BSTC BioSpecifics Technologies Corp

62.7
+0.28  (+0%)
Previous Close 62.42
Open 63.98
52 Week Low 42
52 Week High 66.51
Market Cap $460,528,679
Shares 7,344,955
Float 6,206,130
Enterprise Value $354,477,488
Volume 14,910
Av. Daily Volume 37,725
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Upcoming Catalysts

Drug Stage Catalyst Date
XIAFLEX (collagenase clostridium histolyticum) - RELEASE
Edematous fibrosclerotic panniculopathy (“cellulite”)
PDUFA
PDUFA
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Drug Pipeline

Drug Stage Notes
XIAFLEX
Uterine fibroids
Phase 1
Phase 1
Phase 1 data released March 2019.
XIAFLEX
Adhesive Capsulitis (“Frozen Shoulder syndrome”)
Phase 2b
Phase 2b
Phase 2b trial did not meet endpoint. Endo is currently performing a commercial assessment.
XIAFLEX
Human lipomas
Phase 2
Phase 2
Phase 2 topline data released June 2016 - endpoints met

Latest News

  1. WILIMINGTON, Del., May 11, 2020 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ:BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first-in-class collagenase-based product marketed as XIAFLEX® in North America, today announced its financial results for the first quarter ended March 31, 2020.  

    "Our royalty revenue from XIALFLEX® was up 19% over last year, and while XIAFLEX® had a strong first quarter of 2020, we expect to start to see an impact from COVID-19 in the second quarter due to office closures and patients not electing to be treated. While we don't yet know the far reaching implications of this pandemic, the focus remains on patients and how they can best be served by XIAFLEX® and the future potential of the CCH development pipeline," said Joseph Truitt, Chief Executive Officer of BioSpecifics. "In my new role as CEO, I am very confident in the deep value of the company and the many growth opportunities and I look forward to building an even greater future for BioSpecifics."

    First Quarter 2020 Financial Results
    BioSpecifics reported net income of $4.5 million for the first quarter ended March 31, 2020, or $0.61 per basic share and $0.61 per share on a fully diluted basis, compared to net income of $4.4 million, or $0.61 per basic share and $0.60 per share on a fully diluted basis, for the same period in 2019.

    Total revenue for the first quarter ended March 31, 2020 was $9.7 million, compared to $8.1 million for the same period in 2019. The increase in total revenues for the quarterly period was primarily due to increased royalties from sales of both Peyronie's disease and Dupuytren's contracture.

    Research and development expenses for the first quarter ended March 31, 2020 were $0.1 million compared to $0.1 million for the same period in 2019.

    General and administrative expenses for the first quarter ended March 31, 2020 were $3.2 million, compared to $2.9 million for the same period in 2019.

    Restructuring charges related to the relocation of the Company's headquarters and the separation of certain employees were $1.1 million for the first quarter ended March 31, 2020.

    Provision for income taxes for the first quarter ended March 31, 2020 were $1.2 million, compared to $1.1 million for the same period in 2019.

    As of March 31, 2020, BioSpecifics had cash and cash equivalents and investments of $113.6 million, compared to $105.8 million as of December 31, 2019.

    As of March 31, 2020, BioSpecifics had 7,337,511 shares of common stock outstanding.

