UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): November 7, 2012
BIOSPECIFICS TECHNOLOGIES CORP.
(Exact name of registrant as specified in its charter)
Delaware | 001-34236 | 11-3054851 |
(State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
Of Incorporation) | Identification No.) |
35 Wilbur Street
Lynbrook, NY 11563
(Address of Principal Executive Office) (Zip Code)
516.593.7000
(Registrants telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
INTRODUCTORY COMMENT
Throughout this Current Report on Form 8-K, the terms we, us, our and Company refer to BioSpecifics Technologies Corp.
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 8, 2012, the Company announced its financial and operating results for the fiscal quarter ended September 30, 2012. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 8.01 OTHER EVENTS
On November 7, 2012, the Company issued a press release announcing the submission of a supplemental Biologics License Application (sBLA) to the U.S. Food and Drug Administration (FDA) for XIAFLEX for the potential treatment of Peyronies disease by its partner Auxilium Pharmaceuticals, Inc. The full text of the press release is attached hereto as Exhibit 99.2.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99.1 | Press release dated November 8, 2012 |
99.2 | Press release dated November 7, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 8, 2012 | BIOSPECIFICS TECHNOLOGIES CORP. |
| |
(Registrant) | |
/s/ Thomas L. Wegman | |
| |
Thomas L. Wegman | |
President |
EXHIBIT INDEX
Exhibit No. | Description |
99.1 | Press release dated November 8, 2012 |
99.2 | Press release dated November 7, 2012 |
Exhibit 99.1
BioSpecifics Technologies Corp. Reports Third Quarter 2012 Financial Results
LYNBROOK, NY November 8, 2012 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 third quarter ended September 30, 2012 and provided a corporate update.
We are very happy with the ongoing clinical development progress for our XIAFLEX pipeline, including the recent submission of a sBLA filing by our partner Auxilium for the potential treatment of Peyronies disease, said Thomas L. Wegman, President of BioSpecifics. Additionally, Auxilium recently completed enrollment in its cellulite Phase Ib and frozen shoulder Phase IIa studies and began enrollment for its 600 patient label expansion study for Dupuytrens contracture patients with multiple palpable cords. We look forward to reporting top-line data from each of these studies in the fourth quarter of 2012, the first quarter of 2013 and the first half of 2014, respectively. We also anticipate that we will complete enrollment in our internally-managed human and canine lipoma Phase II trials during the first half of 2013. In addition, we are very encouraged by the ongoing commercial initiatives Auxilium has implemented to continue to expand XIAFLEX sales for Dupuytrens contracture in the U.S.
Third Quarter 2012 Financial Results
BioSpecifics reported net income of $0.5 million for the third quarter ended September 30, 2012, or $0.07 per basic and diluted common share, compared to a net income of $0.3 million, or $0.04 per basic and diluted common share, for the same period in 2011.
Total revenue for the third quarter of 2012 was $2.4 million, compared to $1.9 million for the same period in 2011.
Royalty, mark-up on cost of goods sold, and earn-out revenues for the third quarter of 2012 were $2.3 million, compared to $1.8 million for the same period in 2011. Royalty and mark-up on cost of goods sold revenues recognized under BioSpecifics agreement with Auxilium Pharmaceuticals, Inc. (Auxilium) for the third quarter of 2012 were $1.5 million, compared to $1.1 million for the same period in 2011. Royalty revenues recognized from DFB Biotech, Inc. for the third quarter of 2012 and 2011 were $0.8 million in each period.
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Total licensing revenue consisting of licensing, sublicensing fees and milestones for the third quarter of 2012 and 2011 were $0.1 million in each period. These licensing fees related to cash payments received in prior years and amortized over the expected development period. Milestone payments recognized in the third quarter of 2012 were $28,500, compared to zero in the same period in 2011. In the third quarter of 2012, milestones recognized related to the Notice of Compliance (approval) by Health Canada for XIAFLEX for the treatment of Dupuytren's contracture in adults with a palpable cord in Canada granted to Actelion Pharmaceuticals Ltd. (Actelion).
Research and development expenses for the third quarter 2012 were $0.3 million, compared to $0.2 million for the same period in 2011. The increase in research and development expenses was primarily due to expenses related to BioSpecifics clinical development programs for XIAFLEX in human and canine lipomas.
General and administrative expenses for the third quarter of 2012 were $1.4 million, compared to $1.2 million for the same period in 2011. The increase in general and administrative expenses was due to legal fees, consulting services and third party royalty fees partially offset by lower stock based compensation.
As of September 30, 2012, BioSpecifics had cash and cash equivalents and investments of $9.0 million, compared to $8.8 million on June 30, 2012.
