The European Investment Bank (EIB) will loan up to $22.3 million to biopharmaceutical company Biofrontera AG to help the company grow.

Biofrontera, based in Germany, develops and sells innovative therapies for treating skin cancers. Its key product, Ameluz, is a prescription drug in use in the European Union and the United States designed to treat some forms of non-melanoma skin cancer, according to an EIB press release.

“We are proud to be able to support Biofrontera in its innovative and competitive strategy. Innovation is a key element for Europe in a global competition, to help secure competitiveness and jobs in the future and achieve sustainable growth,” Ambroise Fayolle, EIB vice president, said in the release. “Biofrontera is expected to embark on a period of significant growth. Standing by European companies at an early stage and providing long-term, stable capital to support the (research and development) activities of these businesses is a top priority for the bank.”

The loan is expected to allow Biofrontera to hire new employees as the company expands and works on innovation.

“We are honored that the EIB has selected Biofrontera to be part of their Investment Plan for Europe," Thomas Schaffer, chief financial officer of Biofrontera, said in the release. "The loan will greatly enhance our financial capabilities and will be an integral pillar for our growth ambitions in Europe and in the USA to become a leading dermatology company."