    Collagenase Clostridium Histolyticum (CCH) Commercial & Pipeline Highlights

    • BioSpecifics' royalty revenues from the XIAFLEX® commercial franchise grew by 19% year-over-year: XIAFLEX® royalty revenue growth was attributable to royalties associated with higher net sales of XIAFLEX® by BioSpecifics' partner Endo International plc (Endo), for Dupuytren's contracture and Peyronie's disease.
    • Endo's Biologics License Application (BLA) filing for CCH for the treatment of cellulite under U.S. Food and Drug Administration (FDA) review: The Prescription Drug User Fee Act (PDUFA) date for CCH for the treatment of cellulite is July 6, 2020. Endo's anticipated commercial launch has been delayed in connection with the impacts of COVID-19, and is now expected to occur in the first quarter of 2021.
    • Initiation of CCH studies for plantar fibromatosis and adhesive capsulitis in second half of 2020: Endo expects to initiate clinical trials in adhesive capsulitis and plantar fibromatosis in the second half of 2020. Adhesive capsulitis, also known as frozen shoulder, is an inflammation and thickening of the shoulder capsule due to collagen which causes decreased motion in the shoulder. Plantar fibromatosis is a non-malignant thickening of the feet's deep connective tissue or fascia. There are currently no FDA-approved pharmaceutical therapies available to treat either condition.

    Recent Corporate Highlights

    • Joseph Truitt appointed Chief Executive Officer: Today, BioSpecifics announced the appointment of Joseph Truitt as Chief Executive Officer. Mr. Truitt has a strong track record of clinical, commercial and operational leadership. Mr. Truitt had served as the Company's interim Chief Executive Officer since April 6, 2020.
    • Strengthened the Board of Directors with new independent directors Mike Sherman and Corey Fishman: In April 2020, BioSpecifics announced the appointments of Mike Sherman and Corey Fishman to the Board of Directors. Mr. Sherman serves on the Audit Committee and as financial expert, and also on the Strategy Committee and Corey serves on the Audit Committee and as Chair of the Strategy Committee. Mr. Sherman is currently Chief Executive Officer of Chimerix, Inc. Mr. Fishman has served as Chief Executive Officer and Director of Iterum Therapeutics plc, since he founded the company in 2015.

    Anticipated Impact of COVID-19

    • XIAFLEX® revenues are expected to decline in the second quarter of 2020 due to significant office closures and less office visits for physician-administered products.
      • Endo expects to see a gradual increase in demand beginning in the second half of 2020.
    • Full year 2020 XIAFLEX® revenues are expected to be lower than full year revenues in 2019.
    • The Company's partner, Endo, has withdrawn its financial guidance for 2020.
    • Endo's anticipated commercial launch for CCH for cellulite, pending FDA approval, is now expected in the first quarter of 2021. This delay decision was made in connection with the anticipated impact of COVID-19 on medical aesthetics physician office closures and decreased consumer spending.
    • Endo currently anticipates modest delays in patient recruitment and site selection for new clinical trials and ongoing studies.

    About BioSpecifics Technologies Corp.
    BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. The Company discovered and developed a proprietary form of injectable collagenase (CCH) which is currently marketed by BioSpecifics' partner, Endo International plc (Endo), as XIAFLEX® in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo expects a commercial launch in the first quarter of 2021 for a third CCH indication, cellulite, subject to U.S. Food and Drug Administration approval, which is expected in the second half of 2020. The CCH research and development pipeline includes several additional potential indications; adhesive capsulitis, plantar fibromatosis and uterine fibroids. For more information, please visit www.biospecifics.com.

    Forward-Looking Statements 
    This report 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, including statements regarding the Company's strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, and objectives of management, shareholder value, the effect of recent management and board leadership changes, and the assumptions underlying or relating to such statements, are "forward-looking statements." These forward-looking statements include statements regarding the timing of, the approval by the FDA, and the commercial launch of CCH for the treatment of cellulite, as well as the impacts of the novel coronavirus (COVID-19) global pandemic. In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," "believe," the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on our current expectations and our projections about future events and various assumptions. There can be no assurance that we will realize our expectations or that our beliefs will prove correct. 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, but not limited to: the timing of regulatory filings and action; the ability of Endo and its partners to achieve their objectives for XIAFLEX® in their applicable territories; the market for XIAFLEX® in, and timing, initiation, and outcome of clinical trials for, additional indications, which will determine the amount of milestone, royalty, mark-up on cost of goods sold, license, and sublicense income that BioSpecifics may receive; the potential of XIAFLEX® to be used in additional indications; Endo modifying its objectives or allocating resources other than to XIAFLEX®; the strength of BioSpecifics' intellectual property portfolio; and other risk factors identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report"), specifically in Part I, Item IA under the heading "Risk Factors" of the 2019 Annual Report and risk factors identified in our other filings with the Securities and Exchange Commission. All forward-looking statements included in this report are made as of the date hereof, are expressly qualified in their entirety by the cautionary statements included in this report and, except as may be required by law, we assume no obligation to update these forward-looking statements.

