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BioSpecifics Technologies Corp. Reports Fourth Quarter and Full Year 2012 Financial Results
Date:3/12/2013

LYNBROOK, N.Y., March 12, 2013 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products marketed as XIAFLEX® in the U.S., today announced its financial results for the fourth quarter and full year ended December 31, 2012 and provided a corporate update.

"We are looking forward to the potential FDA approval of XIAFLEX for the treatment of Peyronie's disease followed by the anticipated commercial launch in the fourth quarter of this year, and believe in the strong commercial opportunity for XIAFLEX for this devastating disease," reflected Thomas L. Wegman, President of BioSpecifics. "We are also very pleased to announce today that we have completed enrollment in our Phase II clinical trial for XIAFLEX for human lipoma ahead of schedule, and that we remain on track to complete enrollment in our canine lipoma Phase II trial in the first half of 2013. We plan to report top-line data for both trials in the second half of 2013. We are also encouraged by the clinical progress Auxilium is making for XIAFLEX in Dupuytren's contracture patients with multiple palpable cords, cellulite and frozen shoulder. We anticipate reporting development progress for all of these indications beginning later this year."

Fourth Quarter & Full Year 2012 Financial ResultsBioSpecifics reported net income of $1.1 million for the fourth quarter ended December 31, 2012, or $0.17 per basic share and $0.16 per share on a fully diluted basis, compared to net income of $71,326, or $0.01 per basic and diluted common share for the same period in 2011. For the full year ended December 31, 2012, the Company reported net income of $3.0 million, or $0.47 per share on a basic and $0.43 per share on a fully diluted basis, compared to net income of $6.6 million, or $1.04 per share on a basic and $0.95 on a f
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