Leverkusen; Germany (pta029/09.06.2022/18:10) - Biofrontera AG (ISIN: DE0006046113, US-OTC: BAGY), an international biopharmaceutical company, announces that the company's Supervisory Board today appointed Paul Böckmann to the company's Executive Board, initially for a limited time until August 31, 2022.
Mr. Böckmann will support the current sole member of the Executive Board, Ludwig Lutter, as interims manager.
At the end of October 2021, Biofrontera Inc. was listed on the U.S. technology exchange Nasdaq as part of an IPO, thereby giving the former subsidiary of Biofrontera AG access to further growth capital. Since then, Biofrontera Inc. has been able to finance itself independently and thus operate more effectively in the US market. Biofrontera Inc. has been able to raise around USD 55 million in equity capital since the IPO, which may be invested in particular in expanding sales of Ameluz. The aim of Biofrontera AG and Biofrontera Inc. is to increase Ameluz sales in the USA, which would directly benefit Biofrontera AG.
As the Supervisory Board of Biofrontera AG has already informed in its report to the Annual General Meeting for the 2021 financial year, it considers discussions between Biofrontera AG and Biofrontera Inc. on possible further steps of restructuring with the aim of combining the operating businesses in the most effective way.
Paul Böckmann is an independent management consultant and coach specializing in particular in global commercialization strategies, international business expansion and complex international reorganizations. He has worked for various pharmaceutical companies, including CSL Behring AG and Sanochemia, and has specialized in the international commercialization of plasma derivatives since 2016. Since 2021, he has been advising internationally operating plasma companies on product commercialization and reorganization of their business activities with his own consulting company.
In particular, he is to be involved in the above-mentioned dialogues between Biofrontera AG and Biofrontera Inc. to develop appropriate solutions for this process.
Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics. The Leverkusen-based company develops and markets innovative products for the treatment, protection and care of the skin. Its key products include Ameluz®, a prescription drug for the treatment of non-melanoma skin cancer and its precursors. Ameluz® has been marketed in the EU since 2012 and in the USA since May 2016. In Europe, the company also markets the Belixos® dermocosmetic series, a specialty care product for damaged skin. Biofrontera is one of a few German pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 by Prof. Dr. Hermann Lübbert and is listed on the Frankfurt Stock Exchange (Prime Standard) and on US OTC market (BFAGY). www.biofrontera.com
Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "will," "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risk that the termination of the ADS Level 1 Program or the deregistration with the SEC may not occur or may be delayed, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.(end)
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