    BioSpecifics Technologies Corp.



    Condensed Consolidated Income Statement





    (Unaudited)






















    Three months ended







    March 31,







    2020


    2019







    Revenues:











       Royalties


    $    9,668,667


    $     8,129,141







            Total Revenues


    9,668,667


    8,129,141


















    Costs and expenses:











       Research and development


    121,970


    149,536







       General and administrative


    3,168,046


    2,907,160







       Restructuring expense


    1,146,045


    -







            Total costs and expenses


    4,436,061


    3,056,696


















    Operating income


    5,232,606


    5,072,445


















    Other income:











       Interest income


    479,709


    449,425









    479,709


    449,425


















    Income before income tax expense


    5,712,315


    5,521,870







    Provision for income tax expense


    (1,213,509)


    (1,105,275)


















    Net income


    4,498,806


    4,416,595


















    Earnings per share:











    Basic


    $             0.61


    $               0.61







    Diluted


    $             0.61


    $               0.60


















    Shares used in calculation of earnings per share:











    Basic


    7,337,368


    7,276,885







    Diluted


    7,361,533


    7,338,128








































    BioSpecifics Technologies Corp.





    Selected Condensed Consolidated Balance Sheet Data














    (Unaudited)











    March 31,


    December 31,









    2020


    2019 (1)





    Cash and cash equivalents




    $    19,134,304


    $     4,999,183





    Investments




    94,470,647


    100,808,942





    Accounts receivable




    17,750,829


    19,065,919





    Working capital




    119,522,031


    107,848,984





    Total assets




    133,246,787


    126,653,268





    Deferred tax liabilities




    484,259


    572,660





    Total stockholders' equity




    129,269,183


    124,491,102



























    (1)The selected consolidated balance sheet information for the year ended December 31, 2019 have been derived from the audited
    financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in
    the United States for complete financial statements.



     

     

     

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  2. WILIMINGTON, Del., May 11, 2020 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ:BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first-in-class collagenase-based product marketed as XIAFLEX® in North America, today announced the appointment of Joseph Truitt as Chief Executive Officer. Mr. Truitt was appointed interim Chief Executive Officer by the Company's Board of Directors on April 6, 2020 and assumed this permanent role on May 7, 2020.

    "Joe is a high performing, experienced biopharma executive with an exceptional track record of building successful organizations. Joe's appointment as Chief Executive Officer comes at a crucial inflection point in the Company's evolution, as we have set forth a clear, twofold value creation strategy for maximizing the CCH portfolio of commercial and clinical assets and as we begin to take well-considered steps toward identifying external strategic opportunities," said Jennifer Chao, Chairman of the Board of Directors. "Joe has made important contributions over the last month and we look forward to the strong leadership he will bring to BioSpecifics."

    Prior to joining BioSpecifics, Mr. Truitt was most recently Chief Executive Officer of Achillion Pharmaceuticals, Inc. He joined the company in 2009 and had previous roles of Chief Operations Officer and Chief Commercial Officer. Under his leadership, Achillion was acquired by Alexion Pharmaceuticals, Inc. for $1.2 billion.

    "Over the last month, I have become even more confident in the deep value of the Company and the many growth opportunities, which were what originally drew me to the Company. I look forward to building an even greater future for BioSpecifics and improving many more patients' lives," said Joseph Truitt, Chief Executive Officer of BioSpecifics.

