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Leverkusen, Germany (pta018/14.05.2024/10:30) - After two challenging years, Biofrontera AG has achieved restructuring and stabilization. By improving relations with Biofrontera Inc. and largely settling all legal disputes, the company is now clearly focused on a future-oriented growth strategy.
The ongoing capital reduction and the associated capital increase also represent an important milestone in this new phase of the company's alignment. Following the successful completion of both measures, Biofrontera will have a more solid financial basis.
With effect from May 10, 2024, Dr. Helge Lubenow took over as Chairwoman of the Supervisory Board of Biofrontera AG following the resignation of Mr. Zours.
Executive Board and Supervisory Board of Biofrontera intends to propose a reduction in the size of the Supervisory Board from six to four members at the next Annual General Meeting in August 2024, which is more appropriate to the current size and objectives of the company. To make this possible, Prof. Dr. Karin Lergenmüller and the deputy chairman, Dr. Jörgen Tielmann, have resigned their mandates with effect from the end of the next Annual General Meeting. In cooperation with the Deutsche Balaton Group, the company will find a suitable candidate to fill the fourth seat on the Supervisory Board, whom we will propose for election at the next Annual General Meeting.
"This restructuring of the Supervisory Board is aligned with the new stage of Biofrontera, where, after several years of disputes, we are now entering into a stable pathway with the expansion and profitability of the company as our main goals. We would like to thank the departing supervisory board members, Dr. Tielmann and Prof. Dr. Lergenmüller. Their commitment in challenging times has been invaluable, and we sincerely appreciate their support. Special thanks are due to our former Chairman of the Supervisory Board, Mr. Zours. We regret his resignation, as he was instrumental in driving forward the restructuring and successful realignment of the company over the past two years. For his commitment and his role as a reliable investor, he deserves the highest recognition and great thanks," commented Mrs. de la Huerta, CFO of Biofrontera, on the intended realignment of the Supervisory Board.
"I am very excited about the new stage of Biofrontera AG. Once the company is stabilized and has sustainable positive EBITDA, the expansion of its portfolio and its presence in more territories is our next step. I am glad of heading this process. I would like to thank Mr. Zours, Prof. Dr. Lergenmüller, and Dr Tielmann for their support in very difficult times. Without their contribution, this new and promising future wouldn't be possible", said Dr. Lubenow, the new chairwoman of the Supervisory Board.
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About Biofrontera
Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics. The Leverkusen-based company develops and markets innovative products for the treatment, protection and care of the skin. Its key products include Ameluz®, a prescription drug for the treatment of non-melanoma skin cancer and its precursors. Ameluz® has been marketed in the EU since 2012 and in the USA since May 2016. Biofrontera is one of a few German pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 and is listed on the Frankfurt Stock Exchange (Prime Standard). www.biofrontera.com
Forward-Looking Statements:
Certain statements in this press release are forward-looking. These statements may be identified by the use of forward-looking words such as "will," "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.
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emitter: Biofrontera AG
address: Hemmelrather Weg 201, 51377 Leverkusen
country: Germany
contact person: Investor Relations
phone: +49 (0) 214 87 63 20
e-mail: ir@biofrontera.com
website: www.biofrontera.com
ISIN(s): DE0006046113 (share)
stock exchanges: regulated market in Dusseldorf, Frankfurt; free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate