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BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES FIRST QUARTER FISCAL 1994 RESULTS

 LYNBROOK, N.Y., June 11 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC) today reported revenues for the first fiscal quarter ended April 30, 1993, of $1,312,300 as compared to $1,903,400 for the prior year first quarter. The company's net income was $372,300 or $0.08 on a primary earnings per weighted average share basis ($0.07 fully diluted) compared to net income for the prior year period of $853,700 or $0.18 per share on the same basis ($0.17 fully diluted).
 As previously explained, the decrease in both revenues and earnings reflects the decline in sales in the more recent fiscal quarter to the company's customer in Germany, with whom a license agreement expired December 31, 1992. Sales of the product to the company's U.S. licensee, Knoll Pharmaceuticals, continue to expand and its sales of Santyl increased 70 percent during the first calendar quarter of 1993 versus 1992. The agreement with Knoll extends to the year 2002. The company is actively seeking additional licensees worldwide.
 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 treatment of dermal ulcers and severely burned areas.
 BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES
 (Unaudited)
 Three months ended April 30 1993 1992
 Revenues $1,312,300 $1,903,400
 Earnings from operations 381,000 906,200
 Income before extraordinary credit 363,100 803,500
 Extraordinary credit -- tax loss
 carryforward 9,200 50,200
 Net income $ 372,300 $ 853,700
 Earnings per common share:
 Primary:
 Income before extraordinary credit $0.08 $0.17
 Extraordinary credit -- tax loss
 carryforward 0.00 0.01
 Net income $0.08 $0.18
 Fully diluted:
 Income before extraordinary credit $0.07 $0.16
 Extraordinary credit -- tax loss
 carryforward 0.00 0.01
 Net income $0.07 $0.17
 Weighted average number of shares used
 in computing earnings per share:
 Primary 4,732,800 4,734,500
 Fully diluted 4,991,300 5,034,500
 -0- 6/11/93
 /CONTACT: Edwin H. Wegman, president of BioSpecifics, 516-593-7000; or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for BioSpecifics/
 (BSTC)


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

GK-MG -- NY053 -- 1177 06/11/93 15:51 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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