Xone Phone : Formularz 6-K Biofrontera AG Dla: 27 sierpnia

Dlaczego Xone Phone jest najlepszym telefonem?


Wiadomości i badania, zanim dowiesz się o tym na CNBC i innych. Odbierz swój tygodniowy bezpłatny okres próbny na StreetInsider Premium tutaj.


ZJEDNOCZONY
STANY

PAPIERY WARTOŚCIOWE
I WYMIANA KOMISJI

Waszyngton
D.C. 20549

FORMULARZ
6-K

RAPORT
CZYNNIKA PRYWATNEGO EMITENTA ZGODNIE Z

REGUŁA
13a-16 LUB 15d-16 W RAMACH USTAWY O WYMIANIE PAPIERÓW WARTOŚCIOWYCH Z 1934 r

Dla
miesiąc sierpień 2019

Komisja
Numer pliku: 001-38396

BIOFRONTERA
AG

(Rejestrujący
nazwa / Tłumaczenie nazwy rejestrującego na angielski)

Hemmelrather
Weg 201, D-51377 Leverkusen Niemcy

(Adres
głównego biura wykonawczego)

Wskazać
przez zaznaczenie, czy rejestrujący składa lub sporządzi roczne sprawozdania na podstawie formularza 20-F lub formularza 40-F. Formularz 20-F (X) Formularz: 40-F ()

Wskazać
przez znak wyboru, jeśli rejestrujący przedkłada formularz 6-K w formie papierowej, zgodnie z regułą S-T Reguła 101 lit.

Wskazać
przez znak wyboru, jeśli rejestrujący składa formularz 6-K w formie papierowej, jak dopuszcza to reguła S-T Reguła 101 (b) (7): nie dotyczy

WYSTAWY

PODPISY

Zgodnie z
zgodnie z wymogami ustawy o giełdzie papierów wartościowych z 1934 r. rejestrujący należycie spowodował podpisanie tego sprawozdania w jego imieniu
przez niżej podpisanego, należycie do tego upoważnionego.

BIOFRONTERA
    AG
Przez: / s /
    Hermann Lübbert
Imię: Hermann
    Lübbert
Tytuł: Szef
    Dyrektor wykonawczy

Przez: / s /
    Thomas Schaffer
Imię: Tomasz
    Schaffer
Tytuł: Szef
    Financial Officer

Data:
 27 listopada 2019 r

Wykaz 99,1

Aktualności
wydanie

Biofrontera
wykazuje silny wzrost w ciągu pierwszych sześciu miesięcy 2019 r

Leverkusen,
Niemcy, 27 sierpnia 2019 r
– Biofrontera AG (NASDAQ: BFRA; giełda we Frankfurcie: B8F) („Spółka”),
międzynarodowa firma biofarmaceutyczna, ogłosiła dziś swoje wyniki za pierwsze sześć miesięcy zakończone 30 czerwca 2019 r. Jednocześnie
czas Biofrontera dostarczyła aktualności na temat najnowszych osiągnięć biznesowych.

H1
Najważniejsze informacje finansowe za rok 2019

Całkowity
    przychody wzrosły o 55% do 13,9 mln EUR w porównaniu do 9,0 mln EUR w pierwszej połowie 2018 r.
Z powodu
    na jednorazowy pozytywny efekt złej woli wynikający z alokacji ceny zakupu Cutanea Life Sciences, Inc.
    (Cutanea) Biofrontera odnotowała dodatni wynik netto w wysokości 8,6 mln EUR za okres sprawozdawczy.
Gotówkowy
    a ekwiwalenty środków pieniężnych wyniosły 21,6 mln EUR na dzień 30 czerwca 2019 r., w porównaniu do 19,5 mln EUR na dzień 31 grudnia 2018 r.
    Liczba ta obejmuje środki pieniężne i ekwiwalenty środków pieniężnych Cutanea w wysokości 5,8 mln EUR.

H1
Najważniejsze informacje dotyczące roku 2019

Ekspansja
    portfolio produktów z Xepi® w Stanach Zjednoczonych, w wyniku udanej integracji Cutanea, specjalności
    firma farmaceutyczna zajmująca się dermatologią;
Marketing
    Aktipak® przerwane z powodu problemów z jakością produkcji u producenta kontraktowego Cutanea,
    których nie można było rozwiązać w krótkim okresie, przy stosunkowo niższym potencjale rynkowym;
Ekspansja
    współpracy badawczej z Maruho Co., Ltd. (Maruho) w celu dalszego rozwoju markowych leków generycznych oraz listów
    zamiaru rozszerzenia wskazania Ameluz® na trądzik i na marketing Ameluz®
w częściach Azji Wschodniej i Oceanii;
Pozytywny
    Wyniki fazy III dotyczące bezpieczeństwa i skuteczności produktu Ameluz® w połączeniu z BF-RhodoLED firmy Biofrontera®
lampa do leczenia rogowacenia słonecznego kończyn, tułowia i szyi.

Biofrontera
AG

Hemmelrather
Weg 201 I D-51377 Leverkusen, Niemcy

Telefon:
+49 214 87632-0 I Telefax: +49 214 87632-90

[email protected]
I www.biofrontera.com

Nadzorczy
zarząd: dr Ulrich Granzer (przewodniczący) I Jürgen Baumann (wiceprzewodniczący)

Wykonawczy
zarząd: Prof. Dr. rer. nat. Hermann Lübbert (CEO)

Christoph
Dünwald (CCO) I Thomas Schaffer (CFO)

Reklama w telewizji
zarejestrować:
Handelsregister Köln I Numer rejestracyjny: HR B 49717 (AG)

Identyfikacja VAT
numer zgodnie z § 27 ustawy o podatku VAT UStG:
DE 812374102

"Ogólny,
Biofrontera nadal działa wyjątkowo dobrze. Nasze przychody znacznie wzrosły od 2016 r. I będziemy kontynuować
dynamiczny wzrost przychodów w 2019 r. W pierwszej połowie tego roku osiągnęliśmy kluczowe kamienie milowe w rozwoju globalnej pozycji
i dalszy rozwój Biofrontera jako wiodącego specjalisty dermatologii. W okresie sprawozdawczym zwiększyliśmy całkowite przychody
o 55%. Wzrost był napędzany przede wszystkim przez USA, ale także rynek niemiecki, gdzie przychody wzrosły o 82% rok do roku. W
w USA wzrost przychodów wyniósł 59%, dzięki czemu jesteśmy na doskonałej pozycji dzięki naszemu rozszerzonemu portfolio handlowemu
z Ameluzem® i Xepi®. Oczekujemy, że ogólny wzrost przychodów w pozostałej części 2019 r. Będzie na poziomie
podobny poziom jak w pierwszej połowie roku z około 50%. Skorygowane o przejęcie Cutanea, nadal oczekujemy
osiągnąć próg rentowności w czwartym kwartale ”- powiedział prof. dr Hermann Lübbert.

Klawisz
dane finansowe za pierwsze sześć miesięcy 2019 r

W tysiącach EUR 6 mln 2019 6 miesięcy 2018 r Zmiana
Dochód 13,904 8,969 4,935
Koszty badań i rozwoju -2 322 -2 188 -134
Ogólne koszty administracyjne -7,768 -4,079 -3,689
Koszty sprzedaży i marketingu -14,195 -8,311 -5,884
Inne wydatki i dochody 23 236 638 22.598
Zysk / strata netto 9,027 -7,685 16,712

NAS
aktualizacja komercyjna

W
w pierwszej połowie 2019 r. przychody Biofrontera wyniosły w USA 10,2 mln EUR, co odpowiada wzrostowi przychodów
59% rok do roku. Wzrost ten wynika głównie z rozbudowy naszej infrastruktury sprzedaży i ulepszeń w
refundacja PDT dla dermatologów z USA.

W
W styczniu 2019 r.Biofrontera otrzymała zgodę amerykańskiej Agencji ds. Żywności i Leków (FDA) na zwiększenie partii produkcyjnej
rozmiar dla Ameluz®. Pięciokrotny wzrost wielkości partii zapewnia bezpieczeństwo dostaw Ameluz® włączanie
Biofrontera, aby w zrównoważony sposób zaspokoić rosnący popyt w USA i poprawić marże brutto.

Z
zakończona sukcesem integracja Cutanea, nabyta w marcu 2019 r., Biofrontera rozszerzyła swoje portfolio produktów
zatwierdzony przez FDA lek na receptę Xepi® do leczenia liszajec. Oprócz komercjalizacji
Ameluz®Biofrontera koncentruje się teraz na Xepi® w Stanach Zjednoczonych. Jest to pierwszy nowy miejscowy antybiotyk
który wszedł na rynek amerykański od prawie 10 lat i dla którego nie jest znana oporność na antybiotyki.

Biofrontera
AG

Hemmelrather
Weg 201 I D-51377 Leverkusen, Niemcy

Telefon:
+49 214 87632-0 I Telefax: +49 214 87632-90

[email protected]
I www.biofrontera.com

Nadzorczy
zarząd: dr Ulrich Granzer (przewodniczący) I Jürgen Baumann (wiceprzewodniczący)

Wykonawczy
zarząd: Prof. Dr. rer. nat. Hermann Lübbert (CEO)

Christoph
Dünwald (CCO) I Thomas Schaffer (CFO)

Reklama w telewizji
zarejestrować:
Handelsregister Köln I Numer rejestracyjny: HR B 49717 (AG)

Identyfikacja VAT
numer zgodnie z § 27 ustawy o podatku VAT UStG:
DE 812374102

UE
aktualizacja komercyjna

Dochód
w Niemczech poprawił się do 2,2 mln EUR, co stanowi wzrost o 82% w porównaniu z analogicznym okresem ubiegłego roku. W pozostałej części Europy
przychody wzrosły do ​​1,4 mln EUR, o 12% więcej niż w pierwszej połowie 2018 r. Konsekwencją jest pozytywny rozwój w UE
europejskiej aprobaty PDT przy świetle dziennym w zeszłym roku.

Kliniczny
aktualizacja

W
W marcu 2019 r. Biofrontera ogłosiła pozytywne wyniki swojego badania III fazy oceniającego bezpieczeństwo i skuteczność konwencjonalnego
PDT z Ameluzem® i BF-RhodoLED® lampa do leczenia rogowacenia słonecznego kończyn,
tułów i szyja. Badanie wykazało, że Ameluz®, przy średnim całkowitym wyleczeniu wynoszącym 86% zmian AK, jest znacznie
wyższy niż wskaźnik placebo 33%. Te wyniki wraz z równie pozytywnymi drugorzędnymi punktami końcowymi będą stanowić podstawę do złożenia
przedłużenie licencji z Europejską Agencją Leków (EMA) w trzecim kwartale 2019 r.

W
Ponadto Biofrontera podpisała umowę o kontynuowaniu współpracy badawczej z Maruho w zakresie rozwoju markowych leków generycznych
na podstawie nanoemulsji Biofrontera. Na zakończenie wcześniejszej fazy projektu jeden z czterech wspólnie zbadanych składników aktywnych
został wybrany. Obecna faza projektu ma na celu przygotowanie tego aktywnego składnika sformułowanego w nanoemulsji Biofrontera
do badań klinicznych. Koszty związane z tą fazą projektu w wysokości do 1,1 mln EUR zostaną pokryte wyłącznie przez Maruho. Ponadto,
firma podpisała list intencyjny z Maruho w sprawie finansowania rozszerzenia znaku Ameluz®
w leczeniu trądziku od umiarkowanego do ciężkiego. W związku z tym Biofrontera i Maruho negocjują licencję dla Maruho na
rynek Ameluz® w częściach Azji Wschodniej i Oceanii.

Pełny
wytyczne na rok 2019

Biofrontera
obecnie oczekuje, że roczny przychód wyniesie od 32 do 35 mln EUR. To oczekiwanie jest nieco poniżej
poprzednie wytyczne dotyczące 35–40 mln EUR. Skorygowane wytyczne można przypisać przede wszystkim ciągłej dynamice
ale nieco słabszy wzrost w USA. Sprzedaż produktów Cutanea nie jest jeszcze uwzględniona. Zarząd również prognozował wynik
z działalności operacyjnej w wysokości od -7 do -9 mln EUR na 2019 r. Biorąc pod uwagę obciążenia na rzecz Maruho zgłoszone w pozycji „Inne dochody”,
Biofrontera nadal oczekuje osiągnięcia progu rentowności w czwartym kwartale 2019 r. Po zaprzestaniu działalności
Aktipak® marketing, Biofrontera spodziewa się, że łączna sprzedaż nowych produktów wyniesie około 1–1,5 mln EUR
2019.

