Biofrontera AG (BFRA) experienced an increase of 13.09% in premarket. The rally seems to follow discussions on social media sites like Reddit. However, the last trading session concluded at $2.98 with an increase of 7.19%.
Mediation Results by BFRA – What’s up?
On 19th November 2021, BFRA announced that for the past year, Biofrontera AG has already been in dialogue with Mr. Wilhelm K. T. Zours and Deutsche Balaton AG to resolve legal challenges and other disagreements. Moreover, Mr. Zours is an indirect primary shareholder in Biofrontera AG, owning shares in the company through a variety of businesses. Maruho Deutschland GmbH, a subsidiary of Maruho Co. Ltd. in Japan, is another important shareholder. During the dispute settlement system, the Deutsche Balaton Group and the incumbent Supervisory Board of Biofrontera AG agreed on the Supervisory Board nominees.
Third Quarter 2021 Results – How was the quarter?
BFRA reported third-quarter 2021 results on 17th November 2021. The company announced that product revenues came out to be EUR 12,334 thousand. Not only this but cash and cash equivalents were EUR 29,539 thousand. Sales in other European nations climbed by 64% over the reporting year, from EUR 1,349 thousand in 2020 to EUR 2,208 thousand. Biofrontera was able to secure a new license agreement in Europe. European sales include a one-time payment of EUR 50,000 made to the company upon contract completion.
Moreover, BFRA reflects back on a good nine-month period in 2021, with to considerable business continuity plan in the second and third quarters. Product sales have been returned to pre-pandemic values since the beginning of 2021. Despite the fact that the pandemic had a significant impact on the first few months, the situation has improved significantly.
Initiation of Clinical Studies – Worth it?
On 16th November 2021, BFRA reported that clinical studies have been initiated. The studies will improve marketing strategy and increase market share in the main market, the United States, for the FDA-approved prescription drug Ameluz for photodynamic therapy. Last but not the least, patient recruitment will begin before the end of the year.
About BFRA
Biofrontera AG is a pharmaceutical firm focused on the research and marketing of dermatological medication and cosmetics. The company, which is based in Germany, creates and sells cutting-edge skin-care, protection, and therapy products. The combination of Ameluz, a topical prescription medication, and the medical equipment BF-RhodoLED for photodynamic therapy of such superficial skin malignancies and precursors is the firm’s main product. Since 2012, Ameluz has been available in the European Union, and since May 2016, it has been available in the United States. In the European Union, the business also sells Belixos, a dermo-cosmetics line that provides specialized skincare for damaged or diseased skin.
