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BioSpecifics Technologies Corp. Provides Update on XIAPEX® Launch Progress in EU
Date:5/20/2011

LYNBROOK, N.Y., May 20, 2011 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products, today provided an update on the launch progress of XIAPEX® (collagenase clostridium histolyticum) in Europe. As reported by BioSpecifics' strategic partner, Auxilium Pharmaceuticals, Inc. (Auxilium), XIAPEX is now available for sale by Pfizer, Inc. (Pfizer) in 7 European countries: the United Kingdom, Germany, Denmark, Sweden, Finland, Norway and Austria. XIAPEX is a new non-surgical treatment option for Dupuytren's contracture in adult patients with a palpable cord and is the first injectable treatment to be approved in the EU for the treatment of Dupuytren's contracture.

"We are very happy to see progress in Europe in bringing this novel treatment to patients with Dupuytren's contracture," reflected Thomas Wegman, President of BioSpecifics. "Pfizer's strong commercialization capabilities give us confidence in the continued success of the launch of XIAPEX in the EU market."

BioSpecifics is due 8.5% of all milestone payments made to Auxilium by Pfizer. BioSpecifics will receive 8.5% of the $7.5 million received by Auxilium for the launch in Germany and 8.5% of each additional $7.5 million milestone payment made to Auxilium for the first commercial sale in the remaining 3 major European markets which are France, Italy and Spain. In addition, BioSpecifics will also receive a markup on the cost of goods sold and low double digit royalties as a percent of net sales independent of clinical indication, territory and sales volume.

In addition, Auxilium announced that prices for XIAPEX have been published in Austria, Denmark, Norway and the United Kingdom and are in the range of $1,000 to $1,400 per vial at current exchange rates.

Auxilium markets injectable collagenase for Dupuytren
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SOURCE BioSpecifics Technologies Corp.
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