Biofrontera
AG

Hemmelrather
Weg 201 I D-51377 Leverkusen, Niemcy

Telefon:
+49 214 87632-0 I Telefax: +49 214 87632-90

[email protected]
I www.biofrontera.com

Nadzorczy
zarząd: dr Ulrich Granzer (przewodniczący) I Jürgen Baumann (wiceprzewodniczący)

Wykonawczy
zarząd: Prof. Dr. rer. nat. Hermann Lübbert (CEO)

Christoph
Dünwald (CCO) I Thomas Schaffer (CFO)

Reklama w telewizji
zarejestrować:
Handelsregister Köln I Numer rejestracyjny: HR B 49717 (AG)

Identyfikacja VAT
numer zgodnie z § 27 ustawy o podatku VAT UStG:
DE 812374102

Konferencja
połączenie

Konferencja
wezwania do akcjonariuszy i zainteresowanych inwestorów odbędą się 27 sierpnia 2019 r. w następujących terminach:

W
Niemiecki, o 10:00 CET (4:00 ET)

Połączenie telefoniczne
numer Niemcy: +49 69201744220

Konferencja
kod: 74039909 #

W
Angielski, o 14:00 CET (8:00 ET)

Połączenie telefoniczne
numer USA: +1 8774230830

Połączenie telefoniczne
numer UK: +44 2030092470

Konferencja
kod: 89026773 #

Proszę
wybierz 10 minut wcześniej, aby zapewnić terminowe rozpoczęcie połączenia konferencyjnego.

The
Raport półroczny firmy jest dostępny pod adresem https://www.biofrontera.com/en/investors/financial-reports.html.

-Koniec-

Dla
    zapytania prosimy o kontakt:

Biofrontera
        AG

Tomasz
        Schaffer, dyrektor finansowy

+49
        (0) 214 87 63 2 0

[email protected]

IR
        Wielka Brytania: usługi Seton

Toni
        Vallen

+44
    (0) 207 229 0805

IR
        oraz PR US: The Ruth Group

IR:
        Tramwaj Bui

PR:
        Kirsten Thomas

+1
        646–536–7035

+1
        508–280–6592

O
Biofrontera:

Biofrontera
AG to firma biofarmaceutyczna specjalizująca się w opracowywaniu i sprzedaży leków dermatologicznych i kosmetyków medycznych.

The
Niemiecka firma, zatrudniająca prawie 200 pracowników na całym świecie, opracowuje i sprzedaje innowacyjne produkty do pielęgnacji, ochrony
i leczenie skóry. Wiodącym produktem firmy jest połączenie Ameluz®, aktualna recepta
lek i urządzenie medyczne BF-RhodoLED® do terapii fotodynamicznej niektórych powierzchownych nowotworów skóry i ich
prekursory. Ameluz® jest sprzedawany w UE od 2012 r., a w Stanach Zjednoczonych od maja 2016 r. Ponadto
firma sprzedaje Xepi®, lek na receptę do leczenia liszajec w Stanach Zjednoczonych. w
W UE firma sprzedaje również dermokosmetyki z serii Belixos®, która oferuje specjalistyczną opiekę nad uszkodzonymi lub chorymi
skóra.

Biofrontera
to pierwsza niemiecka firma farmaceutyczna kierowana przez założyciela, która otrzymała scentralizowaną europejską i amerykańską zgodę na opracowany lek
w domu. Grupa Biofrontera została założona w 1997 roku przez obecnego CEO prof. Dr Hermanna Lübberta i jest notowana na giełdzie we Frankfurcie
Giełda papierów wartościowych (Prime Standard) i na amerykańskim NASDAQ. Www.biofrontera.com.

Biofrontera
AG

Hemmelrather
Weg 201 I D-51377 Leverkusen, Niemcy

Telefon:
+49 214 87632-0 I Telefax: +49 214 87632-90

[email protected]
I www.biofrontera.com

Nadzorczy
zarząd: dr Ulrich Granzer (przewodniczący) I Jürgen Baumann (wiceprzewodniczący)

Wykonawczy
zarząd: Prof. Dr. rer. nat. Hermann Lübbert (CEO)

Christoph
Dünwald (CCO) I Thomas Schaffer (CFO)

Reklama w telewizji
zarejestrować:
Handelsregister Köln I Numer rejestracyjny: HR B 49717 (AG)

Identyfikacja VAT
numer zgodnie z § 27 ustawy o podatku VAT UStG:
DE 812374102

Pół roku
sprawozdanie finansowe

tak jak
z dnia 30 czerwca 2019 r

Stół
treści

2)

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

Najważniejsze
w pierwszej połowie 2019 r

Pozytywne rezultaty
    z fazy III badania klinicznego w leczeniu rogowacenia słonecznego kończyn i tułowia / szyi.
Umowa w sprawie fazy
    II współpraca badawcza z Maruho Co., Ltd. (Maruho) w dziedzinie markowych leków generycznych.
Niewiążący klucz
    terminarz na temat współpracy z Maruho w celu opracowania Ameluz® w leczeniu trądziku od umiarkowanego do ciężkiego i
    potencjał Maruho w zakresie licencjonowania produktu Ameluz® w części Azji i Oceanii.
Przejęcie Cutanea
    Life Sciences, Inc. (Cutanea) w USA.

Klawisz
Dane grupowe według MSSF

W tysiącach EUR (o ile nie zaznaczono inaczej) 6 mln 2019 6 miesięcy 2018 r
Wyniki operacji
Przychody ze sprzedaży 13,904 8,969
Zysk brutto ze sprzedaży 11,421 7316
Koszty badań i rozwoju (2,322 ) (2,188 )
Ogólne koszty administracyjne (7,768 ) (4079 )
Koszty sprzedaży (14,195 ) (8311 )
Strata z operacji (12,864 ) (7,261 )
Inne wydatki i dochody 23 236 638
Wynik finansowy (1,345 ) (1,062 )
Strata przed podatkiem dochodowym 9,027 (7685 )
Łączny wynik za okres 8,557 (8,096 )
Przepływ środków pieniężnych
Przepływy pieniężne netto wykorzystane w działalności operacyjnej (21,873 ) (6,834 )
Przepływy pieniężne netto z działalności inwestycyjnej 19,718 (177 )
Przepływy pieniężne netto z działalności finansowej 4,278 22,155

W tysiącach EUR (o ile nie zaznaczono inaczej) 6 mln 2019 31 grudnia 2018 r
Aktywa netto
Aktywa ogółem 84.204 39 133
Aktywa obrotowe 44,761 27.587
Aktywa trwałe 39.443 11,546
Zobowiązania krótkoterminowe 18,020 7770
Zobowiązania długoterminowe 41 055 15,007
Sprawiedliwość 25 129 16,356
gotówka i odpowiedniki gotówki 21,579 19,451

6 mln 2019 6 miesięcy 2018 r
Pracownicy (na 30 czerwca) 186 138
Biofrontera Share
Liczba akcji pozostających w obrocie (na 30 czerwca) 44,638,174 44,506,980
Cena akcji (cena zamknięcia XETRA w EUR na 30 czerwca) 8,02 5,20

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

3)

Inwestor
relacje

The
akcje Biofrontera AG, Leverkusen, są przedmiotem obrotu w segmencie Prime Standard giełdy we Frankfurcie od czerwca
3, 2014. Są notowane na rynku regulowanym giełdy papierów wartościowych w Düsseldorfie od 2006 r. Oraz na rynku regulowanym
Rynek giełdy we Frankfurcie od 2012 r. Od lutego 2018 r. Akcje Biofrontera są również przedmiotem obrotu w formie ADS
(Amerykańskie akcje depozytowe) na amerykańskim rynku akcji Nasdaq.

Klawisz
dane dotyczące akcji, reklam i innych instrumentów finansowych

Kluczowe dane zarejestrowanych akcji (bez wartości nominalnej)
Giełda Papierów Wartościowych Frankfurter Wertpapierbörse
Inne platformy handlowe XETRA, Berlin, Düsseldorf, Monachium, Stuttgart, Tradegate
Poziom przejrzystości Prime Standard
Emisje akcji na dzień 30 czerwca 2019 r 44,638,174
Kapitał zakładowy 44 638 174 EUR
JEST W DE0006046113
WKN (niemiecki numer identyfikacyjny papierów wartościowych) 604611
Symbol próbnika B8F
Wyznaczony sponsor Lang & Schwarz Broker GmbH
Najwyższy 52-tygodniowy * (28 czerwca 2019 r.) 8,02 EUR
52-tygodniowe minimum * (12 marca 2019) 5,28 EUR
Kapitalizacja rynku na dzień 30 czerwca 2019 r 358,0 mln EUR
Średni dzienny wolumen obrotu na XETRA (52 tygodnie do 30 czerwca 2019 r.) 52 979 akcji

Kluczowe dane ADS
Zbiory
    Wymieniać się
NASDAQ
CUSIP 09075G105
REKLAMY
    JEST W
US09075G1058
Stosunek 1
    REKLAMA: 2 ORD
Symbol BFRA
Kustosz BNY
    Mellon
Dalej
    Platforma handlowa

Stuttgart

WKN
    (Niemiecki numer identyfikacyjny papierów wartościowych)
A2JEEX
Symbol

BFRA

Klawisz
    dane dotyczące obligacji zamiennych na lata 2017–2022
Zbiory
    Wymieniać się
Düsseldorf
WKN
    (Niemiecki numer identyfikacyjny papierów wartościowych)
A2BPDE
JEST W DE000A2BPDE6
Semestr,
    ostateczny termin zapadalności
5
    lata, 31 grudnia 2021 r
Kupon 6
    %
Par / nominał EUR
    100,00
Całkowity
    Tom
EUR
    4 999,000
z
    które zostały przekształcone na dzień 31 grudnia 2018 r
EUR
    2 403,700
Inicjał
    cena konwersji
EUR
    3,50
Konwersja
    cena od 1 kwietnia 2017 r
EUR
    4,00
Konwersja
    cena od 1 stycznia 2018 r
EUR
    5,00
Konwersja
    cena od 3 marca 2018 r
EUR
    4,75

4

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

Biofrontera
wyniki cen akcji

Akcjonariusz
Struktura

The
struktura akcjonariatu Biofrontera AG na dzień 30 czerwca 2019 r., oparta na najnowszych obowiązkowych publikacjach, przedstawia się następująco:

Akcjonariusze
walne zgromadzenia w 2019 r

Na
10 kwietnia 2019 r. Firma Deutsche Balaton AG zwróciła się do nas na podstawie art. 122 ust. 1 niemieckiej ustawy o spółkach akcyjnych (AktG)
zwołanie Nadzwyczajnego Walnego Zgromadzenia w celu omówienia oferty dobrowolnego publicznego zakupu Maruho. Nadzwyczajny Generał
Spotkanie odbyło się 15 maja 2019 r. W Leverkusen.

The
Zwyczajne Walne Zgromadzenie spółki odbyło się w dniu 10 lipca 2019 r. Łącznie około 76% kapitału głosu w Biofrontera
AG, w tym 44 632 674 akcji na ten dzień, były tam reprezentowane. W ten sposób obecność znacznie wzrosła w porównaniu z
rok poprzedni (63%). Akcjonariusze zatwierdzili uchwały zaproponowane przez Zarząd i Radę Nadzorczą
(opublikowany w niemieckim dzienniku federalnym w dniu 3 czerwca 2019 r.) zdecydowaną większością głosów. Wszystkie prośby grupy Deutsche Balaton
uzupełnienia i przeciwdziałania zostały odrzucone przez Walne Zgromadzenie Akcjonariuszy wyraźną większością głosów. Prof. dr Franca Ruhwedel
został nowo powołany do Rady Nadzorczej. W przyszłości udostępni Biofrontera swoje bogate doświadczenie finansowe
AG, szczególnie w komitecie audytu.

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

5

Zakup
oferuje

Dobrowolny
oferta zakupu publicznego Maruho Deutschland GmbH

Maruho
Deutschland GmbH, spółka w 100% zależna od Maruho Co., Ltd., Japonia (razem „Maruho”), opublikowana 15 kwietnia,
2019 dokument oferty dobrowolnej oferty zakupu publicznego w formie oferty częściowej dla akcjonariuszy Biofrontera
AG nabywa łącznie do 4 322 530 akcji Biofrontera AG imiennych o wartości nominalnej za zapłatą gotówki w wysokości 6,60 EUR za
Udział Biofrontera. W dniu 27 maja 2019 r. Maruho zmienił ofertę zakupu i dokument oferty oraz zwiększył oferowane wynagrodzenie
do 7,20 EUR za akcję pieniężną Biofrontera.

