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BioSpecifics Technologies Corp. Reports Second Quarter 2011 Financial Results
Date:8/9/2011

LYNBROOK, N.Y., Aug. 9, 2011 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products marketed as XIAFLEX® in the U.S. and XIAPEX® in Eurasia, today announced its financial results for the second quarter ended June 30, 2011 and provided a corporate update. For the quarter, the Company reported net income of $2.6 million or $0.40 per share on a basic basis and $0.36 on a fully diluted basis and the Company anticipates that it will be profitable on an ongoing annual basis.

“We are very pleased to report strong financial results this quarter and our expectation of continued profitability. We are also enthusiastic about the steady commercial progress that has been made by Pfizer in commercializing XIAPEX for the treatment of Dupuytren’s contracture in Europe,” reflected Thomas L. Wegman, President of BioSpecifics. “In addition as we have previously reported, enrollment is complete for the Phase 3 pivotal trials for XIAFLEX for the treatment of Peyronie's disease, and we anticipate announcing those top-line results in the second quarter of next year.”

Financial ResultsBioSpecifics reported net income of $2.6 million for the second quarter of 2011, or $0.40 per basic and $0.36 per diluted  share, compared to a net loss of $0.9 million, or $0.15 per basic and diluted common share, for the same period in 2010. The Company anticipates that it will be profitable on an ongoing annual basis.

Total revenue for the second quarter of 2011 was $5.0 million, compared to $0.9 million for the same period in 2010.

Royalty and earn-out revenues for the second quarter of 2011 were $1.7 million, compared to $0.5 million for the same period in 2010. Royalty and cost of goods sold revenues recognized under the Company’s agreement with Au
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SOURCE BioSpecifics Technologies Corp.
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