NEW YORK, July 14 (GenomeWeb News) - DNAPrint Genomics said yesterday that it had purchased an 18-percent share of Leverkusen, Germany-based Biofrontera for €1.5 million ($1.8 million), a prelude to the development of a new pharmaceutical pipeline for DNAPrint.
DNAPrint said it will add two of Biofrontera's Phase II drugs to its stable for chronic uriticaria and actinic keratosis, called BF-Derm1 and 5-aminolevulonic acid, respectively, the company said. DNAPrint will also add "a series" of drugs that are in pre-clinical development, including a prophylactic migraine treatment, it said.
"The key goal of our pharmaceutical research is the development of test/drug combinations for helping to ensure efficacy with compatible patients," said Hector Gomez, DNAPrint's chief medical officer.
"Over the next several months we plan to expand our relationship with Biofrontera, especially in the drug development arena, and we plan to take advantage of each others' locations to help promote our respective products and services in each others' markets," said Richard Gabriel, president and CEO of DNAPrint.
Gabriel and Gomez will sit on the Biofrontera board of directors in connection with the transaction, the company said.