NEW YORK, Sept. 29 (GenomeWeb News) - DNAPrint Genomics yesterday said that it will acquire a 51.77 percent stake in German pharmaceutical firm Biofrontera AG.
DNAPrint said that it would invest 20 million euros (approximately $25 million) over 24 months in Biofrontera's Series B preferred shares. Biofrontera will use the proceeds to advance its clinical and preclinical drug pipeline, including its lead BF-Derm1, a product in phase II studies for treatment of severe, antihistamine-refractory chronic urticaria.
Sarasota, Fla.-based DNAPrint also announced that it received a commitment from Dutchess Private Equities Fund to purchase up to $35 million in DNAPrint common stock over the next two years. The purchase price of the shares will be based on the trading price of the stock, and Dutchess' investment will begin after DNAPrint registers the common stock that it will isuee in the transaction.