XIAFLEX for Dupuytrens Contracture
Worldwide net revenues for XIAFEX, as reported by Auxilium on November 7, 2012, were $15.7 million for the third quarter of 2012, $13.2 million of which were in the U.S., representing a 29% increased over the same period in 2011.
Auxilium is currently conducting an open-label clinical trial evaluating XIAFLEX for the concurrent treatment of multiple palpable cords in approximately 600 adult patients with Dupuytrens contracture in the U.S. This study began enrollment in the third quarter of 2012 and top-line data are expected in the first half of 2014. If successful, this study may allow Auxilium to seek a XIAFLEX label expansion from the U.S. Food and Drug Administration (FDA) for the concurrent treatment of multiple palpable cords in adult Dupuytren's contracture patients.
In the third quarter of 2012, Auxilium also completed enrollment in its Phase IV Dupuytren's contracture retreatment clinical trial. Top-line data from this study are expected in the fourth quarter of 2013.
In September 2012, Auxilium announced a safety update following 30 months of post-approval use of XIAFLEX in the U.S. for the treatment of adult Dupuytrens contracture patients with a palpable cord, which demonstrated that there was no clinically meaningful change in the nature of events that were expected relative to the clinical trial safety profile.
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Auxiliums strategic partner Actelion expects to make XIAFLEX commercially available to adult Dupuytrens contracture patients in Canada in the first half of 2013. In addition, Actelion expects to file for approval of XIAFLEX for the treatment of Dupuytren's contracture in Australia, Brazil and Mexico by the end of the 2012.
XIAFLEX for Peyronies Disease
On November 7, 2012, BioSpecifics announced Auxiliums submission of a supplemental Biologics License Application (sBLA) to the FDA for XIAFLEX for the potential treatment of Peyronies disease, an excess of inelastic collagen causing penile curvature deformity. If approved by the FDA, which Auxilium anticipates by the end of 2013, XIAFLEX is expected to be the first and only biologic therapy indicated for the treatment of Peyronies disease.
The sBLA submission is based on data from the Auxiliums IMPRESS (The Investigation for Maximal Peyronie's Reduction Efficacy and Safety Studies) Phase III clinical program and other controlled and uncontrolled clinical studies. In August 2012, BioSpecifics announced that additional data were presented at the Sexual Medicines Society of North America (SMSNA)/International Society for Sexual Medicine (ISSM) Joint Annual Meeting on August 27 and 29, 2012 in Chicago, IL. These data demonstrated that 58% of patients with curvature deformity of 30 to 60, and 73% of patients with curvature deformity of 60 to 90 degrees, reported that they were very bothered or extremely bothered about their condition. In addition, photographs and data were presented from a subset of IMPRESS patients involved in the first study ever to use 3-D photographic technology for 360 degree assessment of penile curvature deformity in Peyronies disease patients.
Additional Anticipated Milestones for XIAFLEX Pipeline
BioSpecifics is currently managing the clinical development of XIAFLEX for the treatment of human lipoma and canine lipoma in two Phase II clinical trials. BioSpecifics anticipates that it will complete enrollment for its 14 patient dose escalation Phase II trial for the treatment of human lipoma in the first half of 2013. BioSpecifics anticipates that it will also complete enrollment for Chien-804, its Phase II clinical trial evaluating 32 canines with benign subcutaneous lipomas randomized 1:1 XIAFLEX to placebo, during the same time period.
Auxilium is currently managing the clinical development of XIAFLEX for the treatment of cellulite and frozen shoulder syndrome (adhesive capsulitis). In the third quarter of 2012, Auxilium completed enrollment in its cellulite Phase Ib and frozen shoulder Phase IIa studies. Top-line data from the Phase Ib single site, open-label dose escalation study of XIAFLEX for cellulite are expected in the fourth quarter of 2012. Top-line data from the Phase IIa study of XIAFLEX for frozen shoulder are expected in the first quarter of 2013.
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Auxilium and Pfizer Inc. Collaboration Termination
As reported by Auxilium on November 7, 2012, Auxilium and Pfizer Inc. have terminated their collaboration agreement for the development, commercialization and supply of XIAPEX for the treatment of Dupuytren's contracture and the potential treatment of Peyronie's disease in the European Union and certain other European and Eurasian countries to be effective as of April 24, 2013. After the termination date, rights to commercialize XIAPEX and responsibility for regulatory activities for XIAPEX in these countries will revert to Auxilium.
Webcast and Conference Call
BioSpecifics will host a conference call today at 4:30 p.m. EST to discuss these third quarter 2012 results.
