Biofrontera AG reports half-year financial results for 2010
(Thomson Reuters ONE) -
Biofrontera AG / Biofrontera AG reports half-year financial results for 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Leverkusen, Germany, - Biofrontera AG (DSE: B8F) today presents financial
results for the first half of 2010. The semi-annual report, today published on
the company's website, relates to the significant progress in the preparation of
the European approval of Biofrontera's leading drug candidate BF-200 ALA.
Review of the first half of 2010
As in previous years, Biofrontera's cost structure is at a low level in a branch
comparison. The loss from ordinary activities before interest and taxes (EBIT),
calculated according to the International Financial Reporting Standards (IFRS),
decreased from TEUR 3,049 in the first six months of 2009 to TEUR 2,419 in
2010. This reduction is essentially due to lower research and development
expenditures of Biofrontera group, which amounted to TEUR 1,271 in the reporting
period, compared to TEUR 2,028 as of June 30, 2009. The remaining F&E expenses
were mostly related to the still ongoing phase III study and the preparation of
the European filing of BF-200 ALA for the treatment of actinic keratosis. The
net loss decreased from TEUR 4,785 in the past year to TEUR 3,192 in 2010 which
is, in addition to the decrease in research and development costs, due to the
restructuring of the outstanding convertible bond.
Compared to the previous year, the general administrative and operating costs
were almost unchanged, with a slight increase from TEUR 1,203 in the previous
year to TEUR 1,254 on June 30, 2010. In parallel, the earnings from sales
decreased from TEUR 215 last year to TEUR 176 in the first half of 2010. The
reduction in revenues is due to the loss of revenues from products for pharmacy
compounding which could not be matched by the slower than expected growth of
revenues from Belixos(®). Sales from the Arabic distribution partners in
particular will only become effective in the second half of the year.
The total assets are unchanged, with TEUR 2,687 after the first six months of
2009 and TEUR 2,671 on June 30, 2010. In parallel, the negative equity capital
improved to TEUR 10,456 from TEUR 19,995 on June 30, 2009.
On June 30th, 2010, Biofrontera had 20 employees.
Relevant developments in the first six months of 2010
The successful completion of the phase III studies with BF-200 ALA against
actinic keratosis and the preparation of the European drug application
constituted important milestones. Very few similar companies ever reach the goal
of the approval of a prescription drug along with the market potential of such a
product, thereby implementing an excellent basis for the future development of
the company.
Prospects for the second half of the year
In September 2010 Biofrontera expects to submit the documentation for the drug
approval of BF-200 ALA. The sales of Belixos(®) will be extended to pharmacies
through the distribution by pharmaceutical wholesalers. With the expectation of
a further decline of the research and development expenses and increasing
revenues the financial result should improve even more in the second half of the
year. The financial resources that are expected to be required until the drug
approval of BF-200 ALA may be covered by the currently ongoing financing.
About Biofrontera AG
Biofrontera AG is specialized in the development and commercialization of
pharmaceutical products in the area of dermatology. The company is characterized
by a broad, relatively close to the market product portfolio. Biofrontera is
listed in the regulated market of the Düsseldorf stock exchange under the symbol
B8F and the ISIN number DE0006046113.
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#1441411]
--- 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;
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Source: Biofrontera AG via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 40520
Anzahl Zeichen: 0
contact information:
Town:
Leverkusen
Kategorie:
Business News
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