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Biofrontera AG: Biofrontera AG publishes 1st quarter 2014 interim report

Biofrontera AG / Biofrontera AG publishes 1st quarter 2014 interim report.
Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is
solely responsible for the content of this announcement.
Leverkusen, Germany, 19 May 2014 - Biofrontera AG (DSE: B8F) has today
published its interim report for the 1st quarter 2013 on its corporate
webpage. Even though the upgrade into the prime standard sector of the
Frankfurt stock exchange determined earlier today is not yet active, the
company presents full consolidated financials and a quarterly report
according to IAS for the 1stquarter of 2014.

The most relevant milestones achieved in the reporting period were

* Clinical part of the safety trials required by the FDA completed. Trial
reports are currently being compiled.
* Patient recruitment in phase III trial for field therapy of actinic
keratosis completed.
* Patient recruitment in phase III trial for basal cell carcinoma started.
* Preparations for the FDA approval application continued to progress
according to schedule.
* Conclusion of a licensing agreement for Israel with Perrigo Israel Agencies
* Market launch of Belixos®Liquid.
* Capital increase with net proceeds amounting to Euro 15.3 mln.

The first quarter was dominated by the short and medium term goals of the

1 the sales activities for Ameluz®and Belixos®,
2 the indication expansion for Aemluz®to field therapy of actinic keratosis
and basal carcinoma,
3 the approval of Ameluz®in the USA.

Ameluz®is a prescription drug for photodynamic therapy (PDT) of actinic
keratosis (AK), a superficial skin cancer. It was approved in December 2011
and is meanwhile marketed in several European countries. It is applied in PDT
in combination with Biofrontera's PDT-lamp BF-RhodoLED®. In the reporting
period a license agreement for Israel was formed with Perrigo Israel
Agencies, the local affiliate of the US company Perrigo. Since the approval
of Ameluz®is currently restricted to the European Union, Perrigo with
Biofrontera's support has to apply for the approval in Israel prior to market
launch. The agreement with Perrigo foresees a small downpayment in several
tranches and transfer payments.

Belixos®is a cosmetic series for damaged skin. Belixos®crème has been on the
market since several years, but advertisement was hardly possible for
financial reasons. In the reporting period advertisement was initiated in
Facebook and a new product, Belixos®Liquid for the scalp, was launched.

Sales in Germany in the first quarter of 2014 amounted to TEUR 544,
corresponding to a 20% increase in sales compared to 2013 (TEUR 454). While
this is below the 30% growth the company hopes to achieve in 2014,
Biofrontera maintains this goal since the sales from wholesalers to
pharmacies, which are relevant long-term, grew by 38% in the same period.
This difference points towards changes in stock keeping at the wholesalers.

With this, Ameluz®is with a German market share of over 65% within the group
of approved PDT drugs clearly leading this field in Germany, such that
further growth must come from the segments where other treatment options
dominate. Since these treatment options are less time consuming for the
physicians, this process is rather slow in spite of the clinical superiority
of Ameluz®. With the indication basal cell carcinoma the problem is not
anticipated in a similar way, which renders this indication expansion a
relevant aspect of Biofrontera's growth strategy.

In total the revenue increase was only small, from TEUR 634 in 2013 to TEUR
650 in 2014. The low revenues in other European countries are caused by the
fact that no Ameluz®was manufactured in the reporting period. Orders of our
license partners were served in the second quarter, such that they are not
reported in the reporting period.

In February a capital increase was offered to the existing shareholders at a
split of 4:1 and a share price of EUR 3.50. The issue was fully subscribed,
whereby strategic investor Maruho Deutschland GmbH increased its shareholding
to just above 20%. Biofrontera obtained proceeds of EUR 15.3 mln. which will
be applied to reach the above goals.
In the reporting period the general and administrative costs grew from TEUR
867 in 2013 to TEUR 1,687 in 2014, and the research and development costs
from TEUR 582 in 2013 to TEUR 1,141 in 2014. This increase of the cost basis
reflects the spending required to achieve the above goals. Due to this cost
increase the negative result (EBIT) grew from TEUR (1,293) in 2013 to TEUR
(2,331) in 2014.

Biofrontera AG will inform interested shareholders in a telephone conference
on 20 May 2014 at 11:30 German time about the financial results of
Biofrontera group and the relevant developments in the reporting period.
The dial-in number is+49-(0)69 271340800
, the participant's code17675723#

Biofrontera AG
Biofrontera aims at attending and treating the skin, recognizing the aesthetic
needs of a person's visual reflection.
Biofrontera AG is listed on 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:

Anke zur Mühlen
Corporate Communication

+ 49 (0) 214 87632 22
+ 49 (0) 214 87632 90

Biofrontera AG
Hemmelrather Weg 201
D- 51377 Leverkusen, Germany


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Biofrontera AG via Globenewswire


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