BioSpecifics Technologies Corp. (BSTC, Financial) filed Quarterly Report for the period ended 2009-06-30.
BIOSPECIFICS TECHNOLOGIES is engaged in the business of producing and licensing for sale by other a U.S. Food and Drug Administration (``FDA``) approved enzyme derived from collagenase named Collagenase ABC and researching developing and clinically testing additional products derived therefrom for potential use as pharmaceuticals. BioSpecifics Technologies Corp. has a market cap of $164.5 million; its shares were traded at around $27.35 with and P/S ratio of 19.6.
For the three months ended June 30, 2009 and 2008, we recognized licensing and milestone revenue of $766,281 and $266,282, respectively. Licensing revenues recognized are related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period. This increase of $500,000 was related to a milestone received and recognized in the second quarter under our agreement with Auxilium.
Other income, net, was $1,649 for the three months ended June 30, 2009 as compared to other income, net of $32,055 for the 2008 period. Components of other income, net, consist of investment income, interest expense and other, net. Investment income for the three months ended June 30, 2009 was $1,688 as compared to $27,528 in the comparable period of 2008. This decrease of $25,840 or 94% was primarily due to lower interest rates and invested balances during the 2009 period. Interest expense for the three months ended June 30, 2009 was minimal in both periods. Other expense, net for the three months ended June 30, 2009 was zero as compared to $4,527 in the 2008 period. The decrease in other expense, net was primarily due to the sale of a company owned vehicle in the 2008 period.
For the six months ended June 30, 2009 and 2008, we recognized licensing and milestone revenue of $1,032,562 and $532,563, respectively. Licensing revenues recognized are related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period. This increase of $500,000 was related to a milestone received and recognized in the second quarter under our agreement with Auxilium.
Other expense, net, was $4,957 for the six months ended June 30, 2009 as compared to other income, net of $61,879 for the 2008 period. Components of other income, net, consist of investment income, interest expense and other, net. Investment income for the six months ended June 30, 2009 was $4,545 as compared to $57,803 in the comparable period of 2008. This decrease of $53,258 was primarily due to lower interest rates and invested balances during the 2009 period. Interest expense for the six months ended June 30, 2009 was minimal in both periods. Other expense, net for the six months ended June 30, 2009 was $9,463 as compared to other income, net of $4,527 in the 2008 period. The change in other income and expense, net was primarily due to a penalty related to our delinquent tax filings from previous periods partially offset by the sale of a company owned vehicle in the 2008 period.
Net cash provided by financing activities for the six months ended June 30, 2009 was $86,260 as compared to the 2008 period of $6,230,062. The change in net cash provided by financing activities for the 2009 consisted of proceeds received from stock option exercises and excess tax benefits related to the sale by employees of certain stock options. Net cash provided by financing activities in the 2008 period consisted of proceeds from the sale of our common stock of $4,882,679, repayment of an outstanding loan from our former Chairman and CEO of $1,116,558 and proceeds received from stock option exercises of $230,825.
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BIOSPECIFICS TECHNOLOGIES is engaged in the business of producing and licensing for sale by other a U.S. Food and Drug Administration (``FDA``) approved enzyme derived from collagenase named Collagenase ABC and researching developing and clinically testing additional products derived therefrom for potential use as pharmaceuticals. BioSpecifics Technologies Corp. has a market cap of $164.5 million; its shares were traded at around $27.35 with and P/S ratio of 19.6.
Highlight of Business Operations:
Receivables and Deferred Revenue. Under our agreement with DFB, we agreed to provide certain technical assistance and transitional services in consideration of fees and costs totaling over $1.4 million. At the closing, DFB paid to us a partial payment of $400,000 in respect of the technical assistance to be provided by us. To date, we have received a total of $1,200,000 in payments from DFB. The consulting obligations generally expire during March 2011. As of June 30, 2009 the remaining accounts receivable balance due was $200,000 for future services and was offset by the associated deferred revenues to be recognized in future periods of $200,000.For the three months ended June 30, 2009 and 2008, we recognized licensing and milestone revenue of $766,281 and $266,282, respectively. Licensing revenues recognized are related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period. This increase of $500,000 was related to a milestone received and recognized in the second quarter under our agreement with Auxilium.
Other income, net, was $1,649 for the three months ended June 30, 2009 as compared to other income, net of $32,055 for the 2008 period. Components of other income, net, consist of investment income, interest expense and other, net. Investment income for the three months ended June 30, 2009 was $1,688 as compared to $27,528 in the comparable period of 2008. This decrease of $25,840 or 94% was primarily due to lower interest rates and invested balances during the 2009 period. Interest expense for the three months ended June 30, 2009 was minimal in both periods. Other expense, net for the three months ended June 30, 2009 was zero as compared to $4,527 in the 2008 period. The decrease in other expense, net was primarily due to the sale of a company owned vehicle in the 2008 period.
For the six months ended June 30, 2009 and 2008, we recognized licensing and milestone revenue of $1,032,562 and $532,563, respectively. Licensing revenues recognized are related to the cash payments received under the Auxilium Agreement in prior years and amortized over the expected development period. This increase of $500,000 was related to a milestone received and recognized in the second quarter under our agreement with Auxilium.
Other expense, net, was $4,957 for the six months ended June 30, 2009 as compared to other income, net of $61,879 for the 2008 period. Components of other income, net, consist of investment income, interest expense and other, net. Investment income for the six months ended June 30, 2009 was $4,545 as compared to $57,803 in the comparable period of 2008. This decrease of $53,258 was primarily due to lower interest rates and invested balances during the 2009 period. Interest expense for the six months ended June 30, 2009 was minimal in both periods. Other expense, net for the six months ended June 30, 2009 was $9,463 as compared to other income, net of $4,527 in the 2008 period. The change in other income and expense, net was primarily due to a penalty related to our delinquent tax filings from previous periods partially offset by the sale of a company owned vehicle in the 2008 period.
Net cash provided by financing activities for the six months ended June 30, 2009 was $86,260 as compared to the 2008 period of $6,230,062. The change in net cash provided by financing activities for the 2009 consisted of proceeds received from stock option exercises and excess tax benefits related to the sale by employees of certain stock options. Net cash provided by financing activities in the 2008 period consisted of proceeds from the sale of our common stock of $4,882,679, repayment of an outstanding loan from our former Chairman and CEO of $1,116,558 and proceeds received from stock option exercises of $230,825.
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