Przez
koniec okresu akceptacji 19 lipca 2019 r., 24:00 („data graniczna rejestracji”), zmienione nabycie
oferta została przyjęta za łącznie 3 499 056 akcji Biofrontera. Odpowiada to około 7,8% kapitału zakładowego
oraz prawa głosu Biofrontera AG na dzień rejestracji. Po zakończeniu transakcji Maruho's
zainteresowanie Biofrontera AG wzrośnie teraz do około 28,1%.

Dobrowolny
oferta zakupu publicznego Deutsche Balaton Biotech AG i DELPHI Unternehmensberatung Aktiengesellschaft

Na
21 czerwca 2019 r., Deutsche Balaton Biotech AG („DB Biotech”) i DELPHI Unternehmensberatung Aktiengesellschaft („DELPHI”)
opublikował dokument ofertowy dotyczący dobrowolnej oferty zakupu dla akcjonariuszy Biofrontera AG w celu nabycia do 500 000 zarejestrowanych
akcje Biofrontera AG za wpłatę gotówkową w wysokości 7,20 EUR za akcję. 1 lipca 2019 r. DB Biotech i DELPHI ogłosiły, że tak
zwiększy wynagrodzenie do 8,00 EUR za akcję Biofrontera.

The
oferta przejęcia została w całości zaakceptowana przed datą zakończenia rejestracji. Odpowiada to 1,1% kapitału zakładowego i
prawa głosu Biofrontera AG. Według DB-Biotech i DELPHI zainteresowanie Deutsche Balaton Group Biofrontera
AG wzrosła do około 29,7% w dniu 24 lipca 2019 r. Po zakończeniu transakcji i nabyciu kolejnych akcji
za pośrednictwem giełdy papierów wartościowych.

Analityk
pokrycie

The
Następujący analitycy zajmują się Biofrontera:

Pośrednik
Analityk
The
    Benchmark Company, LLC
Bruce
    D. Jackson
Jezioro
    Uliczne rynki kapitałowe
Tomasz
    Flaten
sc-skonsultować
    GmbH
Dipl.
    Kfm. Holger Steffen

Konferencje

Przedstawiciele
Biofrontera AG uczestniczył w następujących konferencjach dotyczących rynku kapitałowego w pierwszej połowie 2019 r .:

Data
Konferencja
styczeń
    7-10, 2019
JP
    Morgan 36. doroczna konferencja na temat opieki zdrowotnej
kwiecień
    11, 2019
Solventis
    Aktienforum 2019
czerwiec
    19, 2019
Raymond
    James Life Sciences i MedTech Conference
czerwiec
    20, 2019
JMP
    Konferencja Securities 2019 Life Sciences

6

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

Tymczasowy
sprawozdanie z zarządzania grupą za pierwszą połowę roku budżetowego 2019

Grupa
Struktura

Tak jak
z dnia 30 czerwca 2019 r. Grupa Biofrontera (zwana dalej również „Biofrontera” lub „Grupa Biofrontera”)
składa się ze spółki dominującej, Biofrontera AG, oraz 9 (w poprzednim roku: 5) spółek zależnych w 100%. Ze skutkiem od 25 marca 2019 r.
udziały w Cutanea Life Sciences, Inc. i jej spółkach zależnych Dermarc LLC i Dermapex LLC zostały nabyte za pośrednictwem Biofrontera Newderm
LLC, nowo założona amerykańska firma.

Biofrontera
Bioscience GmbH, Biofrontera Pharma GmbH, Biofrontera Development GmbH i Biofrontera Neuroscience GmbH znajdują się w centrali
spółki macierzystej w Leverkusen. Biofrontera Inc. i Biofrontera Newderm LLC mają siedzibę w Woburn, Massachussetts,
USA. Cutanea Life Sciences, Inc. i jej spółki zależne Dermarc LLC i Dermapex LLC znajdują się w Wayne, Pensylwania, USA.

Biznes
Model

The
spółka giełdowa jest odpowiedzialna za funkcję holdingową w ramach Grupy oraz, oprócz zarządzania, planowanie strategiczne as
oprócz centralnej kontroli i monitorowania odpowiada również za wymagania finansowe Grupy Biofrontera. Biofrontera
Bioscience GmbH podejmuje się zadań badawczo-rozwojowych dla Grupy Biofrontera i jest posiadaczem patentów i pozwoleń
dla Ameluz®. Na podstawie umowy licencyjnej z Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH (która również jest
posiadacz certyfikatu CE dla BF-RhodoLED®) odpowiada za produkcję, a także za dalsze licencjonowanie
oraz marketing zatwierdzonych produktów Grupy Biofrontera. Biofrontera Inc. wprowadzi na rynek własność Grupy Biofrontera
oraz licencjonowane produkty w USA, w tym nowy lek Xepi®. Marketing Aktipak® było
wycofano w sierpniu 2019 r. do odwołania, z powodu wad jakościowych partii produkowanych przez Cutanea w imieniu
producent kontraktowy. Wady te nie mogły zostać usunięte w krótkim czasie.

Dla
wszystkie rynki, na których obsługuje Biofrontera, Ameluz® jest produkowany przez producenta kontraktowego w Szwajcarii. Lampa PDT
jest produkowany w siedzibie głównej Biofrontera w Leverkusen w Niemczech. Produkcja Xepi® jest odpowiedzialność
licencjodawcy Ferrer Internacional S.A., który dostarcza Biofrontera gotowy produkt.

Biofrontera
Development GmbH i Biofrontera Neuroscience GmbH zostały utworzone jako dodatkowe spółki w 100% zależne od Biofrontera AG
w grudniu 2012 r. Celem obu firm jest kontynuacja rozwoju produktów rurociągowych, które nie są częścią Biofrontera
działalność podstawowa i w związku z tym nie może być obecnie wystarczająco finansowana w ramach normalnego rozwoju działalności. Produkt
BF-derm1, który jest przeznaczony do leczenia ciężkiej przewlekłej pokrzywki, jest teraz odpowiedzialny za rozwój Biofrontera
GmbH, podczas gdy za produkt BF-1, który jest przeznaczony do profilaktycznego leczenia migreny, odpowiada Biofrontera
Neuroscience GmbH. Outsourcing kandydatów na rozwój stworzył strukturę, dzięki której finansowanie dalszych
rozwój tych dwóch produktów mógłby zostać oddzielony od normalnego finansowania Grupy.

Grupa
strategia

The
Strategicznym celem Grupy Biofrontera jest optymalizacja globalnej pozycji i potencjału rynkowego Ameluz®
a jednocześnie dzięki specjalnemu poziomowi innowacyjności stać się wiodącą firmą farmaceutyczną specjalizującą się w dermatologii.
W tym celu globalna pozycja i potencjał rynkowy naszych wysoce innowacyjnych produktów Ameluz® i Xepi®
mają być zoptymalizowane. Główne obszary działalności obejmują obecnie dalsze zwiększanie sprzedaży naszych produktów, a także rozszerzanie
zatwierdzenia Ameluz® zawierać dalsze wskazówki, aby zwiększyć potencjał marki.

Biofrontera AG Półroczne sprawozdanie finansowe na 30 czerwca 2019 r

7

Biofrontera
otrzymał scentralizowane zatwierdzenie całkowicie niezależnie opracowanego leku wprowadzanego do obrotu pod nazwą Ameluz®
Marka. Od momentu wprowadzenia na rynek w lutym 2012 r. Biofrontera rozmieszcza własne siły sprzedaży na rynku Ameluz®
wśród dermatologów w Niemczech, a także w Hiszpanii od marca 2015 r. Ameluz jest dostępny w Wielkiej Brytanii dla
kilka lat, ale ze względu na szczególnie ważne rozszerzenie aprobaty na tym rynku, tak aby obejmowało on raka polowego (2016),
rak podstawnokomórkowy (BCC) (2017) i zastosowanie w świetle dziennym PDT (2018), był aktywnie promowany tylko przez Biofrontera
własny zespół sprzedaży od maja 2018 r. Partnerzy licencjonujący dystrybuują ten lek w niektórych innych krajach Unii Europejskiej, a także w Izraelu
i Szwajcaria.

ZA
Utworzono amerykańską spółkę zależną Biofrontera Inc. w celu sprzedaży na terenie USA. Oddział w USA ustanowił wszystkie funkcje
i otrzymał wszystkie licencje wymagane od firmy zajmującej się sprzedażą i marketingiem w branży farmaceutycznej i produktów medycznych. Wsparcie sprzedaży
działy, takie jak finanse, obsługa klienta, dostęp do rynku, sprawy medyczne, zgodność, zapewnienie jakości, logistyka itp. mają
został założony lokalnie. Wszystkie inne funkcje Grupy niezbędne dla firmy farmaceutycznej, takie jak zarządzanie pozwoleniami,
utrzyma się współpraca z organami udzielającymi homologacji, patentami, produkcją, IT, badaniami klinicznymi istotnymi dla przepisów itp
być objęte wyłącznie przez niemieckie spółki Grupy Biofrontera, które ponoszą ogólnoświatową odpowiedzialność.

Produkty

Ameluz®

Ameluz®
78 mg / g Żel („Love the Light” – nazwa rozwoju: BF-200 ALA) otrzymał pierwszą scentralizowaną europejską aprobatę
do leczenia łagodnych i umiarkowanych rogowacenia słonecznego na twarzy i skórze głowy w grudniu 2011 r. Jego znaczący lepszy efekt
w porównaniu z bezpośrednim konkurentem, produktem Metvix® zostało udowodnione dla tego wskazania podczas fazy III rozwoju.
Rogowacenie słoneczne jest powierzchownymi formami raka skóry i istnieje ryzyko, że rozprzestrzenią się one na głębsze warstwy skóry, a tym samym
tworzą potencjalnie śmiertelny rak komórek rdzenia kręgowego. Połączenie Ameluz® z lekkim leczeniem jest innowacją
podejście, które stanowi formę terapii fotodynamicznej (PDT). The product information approved by the European Medicines Agency
(EMA) explicitly mentions the significant superiority of Ameluz® for removing all of a patient’s keratoses
compared to its direct competitor product.

The
overall advantages of Ameluz® in terms of effectiveness, handling, user-friendliness and skin rejuvenation effects,
as well as the high healing and comparatively low recurrence rates of PDT in the treatment of actinic keratoses, lead to the expectation
that this treatment option will attract even more attention from dermatologists over the next few years. This will be helped by
the expansion in 2017 of the range of indications to include basal cell carcinoma, as the vast majority of PDT treatments are
conducted for this indication, particularly in the UK and Spain.

Daylight
PDT makes it possible to also offer reimbursed PDT to statutorily insured patients in Germany, and to compete directly with topical
medications that patients themselves apply. In 2017, Biofrontera submitted an application for the approval of daylight PDT with
Ameluz®, and in March 2018 received approval from the European Commission to treat actinic keratosis and field
cancerization with daylight PDT. Daylight PDT comprises a favorable and relatively pain-free alternative to PDT treatment with
a special lamp. Here, the topically applied medication is activated by natural or artificial daylight. As treatment in daylight
PDT does not need to be administered at a physician’s practice, it competes directly with the self-applied topical medications
that are much more widely disseminated in Europe, and is consequently also reimbursed by statutory healthcare funds in Germany.
It is anticipated that the significantly superior efficacy one year after treatment compared with Metvix® will
make market penetration by Ameluz® easier.

Biofrontera
received approval for Ameluz® in the USA in May 2016. The approved indication relates to “lesion- and field-directed
PDT for mild and moderate actinic keratosis on the face and scalp”. As approval in the USA requires a combination of drug
and lamp, Biofrontera has developed its own PDT lamp, BF-RhodoLED®, and has had it CE-certified in the EU, which
also required the entire company to be certified pursuant to the ISO 9001 and ISO 13485 standards. The ISO certification was renewed
regularly in 2018.

The
results of the trials relating to the indications approved for Ameluz are described in detail in the “Products” section
of the company’s most recent annual report for the financial year ending December 31, 2018.

8

Biofrontera AG Half-Year Financial Report as of June 30, 2019

BF-RhodoLED®

BF-RhodoLED®
is a lamp designed for PDT, and utilizes LEDs emitting red light at a wavelength of approximately 635 nm. Light at this
wavelength, which is ideally suited for PDT illumination with drugs containing ALA or methyl ALA, is red but is still below the
warming infrared range. The BF-RhodoLED® lamp combines a controlled and consistent emission of light at the required
wavelength with simplicity, user-friendliness and energy efficiency. In the European version, light energy and fan power settings
can be adjusted during a PDT treatment session to reduce any pain caused by the treatment. No other lamp on the market offers
comparable power and flexibility. BF-RhodoLED® has been CE-certified since November 2012 and is distributed throughout
the EU. For sale in the USA, the final assembly of the PDT lamp was relocated to the premises of Biofrontera in Leverkusen, where
the production and further development of Biofrontera itself has been performed since July 2016. From the regulators’ perspective,
Biofrontera is consequently the manufacturer responsible for the product.

