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BioSpecifics Technologies Corp. Reports Second Quarter 2008 Financial Results
Date:8/11/2008

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 http://www.biospecifics.com.

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 uncertai
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SOURCE BioSpecifics Technologies Corp.
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