Dear ladies and gentlemen, welcome to the Biofrontera’s Third Quarter 2018 Earnings Conference Call. At our customers' request this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] May I now hand you over to Pamela Keck, Head of Investor Relations who will lead you through the conference. Please go ahead.

Thank you. Good morning and welcome to Biofrontera’s third quarter nine months ended September 30, 2018 earnings conference call. Before we begin with the call, I have to go through some household items received first. Earlier this morning, we issued a press release announcing our financial results for the nine months ended September 30, 2018. We would like to remind everyone that we will only be summarizing results in this call today. Biofrontera’s earnings report for the reporting period ended September 30, 2018 the corresponding news release and our Annual Report on Form 20-F have been filed on EDGAR, and are also available in the Investors section of our website. We encourage you to review the documents in their entirety. Please note that certain information discussed on the call today is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. We caution listeners that during this call, our management will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with the company’s business. These forward-looking statements are subject to a number of risks, including and qualified by the cautionary statements contained in Biofrontera’s press release and SEC filings, including its Annual Report on Form 20-F and subsequent filings. This conference call contains time sensitive information that is accurate only as of the date today for this call right now on November 16, 2018. Biofrontera undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. And with that, I would now like to turn the call over to Dr. Hermann Lübbert. Hermann Lübbert: Thank you, Pamela. Thank you everyone for joining us this morning for Biofrontera's third quarter 2018…

Thank you. Then we will now begin our question-and-answer session. [Operator Instructions] We received the first question. It comes from Bruce Jackson of the Benchmark Company. Please go ahead. Your line is now open.

Congratulations on the progress, and nice job on the very thorough review of the results, but just a couple of questions. With the United States and the price increase, sometimes there’s a phenomenon where sales might dip right after the price increase due to physicians stocking up and then rebound. I was just wondering if you could give us a little bit of a description about the current trends in the fourth quarter, and how sales are trending after the price increase? Hermann Lübbert: So we’ve been very careful with a price increase, and it’s basically the inflation rate. First price increase that we introduced since the launch, and was only 5.6%. While we’ve seen from strengths strong growth or stronger sales in September, we see the momentum that we have throughout the year going forward in October. And so this is not the case that now the fourth quarter floating off. So we are actually very pleased.

Okay, great. And then with the plans to continue expanding the sales force, in terms of the pace of hiring, is this something where you might bring out a bunch of people all at once? Or will you just hire opportunistically over the next several quarters? And do you have any comment on the pace of the hiring of sales people in the United States? Hermann Lübbert: We did that more on opportunistic base. This year, again, we have plans probably to be at 27 people. And when we saw that we have momentum going then we added extra people. Yes, we would do that. We have plans for next year for certain number. But I'm not expecting that we're going to add great, great numbers of sales people now, since we think that overall, as I stated earlier, about 50 people would be enough. So once we are to full capacity with these 50 people that really depends on the uptick in the market. So we are very sensible there. But if we have an opportunity and we have -- go for it.

So it's a long-term target with no particular target date attached to it. Hermann Lübbert: That's correct.

Okay, great. And then last question for me on the Maruho agreement. You showed some feasibility in the first phase of the agreement. I was just wondering if there had been any progress made in discussions with Maruho about the next steps on that project. Christoph Dünwald: The idea behind the project was -- to answer the question that are using Nanoemulsion Technology that Biofrontera has developed for Ameluz, whether that could be applied in a similar way to stabilize other active ingredients that are used in dermatology. So the first phase of the project that was completed in March, the idea was just to answer that question. So we have not, up to this point, discussed any long-term rights, since this is all our patented technology, all the long-term rights are still with us. Now with the continuation of the project, of course, this kind of discussion has to be done, which is all we are currently doing. So we are discussing the projects, market potential the implications of the rights subsequent to the project. And that's going to be ongoing. And so I hope we will be able to present something although sooner than later.

Thank you. At the moment there are no further questions. [Operator Instructions] There are no further questions. I hand back to you. Hermann Lübbert: Yes. So if here are no further questions, we thank everybody for taking the time this morning in the U.S., and this afternoon in Europe. We wish you a nice day and even nicer weekend. Thank you very much. Christoph Dünwald: Thank you. Bye-bye. Hermann Lübbert: Bye-bye.

Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.