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BioSpecifics Technologies Corp. Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/11/2011

LYNBROOK, N.Y., March 11, 2011 /PRNewswire/ -- BioSpecifics Technologies Corp. (Nasdaq: BSTC; the "Company"), 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, 2010.  

"2010 was an exciting year for the Company, but we are even more excited about 2011 as we look forward to sales growth of XIAFLEX® in the U.S., as well as Pfizer's launch of XIAPEX® in Europe later this year," said Thomas Wegman, the Company's President. "We are very pleased that the European Commission has granted marketing authorization of XIAPEX for the treatment of Dupuytren's contracture in adult patients with a palpable cord, and we look forward to Pfizer's launch of XIAPEX in Europe later this year."

Financial Results: The Company reported net income of $0.1 million for the quarter ended December 31, 2010, or $0.02 per share on a basic and fully diluted basis, compared to a net loss of $0.5 million or $0.09 per share on a basic and fully diluted basis, for the same period in 2009. For the full year ended December 31, 2010, the Company reported a net loss of $1.5 million, or $0.24 per share on a basic and fully diluted basis, compared to a net loss of $2.0 million, or $0.32 per share on a basic and fully diluted basis in 2009.

Revenue for the fourth quarter of 2010 was $1.1 million, compared to $0.8 million for the same period in 2009. For the full year ended December 31, 2010, revenue was $5.7 million, compared to $3.2 million for the full year 2009. Total royalty and earn-out revenues for the year ended December 31, 2010 increased by $1.0 million due to the launch of XIAFLEX in March 2010 and higher net sales of Santyl under the agreement with DFB Biotech, Inc. and its affiliates. Milestone revenue recognized for the year ended December 31, 2010
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