Result of Open Offer and Private Placement

Ad-hoc Release pursuant to Section 15 of the German Securities Trading Act (Wertpapierhandelsgesetz)

Biofrontera AG

("Biofrontera" or the "Company")

Result of Open Offer and Private Placement

Leverkusen, Germany, 23.11.2015 - Biofrontera (FSE/AIM:B8F), the biopharmaceutical company focusing on sun-induced skin cancer, announces that it has placed 1,916,588 new no-par registered shares ("New Shares") with investors in Germany and other countries under the Open Offer and Private Placement announced on 27 October 2015.

The subscription price for the New Shares was, as determined on 5 November 2015, EUR 1.90 raising net proceeds for the Company of EUR 3.5 million, which will be used for the Company's ongoing business operations as well as the establishment of a sales and marketing infrastructure for Ameluz® in the USA.

Although disappointed by the level of take-up under the Open Offer and Private Placement, the Company notes the high volatility of the Company's share price during the past few weeks. As announced on 11 November 2015, the Company's business and operational developments, including approval processes in Europe and the USA remain on track.

The net proceeds from the Open Offer and Private Placement, together with the Company's existing cash and anticipated income will enable the Company to finance its current strategy until at least the end of Q2 2016. The Board continues to evaluate further financing strategies in order to fully fund its business development plans in the USA.

Following registration and admission of the New Shares to trading on the Frankfurt Stock Market and on AIM, the total number of shares in issue will be 25,490,430 no-par registered shares with an amount of the share capital attributable to each share of EUR 1.00.

Ends

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Background:

Biofrontera Group (FSE/AIM: B8F, ISIN DE0006046113) is a biopharmaceutical company specialising in the development, sale and distribution of drugs and medical cosmetics for the care and treatment of skin diseases. Biofrontera's most important product is Ameluz®, a prescription drug which is approved in Europe for the treatment of mild and moderate actinic keratosis (superficial skin cancer) with photodynamic therapy (light therapy). Biofrontera is the first German pharmaceutical start-up company to obtain centralised approval for a drug it has developed itself. The company also plans for Ameluz® to be approved for basal cell carcinoma and is currently preparing for approval in other countries, especially in the largest pharmaceutical market in the world, the United States.

The company also markets the Belixos® dermatological range of cosmetics. Belixos® products, a cream, a gel and a scalp tonic, contain combinations of active substances extracted from plants, relieve itching and redness and are used for the regenerative care of chronic skin conditions such as atopic dermatitis or psoriasis. The Belixos® Protect, a daily skincare for sun-damaged skin, complements this dermo-cosmetic line. All products are available through Amazon.

The Biofrontera Group was established in 1997 by Prof. Dr Hermann Lübbert, the Chairman of the company's Management Board, and has its headquarters in Leverkusen, Germany.

www.biofrontera.com

This communication expressly or implicitly contains certain forward-looking statements concerning the business activities of Biofrontera AG. These forward-looking statements reflect the opinion of Biofrontera at the time of this communication and involve certain known and unknown risks. The actual results achieved by Biofrontera may differ significantly from future results or performances which are published in its forward-looking statements. Biofrontera assumes no responsibility to update its forward-looking statements.