    About BioSpecifics Technologies Corp.
    BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. The Company discovered and developed a proprietary form of injectable collagenase (CCH) which is currently marketed by BioSpecifics' partner, Endo International plc (Endo), as XIAFLEX® in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo expects a commercial launch in the first quarter of 2021 for a third CCH indication, cellulite, subject to U.S. Food and Drug Administration approval, which is expected in the second half of 2020. The CCH research and development pipeline includes several additional potential indications; adhesive capsulitis, plantar fibromatosis and uterine fibroids. For more information, please visit www.biospecifics.com.

    Forward-Looking Statements 
    This report 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, including statements regarding the Company's strategy, future operations, projected prospects, plans and objectives of management, future strategic opportunities, the effect of recent management and board leadership changes, and the assumptions underlying or relating to such statements, are "forward-looking statements." In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," "believe," the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on our current expectations and our projections about future events and various assumptions. There can be no assurance that we will realize our expectations or that our beliefs will prove correct. 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, but not limited to: the timing of regulatory filings and action; the ability of Endo to achieve its objectives for XIAFLEX®; the market for XIAFLEX®  in, and timing, initiation, and outcome of clinical trials for, additional indications, which will determine the amount of milestone, royalty, mark-up on cost of goods sold, license, and sublicense income that BioSpecifics may receive; the potential of XIAFLEX®  to be used in additional indications; Endo modifying its objectives or allocating resources other than to XIAFLEX®; the impacts of the COVID-19 pandemic; and other risk factors identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report"), specifically in Part I, Item IA under the heading "Risk Factors" of the 2019 Annual Report and risk factors identified in our other filings with the Securities and Exchange Commission. All forward-looking statements included in this report are made as of the date hereof, are expressly qualified in their entirety by the cautionary statements included in this report and, except as may be required by law, we assume no obligation to update these forward-looking statements.

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  3. WILMINGTON, Del., April 10, 2020 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ:BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first in class collagenase-based product marketed as XIAFLEX® in North America, today announced that its Board of Directors has adopted a stockholder rights plan to replace BioSpecifics' current rights plan, which has been terminated.  BioSpecifics intends to submit the rights plan, which is similar to rights plans adopted by many other public companies, for stockholder ratification at its 2020 Annual Meeting of Stockholders.

    The rights plan is designed to assist the Board of Directors in protecting BioSpecifics' stockholders from certain takeover tactics that the Board of Directors believes may be abusive. The rights plan was not adopted in response to any specific takeover proposal, any current accumulation of shares, or any currently threatened or pending effort to acquire control of BioSpecifics of which the Board of Directors is aware.  The rights plan was adopted to provide the Board of Directors with time to evaluate and respond to any unsolicited attempts to acquire BioSpecifics and to encourage anyone seeking control of or seeking to acquire BioSpecifics to negotiate with the Board of Directors prior to attempting such action, with the goal of protecting the long-term value of the stockholders' investment in BioSpecifics. 

    The rights plan provides for a 20% stock ownership threshold at which rights under the plan may become exercisable and contains a qualifying offer clause.  The rights plan has a term of three years and expires on April 9, 2023.  The rights plan does not contain any dead-hand, slow-hand, no-hand or similar feature that limits the ability of a future board of directors to redeem the rights.  In connection with approving the rights plan, the Board of Directors declared a dividend distribution of one right for each outstanding share of common stock. The record date for such dividend distribution is April 21, 2020.  

    In making the decision to adopt the rights plan, the Board of Directors took into consideration the unprecedented volatility over the last several weeks in the global financial markets due to the ongoing and evolving COVID-19 situation.  The Board of Directors believes that BioSpecifics' share price has been adversely impacted during this period despite our sound financial profile and positive fundamental trends in our business.  The volatility in the price of our common stock highlighted for the Board of Directors how attractive and vulnerable BioSpecifics might be to an acquirer seeking to opportunistically acquire our common stock at a time when the intrinsic value of BioSpecifics is not fully reflected in its stock price.

