Biofrontera Inc., a spinoff of Biofrontera AG's commercialized dermatology portfolio, raised $18 million by offering 3.6 million units at $5, the low end of the range of $5 to $7. The company had planned to offer 3.1 million units. Each unit consists of one share of common stock and one warrant exercisable at the offer price.
Because the offering contains warrants, Biofrontera is not eligible for tracking and will be excluded from Renaissance Capital's stats.
Spun-out of Biofrontera AG (Nasdaq: BFRA), 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 plans to list on the Nasdaq under the symbol BFRI. Roth Capital and The Benchmark Company acted as joint bookrunners on the deal.
