On February 23, 2021 Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) ("Biofrontera" or the "Company"), an international biopharmaceutical company, reported the pricing of a U.S. underwritten public offering of 1,334,002 American Depositary Shares, or ADSs, at an offering price of $6.68 per ADS (Press release, Biofrontera, FEB 23, 2021, View Source [SID1234575548]). Each ADS represents two of Biofrontera’s ordinary shares, nominal value €1.00 per share.

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The Company expects to receive aggregate gross proceeds of approximately $8.9 million from this offering, before deducting underwriting discounts, commissions and other related expenses. The offering is expected to close on or about February 26, 2021, subject to completion of the capital increase, which has to be recorded in the commercial register of the Company.

This offer is part of a concurrent preemptive rights offering by Biofrontera of its ordinary shares pursuant to German law to its existing holders of ordinary shares, under which Biofrontera offers a total of 8,969,870 ordinary shares at an offering price of €2.75 per share (or approximately $3.34 per share, representing the same per share price as the one used in the ADS offering).

Proceeds from these offerings will be used to conduct clinical studies aimed at improving the market positioning of Biofrontera’s lead product Ameluz, in particular to seek FDA or other applicable regulatory approval for the extension of the indications in the United States to basal cell carcinoma, acne and actinic keratoses on body areas other than the face and scalp, as well as to complete the development of a larger BF-RhodoLED lamp, invest in the procurement of the necessary materials for it and to seek any FDA or other regulatory approvals required to launch the new lamp, and for general corporate purposes.

The Benchmark Company, LLC is acting as the managing underwriter with Lake Street Capital Markets acting as co-manager and as the "qualified independent underwriter" in connection with this offering.

A registration statement on Form F-3 relating to this U.S. offering has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). The U.S. offering of these securities is being made only by means of a prospectus supplement, forming a part of the effective registration statement and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement relating to the U.S. offering, when available, may be obtained from Biofrontera, with an address of Hemmelrather Weg 201, D-51377, Leverkusen, Germany Telephone: +011 49 214 876 00, emailing: [email protected]. In addition, the registration statement, including the prospectus supplement, is available to the public at www.sec.gov or www.biofrontera.com. In addition, you may contact The Benchmark Company by calling 212-312-6700 or [email protected].

McGuireWoods LLP is acting as U.S. legal counsel to Biofrontera.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.