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

xpenses were primarily due to higher stock-based compensation expense and outside consulting expense partially offset by lower legal fees.

As of March 31, 2009, BioSpecifics held cash, cash equivalents and short-term investments of $10.7 million, compared to $4.4 million as of December 31, 2008.

First Quarter and Recent Corporate Highlights

  • BioSpecifics' common stock began trading on the Nasdaq Global Market under the ticker BSTC on January 9, 2009.

  • On February 2, 2009, Auxilium announced the completion of enrollment in a randomized, double-blind, placebo-controlled U.S. Phase IIb clinical trial for XIAFLEX(TM) for Peyronie's disease. Over 120 patients were enrolled, and all dosing was completed on April 30, 2009. Top-line results from the study are expected to be reported in the fourth quarter of 2009.

  • On February 3, 2009, BioSpecifics announced that it received an upfront sublicense payment of $6.375 million on January 30, 2009 from Auxilium as a result of its partnership agreement with Pfizer to market XIAFLEX(TM) in 48 countries including Europe.

  • On April 28, 2009, the FDA accepted for Priority Review Auxilium's BLA for XIAFLEX(TM) for the treatment of Dupuytren's disease. Auxilium filed the BLA on February 27, 2009 and included data from 1,082 subjects and over 2,600 injections. The Prescription Drug User Fee Act (PDUFA) date has been set for August 28, 2009. If approved by the FDA, Auxilium plans to launch in the U.S. within 60 days, which would be the end of the calendar year.

About BioSpecifics Technologies Corp.

BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed injectable co
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SOURCE BioSpecifics Technologies Corp.
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