Leverkusen (pta035/19.05.2017/14:00) -
The European Investment Bank (EIB) will grant financing of up to EUR 20 million to the German biopharmaceutical company Biofrontera AG. The loan agreement has been signed today in Luxemburg. EUR 10m will be available for disbursement from signature, and further installments will be disbursed based on pre-defined commercial and regulatory milestones. EIB's transaction with Biofrontera was made possible by the support of the "European Fund for Strategic Investments" (EFSI). EFSI is the central pillar of the "Investment Plan for Europe", in which EIB Group and the European Commission are strategic partners.
The Leverkusen, Germany based Biofrontera focuses on developing and commercialising innovative dermatological therapies, including therapies for the treatment of skin cancers. The company's lead product Ameluz® is a prescription drug approved in the EU and the US for the treatment of certain forms of non-melanoma skin cancer. Ameluz® has been approved in the EU since 2011 and in the US since May 2016. It was launched in the US in October 2016.
Ambroise Fayolle, Vice President of the EIB and responsible for Germany, commented: "We are proud to be able to support Biofrontera in its innovative and competitive strategy. Innovation is a key element for Europe in a global competition, to help secure competitiveness and jobs in the future and achieve sustainable growth." And he added: "Biofrontera is expected to embark on a period of significant growth. Standing by European companies at an early stage and providing long term, stable capital to support the R&D activities of these businesses is a top priority for the EU-Bank."
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The European Fund for Strategic Investments is working to boost investment and innovation across Europe. I welcome today's agreement which will assist Biofrontera in taking their next steps, allowing them to access the finance they need to innovate, expand their activities and hire new employees."
Thomas Schaffer, Chief Financial Officer of Biofrontera, commented: "We are honored that the EIB has selected Biofrontera to be part of their Investment Plan for Europe. The loan will greatly enhance our financial capabilities and will be an integral pillar for our growth ambitions in Europe and in the USA to become a leading dermatology company."
About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Biofrontera (FSE: B8F, ISIN DE0006046113) is a biopharmaceutical company specializing in the development, sale and distribution of drugs, medical devices and medical cosmetics for the care and treatment of skin diseases. Biofrontera's lead product is Ameluz®, a topical prescription drug which is approved and marketed in Europe and the U.S. in combination with its medical lamp BF-RhodoLED® for photodynamic therapy (PDT) treatment of mild and moderate actinic keratosis. Ameluz® is also approved in the EU for the treatment of superficial and nodular basal cell carcinomas. Biofrontera is the first German pharmaceutical start-up company to obtain centralized EU and now U.S. approval for a medical device/drug it has developed itself.
The company also markets the Belixos® dermatological range of cosmetics. Belixos® products contain combinations of active substances extracted from plants, and are used for the regenerative care of chronic skin conditions such as atopic dermatitis or psoriasis. Belixos® Protect, a daily skincare for sun-damaged skin, complements this dermo-cosmetic line. All Belixos® products are available in Europe through Amazon.
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.
For more information, visit http://www.biofrontera.com
The Investment Plan for Europe
The Investment Plan for Europe, the so-called Juncker Plan, is one of EU´s top priorities to boost investments and to create jobs and growth by making smarter use of existing and new financial resources. The EIB Group is playing a vital role in this investment drive. Through guarantees from the European Fund for Strategic Investments (EFSI), the EIB and the EIF are able to take on a higher share of project risk, encouraging private finance providers to participate in the projects. In addition, EFSI is accompanied by a new advisory service, the European Investment Advisory Hub, which enables public and private project operators to structure their investment projects more professionally. The investment offensive also aims to make the regulatory environment in the EU more conducive to investment, especially in the digital, energy and capital market sectors. In September 2016, President Juncker proposed to extend the EFSI by increasing its firepower and duration as well as reinforcing its strengths.
EIB: Christof Roche, firstname.lastname@example.org, tel.: +352 43 79 89013 / Mobile: +32 479 65 05 88
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Biofrontera AG: Instinctif Partners, Susanne Rizzo,
susanne.Rizzo@instinctif.com, tel: +49 89 3090 5189 24