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BioSpecifics Technologies Corp. Reports Second Quarter 2012 Financial Results
Date:8/9/2012

LYNBROOK, N.Y., Aug. 9, 2012 /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 Europe and Eurasia, today announced its financial results for the second quarter ended June 30, 2012 and provided a corporate update.

"We are very pleased with the clinical and regulatory progress of XIAFLEX in recent months and are excited about the upcoming anticipated milestones for the remainder of this year," reflected Thomas L. Wegman, President of BioSpecifics. "We announced positive top-line results from Auxilium's two IMPRESS Phase III clinical trials of XIAFLEX for Peyronie's disease in June and expect Auxilium to submit a sBLA filing by the end of the year. BioSpecifics also initiated two Phase II clinical trials in canine and human lipomas and we anticipate we will complete enrollment for both of these studies in the first half of 2013. Additionally, XIAFLEX was recently approved in Canada for Dupuytren's contracture and Auxilium's partner Actelion expects to file for approval in Australia, Brazil and Mexico by the end of 2012."

Second Quarter 2012 Financial ResultsBioSpecifics reported a net income of $0.7 million for the second quarter ended June 30, 2012, or $0.11 per basic and $0.10 per diluted share, compared to a net income of $2.6 million, or $0.40 per basic and $0.36 per diluted share, for the same period in 2011.

Total revenue for the second quarter of 2012 was $2.6 million, compared to $5.0 million for the same period in 2011.

Royalty, mark-up on cost of goods sold, and earn-out revenues for the second quarter ended June 30, 2012 were $2.5 million, compared to $1.7 million for the same period in 2011. Royalty and mark-up on cost of goods sold revenues recognized under the Comp
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SOURCE BioSpecifics Technologies Corp.
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