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

encouraging clinical trial results to date, the commitment of its partner Auxilium to pursue the development of this indication and the future market opportunity for patients who do not have acceptable therapeutic alternatives.

In December 2008, BioSpecifics announced that its partner Auxilium signed a license agreement with Pfizer to market XIAFLEX(TM) in Europe and other territories for the treatment of Dupuytren's disease and Peyronie's disease and BioSpecifics negotiated certain modifications to its agreement with Auxilium in connection with that license agreement. As a result of such modifications, BioSpecifics received $6.375 million of the $75 million upfront payment paid to Auxilium by Pfizer, and will receive 8.5% of the $410 million in potential additional milestone payments that may be made by Pfizer to Auxilium. Of these additional milestone payments, $150 million are tied to regulatory milestones and $260 million are based on sales milestones. In addition, BioSpecifics will continue to receive milestone and royalty payments from Auxilium in accordance with its original agreement.

Recent Corporate Highlights

On January 6, 2009, BioSpecifics announced that it received notification from The NASDAQ Stock Market LLC that its common stock was approved for listing on the NASDAQ Global Market. 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 in Peyronie's disease for XIAFLEX(TM). Due to the high level of interest from patients and physicians, Auxilium exceeded its enrollment target of 120 patients.

On February 3, 2009, BioSpecifics announced that it received an upfront sublicense payment of $6.375 million on January 30, 2009 from Auxilium in accordance
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