Triggers 8 million payment
$Biofrontera(BFRI.US$ WOBURN MA / ACCESSWIRE / May 3, 2024 / WOBURN, MA / ACCESSWIRE / May 3, 2024 / Biofrontera Inc. (NASDAQ:BFRI) (the "Company"), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced that the Board of Directors has met and certified that two criteria described in warrants to purchase Series B-3 Convertible Preferred Stock issued by the Company on February 22, 2024 (the "Warrants") have been fulfilled by the Company.
The Warrants were issued pursuant to a private placement of securities in February 2024, and the exercise of the Warrants will trigger payments totaling $8 million (gross) to the Company.
The principal milestone that had to be achieved relating to the Warrants was an increase in revenue, excluding revenue from related parties, of at least 5% from January 1 to April 30, 2024 vs. the same time period in 2023. The Board certified that by the end of April 2024, the Company had achieved greater than 5% year-over-year growth and thus fulfilled this criterion.
The second milestone was that the Company successfully implemented a new customer relationship management system with more than 95% adoption over the past two months. The Board also certified achievement of this criterion.
The Warrants were issued pursuant to a private placement of securities in February 2024, and the exercise of the Warrants will trigger payments totaling $8 million (gross) to the Company.
The principal milestone that had to be achieved relating to the Warrants was an increase in revenue, excluding revenue from related parties, of at least 5% from January 1 to April 30, 2024 vs. the same time period in 2023. The Board certified that by the end of April 2024, the Company had achieved greater than 5% year-over-year growth and thus fulfilled this criterion.
The second milestone was that the Company successfully implemented a new customer relationship management system with more than 95% adoption over the past two months. The Board also certified achievement of this criterion.
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