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BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES NINE MONTHS REVENUES AND INCOME; THIRD QUARTER RESULTS

 LYNBROOK, N.Y., Dec. 11 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), today reported three and nine months revenue and income for the periods ended Oct. 31, 1992 versus 1991.
 The company reported a decline in third quarter revenues and income, due to a decline in revenues from its German licensee, KAG, as expected. However, although the third quarter shows a decline, the company still has record nine months revenues and income. Third quarter total revenues declined to $775,149 from $1,065,516 in the same period last year. Net income declined to $30,145 compared to $412,300 in 1991. Earnings per share declined to $.01 per share versus $.12 in the previous year's third quarter due to the lower sales volume and the increased number of shares outstanding during the period; 4.7 million weighted average shares in the 1992 period compared to 3.3 million weighted average shares in 1991.
 For the nine months ended Oct. 31, 1992, revenues increased 21 percent to $3.9 million from $3.2 million in last year's nine month period. Net income for the more recent nine month period advanced 14 percent to $1,224,153 or $.26 per share on weighted average shares of 4.7 million, compared to $1,071,004 or $.32 per share on 3.3 million shares.
 Edwin H. Wegman, chairman and president of BioSpecifics, stated "We are pleased with this performance because sales in the United States increased faster than expected and helped to bridge the gap in the decline of revenues from KAG. Sales by our U.S. licensee increased 36 percent in its third quarter versus the average of its first and second quarters. Our sales and royalties earned from this licensee increased over 290 percent in the third quarter and over 260 percent for the first nine months of 1992 versus 1991. The fiscal third quarter just ended and the fourth quarter we are in now represent a period when the loss of revenues from KAG will have the maximum impact. Revenues from KAG in the third quarter just ended represented only 30 percent of the period's total, in contrast to 78 percent in last year's third quarter. Notwithstanding the expiration of the contract with KAG in December 1992, we expect that the loss of revenues will not be felt as strongly as first anticipated: first, because of the agreement to continue to supply KAG in calendar 1993 with the appropriate amount supplied in 1992; second, because of the increase in sales of product in the United States which also translates into an increase in royalty revenues; and third, because of our efforts to develop worldwide licenses.
 "Our research and development efforts have also been expanded this year and for the nine months ended Oct. 31, 1992. R&D expense was more than double that of the prior year's nine months. These efforts are expected to contribute to both near and long term profits."
 BioSpecifics produces and licenses pharmaceutical products for domestic and international sales. The company is also engaged in various stages of research, development clinical testing and marketing of additional pharmaceutical products. The company's current principal product is its FDA approved enzyme Collagenase ABC, used in topical applications for the treatment of dermal ulcers and severe burns.
 BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES
 (Unaudited)
 Three Months Ended Nine Months Ended
 10/31/92 10/31/91 10/31/92 10/31/91
 Revenues $775,149 $1,065,516 $3,874,833 $3,194,980
 Earnings from operations 16,573 439,966 1,241,385 1,162,959
 Income before
 extraordinary credit 26,860 412,300 1,161,222 1,023,534
 Extraordinary credit -
 tax loss carryforward 3,285 -- 62,931 47,500
 Net income $30,145 $412,300 $1,224,153 $1,071,034
 EARNINGS PER COMMON SHARE
 Primary:
 Income before
 extraordinary credit $0.01 $0.12 $0.23 $0.31
 Extraordinary credit -
 tax loss carryforward 0.00 0.00 0.01 0.01
 Net income $0.01 $0.12 $0.26 $0.32
 Fully diluted:
 Income before
 extraordinary credit $0.01 $0.11 $0.23 $0.29
 Extraordinary credit -
 tax loss carryforward 0.00 0.00 0.01 0.01
 Net income $0.01 $0.11 $0.24 $0.30
 Weighted average number of
 shares used in computing
 earnings per share
 Primary 4,710,858 3,306,396 4,731,038 3,306,396
 Fully diluted 5,010,858 3,606,396 5,039,301 3,606,396
 -0- 12/11/92
 /CONTACT: Thomas L. Wegman of BioSpecifics, 516-593-7000/
 (BSTC)


CO: BioSpecifics, Inc. ST: New York IN: MTC SU: ERN

AL -- NY047 -- 6315 12/11/92 14:32 EST
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Date:Nov 13, 1992
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