Biofrontera Inc. Closes a $4.2 Million Senior Secured Convertible Note

Core Viewpoint - Biofrontera Inc. has completed a private placement of a $4.2 million senior secured convertible note to support its operations and strategic investments aimed at sustainable growth [1][3]. Financing Details - The convertible note matures on November 22, 2027, carries a paid-in-kind interest of 10% per annum, and is secured by the company's assets [2]. - The principal amount of the note can be converted into common shares at a fixed price of$ 0.78, or automatically converted if the 10-day volume weighted average price exceeds $2.50 under certain conditions [2]. - The notes include restrictive covenants that limit the company's ability to create liens, pay dividends, incur additional debt, or engage in transactions with affiliates, with certain exceptions [2]. Use of Proceeds - Proceeds from the financing will primarily support Biofrontera's general operations and strategic investments, including commercial and clinical development initiatives [3]. - The CEO of Biofrontera stated that the financing provides a solid foundation to meet financial objectives for 2025 and beyond, as revenues are on a steady upward trajectory [3]. Company Overview - Biofrontera Inc. specializes in the treatment of dermatological conditions, focusing on photodynamic therapy (PDT) [4]. - The company commercializes the drug-device combination Ameluz® with the RhodoLED® lamp series for treating Actinic Keratosis (AK) and is conducting clinical trials to expand its product applications [4].