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BioSpecifics First Quarter: Revenues $2.8 Million, Net Income $175,000; Progress on New Applications for Collagenase

Jun 18, 2001

BioSpecifics Technologies Corp. (NASDAQ: BSTC) reported revenues for the first fiscal quarter ended April 30, 2001 of $2,800,000 as compared to $1,439,000 in the prior year's first quarter. For the quarter, the Company had net income of $175,000 or $.04 per share. In the prior year's first quarter, the Company had a net loss of ($66,000) or ($.01) per share.

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Edwin H. Wegman, President, stated: "We are very pleased with our progress to date with the renovation of our facilities, which will resume normal production upon FDA approval. We are pleased with our research progress in general, our progress in clinical trials for Dupuytren's and Peyronie's diseases, and construction of production facilities for the injectable product. At the same time, we continue to work with Smith & Nephew (NYSE: SNN) in developing the marketing of Collagenase Santyl® Ointment."

Founded in 1990, BioSpecifics Technologies Corp. is a biopharmaceutical company with a focus on wound healing and tissue remodeling. It has pioneered the application of Collagenase for several disease conditions, notably dermal ulcers, pressure sores (bedsores), and second and third degree burns. BioSpecifics produces Collagenase ABC, the essential ingredient in the prescription drug Collagenase Santyl® Ointment sold in the United States, and under other trademarks abroad. Phase 2 clinical trials are completed in the U.S. for the use of injectable collagenase in treating Dupuytren's disease, which restricts the extension of one or more fingers. Clinical trials investigating the use of injectable collagenase in the treatment of lipoma reduction have been initiated. Clinical and laboratory investigations further profiling the potential role of collagenase and its pharmacological activity for wound healing are being pursued.

Santyl® is a registered trademark of Knoll Pharmaceutical Company, a division of Abbott Laboratories since March 2001.

                     Visit BioSpecifics' websites at
           its Dupuytren's Disease patient discussion forum at
          and its Peyronie's Disease patient discussion forum at

Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, government regulation, the ability of the Company to complete the renovation at its manufacturing facilities and adequately address concerns of the FDA, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies, and other risk factors detailed in the Company's filings with the Securities and Exchange Commission.

             BioSpecifics Technologies Corp. and Subsidiaries
                          Results of Operations

                                                    Three Months ended
                                                        April 30,
                                                  2001            2000

  Revenues                                      $2,792,000     $1,439,000

  Income (loss) before income taxes                175,000       (63,000)
  Income tax (expense) benefit                          --        (3,000)
  Net income (loss)                               $175,000      $(66,000)

  Basic net income (loss) per share                   $.04         ($.01)
  Diluted net income (loss) per share                 $.04         ($.01)

  Weighted average common shares outstanding     4,530,000      4,530,000

  Weighted average common and dilutive
   potential common shares outstanding           4,563,000      4,530,000

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SOURCE: BioSpecifics Technologies Corp.

Contact: Albert Horcher of BioSpecifics Technologies Corp.,
516-593-7000; or Deborah Duke Passik of William Dunk Partners, 919-929-4100,
for BioSpecifics Technologies Corp.