BioSpecifics Technologies Corp. Reports Fourth Quarter and Full Year 2008 Financi...( LYNBROOK N.Y. March 30 /- BioSpecific...)

LYNBROOK, N.Y., March 30 /PRNewswire-FirstCall/ -- BioSpecifics Technologies Corp. (Nasdaq: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today announced its financial results for the fourth quarter and full year ended December 31, 2008.

"We are very happy to report that our partner Auxilium has been advancing XIAFLEX(TM) through the clinic; recently completing enrollment in a Phase IIb trial in Peyronie's disease as well submitting a Biologics License Application for Dupuytren's disease with the U.S. Food and Drug Administration in early March," commented Thomas Wegman, President of BioSpecifics Technologies Corp. "In addition, Auxilium's announcement of the partnership with Pfizer to market XIAFLEX(TM) in 48 countries including Europe, represents another important step in making this product available for patients who need it throughout the world."

Financial Results

The Company reported net income of $5.2 million for the quarter ended December 31, 2008, or $0.87 per share and $0.75 per share on a fully diluted basis, compared to a net loss of $2.2 million, or $(0.42) per share, for the same period in 2007. For the full year ended December 31, 2008, the Company reported net income of $3.7 million, or $0.64 per share and $0.55 per share on a fully diluted basis, compared to a net loss of $4.5 million, or $(0.86) per share, for 2007.

Revenue for the fourth quarter of 2008 was $7.2 million, compared to $0.4 million for the same period in 2007. For the full year ended December 31, 2008, revenue was $8.4 million, compared to $1.5 million in 2007. The increase in revenue for both periods was mainly due to the recognition in the fourth quarter of 2008 of a sublicense fee of $6.375 million under the Company's agreement with Auxilium, which was paid in 2
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