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2015-04-10

Biofrontera AG: Biofrontera significantly increases its turnover in Germany in 2014

Biofrontera AG / Biofrontera AG: Biofrontera significantly increases its
turnover in Germany in2014 . Processed and transmitted by NASDAQ OMX
Corporate Solutions.The issuer is solely responsible for the content of this
announcement.
* Increase in revenues by nearly 30% in Germany

* Major investment in R&D in order to extend product indications and to
prepare for marketing approval in the USA
* Successful completion of the Phase III study for field therapy of actinic
keratosis
* Revenues for 2015 expected to increase to EUR 4-5 million

Leverkusen, Germany, 10 April 2015 - Biofrontera AG (FSE/AIM:B8F), the
specialist in sun-induced skin cancer, increased its turnover in Germany by
more than 27% in the 2014 financial year, to EUR 2.4 million (previous year:
EUR 1.9 million). Total sales were nearly constant at EUR 3.1 million. The
net loss before tax went from EUR -8.1 million to EUR -10.7 million, which is
attributable, among other things, to significantly higher expenses for the
ongoing approval process in the USA and the extension of the indications for
the main product Ameluz®in Europe.

Operational progress achieved

Biofrontera has achieved its objectives regarding an increase in turnover in
Germany. Sales in other European countries, however, were lower than
expected. The reason for this was that the distribution partners in Europe
still had stock inventories during 2014 that did not need to be replenished
until 2015. Biofrontera continues to pursue its two main strategic
objectives: the approval of Ameluz®to treat actinic keratosis in the USA and
the approval of Ameluz®to treat basal cell carcinoma in Europe. Biofrontera
has made significant progress with both issues. The dossier for the US
approval is expected to be submitted for approval to the Food and Drug
Administration (FDA) in the second quarter of 2015. The Phase III study to
extend the indication for Ameluz®in Europe to basal cell carcinoma will
probably be completed by the end of 2015. With the approval of Ameluz®for
actinic keratosis and basal cell carcinoma, sales are expected to increase
significantly, also outside of Germany.

Key financial figures in line with forecasts

Biofrontera has remained within its revised forecast from autumn 2014, with
turnover of EUR 3.1 million. The consolidated profit/loss before tax of EUR
-10.7 million is also in line with expectations. Preparations for market
entry in the USA and market expansion in Europe required extensive
preliminary work and expense in 2014. Expenditure for research and
development thus amounted to EUR 4.5 million (previous year: EUR 3.2
million), an increase of 42% compared to the previous year's figure. There
was also a significant increase in distribution costs, which amounted to EUR
3.9 million (previous year: EUR 3.0 million). Cost of Sales fell to EUR 1.1
million, thus now accounting for 36% of turnover. In the previous year, the
cost of sales ratio was 51%. The structural improvement in the gross margin
is attributable both to an improvement in product costs as well as to savings
compared to the previous year resulting from the fulfilment of EMA
requirements in the production area. Undiluted earnings per share remained
nearly constant at EUR -0.49 (previous year: EUR -0.47) Following the
successful capital increase in 2014, however, it is associated with a
significantly higher number of shares.
As at 31 December 2014, Biofrontera had liquid assets amounting to EUR 8.5
million, with total balance sheet assets of EUR 14.0 million. The number of
employees rose to 46 (previous year: 38).

Outlook 2015: moving forward with the approval process, increasing turnover

Biofrontera will continue to pursue its two most important objectives: the
approval of Ameluz®to treat actinic keratosis in the USA and the extension of
the indications to include basal cell carcinoma in Europe. We are currently
compiling the dossier with all the study results for the FDA and want to
submit this during the second quarter of 2015. About one year is then
expected to be required to be granted approval. In Europe, patient
recruitment for the phase III study for basal cell carcinoma has taken longer
than originally planned, so the number of patients required is expected to be
reached only by the end of April 2015. Hence, the clinical part of the study
would end in October 2015 and the approval extension could be submitted to
the EMA by the end of the year. In this case, approval would be expected by
the first half of 2016.