Belixos®

Belixos®
is a modern active cosmetic product specially developed for sensitive and irritated skin. Biofrontera’s patented biocolloid
technology, which optimizes epidermal penetration, makes the products unique: pure herbal biocolloids combine with medicinal plant
extracts to form an extraordinary combination of active ingredients with a proven depth effect. The belixos® series
includes the following products: belixos® Cream, belixos® Liquid, belixos® Gel and
belixos® Protect.

Belixos
products are manufactured according to stringent quality and environmental regulations. They are free of paraffins, parabens,
ethyl alcohol, animal products, dyes and fragrances that may have negative dermatological effects. Its skin compatibility was
certified as “very good” by the independent Dermatest Institute. Belixos® is obtainable in selected
pharmacies, dermatological institutes and from the online retailer Amazon.

Xepi®

The
acquisition of Cutanea Life Sciences, Inc. in March 2019 enables us since the second quarter of 2019 to market a drug that has
already been approved by the FDA and launched in the US market. Xepi® (ozenoxacin cream, 1%) is a non-fluorinated
quinolone that both inhibits bacterial growth and kills bacteria directly. For this reason, the medication has an unusually fast
effect. It is the first new topical antibiotic to enter the American market in almost ten years. No antibiotic resistance against
Xepi® is known and it has been specifically approved by the FDA for the treatment of antibiotic-resistant bacteria.
The approved indication is impetigo, a common skin infection. Xepi® has an excellent safety profile that even allows
use on infants over the age of two months.

Xepi®
is the next innovation for the American dermatology market to be marketed by Biofrontera. Every year, American dermatologists
issue around one million prescriptions for drugs in indications where Xepi® can be effective. Increasing resistance
to known antibiotics is a problem that American doctors take very seriously. We are convinced that with Xepi®,
our portfolio now includes an innovative, promising product with a 3-digit million market potential.

The
drug Xepi® in-licensed from Biofrontera is protected by two patent families in the USA and other countries. Z
regard to the USA, patent protection exists for the composition of Xepi® until January 29, 2032, and for the approved
treatment of impetigo until December 15, 2029. As a consequence, approval of generics is not to be expected before 2030.

Aktipak®

The
second US-approved product Biofrontera has added to its product portfolio through the acquisition of Cutanea Life Sciences, Inc.
is Aktipak® (BPO/erythromycin gel, 3%/5%), a convenient combination of two known active ingredients for the treatment
of acne. In August 2019, Biofrontera decided not to pursue this product any further until further notice due to unresolved quality
problems in the production of Aktipak® at Cutanea’s contract manufacturer in the past, and the comparatively
lower market opportunities.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

9

Sales
and markets

USA

Biofrontera
launched Ameluz® in the US market in October 2016. Sales of Ameluz® in the USA are realized by Biofrontera
Inc., a subsidiary founded in March 2015. Important key positions in the USA were filled locally and the development of sales
structures was continued in the half-year under review. Meanwhile our US sales team has grown to over forty employees. Our sales
team is supported by seven scientific consultants, our Market Access and Managed Markets Team as well as a Customer Service Team.
Since its launch, we have sold Ameluz® in a sales revenue volume exceeding EUR 30 million in the USA and thereby
established the product in the market. In March 2019, Biofrontera acquired all shares of Cutanea Life Sciences, Inc., thereby
expanding its distribution in the USA with the FDA-approved drug Xepi®.

Niemcy
and Europe

Z
its central European approval, Ameluz® can be sold and distributed in all EU countries as well as in Norway, Iceland
and Liechtenstein. In many European countries, however, price and reimbursement status have to be defined before market launch,
which can be a very protracted process. The drug is available in these countries at a pharmacy retail price of between EUR 150
thousand and approximately EUR 220 per 2g tube.

W
Europe, Ameluz® and BF-RhodoLED® have been promoted by their own sales forces in Germany (since
2012), Spain (since 2015) and the UK (since May 2018). In other European countries, products are distributed with the help of
marketing partners: Denmark, Sweden, Norway, Austria, Switzerland, Liechtenstein and Israel. Independent approval procedures were
required in Switzerland and Israel, which were conducted by our local sales partners in cooperation with Biofrontera. The contracts
with the sales partners were concluded in such a way that Biofrontera has received no down payment, or only a modest down payment,
and the regional partners purchase Ameluz® from Biofrontera at a price that is linked to their own sales price.
Biofrontera’s share of the sales price varies considerably depending on the market conditions in each country, ranging from
35% to 55% of net sales. Overall, however, marketing via Biofrontera’s own sales organizations has proved to be much more
successful in recent years, with the result that sales with sales partners now account for only a small proportion of total sales.

Badania
and development projects

All
research and development activities of the Biofrontera Group are located in Biofrontera Bioscience GmbH, which is responsible
for clinical studies as well as regulatory activities, i.e. the granting, maintenance and expansion of our approvals. Responsibility
for the project management of all development activities is assumed internally; monitoring, data management and statistics are
partially or completely outsourced. The number of employees at Biofrontera Bioscience GmbH rose to 17 as of June 30, 2019 (previous
year: 16).

Badania
partnership with Maruho Co., Ltd.

Na
March 19, 2019, the company signed an agreement to continue its research collaboration with Maruho Co., Ltd., Osaka, Japan (“Maruho”)
in the branded generics area. In the new project phase, Biofrontera will prepare the formulation of one of four compounds in Biofrontera’s
nanoemulsion for clinical trials that were jointly investigated in an earlier project phase (Phase 1) In addition, on March 19,
2019, the company signed a non-binding key terms paper on a collaboration to research and develop further indications for Ameluz®
for the treatment of moderate to severe acne, as well as the negotiation of Maruho’s license to market Ameluz®
in parts of Asia and Oceania.

Wyniki
from Phase III trial in the treatment of actinic keratoses on the extremities or trunk/neck

Na
March 20, 2019, Biofrontera announced positive results for the primary endpoint of the Phase III clinical trial on the safety
and efficacy of conventional photodynamic therapy (PDT) with Ameluz® and the BF-RhodoLED® lamp for
the treatment of actinic keratoses (AK) on the extremities or trunk/neck. The preliminary results of the trial’s primary
endpoint demonstrate the superiority of Ameluz® with an average lesion healing rate of 86% compared to 33% for
placebo (p>0.0001). These results are expected to form the basis for applications to the European Medicines Agency (EMA) and
the US Food and Drug Administration (FDA) for an extension of Biofrontera’s regulatory filings during the third quarter
of 2019.

10

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Patent
and trademark development

The
company maintains four different company-owned patent families and one German utility model worldwide. In addition, Biofrontera
pursues patent families created in collaboration with Maruho under a partnership agreement that expired in March 2018. The Group’s
patents are held by Biofrontera Bioscience GmbH.

The
patent families refer to our technologies related to our nanoemulsion, 5-aminolevulinic acid nanoemulsions, a patent for migraine
prophylaxis and two patents related to PDT.

The
patents and utility models the company owns are described in detail in the “Patent and trademark development” section
of the annual report for the financial year ending 31 December 2018. Compared with the patents and utility models that it describes,
no further significant changes have arisen as of the 30 June 2019 reporting date, with the exception of the development described
below.

Photodynamic
terapia

An
international patent application entitled “Illumination for photodynamic therapy” was filed with the European Patent
Office (EPO) on June 5, 2019. This application was registered under official file number PCT/EP2019/064642. In turn, all states
that were PCT contracting states on the PCT application filing date were designated.

Furthermore,
the drug Xepi® sold by Biofrontera AG as licensee in the USA is subject to patent protection (see “Products”
section).

Pracowników

As
of June 30, 2019, the Biofrontera Group employed a total of 186 individuals (December 31, 2018: 157). Of these, Biofrontera Inc.
employed a total of 70 individuals (December 31, 2018: 62) and Cutanea employed 19 individuals (December 31, 2018: 0).

Biofrontera AG Half-Year Financial Report as of June 30, 2019

11

Economic
and business report for the first half of the 2019 financial year for the Biofrontera Group

Business
performance

W
the current financial year, Biofrontera has succeeded in continuing its dynamic sales growth.

Marketing
of Ameluz® in Europe

W
Germany, the approval for daylight therapy has led to considerable market growth in recent years, which has primarily benefited
Ameluz® since April 2018. We are growing considerably faster than our direct competitors in Germany and are continuing
to invest in marketing in order to increase awareness of Ameluz® and photodynamic therapy. We estimate that in
the future daylight PDT will gain further market shares that to date have been reserved for self-applied topical creams. As the
market leader, we naturally aim to leverage this potential to our advantage.

W
Spain, too, sales growth continued unabated, although we had to accept a 27% price reduction for Ameluz® from July
2018 in order to secure reimbursement in the Spanish national healthcare system. In the UK, we used last year to take the necessary
administrative steps to list Ameluz® in the hospital pharmacies of UK hospitals. We now anticipate sales growth
near-term in the UK. Overall, we are very satisfied with the development of our own European sales organizations and the development
of sales volumes and have so far fulfilled our plans for 2019.

Marketing
of Ameluz® in the USA

However,
the most important growth driver for our overall business remains our business development in the USA. Here, we grew our sales
revenue by around 50% in the first half of 2019. Around 75% of Biofrontera’s total sales revenue is already generated in
the USA. After making great progress in 2018 in ensuring the correct reimbursement of Ameluz®, we overcame one
last major hurdle for successful marketing in the USA with the publication of our average selling price by the regulator, Centers
for Medicare and Medicaid Services (CMS), in January 2019. Overall, growth in the USA slowed somewhat in the first half of 2019
compared with 2018, leaving us slightly short of our targets.

Nasz
customers benefited from the increase in reimbursement for the work performed by the physician in connection with PDT treatment.
This reimbursement, which is billed by the physician via the so-called CPT codes, was significantly increased last year and is
now higher than the reimbursement for cryotherapy. The latter is currently the preferred treatment for actinic keratoses in the
USA. This improved reimbursement will help us to realize a broader market positioning for PDT as a treatment.

Increased
batch size

Na
8 January 2018, Biofrontera announced that the US Food and Drug Administration (FDA), and previously also the European Medicines
Agency (EMA), had approved an increase in the batch size for the production of Ameluz® from the previous 7 kg to
35 kg. The approval of five times the batch size will ensure a secure supply of Ameluz® to meet growing demand
in all regions.

Acquisition
of Cutanea Life Sciences, Inc.

Due
to the commercial success of recent years, we had the opportunity to acquire the business of Cutanea Life Sciences, Inc. This
opened up the possibility to market two additional products – Aktipak® and Xepi® – already
approved by the FDA and launched in the US market. Biofrontera’s focus is on Xepi®, the first new topical
antibiotic that has been on the American market for almost ten years.

Following
the acquisition of Cutanea, the two new products were initially marketed by the former Cutanea sales force, while the much larger
Biofrontera sales force concentrated exclusively on Ameluz. Since 1 July 2019, only one joint distribution function promoting
Ameluz® and Xepi® has been in place. The enormous potential of Ameluz® naturally
leads to a focus on the further expansion of our PDT business. However, we are confident that synergy effects in marketing and
sales will enable us to promote additional products and therefore see great potential for Xepi® in the future.
For Biofrontera, the product’s innovative character also signifies a considerable image boost.

12

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Biofrontera
Group financial position and performance

The
results of operations in the new Group structure, including Cutanea Life Sciences, Inc. and its subsidiaries, is as follows:

Wyniki
of operations

in EUR thousands 6M 2019 6M 2018
Sales revenue 13,904 8,969
Gross profit on sales 11,421 7,316
Research and development costs (2,322 ) (2,188 )
General administrative costs (7,768 ) (4,079 )
Sales costs (14,195 ) (8,311 )
Loss on operations (12,864 ) (7,261 )
Interest expenses (1,554 ) (1,066 )
Interest income 209 4
Other expenses (188 ) (43 )
Other income 23,424 681
Loss before income tax 9,027 (7,685 )
Income tax (26 ) 0
Loss after income tax 9,001 (7,685 )

Effects
of the Cutanea consolidation on the income statement

Cutanea
Life Sciences, Inc. and its subsidiaries Dermarc LLC and Dermapex LLC were fully consolidated on the 25 March 2019 acquisition
date. Sales revenues for Xepi® and Aktipak® as well as cost of sales calculated applying the cost
of sales method are reported in the respective items of the income statement.

