BioSpecifics receives $426,000 grant under QTDP Program

BioSpecifics Technologies Corp. (Nasdaq: BSTC) (the "Company"), a biopharmaceutical company developing first in class collagenase-based products, today announced that it has received $426,000 in grant funding under the Qualifying Therapeutic Discovery Project (QTDP) Program. The program, funded through the US Patient Protection and Affordable Care Act of 2010, supports therapeutic discovery programs.

"We are very excited that the government has recognized the potential of our development programs and awarded these grants to us," commented Thomas L. Wegman, President of BioSpecifics. "We are looking forward to initiating a new clinical trial in lipomas and working on improved collagenase in the field of tissue disassociation."

The Company received two separate grants of $244,000 and $182,000, respectively. The first grant is for the clinical development of injectable collagenase in human lipomas. The second grant will fund a project related to the development of improved collagenases for tissue disassociation related to cellular therapy. Two partial grant payments were authorized on October 29, 2010 and the remaining allocated amounts will be authorized for payment no later than 30 days after the end of the 2010 calendar year.