14th Aug 2015 06:59
LONDON (Alliance News) - Biopharmaceutical company Biofrontera AG Friday reported a widened pretax loss for its first half, as it continued to progress the development of its skin cancer treatment Ameluz.
For the first half of 2015, the company posted a pretax loss of EUR7.3 million, widened from a pretax loss of EUR5.4 million a year before, as revenue rose to EUR1.6 million from EUR1.2 million, but was offset by a jump in research and development costs.
The company said a majority of its revenues were recorded in Germany, whilst product revenues from other European countries also developed well.
The increase in development costs was primarily as a result of a EUR2.1 million application fee paid to the US Food and Drug Administration, although the company said this amount may be repaid by the FDA as it may be eligible for a waiver for small businesses.
During the first half the company finalised a dossier of clinical results for its Ameluz product, combined with its LED lamp product for photodynamic therapy. The dossier was submitted to the FDA on July 10.
Biofrontera reiterated its expectation of 30% revenue growth for the full year to EUR4 million to 5 million.
"We have also made great progress with the submission of the application in the US as well as with completion of patient recruitment in our Phase III study for basal cell carcinoma. Biofrontera is well underway to become a much larger and much more prominent company in the short to medium term and we will work very hard to secure significant value for all our shareholders," said Chief Executive Officer Hermann Lübbert in a statement.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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