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BioSpecifics Technologies Corp. Reports Second Quarter 2008 Financial Results

LYNBROOK, N.Y., Aug. 11 /PRNewswire-FirstCall/ -- BioSpecifics Technologies Corp. (OTC Bulletin Board: BSTC.OB), a biopharmaceutical company developing first in class collagenase-based products, today announced its financial results for the second quarter ended June 30, 2008.

The Company reported a net loss of $801,337 for the quarter ended June 30, 2008, or 14 cents per diluted common share, compared to a net loss of $478,000, or 9 cents per diluted common share, for the same period in 2007.

Revenue for the second quarter of 2008 was $434,000 compared to $370,000 for the same period in 2007. For the six months ended June 30, 2008, revenue was $836,000, compared to $730,000 for the same period in 2007. The increase in revenue for both periods was due to an increase in consulting fees.

"In the second quarter, successful pivotal Phase 3 results for XIAFLEX(TM) to treat Dupuytren's Contracture were announced by our partner Auxilium, Inc. We continue to expect a biologics license application (BLA) filing for this product with the U.S. Food and Drug Administration in early 2009. In addition, we expect Auxilium to initiate a Phase 2b trial for XIAFLEX in Peyronie's Disease later this quarter," commented Thomas Wegman, President of BioSpecifics Technologies Corp. "We were also pleased to announce that we strengthened our balance sheet through a private placement of equity at a premium."

Research and development expenses for the second quarter of 2008 were $94,000, compared to $72,000 for the same period in 2007. For the six months ended June 30, 2008, research and development expenses were $189,000, compared to $458,000 for the same period in 2007. The decrease in research and development expenses was primarily due to lower third-party development costs primarily offset by certain external study development costs.

General and administrative expenses for the second quarter of 2008 totaled $ 1.2 million, compared to $813,000 for the same period in 2007. For the six months ended June 30, 2008, general and administrative expenses were $2.0 million, compared to $1.9 million for the same period in 2007. This increase in general and administrative expenses was primarily due to stock based compensation expense partially offset by lower administrative personnel costs and legal fees.

As of June 30, 2008, BioSpecifics held cash, cash equivalents and accounts receivable, prepaid expenses and other current assets of $5.0 million, compared to $ 2.8 million on June 30, 2007.

Recent Corporate Developments

In June, the Company announced the sale of 100,000 unregistered shares of common stock with aggregate proceeds to BioSpecifics of $1.5 million. The shares were purchased by an investment group on May 30, 2008 and were sold in a company managed private placement transaction at a premium over the then-market price.

About BioSpecifics Technologies Corp.

BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed and licensed injectable collagenase for three clinical indications. It has a development and licensing agreement with Auxilium Pharmaceuticals, Inc. for clinical indications in Dupuytren's disease, Peyronie's disease and frozen shoulder (adhesive capsulitis). More information about the company may be found on its website at

Forward Looking Statements

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of BioSpecifics Technologies Corp. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. Please refer to our 10-KSB for specific details on our risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.


Consolidated Balance Sheets

Fiscal Year


As of June 30, December 31,

2008 2007

(unaudited) (audited)


Current assets:

Cash and cash equivalents $4,741,385 $68,564

Short-term investments-(1) - 975,000

Accounts receivable, net 102,180 108,809

Prepaid expenses and other current assets 101,946 73,158

Total current assets 4,945,511 1,225,531

Long-term investments-(1) 1,020,427 -

Property, plant and equipment, net 17,133 35,680

Total assets 5,983,071 1,261,211

Liabilities and Stockholders' Deficit

Current liabilities:

Accounts payable and accrued expenses 719,623 873,460

Accrued third-party development expenses 2,272,969 2,272,969

Accrued tax liability 453,553 453,553

Deferred revenue 1,345,125 1,437,116

Accrued tax and other accrued liabilities

of discontinued operations 78,138 78,138

Total current liabilities 4,869,408 5,115,236

Long-term deferred revenue 2,501,062 2,881,633

Stockholders' deficit:

Series A Preferred stock, $.50 par

value, 700,000 shares authorized;

none outstanding - -

Common stock, $.001 par value; 10,000,000

shares authorized; 6,082,068 shares

and 5,480,768 shares issued and outstanding

at June 30, 2008 and December 31, 2007,

respectively 6,082 5,481

Additional paid-in capital 1,092,925 4,751,447

Accumulated deficit (11,437,876) (10,172,855)

Accumulated other comprehensive loss (354,573) -

Treasury stock, 131,267 shares at cost at

June 30, 2008 and December 31, 2007 (693,957) (693,957)

Notes receivable from former CEO and

Chairman and other related party - (625,774)

Total stockholders' deficit (1,387,399) (6,735,658)

Total liabilities and stockholders'

deficit $5,983,071 $1,261,211

(1) As discussed in note 2 to the consolidated financial statements, we

have classified all of our auction rates securities held as of June

30, 2008 as long-term investments as our ability to liquidate such

securities in the next 12 months is uncertain. We had classified all

of our auction rate securities held as of December 31, 2007 as short

term investments.


Consolidated Statements of Operations


Three Months Ended Six Months Ended

June 30 June 30,

2008 2007 2008 2007


Net sales $4,046 $10,832 $16,799 $11,932

Royalties 2,028 - 2,028 -

Licensing fees 266,282 289,279 532,563 578,558

Consulting fees 162,000 70,000 284,185 140,000

Total Revenues 434,356 370,111 835,575 730,490

Costs and expenses:

General and

administrative 1,173,316 812,947 1,973,772 1,910,414

Research and

development 94,432 72,060 188,703 458,419

Total Cost and

Expenses 1,267,748 885,007 2,162,475 2,368,833

Operating loss from

continuing operations (833,392) (514,896) (1,326,900) (1,638,343)

Other income (expense):

Interest income 27,528 36,894 57,803 78,143

Interest expense - - (451) -

Other income 4,527 - 4,527 -

32,055 36,894 61,879 78,143

Loss from continuing

operations before

benefit (expense) for

income tax (801,337) (478,002) (1,265,021) (1,560,200)

Income tax benefit

(expense) - - - (3,600)

Net loss from continuing

operations $(801,337) $(478,002) $(1,265,021) $(1,563,800)

Basic and diluted net

loss per share $(0.14) $(0.09) $(0.22) $(0.30)

Shares used in computation

of basic and diluted net

loss per share 5,796,764 5,275,337 5,715,825 5,255,354

SOURCE BioSpecifics Technologies Corp.
Copyright©2008 PR Newswire.
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