    Under the rights plan, the rights generally would become exercisable only if a person or group acquires beneficial ownership of 20% or more of BioSpecifics' common stock in a transaction not approved by BioSpecifics' Board of Directors. In that situation, each holder of a right (other than the acquiring person or group, whose rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price and in accordance with the terms of the rights plan, a number of shares of BioSpecifics' common stock having a market value of twice such price. In addition, if BioSpecifics is acquired in a merger or other business combination after an acquiring person acquires 20% or more of BioSpecifics' common stock, each holder of the right would thereafter have the right to purchase, upon payment of the exercise price and in accordance with the terms of the rights plan, a number of shares of common stock of the acquiring person having a market value of twice such price. The acquiring person or group would not be entitled to exercise these rights. In the rights plan, the definition of "beneficial ownership" includes derivative securities.  

    Further details of the rights plan will be contained in a Current Report on Form 8-K and in a Registration Statement on Form 8-A that BioSpecifics will be filing with the Securities and Exchange Commission (SEC). These filings will be available on the SEC's web site at www.sec.gov. Copies will also be available at no charge on the Investors section of BioSpecifics' corporate website at www.biospecifics.com.  

    About BioSpecifics Technologies Corp.

    BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. The company discovered and developed a proprietary form of injectable collagenase (CCH) which is currently marketed by BioSpecifics' partner, Endo International plc (Endo), as XIAFLEX® in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo expects a commercial approval in the second half of 2020 for a third CCH indication, cellulite, subject to U.S. Food and Drug Administration approval. The CCH research and development pipeline includes several additional potential indications; adhesive capsulitis, plantar fibromatosis and uterine fibroids. For more information, please visit www.biospecifics.com.

    Forward-Looking Statements

    This press 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, including statements regarding the effectiveness of the rights plan in providing the Board of Directors with time to evaluate and respond to any unsolicited attempts to acquire BioSpecifics and to encourage anyone seeking control of or seeking to acquire BioSpecifics to negotiate with the Board of Directors, and the assumptions underlying or relating to such statements, are "forward-looking statements." In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," "should," "believe," "schedule," "intend," the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on BioSpecifics' current expectations and BioSpecifics' projections about future events and various assumptions. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond BioSpecifics' control, and which may cause the actual results, performance, or achievements of BioSpecifics to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. All forward-looking statements included in this report are made as of the date hereof, and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in BioSpecifics' annual report on Form 10-K for the year ended December 31, 2019, and otherwise in its SEC reports and filings. Except as may be required by law, BioSpecifics assumes no obligation to update these forward-looking statements.

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  4. WILIMINGTON, Del., April 9, 2020 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ:BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first in class collagenase-based product marketed as XIAFLEX® in North America, today announced that its Board of Directors appointed Mike Sherman and Corey Fishman to serve as Independent Directors, effective immediately. Mike Sherman and Corey Fishman will both join the Board's Audit Committee, with Mr. Sherman serving as an "audit committee financial expert." Corey Fishman will also join the Intellectual Property Committee.

    "Mike and Corey both bring tremendous operational and functional insight, as well as industry and business acumen, to the BioSpecifics Board of Directors and we are so pleased to have them join us as we continue to unlock value creating opportunities for the CCH portfolio of commercial and pipeline assets, and as we identify external strategic opportunities. We believe our newest members will make significant contributions to the future outlook of the Company," said Jennifer Chao, Chairman of the Board of Directors.