Between
the acquisition date and June 30, 2019, the two new products have contributed EUR 546 thousand to sales revenue. An amount of
EUR -5,986 thousand of the result from operating activities is attributable to the operating expenses of the companies of the
Cutanea Life Sciences Group.

Maruho’s
assumption of the costs is made by payment from the cash and cash equivalents assumed on the acquisition date, or they are passed
on to Maruho in accordance with the agreements of the Share Purchase Agreement and reported under other income. Other income from
this amounted to EUR 5,522 thousand as of June 30, 2019 and it also includes badwill of EUR 17,323 thousand.

Sales
revenue

The
Biofrontera Group generated total sales revenue of EUR 13,904 thousand in the first half of 2019, equivalent to an increase of
more than 55% compared with the previous year’s level (previous year: EUR 8,969 thousand). Revenue in the USA grew by 59%
year-on-year to EUR 10,231 thousand (previous year: EUR 6,443 thousand). This includes sales revenue of EUR 546 thousand generated
with the new products Xepi® and Aktipak®. This growth was driven by the further expansion of our
sales structures and improvements in the reimbursement of PDT for dermatologists in the USA. Revenue in Germany grew by EUR 970
thousand, or 82%, year-on-year to reach EUR 2,154 thousand (prior-year period: EUR 1,184 thousand). In other European countries,
sales revenue reported a marked increase of 12% to reach EUR 1,357 thousand (prior-year period: EUR 1,211 thousand). The sales
revenue growth in Europe is especially due to the introduction of the daylight PDT, which was approved in March 2018. Sales revenue
from other regions amounted to EUR 162 thousand (previous year: EUR 131 thousand).

Biofrontera AG Half-Year Financial Report as of June 30, 2019

13

Gross
profit on sales

The
gross profit on sales rose by EUR 4,105 thousand in the first half of 2019, to reach EUR 11,421 thousand, compared with EUR 7,316
thousand in the previous year period. At 82%, the gross margin remained unchanged compared to the same period last year.

Badania
and development costs

Badania
and development costs of EUR 2,322 thousand in the first half of 2019 were slightly above the previous year’s level (EUR
2,188 thousand), and include costs for clinical studies as well as expenses for regulatory activities, i.e. the granting, maintenance
and expansion of our approvals. This includes EUR 370 thousand in research and development costs incurred by Cutanea.

General
administrative costs

General
administrative expenses amounted to EUR 7,768 thousand in the first half of 2019 (previous year: EUR 4,097 thousand), representing
a significant increase of EUR 3,671 thousand. This was due to higher legal and consulting costs as well as administrative costs
in the USA. In addition, administrative expenses of EUR 1,807 thousand for Cutanea were included in the first half of 2019.

14

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Sales
and marketing costs

Sales
and marketing costs totaled EUR 14,195 thousand in the first half of 2019, thereby rising significantly by EUR 5,884 thousand
compared with the prior-year period (EUR 8,311 thousand). This was due, firstly, to the costs for the further expansion of our
sales activities in the USA and, secondly, to EUR 3,480 thousand in sales costs incurred by Cutanea. Sales and marketing costs
include the costs of our own field sales team in Germany, Spain, the UK and the USA, as well as marketing expenses.

Loss
on operations

At
EUR -12,864 thousand (previous year: EUR -7,261 thousand), the result from operating activities was EUR 5,603 thousand lower than
in the previous year, mainly due to the first-time inclusion of Cutanea, which was offset by corresponding cost reimbursements
from Maruho.

Interest
expenses

Interest
expenses amounted to EUR 1,554 thousand and mainly comprise the interest expenses for the EIB loan made available in July 2017,
and increased by a further tranche in February 2019. In addition, higher amounts from the compounding of long-term liabilities
are reported under interest expenses.

Inny
income and expenses

Inny
expenses and income totaled EUR 23,235 thousand in the reporting period. This item includes the negative difference of EUR 17,323
thousand in asset and liability items measured at fair value resulting from the purchase price allocation. This item also includes
costs in the amount of EUR 5,522 thousand passed on to Maruho based on the Share Purchase Agreement. Expenses and income from
currency translation are also included.

Income
taxes

To
item includes current income taxes of EUR 26 thousand (previous year: EUR 0).

Group
assets

The
changes in the financial position are primarily due to the first-time consolidation of Cutanea Life Sciences, Inc. and its subsidiaries
Dermarc LLC and Dermapex LLC, and are as follows as of June 30, 2019:

in EUR thousands June 30, 2019 December 31, 2018
Non-current assets 39,443 11,546
Current financial assets 38,451 23,642
Other current assets 6,310 3,945
Total assets 84,204 39,133
Equity 25,129 16,356
Non-current liabilities 41,055 15,007
Current financial liabilities 4,795 2,000
Other current liabilities 13,225 5,770
Total equity and liabilities 84,204 39,133

Biofrontera AG Half-Year Financial Report as of June 30, 2019

15

Non-current
assets

Non-current
assets totaling EUR 39,443 thousand include deferred tax assets on tax losses carried forward at Biofrontera Pharma GmbH in the
amount of EUR 10,400 thousand reported for the first time as of 31 December 2018 and, above all, the acquired Xepi®
license in the amount of EUR 22,789 thousand.

Current
financial assets

Current
financial assets totaled EUR 38,451 thousand as of June 30, 2019. This includes cash and cash equivalents of EUR 21,579 thousand
(December 31, 2018: EUR 19,451 thousand), trade receivables of EUR 3,422 thousand (December 31, 2018: EUR 3,397 thousand) and
receivables from Maruho from contractual obligations under the share purchase agreement of EUR 12,825 thousand.

Inny
current assets

Inny
current assets mainly include inventories amounting to EUR 4,488 thousand (December 31, 2018: EUR 3,177 thousand). This includes
inventories at Cutanea amounting to EUR 658 thousand.

Equity

The
Group has equity amounting to EUR 25,129 thousand based on IFRS accounting principles. Equity increased in particular due to the
comprehensive income from badwill in the first half of 2019.

Dzielić
capital

The
company’s fully paid in share capital amounted to EUR 44,638,174 on June 30, 2019.

The
numbers of shares held by the shareholders/companies on June 30, 2019, based on the most recent mandatory disclosures of the shareholders,
are as follows:

czerwiec
    30, 2019
grudzień
    31, 2018

Maruho
        Deutschland Co., Ltd., Osaka Japan

The
        total share of voting rights is assigned to Maruho Co., Ltd, Osaka, through its subsidiary Maruho Deutschland GmbH, Düsseldorf.

9,062,809 8,891,843

Wilhelm
        Konrad Thomas Zours

The
        voting rights of the companies and subsidiaries listed below are attributed to Mr. Zours:

DELPHI Unternehmensberatung AG

●   VV
Beteiligungen AG

Deutsche Balaton AG

Deutsche Balaton Biotech AG

SPARTA AG

Prisma Equity AG

11,589,772 8,935,384
Free
    float
23,985,593
26,805,447
Całkowity
44,638,174
44,632,674

16

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Non-current
liabilities

Non-current
liabilities include financial liabilities (EUR 22,528 thousand; December 31, 2018: EUR 13,462 thousand), non-current provisions
(EUR 1,042 thousand; December 31, 2018: EUR 1,545 thousand) and other non-current financial liabilities from the purchase price
for Cutanea Life Sciences, Inc. (EUR 17,485 thousand). Non-current financial liabilities include the EIB loan including the performance
component amounting to EUR 16,738 thousand (December 31, 2018: EUR 10,967 thousand), the non-converted portion of the convertible
bond 2017-22 amounting to EUR 2,512 thousand (December 31, 2018: EUR 2,595 thousand) and, for the first time, rights of use from
leasing liabilities amounting to EUR 3,277 thousand to be accounted for in accordance with IFRS 16.

Current
financial liabilities

Current
financial liabilities include in particular trade payables of EUR 3,795 thousand (December 31, 2018: EUR 1,806 thousand), including
liabilities of Cutanea of EUR 1,340 thousand.

Inny
current liabilities

Inny
current liabilities amounted to EUR 13,225 thousand (December 31, 2018: EUR 5,770 thousand) and relate in particular to outstanding
Cutanea obligations of EUR 9,126 thousand.

Group
financial position

The
company’s capital management body regularly reviews the equity ratio of both the Group and the parent company. The objective
is to ensure an appropriate equity base, within the framework of the expectations of the capital market, and creditworthiness
with respect to national and international business partners. The Group’s Management Board ensures that all Group companies
have sufficient equity and debt funding at their disposal.

in EUR thousands 6M 2019 6M 2018
Net cash flow used in operating activities (21,873 ) (6,834 )
Net cash flow from investing activities 19,718 (177 )
Net cash flow from financing activities 4,278 22,155
Cash and cash equivalents 21,579 26,251
Non-current financial liabilities 22,528 13,024
Current financial debt 188 169
Net liquidity (1,137 ) 13,058

The
EUR 15,039 thousand decrease in net cash flow from operating activities to EUR -21,873 thousand almost exclusively derives from
the restructuring of Cutanea.

Przez
contrast, net cash flow from investing activities rose by EUR 19,541 thousand to EUR 19,718 thousand. This includes the takeover
of Cutanea’s liquid funds in the amount of EUR 20,231 thousand to finance restructuring expenses.

The
net cash flow from financing activities amounted to EUR 4,278 thousand (previous year: EUR 22,155 thousand) and includes the payment
of the further tranche of the EIB loan in the first half of 2019. The previous year’s net cash flow from financing activities
arose especially from the proceeds from the issue of new shares with gross issue proceeds totaling EUR 24,000 thousand.

Cash
and cash equivalents increased primarily due to the cash position from Cutanea of EUR 5,762 thousand at the balance sheet date.
From today’s perspective, the company has sufficient liquidity to implement the Group strategy.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

17

The
financial liabilities from the 2017/2022 convertible bond and the EIB loan have different maturities up to a maximum of 2024.

The
EIB loan is unsecured and guaranteed by our main subsidiaries. It was originally available in tranches within a two-year period.
In July 2017, the company drew down a first tranche of EUR 10 million, with a further tranche of EUR 5 million being drawn down
in February 2019. A final tranche of EUR 5 million can be drawn after certain milestones have been reached. At the beginning of
2019, this tranche’s availability was extended for a further year until May 2020. Each tranche must be paid back within
five years after it has been made available. The loan contains three different interest components. A variable interest component,
entailing quarterly interest payments on the outstanding amounts based on 3-month EURIBOR plus a risk premium, a fixed component
at 6% per annum which is due at term-end, and a performance component which is due at the term-end, and whose level is derived
from the market capitalization of Biofrontera AG but limited to a 4% per annum interest rate.

Cash
and cash equivalents

Cash
and cash equivalents stood at EUR 21,579 thousand as of June 30, 2019 (December 31, 2018: EUR 19,451 thousand). The cash at Cutanea
stands at EUR 5,762 thousand.

Outlook
and forecast of key financial figures

Based
on the approximately 50% revenue growth in the first half of 2019, the company assumes that growth in the second half of the year
will be at a similar level and that overall revenue will therefore be slightly below the previous forecast of EUR 35 million to
EUR 40 million. As a consequence, for the 2019 financial year, the company expects sales revenue from product sales to lie in
an approximate range between EUR 32 million and EUR 35 million. Despite the positive trend in overall conditions, it remains very
difficult to plan sales revenue growth, thereby leading to a considerable fluctuation range in achievable sales revenues. The
updated forecast does not include sales of Xepi® and Aktipak®. As the marketing of Aktipak®
has been discontinued, we expect total sales revenues from the new products to amount to around between EUR 1.0 million
and EUR 1.5 million in 2019.

The
company expects operating costs to remain within the previously planned corridor. This does not include any operating costs incurred
by Cutanea. These are reported under research and development costs, selling expenses and general administrative expenses, although
they have no impact on profit or loss due to charges to Maruho reported under other income. The company expects Cutanea to incur
total operating costs of around between EUR 8 million and EUR 10 million in the 2019 financial year, which will be offset by Maruho.
Under the aforementioned conditions, the Biofrontera Group will achieve an adjusted pre-tax result of approximately EUR -10 million
to EUR -13 million in 2019 (previously: EUR -9 million to EUR -11 million). The achievement of this result depends significantly
on sales revenue trends. In the course of the year, we still expect to reach the operating break-even point in the fourth quarter,
taking into account the charges to Maruho reported under other income.

Taking
into account the difference from the purchase price allocation of Cutanea recognized in profit or loss, Biofrontera will achieve
a positive pre-tax result of approximately EUR 4 million to EUR 7 million.

18

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Ryzyko
and opportunity report

The
risks and opportunities within the Group are described in detail in the report on risks and opportunities in the Group management
report as of December 31, 2018. Compared with the risks and opportunities that it describes, no further significant changes have
arisen as of the June 30, 2019 reporting date, with the exception of the risks and litigation described below.

