BioSpecifics Technologies Corp. Reports Third Quarter 2009 Financi...(each respective quarter. Research and de...)

General and administrative expenses for the third quarter ended September 30, 2009 totaled $1.2 million, compared to $0.9 million for the same period in 2008. The increase in general and administrative expenses was primarily due to outside consulting expenses, directors' fees, legal fees and the Company incurring certain facility costs which were previously reimbursable under its Transition Services Agreement with DFB Biotech, which expired in October 2008.

As of September 30, 2009, the Company held cash, cash equivalents and short-term investments of $9.3 million.

Nine Months Ended September 30, 2009 and 2008

The Company reported a net loss of $1.4 million for the nine months ended September 30, 2009, or ($0.23) per basic and diluted common share, compared to a net loss of $1.5 million, or ($0.25) per basic and diluted common share, for the same period in 2008.

Revenue for the nine months ended September 30, 2009 was $2.4 million, compared to $1.2 million for the same period in 2008. The increase in revenue was due to earn-out payments triggered by certain net sales levels of topical collagenase under the earn-out payment provision of the Company's Asset Purchase Agreement with DFB Biotech and a milestone payment received and recognized from Auxilium Pharmaceuticals, Inc.

Third Quarter Corporate Highlights

• In its September 3, 2009 edition, The New England Journal of Medicine published data from the pivotal CORD I Phase III clinical trial of XIAFLEX for the treatment of Dupuytren's disease, a debilitating disorder resulting from excessive collagen deposition that causes contractures of the fingers, in an article entitled "Injectable Collagenase Clostridium Histolyticum for Dupuytren's Contracture." The article descr
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