Biofrontera AG successfully places capital increase
Biofrontera AG announces that the subscription of shares in the anticipated capital increase was closed. According to the current assessment the subscription of 1.2 million shares at a share price of € 1.50 is documented. The successful completion of the capital increase represents another relevant mile-stone in the financial stabilization of the Biofrontera group.
Already earlier in the year Biofrontera restructured its outstanding convertible bond. The major part was converted or transferred into a new option bond, running until December 2017 with a staggered coupon. In addition, the remaining convertible bond was extended until July 2012 and the coupon ceased for three years.
With the capital increase and after consideration of the effects of the restructuring of the convertible bond Biofrontera's base capital will increase to € 7,340,068 split into 7,340,068 shares.
The funds derived from the capital increase are required to reach the operative goals of the company and represent an important requirement for the aspired financial independence of the Biofrontera group. Important mile stones in the process are the market launch of the medical cosmetic Belixos®, foreseen for the fall 2009, and the completion of the clinical development of BF-200 ALA for the treatment of actinic keratosis.
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