Biofrontera, a spinoff of Biofrontera AG's commercialized dermatology portfolio, announced terms for its IPO on Friday.
The Woburn, MA-based company plans to raise $18 million by offering 3 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Biofrontera would command a market value of $66 million.
Biofrontera markets Ameluz, a prescription drug approved for use in combination with Biofrontera AG's BF-RhodoLED lamp for the lesion-directed and field-directed treatment of actinic keratosis of mild-to-moderate severity on the face and scalp. The company also markets Xepi, a topical non fluorinated quinolone that inhibits bacterial growth and is approved by the FDA to treat impetigo, a common skin infection.
Biofrontera was founded in 2015 and booked $22 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol BFRI. Roth Capital and The Benchmark Company are the joint bookrunners on the deal.
