to fully fund its business development plans in the US," Biofrontera said.
Biofrontera regards Ameluz as its most important product. It is a prescription drug which is approved in Europe for the treatment of mild and moderate skin cancer with light therapy.
The company reiterated that its business and operational developments, including approval processes in Europe and the US, remain on track.
Shares in Biofrontera were untraded at 159.00 pence in London on Monday
By Samuel Agini; [email protected]; @samuelagini
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