February 26, 2020 / 1:33 PM / in a month

BRIEF-Biofrontera To Issue Qualified Subordinated Mandatory Convertible Bonds

Feb 26 (Reuters) - BIOFRONTERA AG:

* BIOFRONTERA AG RESOLVES TO ISSUE QUALIFIED SUBORDINATED MANDATORY CONVERTIBLE BONDS

* BOTH MANDATORY CONVERTIBLE BONDS CONSIST OF UP TO 1,600,000 BONDS WITH A PRINCIPAL AMOUNT OF EUR 5.00 EACH AND A TOTAL PRINCIPAL AMOUNT OF UP TO EUR 8,000,000

* 0.5 % QUALIFIED SUBORDINATED MANDATORY CONVERTIBLE BOND 2020/2024 AND 1.0 % QUALIFIED SUBORDINATED MANDATORY CONVERTIBLE BOND 2020/2026

* BONDS CAN BE CONVERTED INTO NO-PAR ORDINARY SHARES WITH INTEREST IN SHARE CAPITAL OF EUR 1.00 PER SHARE AND RIGHT TO DIVIDENDS FROM YEAR OF SHARE ISSUE

* INITIAL CONVERSION PRICE PER SHARE IS EUR 5.00. INITIAL CONVERSION RATIO IS 1 : 1

* TO USE EXPECTED PROCEEDS OF ABOUT EUR 15 MILLION TO FUND CLINICAL STUDIES FOR LABEL EXPANSION OF AMELUZ, FURTHER FINANCE SALES AND MARKETING OF AMELUZ IN USA

* SUBSCRIPTION PRICE TO BE BASED ON RATIO OF PRICE OF CO’S SHARES TO NOMINAL VALUE OF CONVERTIBLE BONDS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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