Risks

Pracowników

The
recruitment of qualified and dedicated staff is a key prerequisite for the company’s success. A high staff turnover rate
could jeopardize the achievement of corporate goals and the safeguarding of the company’s know-how. In order to counter
these risks, motivate employees and retain key personnel, the company offers competitive compensation, participation in option
programs and extensive training and development opportunities for employees. Furthermore, the Group pursues a diversity-orientated
personnel policy in order to leverage the labor market’s full potential. To date, Biofrontera has always succeeded in recruiting
the qualified staff the company requires. For this reason, the company regards this risk as low. However, this assessment could
change significantly in the event of a change of control.

Litigation

W
March 2018, DUSA Pharmaceuticals, Inc. (DUSA) brought a lawsuit against Biofrontera AG and its subsidiaries before the District
Court of Massachusetts due to alleged infringement of its patents No. 9,723,991 and No. 8,216,289 by sales of BF-RhodoLED®
in the U.S. In July 2018, DUSA amended its complaint to add claims of trade secret misappropriation, tortious interference
with contractual relations, and deceptive and unfair trade practices.

Mimo że
we believe that these claims lack merit and intend to defend against them vigorously, we cannot guarantee that we will be successful.
The court largely denied a motion by DUSA for a preliminary injunction, but did order Biofrontera not to use any documents, or
documents derived from documents, that originated at DUSA.

W
addition, Biofrontera submitted petitions for inter partes review to the Patent Trial and Appeal Board (PTAB) seeking to have
the patents declared invalid. The PTAB issued decisions on February 26, 2019, finding a reasonable likelihood of success on invalidity
arguments for some claims, but nonetheless denying institution of the review petitions because the PTAB disagreed on the remainder
of claims.

We
have incurred, and expect to continue to incur, significant expenses in defending these claims, and we expect to have to divert
significant employee resources, including management resources, to defend the claims.

W
July 2018, Biofrontera Inc. brought a lawsuit against DUSA in California Superior Court. Biofrontera’s complaint alleges
that DUSA engaged in unfair competition by providing excessive product samples to physicians and by using its distributor to inflate
product prices. Biofrontera’s complaint also alleges that DUSA engaged in tortious interference by making statements to
third parties regarding the off-label use of its products. The court has allowed Biofrontera’s tortious interference claims
to proceed to discovery. Biofrontera has filed a motion for leave to file an amended complaint. DUSA opposed Biofrontera’s
motion for leave to file an amended complaint. Biofrontera’s motion for leave remains pending.

Na
June 11, 2018, Biofrontera filed a complaint in the United States District Court for the Southern District of New York against
Deutsche Balaton AG, Wilhelm Konrad Thomas Zours, Delphi Unternehmensberatung AG, VV Beteiligungen AG, ABC Beteiligungen AG, Deutsche
Balaton Biotech AG, and Axxion S.A., alleging violations of U.S. federal securities law and state common law in connection with
actions taken by the defendants during a tender offer for Biofrontera’s shares that were designed to defame Biofrontera
and negatively impact its share price. On October 1, 2018, Axxion was voluntarily dismissed from the litigation. On December 6,
2018, the remaining defendants filed a motion to dismiss. The motion to dismiss was fully briefed on February 11, 2019. On July
8, 2019, prior to the court issuing a decision on the motion to dismiss, Biofrontera amended its complaint to include additional
allegations regarding the defendants’ tender offer that was the subject of the original complaint and allegations regarding
a subsequent tender offer made by certain of the defendants in 2019, including that defendants have committed continuing and new
violations of U.S. federal securities law. Defendants have indicated that they plan to move to dismiss the amended complaint in
accordance with a briefing schedule to be ordered by the court. Deutsche Balaton AG, Wilhelm Konrad Thomas Zours and Delphi Unternehmensberatung
AG are among our major shareholders.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

19

W
June 2017, the Company was served with a claim for rescission and nullity brought by the shareholder Deutsche Balaton AG, in which
it sued for the nullity of certain resolutions of the Annual General Meeting on May 24, 2017. The claim was dismissed by the Regional
Court of Cologne in December 2017. In response to Deutsche Balaton AG’s appeal, the Cologne Higher Regional Court upheld
the claim in November 2018. The Cologne Higher Regional Court did not allow the Federal Supreme Court to review the ruling. As
the Company considers the judgment of the Cologne Higher Regional Court to be incorrect, it has filed an appeal for non-admission
with the Federal Supreme Court. A decision of the Federal Court of Justice has not yet been issued.

Deutsche
Balaton AG had filed an application for a special audit with the Regional Court of Cologne to investigate the contractual situation
with Maruho Co. Ltd., Japan and related matters. The special audit request was rejected by the Cologne Regional Court in November
2017 without hearing the company. Deutsche Balaton AG filed an appeal against the rejection, which was dismissed by the Cologne
Higher Regional Court by order on July 31, 2019. Delphi Unternehmensberatung AG, which indirectly holds the majority of the shares
of Deutsche Balaton AG, filed an identical application for a special audit with the Cologne Regional Court in January 2018. These
proceedings were suspended until the Cologne Higher Regional Court had ruled on the appeal by Deutsche Balaton AG. Delphi Unternehmensberatung
AG had already filed a request for a special audit with the same content at the company’s Annual General Meeting on May
24, 2017, which was rejected. Biofrontera AG also assumes on the basis of the appeal decision of July 31, 2019 that Delphi Unternehmensberatung
AG’s request will be rejected accordingly.

Deutsche
Balaton AG has further brought a claim for rescission and nullity against the negative resolutions of the Annual General Meeting
of July 11, 2018 regarding the proposed resolutions under agenda item 8 (conducting a special audit on the circumstances of the
cooperation with the (indirect) major shareholder Maruho Co. Ltd. and its affiliated companies), agenda item 9 (decision on the
assertion of claims for damages against the members of the Management Board Prof. Dr. Lübbert and Schaffer as well as against
Maruho Deutschland GmbH and Maruho Co. Ltd. pursuant to Section 147 (1) AktG as well as the appointment of a Special Representative
for the assertion of these claims pursuant to Section 147 (2) AktG), Agenda Item 10 (conducting of a special audit on the circumstances
of the capital increase at the beginning of 2018 and the associated US listing) and Agenda Item 11 (Decision on the assertion
of compensation claims against the Management Board members Prof. Dr. Lübbert and Schaffer, against the Supervisory Board
member Dr. John Borer as well as against Maruho Deutschland GmbH and Maruho Co., Ltd pursuant to Section 147 (1) AktG and the
appointment of a Special Representative for the assertion of these claims pursuant to Section 147 (2) AktG due to the circumstances
of the capital increase in February 2018 (including the US listing and the US share placement). With regard to the above-mentioned
agenda items 8 to 11, Deutsche Balaton AG also filed a positive claim for a resolution to declare that it is to be recognized
that the Annual General Meeting adopted the resolutions in accordance with the resolution proposals published for this purpose.
Furthermore, under agenda item 4 (Elections to the Supervisory Board), a positive action for resolution was filed with the motion
to declare that Mr. Mark Sippel had been elected to the Supervisory Board as successor to Mr. Mark Reeth with effect from the
end of the Annual General Meeting on July 11, 2018. An action for rescission and nullity was filed against the resolution to reject
the election of Mr. Sippel adopted at the Annual General Meeting. Deutsche Balaton AG withdrew the claims with regard to the latter
two matters in dispute.

20

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Responsibility
Statement

Affirmation
of the legal representatives

We
affirm that, to the best of our knowledge and in accordance with the applicable accounting principles for interim reporting, the
interim consolidated financial statements give a true and fair view of the Group’s financial position, cash flows and results
of operations, and that the combined interim management report for both the company and the Group presents the business performance,
including the business results and the position of the Biofrontera Group and of Biofrontera AG, in such a way that a true and
fair view is conveyed, and that the main opportunities and risks relating to the anticipated performance of the Biofrontera Group
and Biofrontera AG are described.

Leverkusen
on August 27, 2019

Biofrontera
AG

Prof.
                                         Dr. Hermann Lübbert

Chief
Executive Officer

Christoph
                                         Dünwald

Chief
        Sales and Marketing Officer

Thomas
                                         Schaffer

Chief
        Financial Officer

Biofrontera AG Half-Year Financial Report as of June 30, 2019

21

Condensed
interim IFRS consolidated financial statements as of June 30, 2019

Consolidated
balance sheet as of June 30, 2019

Assets

in EUR thousands June 30, 2019 December 31, 2018
Non-current assets
Tangible assets 5,607 794
Intangible assets 23,436 352
Deferred taxes 10,400 10,400
Total non-current assets 39,443 11,546
Current assets
Current financial assets
Trade receivables 3,422 3,397
Other financial assets 13,450 794
Cash and cash equivalents 21,579 19,451
Total current financial assets 38,451 23,642
Other current assets
Inventories 4,488 3,177
Income tax reimbursement claims 3 53
Other assets 1,819 715
Total other current assets 6,310 3,945
Total current assets 44,761 27,587
Total assets 84,204 39,133

22

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Equity
and liabilities

in EUR thousands June 30, 2019 December 31, 2018
Equity
Subscribed capital 44,638 44,632
Capital reserve 117,286 117,109
Capital reserve from foreign currency conversion adjustments (446 ) (2 )
Loss carried forward (145,350 ) (136,505 )
Loss for the period 9,001 (8,878 )
Total equity 25,129 16,356
Non-current liabilities
Financial debt 22,528 13,462
Other provisions 1,042 1,545
Other financial liabilities 17,485 0
Total non-current liabilities 41,055 15,007
Current liabilities
Current financial liabilities
Trade payables 3,795 1,806
Current financial debt 188 165
Other financial liabilities 812 29
Total current financial liabilities 4,795 2,000
Other current liabilities
Income tax liabilities 62 0
Other provisions 2,617 2,891
Other current liabilities 10,546 2,879
Total other current liabilities 13,225 5,770
Total current liabilities 18,020 7,770
Total equity and liabilities 84,204 39,133

Biofrontera AG Half-Year Financial Report as of June 30, 2019

2)3

Consolidated
statement of comprehensive income for the first six months of 2019 and 2018

in EUR thousands 6M 2019 6M 2018
Sales revenue 13,904 8,969
Cost of sales (2,483 ) (1,653 )
Gross profit from sales 11,421 7,316
Operating expenses
Research and development costs (2,322 ) (2,188 )
General administrative costs (7,768 ) (4,079 )
Sales costs (14,195 ) (8,311 )
Loss from operations (12,864 ) (7,261 )
Interest expenses (1,057 ) (990 )
Effective interest expenses (497 ) (76 )
Interest income 209 4
Other expenses (188 ) (43 )
Other income 6,101 681
Badwill 17,323 0
Profit/loss before income tax 9,027 (7,685 )
Income tax (26 ) 0
Profit/loss for the period 9,001 (7,685 )
Expenses and income not included in profit/loss
Items which may in future be regrouped into the profit and loss statement under certain conditions.
Translation differences resulting from the conversion of foreign business operations.
(444 ) (411 )
Other expenses and income total (444 ) (411 )
Profit/loss for the period 8,557 (8,096 )
Basic earnings per share in EUR 0.20 (0.18 )
Diluted earnings per share in EUR 0.20 (0.18 )

Obie
the profit/loss for the period and the comprehensive income are fully attributable to the shareholders of Biofrontera AG.

