Result of Open Offer & 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 -

1,377,272 shares placed in capital increase to raise EUR 3.1 million

Leverkusen, 28 May 2015 - On 23 April 2015, Biofrontera AG (AIM/FSE: B8F), the biopharmaceutical company focusing on skin cancer, announced an Open Offer and Private Placement pursuant to which 2,173,913 new no-par registered shares ("New Shares") were to be offered to qualifying shareholders on the basis of 1 New Share for every 10 existing ordinary shares held, at a subscription price of EUR 2.30 ("Subscription Price") per New Share (the "Subscription Offer").

Qualifying shareholders were also able to apply for additional New Shares through an excess application facility. New Shares which were neither acquired on a pro rata basis nor under the excess application facility were placed with selected investors in the Private Placement. A total of 1,377,272 New Shares have been issued under the Open Offer and Private Placement raising approximately EUR 3.1 million (net of expenses) for the Company.

The proceeds of the Placing will be used to cover the "PDUFA Fee" of US$ 2.335 million that Biofrontera will have to pay to the FDA prior to submitting the dossier for the approval of Ameluz in the US. While this fee is normally waived for the first submissions of small companies, the FDA has not yet established a process for granting the waiver in the current year. Following approval of the waiver, it is anticipated that the PDUFA Fee will be returned to Biofrontera. The remaining proceeds will be used by Biofrontera for general operational working capital.

Ends

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Background:

The 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 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. At the moment, Belixos® cream, gel and scalp tonic 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.