Biofrontera, a spinoff of Biofrontera AG's commercialized dermatology portfolio, raised the proposed deal size for its upcoming IPO on Tuesday. The company also changed the offering from shares to units with warrants attached. Because the offering now contains warrants, Biofrontera is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The Woburn, MA-based company now plans to raise $19 million by offering 3.1 million units at a price range of $5 to $7. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. The company had previously filed to offer 3 million shares at a range of $5 to $7. At the revised deal size, Biofrontera will raise 3% more in proceeds than previously anticipated.
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.
