Biofrontera AG (ISIN: DE0006046113) (the "Company") with its wholly owned German subsidiaries, and Biofrontera Inc. (Nasdaq: BFRI), a U.S. subsidiary of the Company, in which it holds less than 100% of the shares, have reached an out-of-court settlement with DUSA Pharmaceuticals, Inc. ("DUSA").
The Company and its defendant subsidiaries were sued in the U.S. by DUSA for alleged patent infringement, unauthorized use of alleged trade secrets, tortious interference with contractual relations and alleged deceptive and unfair trade practices. DUSA has asserted significant damages in this proceeding. In October 2020, the further proceedings, which should now be discontinued, were referred to a jury for a decision.
The settlement was reached based on the following key points: The Company as well as its defendant subsidiaries have agreed to pay DUSA USD 22.5 million in settlement of potential claims. In addition, further mutual claims have been released. Half of the settlement amount is due upon execution of the agreement, thereafter one quarter on each of the first and second anniversaries after execution of the agreement. Of this amount, 50% will be borne by the Company and 50% by Biofrontera Inc.
Hemmelrather Weg 201
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