WOBURN, MA / ACCESSWIRE / March 27, 2023 / Biofrontera Inc. (NASDAQ:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, today announced that it is executing on the company's stated plans to invest in and meaningfully grow its' salesforce in 2023.
"With this investment in the salesforce, Biofrontera is taking an important step forward in our growth strategy," stated Erica Monaco, Chief Executive Officer of Biofrontera Inc. "The success of our FDA-approved therapy for actinic keratosis (AK), Ameluz®-PDT, is directly related to our ability to educate dermatologists and patients about AK and the potential health benefits of our therapy. The strengthening of our sales effort will greatly improve our reach in key dermatology markets across the United States and position us well to further penetrate this large opportunity."
"We achieved record revenues and grew market share in 2022 with fewer sales people and territories than we had pre-COVID - an example of the capabilities of our current team," continued Ms. Monaco. "Today, we are adding a new sales region and growing the salesforce by almost 30% to now cover 40 territories. We are also adding a combined 140 years of healthcare and dermatology experience to our existing customer coverage. Biofrontera is at an important, business inflection point and we are confident that this expansion of the salesforce will enable us to accelerate growth and continue our market share gains in 2023 and beyond."
About Biofrontera Inc.
Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus on photodynamic therapy (PDT) and topical antibiotics. The Company's licensed products are used for the treatment of actinic keratoses, which are pre-cancerous skin lesions, as well as impetigo, a bacterial skin infection. For more information, visit www.biofrontera-us.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These statements include, but are not limited to, statements relating to the growth strategy for Biofrontera Inc.'s (the "Company") Ameluz®-PDT, improved market opportunities, educational outreach efforts, growth of the Company's salesforce and its sales territories and the impact of expanding the Company's salesforce on growth. We have based these forward-looking statements on our current expectations and projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, including, but not limited to, the impact of any extraordinary external events; any changes in the Company's relationship with its licensors; the ability of the Company's licensors to fulfill their obligations to the Company in a timely manner; the Company's ability to achieve and sustain profitability; whether the current global disruptions in supply chains will impact the Company's ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the coverage, reimbursement and pricing for procedures using the Company's licensed products; the uncertainties inherent in the initiation and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials of Ameluz® in combination with BF-RhodoLED® in different disease indications or product applications will be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; whether the market opportunity for Ameluz® in combination with BF-RhodoLED® is consistent with the Company's expectations; the Company's ability to comply with public company requirements; the Company's ability to regain compliance with Nasdaq continued listing standards, the Company's ability to retain and hire key personnel; the sufficiency of cash resources and need for additional financing and other factors that may be disclosed in the Company's filings with the SEC, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.
Biofrontera Investor Relations
SOURCE: Biofrontera Inc.