Leverkusen, Germany (pta/10.07.2023/13:50 UTC+2)
Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, announces that the last action against resolutions of its General Meetings has been settled. On 4 July 2023 major shareholder Maruho Deutschland GmbH withdrew its action for annulment against resolutions of the Annual General Meeting of 23 August 2022 and of the Extraordinary General Meeting held 9 January 2023. Thus, the election of Prof. Dr. Lergenmüller to the Supervisory Board, which is the subject of the resolutions, is final. The withdrawal of the action is part of an out-of-court settlement with which a dispute about possible voting rights losses of Maruho Deutschland GmbH at past general meetings was settled at the same time. Furthermore, a procedure for the avoidance of voting right losses at future general meetings was agreed.
Another out-of-court settlement had already been reached with Biofrontera Inc. in April 2023, which resulted in a mutual withdrawal of the lawsuits against AGM resolutions. The main relevant components of this settlement are the nomination of a new Biofrontera Inc. board member designated by Biofrontera AG, the search for a new independent member for the Board of Directors of Biofrontera Inc. by common agreement and a mutual obligation not to significantly increase the shareholding in the respective company neither implementing extra dilution measures to avoid their capability to maintain their stake in case of capital increases.
Both agreements are reproduced in detail in the notifications of Biofrontera AG in the Federal Gazette pursuant to § 248a of the German Stock Corporation Act.
"We are extremely pleased that we have now been able to reach an agreement with our major shareholders. The settlements allow us to focus all our resources and efforts on our operating business and put the long-standing shareholder disagreements behind us. With Ameluz®, we have a highly effective product with great growth potential and coupled with our know-how in the field of photodynamic therapy, we want to become the leading expert in the treatment of sun-induced forms of skin cancer," comments Ms de la Huerta, Chief Financial Officer of Biofrontera AG.
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 and is listed on the Frankfurt Stock Exchange (Prime Standard). www.biofrontera.com
Forward-looking statements: This release contains certain forward-looking statements. These reflect the views of Biofrontera as of the date of this communication. Actual results achieved by Biofrontera may differ materially from those set forth in the forward-looking statements. Biofrontera is under no obligation to update forward-looking statements.
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