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BIOSPECIFICS TECHNOLOGIES ANNOUNCES ITS THIRD CONSECUTIVE QUARTER OF INCREASED REVENUES AND EARNINGS

 LYNBROOK, N.Y., Sept. 13 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC) today reported results of its second fiscal quarter and six months ended July 31, 1993.
 Second quarter revenues increased 35 percent to $1.6 million from $1.2 million last year. Net income increased to $463,000, compared to $340,000 in last year's period. Earnings per share were $.10 per share versus $.07.
 For the six months ended July 31, 1993, revenues decreased 6 percent to $2.9 million versus $3.1 million in last year's six month period. Net income was $835,000 or $.18 per share compared to $1.2 million or $.25 per share on comparable weighted average shares.
 Edwin H. Wegman, chairman and president of BioSpecifics stated, "The second quarter's experience demonstrated that our United States sales are rapidly reaching the point of replacing the sales to our German Licensee. The second quarter is our third consecutive quarter of increased revenues and earnings."
 BioSpecifics, through its subsidiaries, produces and licenses pharmaceutical products for domestic and international sales. The company is also engaged in various stages of research development, clinical testing and licensing of additional pharmaceutical products and therapeutically active molecules. The company's current principal product is its FDA approved enzyme Collagenase ABC, used in topical applications for the treatment of dermal ulcers and severely burned areas.
 BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES
 (Unaudited)
 Periods Ended Three months Six months
 July 31 1993 1992 1993 1992
 Revenues $1,615,000 $1,196,000 $2,927,000 $3,100,000
 Income from operations 478,000 319,000 859,000 1,225,000
 Income before
 extraordinary credit 377,000 331,000 740,000 1,134,000
 Extraordinary credit
 -- NOL carryforward 86,000 9,000 96,000 60,000
 Net income $463,000 $340,000 $835,000 1,194,000
 Earnings per common share
 Primary:
 Income before
 extraordinary
 credit $0.08 $0.07 $0.16 $0.24
 Extraordinary credit 0.02 0.00 0.02 0.01
 Net income 0.10 0.07 0.18 0.25
 Fully diluted:
 Income before
 extraordinary
 credit $0.07 $0.07 $0.15 $0.23
 Extraordinary credit 0.02 0.00 0.02 0.01
 Net income 0.09 0.07 0.17 0.24
 Weighted average
 number of shares
 used in computing
 earnings per share:
 Primary 4,748,183 4,747,718 4,740,489 4,742,628
 Fully diluted 4,990,517 5,072,509 4,990,930 5,055,023
 -0- 9/13/93
 /CONTACT: Edwin Wegman, president of BioSpecifics Technologies, 516-593-7000, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060/
 (BSTC)


CO: BioSpecifics Technologies Corp. ST: New York IN: MTC SU: ERN

PS-TS -- NY033 -- 1237 09/13/93 11:11 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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