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

was $2.3 million, which includes $1.3 million of the $15 million paid to the Company's partner Auxilium Pharmaceuticals, Inc by Pfizer Inc. for the completion of the Marketing Authorization Application for XIAFLEX for Dupuytren's contracture in Europe.  The Company also received a milestone of $1.0 million related to the FDA's approval of XIAFLEX for Dupuytren's contracture in February 2010 and in connection with the notification in June 2010 to Auxilium of the Company's election not to commercially manufacture XIAFLEX.

Research and development expenses for the fourth quarter of 2010 were a credit of $34,256 compared to $0.1 million for the same period in 2009. This credit in research and development was mainly due to an adjustment during the quarter to the amount of third party lyophilization expenses reported to us by Auxilium. For the year ended December 31, 2010, research and development expenses were $1.2 million, compared to $0.5 million in 2009. This increase in research and development expenses was primarily due to third party development costs that are reimbursable to BioSpecifics.

General and administrative expenses for the fourth quarter of 2010 were $1.5 million, compared to $1.3 million for the same period in 2009. For the year ended December 31, 2010, general and administrative expenses were $6.5 million, compared to $4.8 million in 2009. The increase in general and administrative expenses was due to legal fees, stock based compensation and services related to investor relations partially offset by lower patent costs.

As of December 31, 2010, the Company had cash, cash equivalents and investments of $7.8 million, compared to $8.5 million on December 31, 2009.

Upcoming Milestones:

  • Auxilium anticipates reporting top-line results in the first half of 2012 for the Phase III double-blind studies of XIAFLEX for Peyronie's disease.

  • Auxilium plans to prioritize new pipeline indication(s) for XIAFL
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  • SOURCE BioSpecifics Technologies Corp.
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