In order to participate in the conference call, please dial 1-800-860-2442 (domestic) or 1-412-858-4600 (international). The live webcast can be accessed under Calendar of Events in the Investor Relations section of the Companys website at www.biospecifics.com or you may use the link: http://www.videonewswire.com/event.asp?id=90670.
A replay of the call will be available one hour after the end of the conference on November 8, 2012 until 9:00 a.m. EST on November 23, 2012. To access the replay, please dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and reference the access code 10020975. The archived webcast will be available for 90 days in the Investor Relations section of BioSpecifics website at www.biospecifics.com.
About BioSpecifics Technologies Corp.
BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed injectable collagenase for twelve clinical indications. Injectable collagenase is currently marketed as XIAFLEX® in the U.S. for the treatment of adult Dupuytren's contracture patients with a palpable cord by Auxilium Pharmaceuticals, Inc. (Auxilium) and is approved for Dupuytrens contracture in the European Union and Canada. XIAFLEX is also in clinical development for the treatment of several additional promising indications: Auxilium recently submitted a supplemental Biologics License Application (sBLA) to the FDA for XIAFLEX for the potential treatment of Peyronies disease based on positive results reported from its two Phase III clinical studies. Auxilium is also testing XIAFLEX for frozen shoulder syndrome (adhesive capsulitis) and cellulite in Phase IIa and Phase Ib clinical trials, respectively. BioSpecifics is currently managing the clinical development of XIAFLEX for the treatment of human lipoma and canine lipoma, which are both in Phase II clinical trials. Auxilium is currently partnered with Asahi Kasei Pharma Corporation for the development and commercialization of injectable collagenase for Dupuytrens contracture and Peyronies disease in Japan and with Actelion Pharmaceuticals Ltd. for these same indications in Canada, Australia, Brazil and Mexico. Pfizer Inc. has marketing rights to XIAPEX® (the EU trade name for XIAFLEX) for Dupuytrens contracture in 46 countries in Eurasia through April 24, 2013. For more information, please visit www.biospecifics.com.
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Forward Looking Statements
This release includes forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. The forward-looking statements include statements concerning, among other things, the timing of results from Auxiliums clinical trials for Dupuytrens contracture (phase IIIb for concurrent treatment of multiple palpable cords and phase IV retreatment), cellulite, and frozen shoulder; the timing of the potential FDA approval, if any, of XIAFLEX for Peyronies disease; the timing for completing enrollment for trials for the use of XIAFLEX as a treatment of human lipoma and canine lipoma; being encouraged by Auxiliums ongoing commercial initiatives to continue to expand XIAFLEX sales for Dupuytrens contracture in the U.S.; the potential for Auxilium to receive approval to expand the label for Dupuytrens contracture; the timing of making XIAFLEX available in Canada as a treatment of Dupuytrens contracture; the timing of filing for approval of XIAFLEX for the treatment of Dupuytrens contracture in Australia, Brazil, and Mexico; the potential for XIAFLEX to be the first and only biologic therapy indicated for the treatment of Peyronies disease; and the potential for XIAFLEX as a treatment in additional indications. In some cases, these statements can be identified by forward-looking words such as believe, expect, anticipate, plan, estimate, likely, may, will, could, continue, project, predict, goal, the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on BioSpecifics current expectations and its projections about future events. There are a number of important factors that could cause BioSpecifics actual results to differ materially from those indicated by such forward-looking statements, including the ability of BioSpecifics partner, Auxilium, and its partners, Asahi Kasei Pharma Corporation and Actelion Pharmaceuticals Canada Inc., to achieve their objectives for XIAFLEX in their applicable territories; the potential market for XIAFLEX in a given indication, the potential of XIAFLEX to be used in additional indications, and the initiation, timing and outcome of clinical trials of XIAFLEX for additional indications; the timing of regulatory filings and action; the receipt of any applicable milestone payments from Auxilium; and other risk factors identified in BioSpecifics Annual Report on Form 10-K for the year ended December 31, 2011, its Quarterly Reports on Form 10-Q for the first and second quarters of 2012, and its Current Reports on Form 8-K filed with the Securities and Exchange Commission. All forward-looking statements included in this release are made as of the date hereof, and BioSpecifics assumes no obligation to update these forward-looking statements.
Contact:
BioSpecifics Technologies Corp.
