(MENAFN- Investor Brand Network) Biofrontera (NASDAQ: BFRI) , a biopharmaceutical company specializing in the commercialization of dermatologic products, recently entered into a securities purchase agreement with a certain institutional investor, pursuant to which the company agreed to issue and sell to the investor an aggregate of 1,205,000 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase an aggregate of up to 1,807,000 shares of common stock, at an exercise price of $3.55 per share of common stock. According to the announcement, the warrants are exercisable immediately upon issuance and will expire five years following the date of issuance. Biofrontera also agreed to adjust the strike price of 385,236 outstanding warrants held by the investor to $3.55. Roth Capital Partners is acting as the exclusive placement agent for the offering. The company intends to use the net proceeds for working capital and general corporate purposes.
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About Biofrontera Inc.
Biofrontera is a U.S.-based biopharmaceutical company commercializing a portfolio of products for the treatment of dermatologic conditions with a focus on photodynamic therapy (“PDT”) and topical antibiotics. The company's licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection.
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