23rd Apr 2015 12:47
LONDON (Alliance News) - Biofrontera AG said Thursday it plans to raise up to EUR4.84 million through an open offer and private placement of 2.71 million new no-par registered shares, which will be offered on a basis of one new share per ten existing shares at a price of EUR2.30.
The company will use the proceeds from the fund-raising as working capital, particularly to get approval for its actinic keratosis treatment ameluz in the US, and extend the indication for the treatment to basal cell carcinoma in Europe.
"We are confident of achieving these transformational milestones in 2016. The submission to the FDA is on schedule for Q2 2015 and once the approval has been issued, which is expected approximately 12 months after submission of the application, Biofrontera will have access to the largest healthcare market in the world," said Chief Executive Officer Hermann Lübbert in a statement.
Shares in Biofrontera are untraded in London Thursday. It last closed at 190.08 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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