BFRI stock rose in morning trade on December 2, 2021, after the company announced it was awarded a patent.
Biofrontera Inc. Announces Notice of Allowance for U.S. Patent on Innovative Illumination Protocol
WOBURN, Mass., Dec. 02, 2021 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for the U.S. patent application number 17/234,490, titled “Illumination for Photodynamic Therapy,” that covers an innovative, pain-reducing illumination protocol for photodynamic therapy (PDT).
“This patented illumination protocol demonstrates Biofrontera’s commitment to the patients’ need for innovative treatments. The patent also strengthens Biofrontera’s competitiveness for our FDA-approved combination product, Ameluz® together with our PDT-lamp BF-RhodoLED® and its successor model RhodoLED® XL in the U.S. by providing an opportunity to pursue label expansion to include more patient-friendly protocols,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc.
The patent application claims a method for photodynamic therapy in which a dynamic and innovative illumination protocol is implemented. This protocol consists of changing illumination intensities combined in a predefined order with interruptions of the illumination to specifically modulate and reduce pain perception to the patient. The new illumination protocol aims at combining the high efficacy of Ameluz® with the flexibility of BF-RhodoLED® to modulate light for pain reduction to ultimately become a new standard-of-care in PDT.
Implementation of the protocol to Biofrontera’s medical devices requires a software installation and can be rolled-out to both the BF-RhodoLED® and BF-RhodoLED® XL lamps. To include this illumination protocol in the U.S. prescribing information, Biofrontera Group, in accordance with pipeline development under the license and supply agreement (LSA) between Biofrontera Inc. and Biofrontera AG, will start a Phase 3 trial for the treatment of actinic keratoses on the face and scalp with 3 tubes of Ameluz® and the RhodoLED® XL lamp involving the new protocol in 2022.
Within the scope of the LSA between Biofrontera Inc. and Biofrontera AG and its Germany-based subsidiaries (together the “Licensor”), Biofrontera Inc. holds the exclusive rights to market and sell Ameluz® and the PDT-lamps BF-RhodoLED® as well as the advanced BF-RhodoLED® XL in the United States. Under the LSA, the Licensor holds the patents for the licensed products.
Biofrontera Inc. Reports Third Quarter 2021 Financial Results and Provides Business Update
WOBURN, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today financial results for the three and nine months ended September 30, 2021.
Financial Highlights & Recent News
Recorded total revenues for the quarter of $4.3 million, an increase of 33% from last year
Recorded total revenues year-to-date of $14.9 million, an increase of 45% from last year
Raised $18 million in gross proceeds through an initial public offering (IPO) and subsequently entered into a $15 million private placement, with all proceeds to be received in the fourth quarter
Initiated two clinical studies to expand the positioning of Ameluz® for photodynamic therapy (PDT) in the U.S.
Management Commentary
“I am so very proud of the Biofrontera team for all their hard work to support our successful Nasdaq IPO while advancing our business plan. The IPO proceeds together with the funds from the private placement enable us to achieve our near-term goals, including expanding our commercial position across the U.S. and driving market awareness. We have experienced an encouraging sales trend since March with a 45% increase in year-to-date product revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... compared with last year, indicating that product demand is recovering from the COVID-19 pandemic,” stated Erica Monaco, Chief Executive Officer of Biofrontera Inc.
“The clinical study program governed by our license and supply agreement with Biofrontera AG continues to advance on schedule and is a key component of driving further value from our licensed flagship product. Two clinical studies have recently launched, both of which aim to expand the label of Ameluz® to optimize its competitive position and capture more of the significant market opportunity,” she added.
BFRI stock technical analysis
Large players volume is rising but the stock recently IPO’d. The technical rating of BFRI is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when BFRI stock is a good entry.
