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

ased compensation and consulting services partially offset by a reversal in the 2010 period of certain third party patent fees reimbursable under the Company’s agreement with Auxilium.

As of June 30, 2011, BioSpecifics had cash and cash equivalents and investments of $10.4 million, compared to $8.5 million on March 31, 2011.

Recent Corporate Highlights:

  • On August 1, 2011, Auxilium reported that XIAPEX is now available for sale in Austria, Denmark, Finland, Germany, Norway, Sweden, and the United Kingdom, and was recently approved in Switzerland. BioSpecifics will receive 8.5% of the up to $22.5 million in additional regulatory milestone payments that Auxilium receives from Pfizer for Dupuytren’s contracture, following Pfizer's first sale of XIAPEX in each of the remaining major markets of the EU. To date, the Company has received $2.5 million in May 2011 for the commercial launch in the United Kingdom and $637,000 for the commercial launch in Germany in June 2011.

  • In June 2011, BioSpecifics announced that positive data for XIAPEX were presented at the XVIth Annual Federation of European Societies for Surgery of the Hand Congress which took place in Oslo, Norway on May 26 – 28, 2011. Pfizer conducted a satellite symposium on XIAPEX treatment for Dupuytren’s contracture.

  • In June 2011, the Company announced that its Board of Directors reauthorized BioSpecifics’ stock repurchase program under which the Company is authorized to repurchase up to $2 million of its outstanding common stock. This decision reflected the Company's continued commitment to increasing value for its stockholders and its confidence that it will achieve its goals.

  • Upcoming Milestones

  • There will be  presentations and workshops discussing XIAFLEX at the upcoming American Society for Surgery of the Hand (ASSH) 2011 Annual Meeting on September 8-11, 2011 in Las Vegas, NV including the f
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    1. BioSpecifics Technologies Corp. Announces Board Authorization of up to $2 Million Share Repurchase Program
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    3. BioSpecifics Announces Positive XIAPEX® Data Presented at XVI Annual Federation of European Societies for Surgery of the Hand Congress
    4. BioSpecifics Technologies Corp. Provides Update on XIAPEX® Launch Progress in EU
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