24

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Consolidated
changes of equity for the first six months of 2019 and 2018

(in EUR thousands except for share information) Number of
ordinary shares
Subscribed
capital
Capital
reserve
Capital from
foreign currency

conversion adjustments (OCI)
Accumulated
loss
Całkowity
Balance as of January 31, 2018 38,416,828 38,417 100,769 700 (136,505 ) 3,381
Capital Increase 6,000,000 6,000 18,000 0 0 24,000
Conversion of convertible bond 2016/2021 6,874 7 26 0 0 33
Conversion of convertible bond 2017/2022 10,778 11 42 0 0 53
Conversion of stock options from the stock option program 72,500 72 172 0 0 244
Foreign currency conversion adjustment 0 0 0 (411 ) 0 (411 )
Costs of equity procurement 0 0 (2,432 ) 0 0 (2,432 )
Increase in capital reserve from the stock option program 0 0 130 0 0 130
Loss for the period 0 0 0 0 (7,685 ) (7,685 )
Balance as of June 30, 2018 44,506,980 44,507 116,707 289 (144,190 ) 17,313
Conversion from convertible bond 2017/2022 2,694 2) 9 0 0 11
Conversion of stock options from the stock option program 123,000 123 261 0 0 384
Foreign currency conversion adjustment 0 0 0 (291 ) 0 (291 )
Increase in capital reserve from the stock option program 0 0 132 0 0 132
Loss for the period 0 0 0 0 (1,193 ) (1,193 )
Balance as of December 31, 2018 44,632,674 44,632 117,109 (2 ) (145,383 ) 16,356
First-time application of IFFRS 16 0 0 0 0 33 33
Conversion of stock options from the stock option program 5,500 6 11 0 0 17
Foreign currency conversion adjustment 0 0 0 (444 ) 0 (444 )
Increase in capital reserve from the stock option program 0 0 166 0 0 166
Profit for the period 0 0 0 0 9,001 9,001
Balance as of June 30, 2019 44,638,174 44,638 117,286 (446 ) (136,349 ) 25,129

Biofrontera AG Half-Year Financial Report as of June 30, 2019

25

Consolidated
cash flow statement for the first six months of 2019 and 2018

in EUR thousands 6M 2019 6M 2018
Cash flow from operations
Profit/loss before income tax 9,027 (7,685 )
Adjustments to reconcile profit/loss before income tax to cash flow into operations
Income tax (26 ) 0
Financial result 1,377 1,062
Depreciation 1,121 398
Non-current provisions and liabilities (503 ) 0
Losses from disposal of assets 0 0
Non-cash income and expenses (18,028 ) (293 )
Changes in operating assets and liabilities
Trade receivables 979 (462 )
Other assets and income tax assets (3,036 ) (205 )
Inventories (560 ) 755
Trade payables 195 (376 )
Provisions (159 ) 185
Other liabilities (12,260 ) (213 )
Net cash flow used in operational activities (21,873 ) (6,834 )
Cash flow from investment activities
Purchase of intangible and tangible assets (513 ) (179 )
Business combination (incl. cash and cash equivalents) 20,231 0
Proceeds from sale of intangible and tangible assets 0 2)
Net cash flow from/used in investment activities 19,718 (177 )
Cash flow from financing activities
Proceeds from the issue of shares 0 24,000
Costs of equity procurement 0 (1,768 )
Proceeds from drawing down EIB loans 5,000 0
Proceeds from exercise of employee stock options 17 245
Repayment of lease liabilities (392 ) 0
Interest paid (347 ) (272 )
Repayment of convertible bond 2016/2021 0 -50
Net cash flow from financing activities 4,278 22,155
Net increase in cash and cash equivalents 2,123 15,144
Changes from exchange rate differences 5 24
Cash and cash equivalents at the beginning of the period 19,451 11,083
Cash and cash equivalents at the end of the period 21,579 26,251

26

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Selected
explanatory notes to the interim consolidated financial statements as of June 30, 2019

Information
about the company

Biofrontera
AG (www.biofrontera.com), registered in the commercial register of the Cologne District Court, Division B under No. 49717, and
its wholly owned subsidiaries Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, Biofrontera Development GmbH, and Biofrontera
Neuroscience GmbH, all headquartered at Hemmelrather Weg 201, 51377 Leverkusen, Germany, and Biofrontera Inc. based in Woburn,
Massachussetts, USA, with its subsidiaries Biofrontera Newderm LLC based in Woburn, Massachussetts, USA and Cutanea Life Sciences,
Inc. together with its subsidiaries Dermarc LLC and Dermapex LLC, all based in Wayne, Pennsylvania, USA, research, develop and
market dermatological products.

Summary
of significant accounting policies

Pursuant
to the regulations of Section 115 of the German Securities Trading Act (WpHG), in combination with Section 117 WpHG, this half-year
financial report as of 30 June 2019 comprises condensed interim consolidated financial statements, an interim Group management
report and a responsibility statement pursuant to the regulations of Section 264 (2) Clause 3, Section 289 (1) Clause 5 of the
German Commercial Code (HGB).

The
condensed interim consolidated financial statements as of June 30, 2019 of Biofrontera AG were prepared in accordance with the
International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) as well as the interpretations
of the International Financial Reporting Standards Interpretations Committee (IFRS IC) for "Interim Financial Reporting"
in accordance with IAS 34, as applicable in the European Union. As a consequence, they do not include all information and disclosures
required for consolidated financial statements, and for this reason should be read in connection with the consolidated financial
statements for the financial year ending December 31, 2018.

As
part of preparing the interim consolidated financial statements, the Management Board must make assumptions that affect the application
of accounting policies within the Group, and the reporting of assets and liabilities as well as income and expenses. Actual amounts
can differ from such estimates.

Apart
from the new IFRS standards described below, the accounting policies applied in the preparation of the consolidated financial
statements as of December 31, 2018 were adopted unchanged for the preparation of these condensed interim consolidated financial
statements. IFRS 16 (Leasing) was applied for the first time as of January 1, 2019.

The
first-time application of IFRS 16 resulted in the following effects:

For
financial years beginning on or after January 1, 2019, IFRS 16 requires the application of a new lease standard. Contrary to the
previous regulation, it provides for lessees to recognize on the balance sheet the rights of use and lease liabilities resulting
from leases. The previous distinction between operating leases, which are generally off-balance sheet, and finance leases, which
are on-balance sheet, is therefore no longer applicable. The lease liability to be carried as a liability is calculated as the
present value of the payments to be made to the lessee with a high degree of probability. They are updated using the effective
interest method. The right to use the underlying asset to be recognized in return is to be recognized at cost at the inception
of the lease. In addition to the leasing payments, any initial direct costs of the lessee and dismantling costs are included in
the calculation. Incentive payments granted by the lessor are to be deducted. The capitalized right of use must be amortized and
tested for impairment if indications of impairment exist. The new regulations for lessors essentially correspond to the previous
regulations.

The
leasing contracts concluded by Biofrontera as lessee mainly relate to buildings and motor vehicles used for operational and administrative
purposes. The company will apply the new accounting standard under the modified retrospective method to leases with a remaining
term of more than one year as of January 1, 2019. Leases of lesser value are excluded.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

27

The
carrying amounts of the rights of use and lease liabilities to be recognized are carried forward as if the new standard had already
been applied in the past. Future lease payments are to be discounted at the imputed interest rate of the lessor or, if not available,
at the marginal borrowing rate on the date of first application. Differences between the carrying amounts of the lease rights
to be recognized for the first time and the lease liabilities change the Group's reserves, taking deferred taxes into account.
The previous year's figures have not been adjusted.

Biofrontera
has decided to make use of the simplification of IFRS 16.6 for expenses from leasing relationships with a remaining term of no
more than one year and from leasing relationships with a low value, and to immediately expense monthly leasing instalments, in
other words, applying the same accounting treatment as with IAS 17.

The
transition to the new lease accounting had the following effects on the consolidated balance sheet as of as of January 1, 2019:

an
    increase in non-current assets due to the capitalization of rights of use in the amount of EUR 2,335 thousand;
an
    increase in balance sheet liabilities due to the recognition of leasing liabilities in the amount of EUR 2,302 thousand;
za
    decrease in the loss carried forward in the amount of EUR 33 thousand.

Effects
on the consolidated income statement as of June 30, 2019 were recognized in the form of higher depreciation (plus EUR 378 thousand)
and higher interest expenses (plus EUR 37 thousand). Offsetting this, leasing expenses recorded under other operating expenses
have declined.

Biofrontera
will not report the rights of use and leasing liabilities separately on the balance sheet, but will include them in items containing
comparable assets and liabilities.

W
relation to the other accounting policies, we also refer in this connection to the notes to the consolidated financial statements
for the financial year ending December 31, 2018.

The
interim reporting as of June 30, 2019 contains no separate segment-based reporting, as the activities of the Biofrontera Group
are limited to a single business segment in terms of the definition in IFRS 8. All business operations focus on the sale of dermatological
products, especially Ameluz®, including the supplementary products BF-RhodoLED® (PDT lamp) and Belixos®,
as well as XepiI®, and are monitored and managed internally on a uniform basis accordingly.

To
half-year financial report of Biofrontera AG was approved for publication by a Management Board resolution on August 27, 2019.

Rounding
differences can arise in the tables due to commercial rounding.

Basis
of consolidation

The
financial statements as of June 30, 2019 include the financial statements of the parent company, Biofrontera AG, and the subsidiary
companies in which the parent has a direct majority of the voting rights. The following companies have been included in the consolidated
financial statements:

1. Biofrontera
    Bioscience GmbH, Leverkusen, Germany, with a direct interest of 100%
2) Biofrontera
    Pharma GmbH, Leverkusen, Germany, with a direct interest of 100%
3) Biofrontera
    Development GmbH, Leverkusen, Germany, with a direct interest of 100%
4 Biofrontera
    Neuroscience GmbH, Leverkusen, Germany, with a direct interest of 100%
5 Biofrontera
    Inc., Woburn, Massachusetts, USA, with a direct interest of 100%
6. Biofrontera
    Inc., Woburn, Massachusetts, USA, with a direct interest of 100% (founded March 21, 2019)
7 Cutanea
    Life Sciences, Inc., Wayne, Pennsylvania, USA, with a direct interest of 100% (acquisition date March 25, 2019)
8 Dermarc
    LLC, Wayne, Pennsylvania, USA, with a direct shareholding of 100% (acquisition date March 25, 2019)
9 Dermapex
    LLC, Wayne, Pennsylvania, USA, with a direct shareholding of 100% (acquisition date 25 March 2019)

28

Biofrontera AG Half-Year Financial Report as of June 30, 2019

The
basis for the consolidation of the companies included in the consolidated financial statements are the interim financial statements
(or HBII pursuant to IFRS) of these companies prepared for 30 June 2019 pursuant to uniform principles. The financial statements
as of June 30, 2019 have been prepared on the basis of uniform accounting policies (IFRS).

The
subsidiaries have been fully consolidated from the date of acquisition. The date of acquisition is the date when the parent company
obtained control of these subsidiaries. The subsidiaries are included in the consolidated financial statements until control over
these companies no longer exists.

All
inter-company balances and income and expenses have been eliminated on consolidation. Results of intra-group transactions have
been eliminated.

Business
kombinacje

Cutanea
Life Sciences, Inc.

Na
March 25, 2019, Biofrontera Inc. entered into an agreement with Maruho to acquire 100% of the shares of Cutanea Life Sciences,
Inc., USA including its subsidiaries Dermark LLC and Dermapex LLC (together "Cutanea") through its wholly owned subsidiary
Biofrontera Newderm LLC, USA, ("Biofrontera"), newly founded on March 21, 2019. Cutanea has been marketing AKTIPAK®,
a prescription gel for the treatment of acne, as well as Xepi®, a prescription cream for the treatment of impetigo,
since November 2018.

The
strategic goal of the Biofrontera Group is to optimize the global positioning and market potential of Ameluz® i
at the same time to become a leading specialty pharmaceutical company in dermatology thanks to its particular degree of innovation.
To this end, the global positioning and market potential of our highly innovative products Ameluz® and Xepi®
are to be optimized.

Biofrontera
acquired Cutanea for an initial purchase price of USD 1.00. Maruho will provide up to USD 7.3 million in start-up financing for
Cutanea's redesigned business activities (start-up costs). A purchase price equal to the start-up costs actually paid must be
paid to Maruho by 2023.

Subsequently,
the profits from the sale of Cutanea products will be shared equally between Maruho and Biofrontera until 2030. Maruho has also
agreed to assume all running costs that may be incurred during the first three months after completion of the transaction. Maruho
also indemnifies Biofrontera and Cutanea against all liabilities relating to or resulting from the pre-contractual period. W
addition, Maruho assumes all Cutanea restructuring costs incurred or arising in the period up to three months after the acquisition.

According
to the purchase agreement, the acquisition date is March 25, 2019. As a consequence, the acquisition was made with economic effect
from that date. As of the same date, Biofrontera gained control over the acquired companies, which means that Cutanea will be
fully consolidated in the consolidated financial statements of Biofrontera in accordance with IFRS 3 with effect from March 25,
2019.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

29

The
fair values of the assets and liabilities (in accordance with IFRS 3) on the acquisition date March 25, 2019 are as follows:

in EUR thousands March 25, 2019
Non-current assets
Property, plant and equipment 1,339
Intangible assets 23,604
Total non-current assets 24,943
Current assets
Trade receivables 1,004
Cash and cash equivalents 20,231
Inventories 763
Other assets 10,860
Total other current assets 32,858
Total assets 57,801
Non-current liabilities
Financial liabilities 495
Current liabilities
Trade payables 1,795
Other current liabilities 20,863
Total current liabilities 22,658
Total equity and liabilities 23,153
Net assets 34,648
Purchase price 17,325
Badwill 17,323

The
badwill derives from the considerable restructuring expenses and necessary investments in sales that were foreseeable when Cutanea
was acquired. The seller (Maruho) hopes that the successful marketing of Cutanea products by Biofrontera and the associated profit
share will deliver economic advantages compared with a continuation of the Cutanea business.

