02:22 PM EST, 11/22/2024 (MT Newswires) -- Biofrontera (BFRI) shares jumped nearly 13% in recent Friday trading after the company raised $4.2 million from a private placement of a senior secured convertible note with its principal shareholders.

The three-year note bears a paid-in-kind annual interest of 10% and is secured by the company's assets, with the principal amount convertible into common shares at a fixed conversion price of $0.78 per share, the company said.

Biofrontera said it will use the proceeds to support its general operations and strategic investments, including its commercial and clinical development initiatives.

Price: 0.86, Change: +0.10, Percent Change: +12.78