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

xilium Pharmaceuticals, Inc. (Auxilium) for the second quarter of 2011 were $1.1 million, compared to $0 million for the same period in 2010. Royalty revenues recognized from DFB Biotech, Inc. for the second quarter of 2011 were $0.6 million compared with $0.5 million for the same period in 2010.

Licensing revenue recognized from Auxilium for the second quarters of 2011 and 2010 was $0.1 million in each period. These licensing revenues related to cash payments received in prior years and amortized over the expected development period.

Milestone revenue recognized from Auxilium for the second quarter of 2011 was $3.2 million, compared to $0.15 million for the same period in 2010. In the second quarter of 2011 BioSpecifics received and recognized $2.6 million of the $30 million regulatory milestone paid to Auxilium by its licensee Pfizer, Inc. (Pfizer) following the first sale of XIAPEX (the European trade name for injectable collagenase) in a major European Union market for Dupuytren’s contracture. BioSpecifics also received and recognized a milestone of $0.6 million of the $7.5 million paid to Auxilium by Pfizer for the launch in Germany of XIAPEX in the second quarter of 2011. In the second quarter of 2010, BioSpecifics received and recognized the remaining $150,000 of a $1.0 million milestone related to the Company’s notification to Auxilium of its election not to commercially manufacture XIAFLEX.

Research and development expenses for the second quarter of 2011 were $0.3 million, compared to $0.1 million for the same period in 2010. This increase in research and development expenses was primarily due to higher consulting services related to the Company’s animal study and research and development programs.

General and administrative expenses for the second quarter of 2011 were $1.4 million, compared to $1.6 million for the same period in 2010. The decrease in general and administrative expenses was due to lower stock b
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SOURCE BioSpecifics Technologies Corp.
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