Shares of Biofrontera AG (NASDAQ: BFRA) plunged 7.28% during the trading session of Friday. The firm share has fluctuated with a trading volume of 480.81K as compared to the average volume of 59.05K. BFRA has declared the pricing of a U.S. underwritten public offering of 1,334,002 ADS at an offering price of $6.68 per ADS. Each ADS denotes two of BFRA’s ordinary shares, a minimal value of €1.00 per share.
The underwritten public offering has declined the stock price during the trading session of Monday. Furthermore, BFRA has also revealed that it has also submitted the application to FDA to permit the immediate use of three tubes of Ameluz. The firm has provided the necessary data of the phase I PK study for the cure of actinic keratoses with three tubes of Ameluz to get the consent.
Biofrontera revealed that it is anticipating the revenue of nearly $8.9 million from the offering and is intending to use the profit to carry out clinical research and is also planning to use the profit to sustain the position of its leading candidate Ameluz. The firm is also intending to finalize the development of a larger BF-RhodoLED lamp using the gain from the offering.
The Benchmark Company, LLC is serving as the dealing backer with Lake Street Capital Markets working as co-manager and as the “competent private guarantor” concerning this offering. The offering is projected to be finalized on or about February 26, 2021, relied on the execution of the capital gain, which has to be documented in the commercial register of the firm.