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BioSpecifics Technologies Corp. Reports First Quarter 2009 Financial Results
Date:5/11/2009

LYNBROOK, N.Y., May 11 /PRNewswire-FirstCall/ -- BioSpecifics Technologies Corp. (Nasdaq: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today announced its financial results for the first quarter ended March 31, 2009.

"The FDA's recent acceptance of Auxilium's Biologic License Application (BLA) for XIAFLEX(TM) with Priority Review for Dupuytren's disease represents the culmination of many years of successful clinical development and we are very much looking forward to the PDUFA date in August 2009, when we hope that physicians and patients will have access to this drug candidate," remarked Thomas Wegman, President of BioSpecifics Technologies Corp. "We are delighted that XIAFLEX(TM) is advancing through the clinic, and so far this year we have secured milestone payments from Auxilium as a result of the European marketing agreement with Pfizer as well as the BLA Priority Review acceptance for Dupuytren's disease."

The Company reported a net loss of $946 thousand for the quarter ended March 31, 2009, or $(0.16) per diluted common share, compared to a net loss of $464 thousand, or $(0.08) per diluted common share, for the same period in 2008.

Revenue for the quarter ended March 31, 2009 was $343 thousand, compared to $401 thousand for the same period in 2008. The decrease in revenue was mainly due to an Auxilium consulting agreement signed in October 2007 which terminated during the second quarter of 2008.

Research and development expenses for the quarter ended March 31, 2009 were $116 thousand, compared to $94 thousand for the same period in 2008.

General and administrative expenses for the quarter ended March 31, 2009 totaled $1.2 million, compared to $0.8 million for the same period in 2008. The increases in general and administrative e
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