Biofrontera publishes financial report 2011
(Thomson Reuters ONE) -
Biofrontera AG /
Biofrontera publishes financial report 2011
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The issuer is solely responsible for the content of this announcement.
Highlights 2011:
* Market authorization for Ameluz®
* Agreement with ASAT AG to settle patent purchase price payment with new
shares
* Reduction of the Biofrontera convertible bond, due in 2012, by EUR 4,3 mln
through the exchange with option bond 2011/2016
* Formation of sales force for the launch of Ameluz® in Germany
* Construction of prototype for the PDT lamp BF-RhodoLED®
Leverkusen, Germany, 30 March 2012 - Biofrontera AG (DSE: B8F) today reports its
financial results for the fiscal year 2011. The report, published today on the
company's web site, illustrates the considerable progress in the product
pipeline and provides an outlook for fiscal year 2012.
"Important goals for 2011 included the European marketing authorization for
Ameluz(®) and the preparation of its distribution. This was achieved and, in
addition, we could greatly improve the capitalization of Biofrontera", commented
Prof. Dr. Hermann Lübbert, CEO of Biofrontera AG.
Review of the fiscal year 2011
The net loss was, with EUR 4.6 mln in 2011, smaller than in 2010 with EUR 7.7
mln. The lower loss was mostly caused by reduced research and development costs
which were to a large part related to one-time effects due to the settlement of
the outstanding patent purchase price for ASAT AG with new shares.
The operating profit (EBIT) was improved from EUR -6.0 mln. in 2010 to EUR -2.7
mln. in 2011. The difference between net loss and operating loss was also mostly
due to the financial result of EUR -1.9 mln, in comparison to -1.6 mln in 2010,
plus other effects of EUR 1.7 mln that were mostly related to the dissolution of
the EUR 1.5 mln accrual that was formed in 2010 for the outstanding purchase
payment for ASAT AG.
Revenues increased to TEUR 515 in 2011 from TEUR 406 in 2010, which was due to
increased sales of Belixos(®) and components for pharmacy compounding.
The research and development costs of Biofrontera decreased greatly in 2011,
from EUR 3.9 mln in 2010 to EUR 1.4 mln in 2011. The reduced costs reflect
partly that no clinical studies were performed in 2011. The main reduction was,
however, caused by the accrual of EUR 1.5 mln formed in 2010 for the purchase
payment to ASAT AG.
The capital flow from financing activities was with EUR 4.8 mln similar to that
of the previous year (EUR 5.0 mln). The proceeds were mostly used to finance the
work required for the Ameluz(®) approval process and to build a powerful sales
force.
At the end of the reporting year the free liquidity of Biofrontera AG was TEUR
554, compared to TEUR 692 at the end of 2010. From today's point of view, the
proceeds of the capital increases in February and March 2012 have to be added to
this liquidity.
The European approval for Ameluz(®) (BF-200 ALA), granted by the European
Commission in December, was central to Biofrontera's efforts in 2011. This
approval, to our knowledge the first example for a centralized European approval
for a drug entirely developed in-house in German biotech, represents a major
milestone for the company. Based on the approval of a new prescription drug
Biofrontera will develop itself from a research and development based biotech
company to a specialty pharma company. Nevertheless, research and development
will not be neglected in the future. The financial resources required in 2011
could be raised through a small capital increase in February 2011, resulting in
EUR 1.8 mln, and through issuing an option bond, of which two tranches were
supplied in July and December. Through the offer of the option bond the company
received EUR 3.1 mln in cash. At the same time, the convertible bond due in
2012 was reduced by EUR 4.3 without a major dilution of the shareholders.
Outlook
The most important goals for 2012 are related to the sales of Ameluz(®), in
Germany through the own sales force and in other European countries through
partners, and the improvement of the capitalization of the company. The basis
for these goals was already laid down in the first months of 2012. On February
1 Biofrontera launched Ameluz(®) in the German market. For distribution in
Denmark, Norway and Sweden an exclusive agreement was closed with Desitin
Arzneimittel GmbH, for Spain a similar contract was signed with the US-based
pharma company Allergan. The long term financing of the company was secured by
two capital increases in February and March, which increased the liquidity by
about EUR 13 mln. The income of the first two months of 2012 amounted to TEUR
638.
While such estimates are currently still highly speculative, the company expects
revenues of about EUR 5 mln in 2012 and EUR 7 mln in 2013. The insecurity in
these estimates is, for instance, related to the time of the actual launch of
Ameluz(®) through our partners in other European countries.
Biofrontera AG
Biofrontera aims at attending and treating the skin, recognizing the aesthetic
needs of a person's visual reflection.
Biofrontera is listed in the regulated market of the Düsseldorf stock exchange
under the symbol B8F and the ISIN number DE0006046113.
www.biofrontera.com
This press release contains forward-looking statements 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,
which may cause the assumptions expressed or implied in this press release to be
faulty. Given these risks, uncertainties and other factors, recipients of this
document are cautioned not to place undue reliance on the forward-looking
statements. Biofrontera AG disclaims any obligation to update these forward-
looking statements to reflect future events or developments.
For further information please contact:
Anke zur Mühlen
Corporate Communication
+ 49 (0) 214 87632 22
+ 49 (0) 214 87632 90
a.zurmuehlen(at)biofrontera.com
Biofrontera AG
Hemmelrather Weg 201
D- 51377 Leverkusen, Germany
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Source: Biofrontera AG via Thomson Reuters ONE
[HUG#1598724]
Unternehmensinformation / Kurzprofil:
Datum: 30.03.2012 - 11:22 Uhr
Sprache: Deutsch
News-ID 130302
Anzahl Zeichen: 7485
contact information:
Town:
Leverkusen
Kategorie:
Business News
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