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BioSpecifics Technologies Corp. Reports Fourth Quarter and Full Year 2008 Financial Results
Date:3/30/2009

009, and $0.5 million in earn-out payments under the Company's agreement with DFB Biotech Inc. and its affiliates.

Research and development expenses for the fourth quarter of 2008 were $0.2 million, compared to $1.9 million for the same period in 2007. For the year ended December 31, 2008, research and development expenses were $0.4 million, compared to $2.5 million in 2007. The decreases in research and development expenses were primarily due to lower third-party development costs in the 2008 periods.

General and administrative expenses for the fourth quarter of 2008 totaled $1.4 million, compared to $0.6 million for the same period in 2007. For the year ended December 31, 2008, general and administrative expenses were $4.2 million, compared to $3.5 million in 2007. The increases in general and administrative expenses were primarily due to increases in stock-based compensation expense, and legal and other third party fees related to the modification of the Company's agreement with Auxilium in connection with the Pfizer transaction.

As of December 31, 2008, BioSpecifics held cash, cash equivalents and short-term investments, of $4.4 million, compared to $1.0 million on December 31, 2007. This does not include the $6.375 million payment that was received by BioSpecifics from Auxilium on January 30, 2009.

2008 Corporate Highlights

In June 2008, BioSpecifics' partner Auxilium announced positive top-line efficacy and safety results from the CORD I and CORD II phase III clinical trials for XIAFLEX(TM) in the treatment of Dupuytren's disease.

In September 2008, BioSpecifics announced an agreement to significantly improve the deal terms related to its future royalty obligations to a third party for XIAFLEX(TM) for Peyronie's disease by buying down its future royalty obligations with a one-time cash payment. BioSpecifics made this strategic decision based on the
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SOURCE BioSpecifics Technologies Corp.
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