The
following assets and liabilities were measured at fair value as part of the purchase price allocation. The assumptions for the
valuation of the intangible assets are as follows:

Assets and liabilities identified at acquisition date Fair value in EUR thousands Valuation method Operating life Cost of capital
Intangible assets
Xepi® marketing license 23,604 Acquisition value method 139 months 9.1 %

The
products Xepi® and Aktipak® distributed via Cutanea contributed EUR 546 thousand to Biofrontera's
sales revenue in the period from the acquisition to 30 June 2019. If the acquisition had occurred as of 1 January 2018, the contribution
to sales revenue would have been EUR 1,351 thousand.

The
results of operations of Cutanea Life Sciences, Inc. including all subsidiaries is as follows:

in EUR thousands March 25 –
June 30, 2019
Sales revenue 546
Cost of sales (875 )
Gross profit on sales (329 )
Research and development costs (370 )
General administrative costs (1,807 )
Sales costs (3,480 )
Loss on operations (5,986 )
Interest expenses (10 )
Other expenses (63 )
Other income 5,588
Loss before income tax (471 )
Income tax 0
Loss after income tax (471 )

30

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Due
to the integration of Cutanea’s activities into Biofrontera Inc., the existing deferred tax assets at Cutanea were not capitalized,
as these probably cannot be offset against future profits.

Notatki
to the balance sheet and consolidated statement of comprehensive income

Sales
revenue

January 1 – June 30,
    2019
January 1 – June 30,
    2018 r
Sales revenue
in EUR thousands
Revenue from product sales Revenue from development projects Inny Revenue from product sales Revenue from development projects Inny
Niemcy 2,154 0 0 1,184 0 0
Europa 1,357 0 0 1,211 0 0
U.S. 10,231 0 0 6,443 0 0
other regions 0 162 0 0 91 40
Całkowity 13,742 162 0 8,838 91 40

Revenue
from product sales revenues generated in the USA includes sales revenue from finance and operating lease agreements for BF-RhodoLED®
lamps.

W
the first half of 2019, we generated EUR 41 thousand of income from operating leases (previous year period: EUR 0). We generated
income of EUR 19 thousand from finance leases (previous year period: EUR 0).

Inventories

in EUR thousands June 30, 2019 December 31, 2018
Inventories
Raw materials and supplies 1,064 1,098
Unfinished products 284 320
Finished products and goods 3,140 1,759
4,488 3,177

Deferred
income tax

As
of June 30, 2019, deferred taxes in the amount of EUR 10,400 thousand were reported. On an unchanged basis, loss carryforwards
are capitalized to the extent that they can probably be offset against future taxable profits. This is based on a planning period
of five years. These continue to relate to the deferred tax assets on losses carried forward for Biofrontera Pharma GmbH. For
the full 2019 financial year and also in the future, it can still be assumed that Biofrontera Pharma GmbH will generate positive
results and thereby utilize its tax loss carryforwards.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

31

Provisions

The
companies included in the consolidated financial statements of Biofrontera AG are exposed to several threatened or pending legal
proceedings, the outcome of which either cannot be determined or cannot be predicted due to the uncertainty associated with such
legal proceedings. The claims asserted against Biofrontera were not carried as liabilities, as the Management Board does not assume
that claims can be enforced.

For
the pending proceedings in the USA and Germany, provisions for litigation costs totaled EUR 2,183 thousand as of the balance sheet
date (previous year: EUR 3,241 thousand). An amount of EUR 1,437 thousand was utilized in the first half of 2019. On the basis
of a current estimate of the outstanding legal costs, a further provision of EUR 437 was formed.

Biofrontera
assumes that the lawsuits are unjustified and will defend itself vigorously against these lawsuits.

However,
Biofrontera cannot guarantee that it will be successful.

Biofrontera
may incur additional considerable costs in defending its legal position, as in addition to internal resources, attorneys in the
US have also been mandated to defend it. The resultant costs incurred by Biofrontera would not be reimbursed by the plaintiff
even in the event of a positive outcome of the proceedings due to practices in the US legal environment.

2010 r
share option program

W
the first half of the 2019 financial year, a total of 5,500 options (previous year period: 72,500 options) were converted from
the employee share option program. No expenses were incurred in the first half of 2019 (previous year period: EUR 5 thousand).

2015 r
share option program

Po
the end of the 2010 employee share option program, the company’s Annual General Meeting on August 28, 2015 authorized the
Management and Supervisory boards to issue to Management Board members and employees up to 1,814,984 subscription rights to up
to EUR 1,814,984 of the company’s ordinary registered shares until August 27, 2020 according to the more detailed specifics
of the authorization resolutions.

Na
May 14, 2018, 333,485 options (sixth tranche) were issued with an exercise price of EUR 6.708 each. A total of 130,500 options
were forfeited by employees leaving the company. Due to the blocking period, no options have yet been exercised or forfeited.
As a consequence, 116,498 options remain outstanding on June 30, 2019. The expenditure recognized in the reporting period was
EUR 164 thousand (previous year: EUR 125 thousand).

Budżetowy
liabilities

in EUR thousands June 30, 2019 December 31, 2018
Non-current financial debt
Convertible bond 2017/2022 2,512 2,495
EIB loan 2017 11,561 10,967
EIB loan 2019 5,178 0
Leasing liabilities 3,277 0
Total non-current financial debt 22,528 13,462
Current financial debt 188 165

32

Biofrontera AG Half-Year Financial Report as of June 30, 2019

ZA
further tranche of EUR 5 million of the EIB loan was drawn on February 4, 2019. A further tranche of EUR 5 million can be drawn
after the extension of the loan agreement. This was originally available until July 2019 and can now be used until May 2020.

Reporting
on financial instruments

The
financial instruments held by the Biofrontera Group on the balance sheet date primarily consist of cash and cash equivalents,
trade payables and receivables, other non-current financial liabilities as well as financial debt. Biofrontera does not deploy
any financial derivatives, apart from the derivative embedded within the EIB loan (so-called performance component).

Financial assets
(in EUR thousands)
Fair value
as of
June 30, 2019
Carrying
amount
as of
czerwiec
    30,2019
Fair value
as of
Dec 31, 2018
Carrying
amount
as of
Dec
    31, 2019
Financial assets at amortized cost
Cash and cash equivalents 21,579 21,579 19,451 19,451
Trade receivables 3,422 3,422 3,397 3,397
Other financial assets 13,450 13,450 794 794
Całkowity 38,451 38,451 23,642 23,642

Financial liabilities
(in EUR thousands)
Fair value
as of
June 30, 2019
Carrying
amount
as of
czerwiec
    30,2019
Fair value
as of
Dec 31, 2018
Carrying
amount
as of
Dec
    31, 2019
Financial liabilities at amortized cost
Financial liabilities, current 188 188 165 165
Trade payables 3,795 3,795 1,805 1,805
Other current financial liabilities 812 812 29 29
Other non-current financial liabilities 17,485 17,485 0 0
Financial liabilities, non-current 20,865 20,865 12,382 12,382
Całkowity 43,145 43,145 14,382 14,382
Financial liabilities, non-current 1,633 1,633 1,080 1,080
Całkowity 44,808 44,808 15,462 15,462

The
financial assets are still allocated to “financial assets at amortized cost”. The carrying amounts correspond to the
fair values.

The
performance component (financial instrument at level 3 of the fair value hierarchy) as a further variable interest component and
embedded derivative requiring separation is subsequently measured at fair value on each balance sheet date and is allocated to
the category “financial liabilities at fair value through profit or loss”. The market capitalization at maturity is
the same as that of the measurement cut-off date, which is based on the 90 trade days preceding the measurement cut-off date.
The performance-based interest payment for the first tranche is calculated based on a notional 0.64% participation rate in the
market capitalization. This is discounted to the measurement cut-off date applying a market interest rate.

As
of June 30, 2019, the discounted interest payment (carrying amount) or fair value of the performance component of the 2017 EIB
loan was EUR 1,279 thousand (previous year: EUR 1,080 thousand) and of the 2019 EIB loan EUR 353 thousand. The net losses on the
performance component amounted to EUR 252 thousand (previous year period: EUR 508 thousand).

Inny
financial liabilities continue to be allocated to the category “financial liabilities measured at amortized cost”.
The carrying amounts correspond to the fair values.

Biofrontera AG Half-Year Financial Report as of June 30, 2019

33

Members
of the Supervisory Board

Przez
order of the Cologne District Court dated March 22, 2019, Mr. Hansjörg Plaggemars was dismissed as a member of the Supervisory
Board of Biofrontera AG pursuant to Section 103 (3) of the German Stock Corporation Act (AktG) for good cause. The ruling was
issued on March 22, 2019 and came to the company’s attention on March 26, 2019. The ruling regarding the removal from office
is effective immediately. However, an appeal could be lodged within one month, and this occurred. The appeal was rejected by the
Cologne District Court on April 30, 2019 and the case was referred to the Higher Regional Court for a further ruling. The Annual
General Meeting on July 10, 2019 elected Prof. Dr. Franca Ruhwedel, Professor of Finance and Accounting at the Rhein-Waal University
of Applied Sciences, Kamp-Lintfort, Duisburg, to the Supervisory Board as successor to Mr. Plaggemars.

Związane z
party disclosures

The
following relationships exist with the Maruho Group as a result of the research partnership and the acquisition of Cutanea:

in EUR thousands June 30, 2019 December 31, 2018
Revenue from research collaborations 162 91
Income from the reimbursement of restructuring expenses 5,522 0
Receivables from research cooperation 62 0
Receivables from the Share Purchase Agreement 12,825 0
Purchase price liabilities Cutanea Life Sciences, Inc. 17,485 0

Events
after the interim reporting date

No
events subject to mandatory reporting occurred after the interim balance sheet date.

Leverkusen
on August 27, 2019

Prof.
                                         Dr. Hermann Lübbert

Chief
Executive Officer

Christoph
                                         Dünwald

Chief
        Sales and Marketing Officer

Thomas
                                         Schaffer

Chief
Financial Officer

34

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Independent
auditors’ report

Do
Biofrontera AG, Leverkusen

We
have subjected to an auditor’s review the condensed interim consolidated financial statements – consisting of the
condensed balance sheet, condensed statement of comprehensive income, condensed statement of cash flows, condensed statement of
changes in equity, as well as selected explanatory notes to the financial statements – and the interim Group management
report of Biofrontera for the period from 1 January 2019 to 30 June 2019, which form part of the half-year financial report pursuant
to Section 115 of the German Securities Trading Act (WpHG).

The
company’s legal representatives are responsible for the preparation of the condensed interim consolidated financial statements
in accordance with IFRS for interim reporting, as applicable in the EU, and for the preparation of the interim Group management
report in accordance with WpHG regulations applicable for interim group management reports. Our task is to issue a certification
relating to the condensed interim consolidated financial statements and the interim Group management report based on our auditor’s
review.

We
conducted the auditor’s review of the condensed interim consolidated financial statements and interim Group management report
in compliance with German generally accepted principles for auditors’ reviews of financial statements as promulgated by
the Institute of Public Auditors in Germany (IDW). Accordingly, the auditor’s review is to be planned and conducted so that
a critical appraisal can exclude with a given certainty that in significant aspects the condensed interim consolidated financial
statements have not been prepared in accordance with IFRS for interim reporting, as applicable in the EU, and that in significant
aspects the interim Group management report has not been prepared in accordance with WpHG regulations applicable for interim group
management reports. An auditor’s review is restricted mainly to querying the company’s employees and to analytical
appraisals, and consequently does not offer the security that can be achieved by an audit of the financial statements. As, in
accordance with our mandate, we have not conducted an audit of the financial statements, we cannot issue an auditor’s report.

Based
on our auditor’s review, we are not aware of any matters that would lead us to the assumption that in significant aspects
the condensed interim consolidated financial statements have not been prepared in accordance with IFRS for interim reporting,
as applicable in the EU, or that in significant aspects the interim Group management report has not been prepared in accordance
with WpHG regulations applicable for interim group management reports.

Düsseldorf
on August 27, 2019

Warth
& Klein Grant Thornton AG

Wirtschaftsprüfungsgesellschaft

Prof.
    Dr. Thomas Senger
Michael
    Gottschalk
Niemiecki
    Public Auditor
Niemiecki
    Public Auditor

Biofrontera AG Half-Year Financial Report as of June 30, 2019

35

36

Biofrontera AG Half-Year Financial Report as of June 30, 2019

Laisser un commentaire

Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *