Biofrontera publishes financial report 2009
(Thomson Reuters ONE) -
Biofrontera AG / Biofrontera publishes financial report 2009 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Highlights 2009:
* Completion of clinical development program of BF-200 ALA for the treatment
of actinic keratosis
* Completion of phase II trial with BF-derm1
* Market introduction of medical cosmetic Belixos® on the German market
* Manufacturing agreement with Grünenthal Pharma AG, Switzerland
* Restructuring of the Biofrontera convertible bond
* Four capital increases
Leverkusen, Germany - Biofrontera AG (DSE: B8F) today reports its financial
results for the fiscal year 2009. The report, published today on the company's
web site illustrates the considerable progress in the product pipeline and
provides an outlook for 2010.
"Important goals for 2009 included the completion of the clinical development of
BF-200 ALA and the market introduction of Belixos® in Germany. This was achieved
and, in addition, we could financially stabilize Biofrontera through
restructuring the outstanding convertible bond and various capital measures",
said Prof. Dr. Hermann Lübbert, CEO of Biofrontera AG.
Review of the fiscal year 2009
With EUR 3.4 mln., the spending of Biofrontera group for research and
development according to international accounting standards (IAS) were
considerably lower in 2009 than in 2008 (EUR 6.4 mln.). Since most clinical
trials of Biofrontera's products were completed in 2008, the 2009 development
costs resulted mostly from the final part of the pivotal phase III trials of
BF-200 ALA. The annual loss of EUR 3.4 mln. in 2009 improved greatly compared to
the loss of EUR 15.1 mln. in 2008. This strong reduction in the deficit is
caused by the reduced development costs and the restructuring of the Biofrontera
convertible bond 05/12. Revenues were with TEUR 336 slightly lower than 2008
with TEUR 351, which was due to the legally required termination of supply
agreements with individual pharmacies for compounding components.
At the end of the reporting year the free liquidity was EUR 1.41 mln.. This
amount did not include all of the capital raised in the capital increase that
was ongoing by the end of the year. At the end of fiscal year 2008 the free
liquidity was TEUR 153.
"In 2009 we had to solve the liquidity problems stemming from 2008 and to secure
the survival of the company. Through the restructuring of the convertible bond
and the exchange offer into a new option bond, the company could form a solid
basis for additional capital raises. For this, we had four steps of capital
increases, three in 2009 and one at the beginning of 2010, through which company
obtained new capital in the order of EUR 7.6 mln.", explained Werner Pehlemann,
CFO of Biofrontera AG.
Outlook
The filing of the European drug approval for BF-200 ALA is the major focus of
Biofrontera's activities in 2010. The extension of the German marketing for
Belixos and the international partnering of the distribution of Belixos and
BF-200 ALA are further important activities in 2010. The recently published
agreement with Itrom Trading Drug Store for the Arabic states is the first step
in this direction.
The most important financial goals are the stabilization of the share price and
the financing to break-even. The merger of the three Biofrontera share classes
currently being traded requires a prospectus and should be completed within few
weeks.
About Biofrontera AG
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
[HUG#1409902]
--- End of Message ---
Biofrontera AG
Hemmelrather Weg 201 Leverkusen Germany
WKN: 604611;ISIN: DE0006046113;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Open Market (Freiverkehr) in Frankfurter Wertpapierbörse,
Freiverkehr in Bayerische Börse München,
Regulierter Markt in Börse Düsseldorf;
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2010 - 10:35 Uhr
Sprache: Deutsch
News-ID 19955
Anzahl Zeichen: 0
contact information:
Town:
Leverkusen
Kategorie:
Business News
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