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BioSpecifics Technologies Corp. Reports Fourth Quarter and Full Year 2009 Financial Results
Date:3/10/2010

riod in 2008. For the year ended December 31, 2009, research and development expenses were $0.5 million, compared to $0.4 million in 2008. The increase in research and development expense was primarily due to certain employee costs, which were reimbursable under the Company's agreement with DFB Biotech, Inc. and its affiliates ("DFB") until October 2008 and stock-based compensation expense partially offset by decreases in external study development costs.

General and administrative expenses for the fourth quarter of 2009 and 2008 were essentially unchanged at $1.3 million. For the year ended December 31, 2009, general and administrative expenses were $4.8 million, compared to $4.2 million in 2008. The increase in general and administrative expenses were primarily due to outside consulting services, certain facility costs which were reimbursable under the DFB agreement until October 2008, employee costs, legal fees and board member service partially offset by a decrease in patent related fees and stock-based compensation expense.

As of December 31, 2009, BioSpecifics held cash, cash equivalents and investments of $8.5 million, compared to $4.4 million on December 31, 2008'/>"/>

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