Biofrontera AG reports half-year financial results for 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Leverkusen, Germany, - Biofrontera AG (DSE: B8F) today presentsfinancial results for the first half of 2009. The semiannual report,today published on the company's website, relates to the significantprogress in the development of new drug candidates and the marketintroduction of the cosmeceutical creme Belixos® expected shortly.Review of the First Half of 2009As in previous years, Biofrontera's cost structure is at a low levelin a branch comparison. The loss from ordinary activities beforeinterest and taxes (EBIT), calculated according to the InternationalFinancial Reporting Standards (IFRS), decreased from 4.57 millioneuros in the first six months of 2008 to 3.05 million euros in 2009.Accordingly, the net loss decreased from 5.61 million euros in thepast year to 4.79 million euros in 2009. This decrease is essentiallydue to lower research and development expenditures of the BiofronteraGroup, which amounted to 2.03 million euros in the reporting period,compared to 3.43 million euros as of June 30, 2008. Following thecompletion of most clinical trials, the remaining expenses are mostlyrelated to the ongoing phase III study with BF-200 ALA and thepreparation for the filing of BF-200 ALA and the market launch ofBelixos®.Compared to the previous year, the general administrative andoperating costs were almost unchanged, with a slight decrease from1.25 million euros in the previous year to 1.20 million euros on June30, 2009. In parallel, the earnings from sales increased by 45% from148 thousand euros (TEUR) last year to 215 TEUR in the first half of2009. These revenues resulted from the sales of the Ice-Mask todermatologists and of pharmacy compounding constituents. The increasein sales at constant marketing and sales costs reflects thecompletion of efficient sales structures in Germany, based on whichthe marketing effort can rapidly be increased at any time.Due to the loss in the period, the total assets decreased from TEUR3,754 to TEUR 2,687 during the past six months. In parallel, thenegative equity capital decreased from TEUR 20,086 on 31 December2008 to TEUR 19,995. The improvement is due to the two small capitalincreases in the reporting period and the conversion of a part of thecompany's outstanding convertible bond. The negative equity capitalmakes apparent that costs were generated by the product development,and value was created accordingly, but this value is not yetreflected in the company's balance sheet. The negative total assetsof the Biofrontera group according to IFRS are not related to anaccounting insolvency, since the total assets of the individualcompanies according to HGB are either positive or, for thesubsidiaries, healed through a subordination statement fromBiofrontera AG.On June 30th, 2009, Biofrontera had 24 employees."In the coming months we will see a further decline of the researchand development costs. At the same time, the revenues will rise dueto the launch of Belixos®. This will lower the company's capitalrequirement and take it closer to break-even. Nevertheless, theshort-term completion of the ongoing capital round is essential forthe company's survival," commented Professor Dr. Hermann Lübbert, CEOof Biofrontera AG.Relevant developments in the first six months of 2009With the successful completion of the first phase III trial againstactinic keratosis and the patient treatment in the second phase IIItrial, significant progress could be achieved in the development ofBiofrontera's leading development product BF-200 ALA. The positivephase II results of BF-derm1 have also created significant hopes inthis product.Future ProspectsBy the end of the year 2009 the sales of Belixos® shall have beeninitiated in Germany and distribution partners outside Germanyidentified. An important milestone in the preparation of the marketlaunch was the manufacturing contract with Grünenthal which protectedthe company's liquidity. By the end of the year, important resultsare expected from the ongoing phase III trial with BF-200 ALA whichcompares Biofrontera's product with the approved standard medication.These results will form the basis for the drug registration.About Biofrontera AGBiofrontera AG is specialized in the development of pharmaceuticalproducts in the area of dermatology. The company is characterized bya broad, relatively close to the market product portfolio.Biofrontera is listed in the regulated market of the Düsseldorf stockexchange under the symbol B8F and the ISIN number DE0006046113.This press release contains forward-looking statements based on thecurrently held beliefs and assumptions of the management ofBiofrontera AG, which are expressed in good faith and, in theiropinion, reasonable. Forward-looking statements involve known andunknown risks, uncertainties and other factors, which may cause theassumptions expressed or implied in this press release to be faulty.Given these risks, uncertainties and other factors, recipients ofthis document are cautioned not to place undue reliance on theforward-looking statements. Biofrontera AG disclaims any obligationto update these forward-looking statements to reflect future eventsor developments.For further information please contact:Anke zur MühlenCorporate Communication+ 49 (0) 214 87632 22+ 49 (0) 214 87632 90a.zurmuehlen(at)biofrontera.comBiofrontera AGHemmelrather Weg 201D- 51377 Leverkusen, GermanyThe press release can be downloaded from the following link:http://hugin.info/136349/R/1337857/318972.pdf --- End of Message ---Biofrontera AGHemmelrather Weg 201 Leverkusen GermanyWKN: 604611; ISIN: DE0006046113; Listed: Freiverkehr in Börse Berlin, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart, Open Market in Frankfurter Wertpapierbörse, Regulierter Markt in Börse Düsseldorf;
Datum: 28.08.2009 - 10:00 Uhr
Sprache: Deutsch
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