Exhibit 99.1
PRESS RELEASE
Biofrontera Inc. Announces Preliminary Product Revenues for the Third Quarter of 2022
WOBURN, Mass. (October 5, 2022) – Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced preliminary unaudited product revenues for the three and nine months ended September 30, 2022.
Product revenues for the third quarter of 2022 are anticipated to be approximately $4.3 million, consistent with the third quarter of 2021. These projections result in product revenues for the first nine months of 2022 expected to be approximately $18.5 million up approximately 24% compared with the first nine months of 2021. Year-to-date 2022 product revenues are at a record high, and are up approximately 26% over the comparable period in the pre-Covid year 2019.
“Our work to increase adoption of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) continued during the third quarter, which historically is the seasonally softest sales quarter of the year. Importantly, we remain on track to achieve our guidance for 2022 total revenues to increase by at least 30% compared with 2021 as we achieve deeper sales penetration among current customer accounts,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc.
“Our sales and marketing teams have recently been recognized with multiple awards and accolades, and we’re proud of the impact they’re having on patient health,” she added. “We look forward to elevating Biofrontera’s brand among dermatologists through label expansion and marketing to capture the potential of Ameluz®.”
The preliminary unaudited product revenues described in this press release are estimates only and are based on currently available information. Final results may vary from the preliminary product revenues estimates. Biofrontera expects to report financial results for the third quarter of 2022 in the first half of November 2022. Details concerning that announcement and conference call will be provided in the coming weeks.
About Biofrontera Inc.
Biofrontera Inc. (the “Company”) is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company’s licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com.
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Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These statements include, but are not limited to, the Company’s preliminary product revenues for the three and nine months ended September 30, 2022, the Company’s financial guidance for 2022, increases in the adoption of PDT, statements relating to the Company’s expectations for its business and marketing strategy, the ability of the Company’s sales and marketing teams to increase sales to current customer accounts and the potential to expand the label of Ameluz®. We have based these forward-looking statements on our current expectations and projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, including, but not limited to, the impact of extraordinary external events, such as the current COVID-19 pandemic; any changes in the Company’s relationship with its licensors; the ability of the Company’s licensors to fulfill their obligations to the Company in a timely manner; the Company’s ability to achieve and sustain profitability; whether the current global disruptions in supply chains will impact the Company’s ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the coverage, reimbursement and pricing for procedures using the Company’s licensed products; the uncertainties inherent in the initiation and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials of Ameluz® in combination with BF-RhodoLED® in different disease indications or product applications will be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; whether the market opportunity for Ameluz® in combination with BF-RhodoLED® is consistent with the Company’s expectations; the Company’s ability to complete the transition to a public company; the Company’s ability to retain and hire key personnel; the sufficiency of cash resources and need for additional financing and other factors that may be disclosed in the Company’s filings with the SEC, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.
Contacts
Biofrontera Inc.
Anke zur Mühlen
+1 781 486 1539
LHA Investor Relations
Tirth T. Patel
+1 212 201 6614
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