Thomas L. Wegman, President
(516) 593-7000
thomas_wegman@biospecifics.com
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BioSpecifics Technologies Corp. |
Consolidated Statements of Operations |
(Unaudited) |
Three months ended | Nine months ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
Revenues: | ||||||||||||
Net sales | $ | 3,378 | $ | 1,683 | $ | 12,128 | $ | 13,457 | ||||
Royalties | 2,307,073 | 1,810,436 | 6,698,355 | 4,461,683 | ||||||||
Licensing revenues | 137,774 | 109,276 | 926,324 | 4,265,327 | ||||||||
Consulting fees | - | - | - | 46,667 | ||||||||
Total Revenues | 2,448,225 | 1,921,395 | 7,636,807 | 8,787,134 | ||||||||
Costs and expenses: | ||||||||||||
Research and development | 293,221 | 224,150 | 947,119 | 707,015 | ||||||||
General and administrative | 1,375,477 | 1,245,145 | 3,614,125 | 4,172,687 | ||||||||
Total costs and expenses | 1,668,698 | 1,469,295 | 4,561,244 | 4,879,702 | ||||||||
Operating income | 779,527 | 452,100 | 3,075,563 | 3,907,432 | ||||||||
Other income: | ||||||||||||
Interest and other income | 8,292 | 7,813 | 27,556 | 55,540 | ||||||||
Income before income tax | 787,819 | 459,913 | 3,103,119 | 3,962,972 | ||||||||
Income tax benefit (expense) | (316,772 | ) | (190,077 | ) | (1,223,000 | ) | 2,567,328 | |||||
Net income | $ | 471,047 | $ | 269,836 | $ | 1,880,119 | $ | 6,530,300 | ||||
Basic net income per share | $ | 0.07 | $ | 0.04 | $ | 0.30 | $ | 1.03 | ||||
Diluted net income per share | $ | 0.07 | $ | 0.04 | $ | 0.27 | $ | 0.92 | ||||
Shares used in computation of basic net income per share | 6,343,210 | 6,362,951 | 6,341,031 | 6,337,237 | ||||||||
Shares used in computation of diluted net income per share | 6,961,652 | 7,085,945 | 6,985,290 | 7,133,341 |
BioSpecifics Technologies Corp. |
Selected Consolidated Balance Sheet Data |
(Unaudited) |
September 30, | December 31, | |||||
2012 | 2011 | |||||
Cash and cash equivalents | $ | 3,823,860 | $ | 3,196,831 | ||
Short term investments | 5,190,000 | 5,000,000 | ||||
Accounts and income tax receivable, net | 3,276,526 | 3,481,637 | ||||
Deferred tax assets (short and long-term) | 2,428,545 | 3,047,955 | ||||
Deferred royalty buydown | 2,750,000 | 1,250,000 | ||||
Working capital | 12,169,287 | 11,970,264 | ||||
Total assets | 17,840,782 | 16,265,073 | ||||
Long-term liabilities | 224,673 | 276,520 | ||||
Total stockholders' equity | 16,696,443 | 14,872,314 |
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Exhibit 99.2
BioSpecifics Technologies Corp. Announces
Submission of
Supplemental Biologics License Application to FDA for
XIAFLEX®for Treatment of Peyronies Disease
LYNBROOK, NY November 7, 2012 BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company developing first in class collagenase-based products marketed as XIAFLEX® in the U.S., today announced the submission of a supplemental Biologics License Application (sBLA) to the U.S. Food and Drug Administration (FDA) for XIAFLEX for the potential treatment of Peyronies disease by BioSpecifics partner Auxilium Pharmaceuticals, Inc. (Auxilium). If approved by the FDA, XIAFLEX is expected to be the first and only biologic therapy indicated for the treatment of Peyronies disease, an excess of inelastic collagen causing penile curvature deformity. XIAFLEX is currently approved in the U.S., European Union and Canada for the treatment of adult Dupuytrens contracture patients with a palpable cord.
We are very pleased to announce Auxiliums sBLA filing to the FDA for XIAFLEX for Peyronies disease and believe that, if approved, XIAFLEX will provide a significant therapeutic advantage for Peyronies disease patients who currently have no FDA-approved minimally invasive treatment options for this physically and psychologically devastating condition, stated Thomas L. Wegman, President of BioSpecifics. We look forward to receiving the potential FDA approval of XIAFLEX for Peyronies disease by the end of 2013.
Auxilium has requested Priority Review designation for this sBLA submission and the Company expects to hear back from the FDA on Priority Review designation within approximately 60 days from the filing date. If granted, the FDAs goal for completing a Priority Review, per Prescription Drug User Fee Act guidelines, is six months from date of receipt. Priority Review may be granted to drugs that offer major advances in treatment, or provide a treatment where none exists. XIAFLEX was granted orphan drug designation in the U.S. by the FDA in January 1996 for this indication, which will allow for 7 years of protection, if approved.
