LYNBROOK, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- BioSpecifics Technologies Corp. (Nasdaq: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today announced its financial results for the second quarter ended June 30, 2009.
"We were very pleased to report in April that the FDA accepted Auxilium's BLA with Priority Review for XIAFLEX(TM) for the treatment of Dupuytren's disease and we are looking forward to the Arthritis Advisory Committee review of XIAFLEX(TM) on September 16," stated Thomas L. Wegman, President of BioSpecifics Technologies Corp. "Clinical trials have demonstrated the potential of XIAFLEX(TM) in a number of important therapeutic indications and we look forward to providing updates for this promising product."
The Company reported a net loss of $0.1 million for the second quarter ended June 30, 2009, or $0.01 per basic and diluted common share, compared to a net loss of $0.8 million, or $0.14 per basic and diluted common share, for the same period in 2008.
Revenue for the second quarter ended June 30, 2009 was $1.2 million, compared to $0.4 million for the same period in 2008. The increase in revenue was due to a milestone payment received and recognized from Auxilium Pharmaceuticals, Inc. and earn-out royalties from the sales of topical collagenase under the earn out payment provision of the Asset Purchase Agreement after certain net sales levels were achieved by DFB Biotech, Inc. and its affiliates.
Research and development expenses for the second quarter ended June 30, 2009 and 2008 were approximately $0.1 million in each respective quarter. Research and development expenses include employee related expenses, costs of materials, lab expense, facility costs and overhead.
|SOURCE BioSpecifics Technologies Corp.|
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