29th May 2015 09:05
LONDON (Alliance News) - Biopharmaceutical company Biofrontera AG Friday said it had seen a good start to 2015, with revenue in the quarter to end-March up 59% to EUR1.0 million from EUR650,000.
The company cited a strong performance in Europe, with sales up 44% in Germany.
This helped improve its loss before interest, tax, depreciation and amortisation to EUR2.1 million from EUR2.3 million a year before.
"We have had a strong start to 2015, delivering strong revenue growth and at the same time keeping costs in line with our expectations. We are confident of achieving our growth target of a 30% increase in revenue in Germany as well as our expectation of total revenues between EUR4 million and EUR5 million for the full year," said Chief Executive Officer Hermann Lübbert in a statement.
The company is continuing to develop its actinic keratosis product Ameluz in the US, and said that its clinical trials data dossier will be ready for submission towards the end of June. Marketing approval for Ameluz in the US is expected around a year later.
Shares in Biofrontera are untraded Friday morning. It last closed at 175.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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