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BioSpecifics Technologies Corp. Announces Launch of XIAPEX® by Pfizer for Treatment of Dupuytren's Contracture in Europe
Date:4/11/2011

LYNBROOK, N.Y., April 11, 2011 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today announced that it will receive a $2.5 million milestone payment as a result of the European launch and first commercial sale of XIAPEX (collagenase clostridium histolyticum ) in the United Kingdom, a major European market. Pfizer, Inc. (Pfizer), the EU licensee received approval from the European Medicines Agency (EMA) to market XIAPEX in Europe for the treatment of Dupuytren's contracture, a debilitating disorder resulting from excessive collagen deposition that causes contractures of the fingers. XIAPEX is the first injectable treatment to be approved in the EU for the treatment of this indication, which affects approximately 13% of the European population. (1)

"This approval is a significant milestone for XIAPEX and we look forward to its commercial success in this important market," commented Thomas L. Wegman, President of BioSpecifics. "We are confident that Pfizer's proven marketing and commercialization capabilities will aid in the success of the launch of XIAPEX in the European marketplace. We are very excited to see the results of our hard work in developing this clinical indication, now that it's available to more patients and physicians who can benefit from it."

BioSpecifics' strategic partner, Auxilium Pharmaceuticals, Inc. (Auxilium), markets injectable collagenase for Dupuytren's contracture in the United States under the trade name XIAFLEX®, and sub-licensed Pfizer the rights to market it for Dupuytren's contracture and Peyronie's disease in 27 member countries of the European Union and 19 other European and Eurasian countries.

Under the terms of the strategic alliance agreement between BioSpecifics and Auxilium, BioSpecifics will receive 8.5% of each additional
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SOURCE BioSpecifics Technologies Corp.
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