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BioSpecifics Technologies Corp. Reports First Quarter 2011 Financial Results
Date:5/10/2011

LYNBROOK, N.Y., May 10, 2011 /PRNewswire/ -- 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, 2011 and provided a corporate update. For the quarter, the Company reported a net income of $3.7 million or $0.59 per share on a basic basis and $0.51 on a fully diluted basis. The Company anticipates that it will be profitable on an ongoing annual basis.

"This quarter marks several major positive developments for BioSpecifics. We are extremely pleased to announce that we anticipate being profitable on an ongoing annual basis," said Thomas Wegman, President of BioSpecifics. "Pfizer's recent launch of XIAPEX® for Dupuytren's contracture in Europe is very exciting given Pfizer's strong marketing arm, and the significant prevalence of this debilitating disease in Europe. We look forward to its commercial success. Furthermore, enrollment is now complete for the Phase 3 pivotal trials for XIAFLEX® for the treatment of Peyronie's disease, and we look forward to reporting those results in the second quarter of next year."

Financial Results: The Company reported a net income of $3.7 million for the quarter ended March 31, 2011 or $0.59 per share on a basic basis and $0.51 on a fully diluted basis, compared to a net loss of $0.3 million, or $0.04 per share on a basic and fully diluted basis, for the same period in 2010. Excluding the net deferred tax assets of $3.5 million, the Company's net income for the 2011 period on a non-GAAP basis was $0.02 per share on a basic and fully diluted basis.

Total revenue for the quarter ended March 31, 2011 was $1.9 million as compared to $2.7 million for the same period in 2010. Licensing revenue recognized for the three months ended March 31, 2011 was $0.1 mil
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SOURCE BioSpecifics Technologies Corp.
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