News & Events

Benchmark Acts as Lead Managing Underwriter for Biofrontaera AG

The Benchmark Company, in conjunction with Biofrontera AG (BFRA) (Frankfurt Stock Exchange:B8F) (“Biofrontera” or the “Company”), an international biopharmaceutical company, today announced the closing of a U.S. firm commitment underwritten public offering of American Depositary Shares ("ADSs"), at an offering price of $9.88 per ADS. Each ADS represents two of Biofrontera’s ordinary shares, nominal value €1.00 per share. The Company sold a total of 1,300,483 ADSs, including a full exercise by the underwriters of the over-allotment option to purchase 85,483 ADSs, which option exercise also closed today. The ADSs began trading on The NASDAQ Capital Market under the symbol “BFRA” on February 14, 2018. The Company received gross proceeds of approximately $12.9 million from the ADSs sold in this offering, before deducting underwriting discounts and commissions of approximately $1.0 million and other related expenses.

The Benchmark Company, LLC acted as Lead Managing Underwriter with Dawson James Securities, Inc. and Lake Street Capital Markets acted as co-managers. Dawson James Securities, Inc. acted as the “qualified independent underwriter” as in connection with this offering.