Biofrontera Inc. announced that it has entered into a securities purchase agreement to issue 8,000 Series B-1 Convertible Preferred Stock and warrants at a price of $1,000 per share for the gross proceeds of $8 million on February 19, 2024. The warrants will be convertible into Series B-3 Convertible Preferred Stock at an exercise price of $0.125 per share of common stock that each share of Series B-3 Convertible Preferred Stock may be converted into. The company anticipates that aggregate gross proceeds will be up to $16 million, if all warrants are exercised, before deducting fees to the placement agents and other estimated offering expenses payable by the company.

The transaction is expected to close on February 21, 2024.