Business & Finance
BioSpecifics Technologies reports Q2 2019 financial results
12 August 2019 -

BioSpecifics Technologies Corp (NASDAQ: BSTC), a biopharmaceutical company, has announced its financial results for the second quarter ended 30 June 2019, it was reported on Friday.

BioSpecifics reported net income of USD6.4m for the second quarter ended 30 June 2019, or USD0.88 per basic share and USD0.87 per share on a fully diluted basis, compared to net income of USD4.8m, or USD0.67 per basic share and USD0.66 per share on a fully diluted basis, for the same period in 2018.

The firm posted total revenue for the second quarter ended 30 June 2019 at USD8.9m compared to USD7.9m in the year-ago period.

Dr Ron Law, PhD, JD, principal executive officer of BioSpecifics, said, 'Throughout the second quarter of 2019, the team at BioSpecifics has been focused on continued internal execution and the clinical progression of our CCH development pipeline and the commercial development of our XIAFLEX franchise. Following positive Phase 1 uterine fibroids data, we are working to develop a clinical path forward for this medically necessary indication, and as we further evaluate and analyse this data, we plan to present it in the second half of this year. We are encouraged by the continued emphasis from our partner, Endo, on the importance of patient awareness and future growth initiatives for both of our commercial indications for XIAFLEX, Peyronie's Disease and Dupuytren's Contracture. We also look forward to adding a potential third marketed indication, with an upcoming BLA filing for the treatment of cellulite, which is expected to occur in the second half of 2019.'