March 20, 2020 / 8:20 AM / 20 days ago

BRIEF-Biofrontera Implements Measures To Reduce Costs During Coronavirus Pandemic

March 20 (Reuters) - BIOFRONTERA AG:

* BIOFRONTERA IMPLEMENTS COMPREHENSIVE MEASURES TO REDUCE COSTS DURING COVID-19 PANDEMIC

* ANTICIPATES DECLINING DEMAND FOR ITS PRODUCT AMELUZ^(R) DUE TO CURRENT MEASURES AND REGULATIONS IMPLEMENTED BY GOVERNMENTS

* WILL IMPLEMENT SHORT-TIME WORK FOR ALL EMPLOYEES IN GERMANY

* MUST BE PREPARED FOR A TRANSIENTLY DECLINING GLOBAL DEMAND FOR BIOFRONTERA'S PRODUCTS DUE TO CORONAVIRUS PANDEMIC

* MEASURES TO LEAD TO DIFFERENT PRIORITIES FOR MEDICAL TREATMENTS AND CAUSE A DELAY OF ACTINIC KERATOSIS TREATMENT FOR MOST PATIENTS

* WE EXPECT LOWER DEMAND FOR OUR PRODUCTS TO CONTINUE FOR SEVERAL MONTHS BUT CURRENTLY HAVE VERY LIMITED VISIBILITY FOR OUR BUSINESS IN NEAR TERM

* SIMILAR MEASURES ARE CURRENTLY BEING ASSESSED FOR ITS SUBSIDIARIES IN SPAIN AND UK AND WILL BE IMPLEMENTED SHORTLY

* BIOFRONTERA INC., US-BASED SUBSIDIARY, WILL ALSO INITIATE SUBSTANTIAL COST CUTTING MEASURES BY SIGNIFICANTLY REDUCING WORKFORCE AND IMPLEMENTING FURLOUGH PROGRAM

* MEMBERS OF MANAGEMENT BOARD ARE VOLUNTARILY WAIVING A SUBSTANTIAL PORTION OF THEIR SALARIES UNTIL FURTHER NOTICE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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