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German dermatology biotech Biofrontera increases range to $11 to $13, now raising up to $36 million

Biofrontera, which sells treatments for skin conditions caused by sun damage, increased the proposed price range for its upcoming US IPO on Wednesday. The Leverkusen, Germany-based company now plans to raise up to $36 million by offering 3 million ADSs at a price range of $11 to $13, up from the original $8.80 to $10.80. At the midpoint of the revised range, Biofrontera will raise 22% more in proceeds than previously anticipated and command a fully diluted market value of $266 million.

Biofrontera is currently traded on the Frankfurt Stock Exchange under the symbol "B8F" and the deal size includes a concurrent preemptive rights offering.

The company was founded in 1997 and booked $13 million in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol BFRA. The Benchmark Company is the sole bookrunner on the deal.

The article German dermatology biotech Biofrontera increases range to $11 to $13, now raising up to $36 million originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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