2013-08-23 08:02:01 -
Biofrontera AG /
Biofrontera AG reports half-year financial results for 2013
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Leverkusen, Germany - Biofrontera AG (DSE: B8F) today presents financial results
for the first half of 2013. The semiannual report, today published on the
company's website, relates to the national and international market launch of
Biofrontera's first registered drug, Ameluz®. In December 2011 Ameluz® was
approved for marketing throughout the European Union for the treatment of mild
to moderate actinic keratosis in the face and on the scalp, and launched in
several European countries in the course of the year 2012.
Telephone conference to the half year results
The Biofrontera management will host a
conference call to inform about the
consolidated financial statements and discuss the recent progress of the
The conference call for shareholders and interested investors will take place in
German first and in English afterwards.
August 26, 2013, 2.00 p.m. (German), 4.00 p.m. (English)
Dial-in number: +49-69-271340800 (free call: +49-800-9656288)
Room number: 17675723#
Please dial into the conference 5 minutes earlier to allow commencing in time.
Review of the First Half of 2013
Biofrontera achieved a significant increase in revenues from product sales
compared to the same period in the previous year. Total revenue for the first
half year 2013 was TEUR 1.385. Revenues for the comparable period in the
previous year were TEUR 2.087. These, however, included onetime payments from
license partners amounting to TEUR 1.550. Comparable revenues thus increased by
TEUR 848, relating to a 158% revenue growth compared to the previous year.
Research and Development spending increased to TEUR 1.164, up from TEUR 565 in
the previous year. In line with its strategy Biofrontera has strengthened its
R&D investment in order to extend the approved indication of Ameluz to basal
cell carcinoma and approve the drug in the USA. Spending for Sales, Marketing
and General Administration increased by TEUR 788 to TEUR 2.666 due to
maintaining the required structures for a pharmaceutical company and the support
for international market launches of Ameluz.
Biofrontera recorded an Operating Loss according to IFRS in an amount of TEUR
3.348 (TEUR 888 in the previous year). Income before Tax was TEUR (3.698) vs
TEUR (917) in the same period of the previous year. This significant increase
was also related to an extraordinary income of TEUR 815 in the first half of the
previous year from the release of an agio in connection with the premature
termination of the convertible bond. There is no comparable income position in
the first half of 2013.
In March 2013 Maruho Deutschland GmbH, a subsidiary of the biggest Japanese
dermatology company, was admitted to subscription of 1.61 mio new shares of
Biofrontera AG. This generated net cash proceeds for the company of about TEUR
7.535. Following this event total assets in the balance sheet increased
significantly to TEUR 13.227 on 30 June 2013 compared to TEUR 9.035 on 31
On 30 June 2013 Biofrontera had 37 employees, compared to 32 employees on 30
Relevant developments in the first six months of 2013
Due to its first drug approval and the market launch in Germany Biofrontera has
completed the intended shift towards a specialty Pharma company in dermatology.
Biofrontera has signed agreements with partners for marketing and distribution
in several other relevant European markets. Sales in Germany have significantly
increased compared to the previous year. Our local distribution partners in some
European countries have been successful in achieving price- and reimbursement
agreements in line with local health care systems, such that market and sales
activities can be commenced or expanded.
Outlook for the coming half year
The second half of 2013 will see important milestones for the development of the
company in the coming years. Market launch of Ameluz® in several European
countries has been achieved or will be achieved shortly. We expect further
increasing revenues, in particular from the beginning of 2014. We have initiated
the necessary clinical studies to obtain drug approval in the US and expect to
have all required studies finalized by summer 2014. Immediately thereafter we
will submit the approval documentation to the FDA. The clinical trials aiming at
indication expansions for Ameluz® are also progressing within schedule.
Ameluz® was approved by the European Commission as a first-line therapy for the
treatment of mild and moderate actinic keratosis on the face and scalp in
December 2011. Clinical studies have shown the highest cure rates of actinic
keratosis ever reported in Phase III studies with prescription drugs. The
product is a photosensitizing agent used in photodynamic therapy (PDT). Actinic
keratosis is mostly seen in fair-skinned people on skin areas that have had
long-term sun exposure. The condition affects about 10% of the entire Caucasian
population world-wide. About 5-20% of patients with actinic keratosis lesions
develop malignant and potentially fatal squamous cell carcinomas.
About Biofrontera AG
Biofrontera Pharma GmbH is a wholly-owned subsidiary of Biofrontera AG. The
Biofrontera group aims at attending and treating the skin, recognizing the
aesthetic needs of a person's visual reflection. Biofrontera is listed at the
regulated market of the Frankfurt stock exchange under the symbol B8F and the
ISIN number DE0006046113.
This press release contains forward-looking statements 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 assumptions expressed or implied in this press release to be
faulty. Given these risks, uncertainties and other factors, recipients of this
document are cautioned not to place undue reliance on the forward-looking
statements. Biofrontera AG disclaims any obligation to update these forward-
looking statements to reflect future events or developments.
For further information please contact:
Thomas Schaffer, CFO
+ 49 214 87632 0
+ 49 214 87632 90
Hemmelrather Weg 201
D- 51377 Leverkusen, Germany
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Source: Biofrontera AG via Thomson Reuters ONE