    Mike Sherman is currently Chief Executive Officer of Chimerix, Inc. Before joining the Chimerix in 2019, he served as Chief Executive Officer of Endocyte, Inc. prior to its $2.1 billion acquisition by Novartis in 2018. Mr. Sherman repositioned the company by re-prioritizing the pipeline, acquiring an external asset for the treatment of advanced prostate cancer, and aggressively executing a Phase 3 regulatory and clinical strategy. He joined the company in 2006 as Chief Financial Officer, was named Chief Operating Officer in 2014 and was instrumental in Endocyte's initial public offering and four subsequent financings. Prior to joining Endocyte, Mr. Sherman served in various executive roles at Guidant Corporation, a cardiovascular device manufacturer acquired by Boston Scientific Corporation. These roles covered a breadth of functional areas including strategic planning, commercial operations in the US and Europe, and business development. Mr. Sherman holds a B.A. in economics from DePauw University and an M.B.A. from the Amos Tuck School of Business at Dartmouth, graduating as a Tuck Scholar. Mr. Sherman currently serves as Chairman of the Board of Trustees for the Children's Museum of Indianapolis. He also served on the Board of Directors at Mead Johnson Nutrition until the company's acquisition by Reckitt Benckiser.

    Corey Fishman has served as Chief Executive Officer and Director of Iterum Therapeutics plc, a publicly-traded biopharmaceutical company, since he founded the company in 2015. From 2010 to 2015, he served as Chief Financial Officer and Chief Operating Officer of Durata Therapeutics, Inc., a pharmaceutical company, where he managed a successful initial public offering and secondary offering, and led the negotiation and sale of Durata to Actavis plc. Prior to Durata, Mr. Fishman served as Chief Financial Officer of Ganic Pharmaceuticals, Inc., a pharmaceutical company, and served in several other leadership roles, including Chief Financial Officer, at Meda Pharmaceuticals, formerly MedPointe. Mr. Fishman holds a B.A. in Economics from the University of Illinois at Urbana‑Champaign and an M.S.M. in Finance from Purdue University. Mr. Fishman currently serves as Chair of the Audit Committee of the Board of Directors of Momenta Pharmaceutics, Inc.

    About BioSpecifics Technologies Corp.
    BioSpecifics Technologies Corp. (BioSpecifics) is a commercial-stage biopharmaceutical company. The company discovered and developed a proprietary form of injectable collagenase (CCH) which is currently marketed by BioSpecifics' partner, Endo International plc (Endo), as XIAFLEX® in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo expects a commercial approval in the second half of 2020 for a third CCH indication, cellulite, subject to U.S. Food and Drug Administration approval. The CCH research and development pipeline includes several additional potential indications; adhesive capsulitis, plantar fibromatosis and uterine fibroids. For more information, please visit www.biospecifics.com.

    Forward-Looking Statements 
    This report 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, including statements regarding the Company's strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, shareholder value, expected revenue growth, future strategic opportunities, the effect of recent management and board leadership changes, and the assumptions underlying or relating to such statements, are "forward-looking statements." In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on our current expectations and our projections about future events and various assumptions. There can be no assurance that we will realize our expectations or that our beliefs will prove correct. 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, but not limited to: the timing of regulatory filings and action; the ability of Endo to achieve its objectives for XIAFLEX®; the market for XIAFLEX® in, and timing, initiation and outcome of clinical trials for, additional indications, which will determine the amount of milestone, royalty, mark-up on cost of goods sold, license, and sublicense income that BioSpecifics may receive; the potential of XIAFLEX® to be used in additional indications; Endo modifying its objectives or allocating resources other than to XIAFLEX®; the impacts of the COVID-19 pandemic; and other risk factors identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report"), specifically in Part I, Item IA under the heading "Risk Factors" of the 2019 Annual Report and risk factors identified in our other filings with the Securities and Exchange Commission. All forward-looking statements included in this report are made as of the date hereof, are expressly qualified in their entirety by the cautionary statements included in this report and, except as may be required by law, we assume no obligation to update these forward-looking statements.

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  5. WILIMINGTON, Del., April 9, 2020 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ:BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first-in-class collagenase-based product marketed as XIAFLEX® in North America, today announced that the Board of Directors has appointed Joseph Truitt as interim Chief Executive Officer. He will also serve on the Company's Board of Directors. Mr. Truitt succeeds J. Kevin Buchi, who served as CEO since October 2019, and has departed the company.

