Biotech firm in £52million Aim float
GERMAN biopharmaceuticals firm Biofrontera is set to join Aim next month to give its shareholder base a shot in the arm.
It is not raising any fresh funds after existing shareholders stumped up over £12million earlier this year to boost marketing across Europe.
The company, whose adviser and broker for the flotation is Finncap, will have a market value of around £52million.
Biofrontera specialises in developing dermatological drugs, medical devices and medical cosmetics for the treatment and care of skin diseases.
We have some major milestones in the near future to help us build on Biofrontera’s growth potential and deliver shareholder value.
These include Ameluz, a prescription drug to treat Actinic Keratosis, a superficial skin cancer. It is used with a red light source to provide so-called photodynamic therapy.
Having proved popular in Germany since its launch there in 2012, the company is looking to accelerate European sales growth.
It is also working towards completing clinical trials to win approval from US regulators, which would pave the way for a 2016 launch in America.
Chief executive Prof Hermann Lübbert said: “We are delighted to be joining the London Stock Exchange, as an Aim listing will provide a platform for Biofrontera to build on its institutional and international investor base.
“We have some major milestones in the near future to help us build on Biofrontera’s growth potential and deliver shareholder value.”