Biofrontera (BFRI) has released an update.
On February 19, 2024, a company completed a private placement offering, raising $8 million by selling convertible preferred stock and warrants to accredited investors. The preferred stock includes Series B-1, which is immediately convertible into common stock or Series B-2 stock, and Series B-3, which becomes convertible following stockholder approval. The company plans to use the proceeds for working capital, corporate purposes, and development of Ameluz®. The offering also stipulates the appointment of two independent directors and filing requirements for resale registration of the common stock. The securities have not been registered under the Securities Act and are not publicly traded.
For further insights into BFRI stock, check out TipRanks’ Stock Analysis page.