    "We are delighted to have Joe on board and believe he will play a major role in helping to shape the future of BioSpecifics. Joe is a highly experienced biopharma executive with a strong track record of clinical, commercial, and operational leadership. The Board of Directors remains strongly focused on its corporate strategy of fully maximizing near- and long-term sustainable value creation, including full exploration of opportunities within the CCH portfolio of commercial and pipeline assets, as well as identifying external strategic opportunities. We believe BioSpecifics is poised for a new leg of growth bolstered by strong fundamentals," said Jennifer Chao, Chairman of the Board of Directors. "As we continue on this path, we would like to thank Kevin for what he accomplished during his tenure with the company and wish him well in his future endeavors."

    Prior to joining BioSpecifics, Mr. Truitt was most recently Chief Executive Officer of Achillion Pharmaceuticals, Inc. since May 2018. He joined the company in 2009 and had previous roles of Chief Operations Officer and Chief Commercial Officer. Under his leadership, the company was acquired by Alexion Pharmaceuticals, Inc. for $1.2 billion. Mr. Truitt joined Achillion from Viropharma, Inc. following its acquisition of Lev Pharmaceuticals. At Lev, Mr. Truitt was most recently Vice President of Business Development and Product Strategy and led the build out of the commercial team and infrastructure in preparation for product launch. Mr. Truitt joined Lev from Johnson & Johnson, where he was Vice President of Sales and Operations and directed commercial operations and had P&L responsibility for sales, operations and national accounts at the company's OraPharma subsidiary. Mr. Truitt holds a BS degree in Marketing from LaSalle University, Philadelphia, and an MBA degree from St. Joseph's University, Philadelphia.

    "I am excited to take on the role of interim CEO of BioSpecifics. There are very significant value creation opportunities and I look forward to working closely with the Board of Directors and team to fully execute on the Company's clearly defined corporate objectives," said Joseph Truitt, interim Chief Executive Officer.

    About BioSpecifics Technologies Corp.
    BioSpecifics Technologies Corp. (BioSpecifics) is a commercial-stage biopharmaceutical company. The company discovered and developed a proprietary form of injectable collagenase (CCH) which is currently marketed by BioSpecifics' partner, Endo International plc (Endo), as XIAFLEX® in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo expects a commercial approval in the second half of 2020 for a third CCH indication, cellulite, subject to U.S. Food and Drug Administration approval. The CCH research and development pipeline includes several additional potential indications; adhesive capsulitis, plantar fibromatosis and uterine fibroids. For more information, please visit www.biospecifics.com.

    Forward-Looking Statements 
    This report 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, including statements regarding the Company's strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, shareholder value, expected revenue growth, future strategic opportunities, the effect of recent management and board leadership changes, and the assumptions underlying or relating to such statements, are "forward-looking statements." In some cases, these statements can be identified by forward-looking words such as "expect," "plan," "anticipate," "potential," "estimate," "can," "will," "continue," the negative or plural of these words, and other similar expressions. These forward-looking statements are predictions based on our current expectations and our projections about future events and various assumptions. There can be no assurance that we will realize our expectations or that our beliefs will prove correct. 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, but not limited to: the timing of regulatory filings and action; the ability of Endo to achieve its objectives for XIAFLEX®; the market for XIAFLEX® in, and timing, initiation and outcome of clinical trials for, additional indications, which will determine the amount of milestone, royalty, mark-up on cost of goods sold, license, and sublicense income that BioSpecifics may receive; the potential of XIAFLEX® to be used in additional indications; Endo modifying its objectives or allocating resources other than to XIAFLEX®; the impacts of the COVID-19 pandemic; and other risk factors identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report"), specifically in Part I, Item IA under the heading "Risk Factors" of the 2019 Annual Report and risk factors identified in our other filings with the Securities and Exchange Commission. All forward-looking statements included in this report are made as of the date hereof, are expressly qualified in their entirety by the cautionary statements included in this report and, except as may be required by law, we assume no obligation to update these forward-looking statements.

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