Auxiliums sBLA submission is based on data from the Companys IMPRESS (The Investigation for Maximal Peyronie's Reduction Efficacy and Safety Studies) Phase III clinical program and other controlled and uncontrolled clinical studies, in which over 1,000 Peyronies disease patients were enrolled and received over 7,400 injections of XIAFLEX.
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Results from Auxiliums two randomized, double-blind, placebo-controlled studies at 52 weeks demonstrated statistically significant improvements in both co-primary endpoints of the trials, including penile curvature deformity and patient-reported bother compared to placebo. Data from the IMPRESS I trial met statistical significance with a 37.6% mean reduction in penile curvature deformity for XIAFLEX subjects (p=0.0005) and a 3.3 point improvement in the Peyronies Disease Questionnaire (PDQ) bother domain for XIAFLEX subjects (p=0.0451) . Data from the IMPRESS II trial met statistical significance with a 30.5% mean improvement in penile curvature deformity for XIAFLEX subjects (p=0.0059) and a 2.4 point improvement in the PDQ bother domain for XIAFLEX subjects (p=0.0496) .
XIAFLEX was generally well-tolerated. The most common treatment related adverse events reported in the Phase III studies were local to the treatment site and consistent with adverse events reported in previous Peyronies disease trials with XIAFLEX, which included injection site hematoma, pain and swelling. Serious adverse events included corporal rupture (penile fracture) in 3 subjects in the placebo controlled studies.
For more details on the IMPRESS clinical program and data from the two Phase III studies, please refer to the press release issued today by Auxilium.
About Peyronies Disease
Peyronie's disease is characterized by the presence of inelastic collagen on the shaft of the penis, which can cause the penis to curve during erection, and may make sexual intercourse difficult or impossible in advanced cases. Significant psychological distress is common among sexually active patients with Peyronie's disease. Currently, there are no FDA-approved pharmaceutical therapies for this condition.
About BioSpecifics Technologies Corp.
BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed injectable collagenase for twelve clinical indications. Injectable collagenase is currently marketed as XIAFLEX® in the U.S. for the treatment of adult Dupuytren's contracture patients with a palpable cord by Auxilium Pharmaceuticals, Inc. (Auxilium) and is also in clinical development for the treatment of several additional promising indications. Auxilium recently submitted a supplemental Biologics License Application (sBLA) to the U.S. Food and Drug Administration (FDA) for XIAFLEX for the potential treatment of Peyronies disease based on positive results reported from its two Phase III clinical studies. Auxilium is also testing XIAFLEX for frozen shoulder syndrome (adhesive capsulitis) and cellulite in Phase IIa and Phase Ib clinical trials, respectively. BioSpecifics is currently managing the clinical development of XIAFLEX for the treatment of human lipoma and canine lipoma, which are both in Phase II clinical trials. Auxilium is currently partnered with Asahi Kasei Pharma Corporation for the development and commercialization of injectable collagenase for Dupuytrens contracture and Peyronies disease in Japan and with Actelion Pharmaceuticals Ltd. for these same indications in Canada, Australia, Brazil and Mexico. For more information, please visit www.biospecifics.com.
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Forward Looking Statements
This release includes forward-looking statements within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. The forward-looking statements include statements concerning, among other things, the timing of the potential FDA approval of XIAFLEX for Peyronies disease; and the potential for XIAFLEX to provide a significant therapeutic advantage for Peyronies disease patients. In some cases, these statements can be identified by forward-looking words such as believe, expect, anticipate, plan, estimate, likely, may, will, could, continue, project, predict, goal, the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on BioSpecifics current expectations and its projections about future events. There are a number of important factors that could cause BioSpecifics actual results to differ materially from those indicated by such forward-looking statements, including the ability of BioSpecifics partner, Auxilium, and its partners, Asahi Kasei Pharma Corporation and Actelion Pharmaceuticals Canada Inc., to achieve their objectives for XIAFLEX in their applicable territories; the potential market for XIAFLEX in a given indication, the potential of XIAFLEX to be used in additional indications, and the initiation, timing and outcome of clinical trials of XIAFLEX for additional indications; the timing of regulatory filings and action; the receipt of any applicable milestone payments from Auxilium; and other risk factors identified in BioSpecifics Annual Report on Form 10-K for the year ended December 31, 2011, its Quarterly Reports on Form 10-Q for the first and second quarters of 2012, and its Current Reports on Form 8-K filed with the Securities and Exchange Commission. All forward-looking statements included in this release are made as of the date hereof, and BioSpecifics assumes no obligation to update these forward-looking statements.
Contact:
BioSpecifics Technologies Corp.
Thomas L. Wegman, President
(516) 593-7000
thomas_wegman@biospecifics.com
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