Biofrontera decides to increase its base capital
Biofrontera AG has decided to increase the base capital of the company by up to € 1,493,757.00 through selling up to 1,493,757 new name shares from the authorized capital. The shareholders will be offered a purchase right for up to 1,434,157 new shares at a price of € 1.50 per share. The VEM Aktienbank AG, Munich, will be authorized to implement the capital increase. The purchase right will commence on July 29, 2009 and conclude on August 11, 2009. A purchase right was suspended for € 59,600.00 fractional shares. Further details on the capital increase will be communicated in the detailed purchase offer that will be published in the electronic Federal Bulletin on July 28, 2009.
After bond holder meeting of Biofrontera AG's 8% convertible bond 2005/2010 the premises for a capital increase have greatly improved. The bond holders have decided to extend the bond until July 02, 2012, and to waive all interest payments from August 26, 2008, until August 25, 2011. Therefore, the obligation of short-term payments in the amount of € 1.5 mln., related to the convertible bond, could be avoided.
Due to these changes in the conditions of the convertible, bond new capital can be almost fully devoted to the operations of Biofrontera. The most relevant goals are the launch of the new product Belixos® in the fall 2009, as well as conclusion of the clinical development program, particularly for Biofrontera's actinic keratosis drug BF-200 ALA.
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