27th Oct 2015 11:49
LONDON (Alliance News) - Biofrontera AG said it will offer 5.9 million shares in an open offer and private placement to shareholders on the basis of one new share for every existing four shares, in order to fund clinical studies and a sales presence in the US.
The biopharmaceutical company said the subscription price will be determined on November 5, but will not exceed EUR2.50 per share. The subscription period will run from October 28 to November 10.
Biofrontera were untraded in London on Tuesday at 195.00 pence.
Shareholders will also be able to request additional new shares through an excess application facility. Any new shares not acquired by the subscription will be eligible to be placed in a private placement, for which the offer period will end no later than November 23, the company said.
The net proceeds of the offer will be used for general working capital purposes, including clinical studies currently ongoing or under preparation to secure the future business extension of Ameluz, as well as to build up a sales, marketing and operational infrastructure for the distribution of Ameluz in the US.
Ameluz is a prescription drug for the treatment of mild and moderate actinic keratosis with photodynamic, or light, therapy. Actinic keratosis is a superficial skin cancer.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
B8F.L