Biofrontera expects a further increase in turnover in Germany and also higher
revenues in Europe in 2015. We currently expect a total turnover of EUR 4-5
million. Considerable resources are also expected to be invested in market
development in 2015. The type of business model chosen for the USA will be
crucial in determining commercial performance. So Biofrontera is faced with a
decision as to whether the distribution should be carried out in the form of
a collaboration with another company or under its own auspices. The second
option would initially require additional investment. With this, however,
Biofrontera could eventually retain all the turnover and profits itself and
thus probably lay the foundation for a much higher valuation of the company.
Conversely, cooperation with distribution partners may lead to a down payment
being paid in 2015, which would improve the turnover and earnings performance
in the short term. The decision should be made in good time to allow
Ameluz®to be launched on the market as soon as possible after receiving
approval. In the above-mentioned target figure for turnover in 2015, neither
of the scenarios have yet been investigated in-depth, as no reliable
conclusions can be drawn about this at the moment.

Professor Hermann Lübbert, Chairman of the Executive Board: "We will continue
to strive assiduously to realise the enormous potential of Ameluz®so that
Biofrontera can further develop into an independent pharmaceutical company.
We have achieved important progress in this regard during 2014. We are now
laying the groundwork to tap into our products' potentials and make
Biofrontera a highly successful company in the medium term".

Ends

Enquiries, please contact:

-----------------------------------------------------------------------
| Biofrontera AG +49 (0) 214 87 63 2 0 |
| |
|Prof. Hermann Lübbert, Chief Executive Officer press@biofrontera.com |
|Thomas Schaffer, Chief Financial Officer |
| www.biofrontera.com |
| IR Germany: Brainwell Asset Solutions +49 (0) 152 08931514 |
| |
|Jürgen Benker |
| Nomad and Broker: Shore Capital +44(0) 20 7408 4090 |
| |
|Bidhi Bhoma / Toby Gibbs |
| IR UK: Seton Services +44(0) 20 7603 6797 |
| |
|Toni Vallen |
| Financial PR: Gable Communications +44(0) 20 7193 7463 |
| |
|John Bick +44 (0)7872 061007 |
-----------------------------------------------------------------------
Background:

TheBiofrontera Group
(FSE/AIM: B8F, ISIN DE0006046113) is a biopharmaceutical company specialising
in the development, sale and distribution of drugs and medical cosmetics for
the care and treatment of skin diseases. Biofrontera's most important product
isAmeluz®
, a prescription drug which is approved in Europe for the treatment of mild
and moderate actinic keratosis (superficial skin cancer) with photodynamic
therapy (light therapy). Biofrontera is the first German pharmaceutical
start-up company to obtain centralised approval for a drug it has developed
itself. The company also plans for Ameluz®to be approved for basal cell
carcinoma and is currently preparing for approval in other countries,
especially in the largest pharmaceutical market in the world, the United
States.

The company also markets the Belixos®dermatological range of cosmetics.
Belixos®products contain combinations of active substances extracted from
plants, relieve itching and redness and are used for the regenerative care of
chronic skin conditions such as atopic dermatitis or psoriasis. At the
moment, Belixos®cream, gel and scalp tonic are available through Amazon.

The Biofrontera Group was established in 1997 by Prof. Dr Hermann Lübbert, the
Chairman of the company's Management Board, and has its headquarters in
Leverkusen, Germany.

www.biofrontera.com

This communication expressly or implicitly contains certain forward-looking
statements concerning the business activities of Biofrontera AG. These
forward-looking statements reflect the opinion of Biofrontera at the time of
this communication and involve certain known and unknown risks. The actual
results achieved by Biofrontera may differ significantly from future results
or performances which are published in its forward-looking statements.
Biofrontera assumes no responsibility to update its forward-looking
statements.

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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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