WILIMINGTON, Del., April 9, 2020
/PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC), a
biopharmaceutical company that originated and continues to develop
collagenase-based therapies with a first in class collagenase-based
product marketed as XIAFLEX® in North America, today announced that its Board
of Directors appointed Mike Sherman
and Corey Fishman to serve as
Independent Directors, effective immediately. Mike Sherman and Corey
Fishman will both join the Board's Audit Committee, with Mr.
Sherman serving as an "audit committee financial expert."
Corey Fishman will also join the
Intellectual Property Committee.
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"Mike and Corey both bring tremendous operational and functional
insight, as well as industry and business acumen, to the
BioSpecifics Board of Directors and we are so pleased to have them
join us as we continue to unlock value creating opportunities for
the CCH portfolio of commercial and pipeline assets, and as we
identify external strategic opportunities. We believe our newest
members will make significant contributions to the future outlook
of the Company," said Jennifer Chao,
Chairman of the Board of Directors.
Mike Sherman is currently Chief
Executive Officer of Chimerix, Inc. Before joining the Chimerix in
2019, he served as Chief Executive Officer of Endocyte, Inc. prior
to its $2.1 billion acquisition by
Novartis in 2018. Mr. Sherman repositioned the company by
re-prioritizing the pipeline, acquiring an external asset for the
treatment of advanced prostate cancer, and aggressively executing a
Phase 3 regulatory and clinical strategy. He joined the company in
2006 as Chief Financial Officer, was named Chief Operating Officer
in 2014 and was instrumental in Endocyte's initial public offering
and four subsequent financings. Prior to joining Endocyte, Mr.
Sherman served in various executive roles at Guidant Corporation, a
cardiovascular device manufacturer acquired by Boston Scientific
Corporation. These roles covered a breadth of functional areas
including strategic planning, commercial operations in the US and
Europe, and business development.
Mr. Sherman holds a B.A. in economics from DePauw University and an M.B.A. from the Amos Tuck
School of Business at Dartmouth,
graduating as a Tuck Scholar. Mr. Sherman currently serves as
Chairman of the Board of Trustees for the Children's Museum of
Indianapolis. He also served on
the Board of Directors at Mead Johnson Nutrition until the
company's acquisition by Reckitt Benckiser.
Corey Fishman has served as Chief
Executive Officer and Director of Iterum Therapeutics plc, a
publicly-traded biopharmaceutical company, since he founded the
company in 2015. From 2010 to 2015, he served as Chief Financial
Officer and Chief Operating Officer of Durata Therapeutics, Inc., a
pharmaceutical company, where he managed a successful initial
public offering and secondary offering, and led the negotiation and
sale of Durata to Actavis plc. Prior to Durata, Mr. Fishman served
as Chief Financial Officer of Ganic Pharmaceuticals, Inc., a
pharmaceutical company, and served in several other leadership
roles, including Chief Financial Officer, at Meda Pharmaceuticals,
formerly MedPointe. Mr. Fishman holds a B.A. in Economics from the
University of Illinois at
Urbana‑Champaign and an M.S.M. in Finance from Purdue University. Mr. Fishman currently serves as
Chair of the Audit Committee of the Board of Directors of Momenta
Pharmaceutics, Inc.
About BioSpecifics Technologies Corp.
BioSpecifics
Technologies Corp. (BioSpecifics) is a commercial-stage
biopharmaceutical company. The company discovered and developed a
proprietary form of injectable collagenase (CCH) which is currently
marketed by BioSpecifics' partner, Endo International plc (Endo),
as XIAFLEX® in North
America for the treatment of Dupuytren's contracture and
Peyronie's disease. Endo expects a commercial approval in the
second half of 2020 for a third CCH indication, cellulite, subject
to U.S. Food and Drug Administration approval. The CCH research and
development pipeline includes several additional potential
indications; adhesive capsulitis, plantar fibromatosis and uterine
fibroids. For more information, please visit
www.biospecifics.com.
Forward-Looking Statements
This report includes
"forward-looking statements" within the meaning of, and made
pursuant to the safe harbor provisions of, the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact, including statements regarding the Company's
strategy, future operations, future financial position, future
revenues, projected costs, prospects, plans and objectives of
management, shareholder value, expected revenue growth, future
strategic opportunities, the effect of recent management and board
leadership changes, and the assumptions underlying or relating to
such statements, are "forward-looking statements." In some cases,
these statements can be identified by forward-looking words such as
"expect," "plan," "anticipate," "potential," "estimate," "can,"
"will," "continue," the negative or plural of these words, and
other similar expressions. These forward-looking statements are
predictions based on our current expectations and our projections
about future events and various assumptions. There can be no
assurance that we will realize our expectations or that our beliefs
will prove correct. There are a number of important factors that
could cause BioSpecifics' actual results to differ materially from
those indicated by such forward-looking statements, including, but
not limited to: the timing of regulatory filings and action; the
ability of Endo to achieve its objectives for XIAFLEX®; the market
for XIAFLEX® in, and timing, initiation and outcome of clinical
trials for, additional indications, which will determine the amount
of milestone, royalty, mark-up on cost of goods sold, license, and
sublicense income that BioSpecifics may receive; the potential of
XIAFLEX® to be used in additional indications; Endo modifying its
objectives or allocating resources other than to XIAFLEX®; the
impacts of the COVID-19 pandemic; and other risk factors identified
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2019 (the "2019 Annual
Report"), specifically in Part I, Item IA under the heading "Risk
Factors" of the 2019 Annual Report and risk factors identified in
our other filings with the Securities and Exchange Commission. All
forward-looking statements included in this report are made as of
the date hereof, are expressly qualified in their entirety by the
cautionary statements included in this report and, except as may be
required by law, we assume no obligation to update these
forward-looking statements.
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SOURCE BioSpecifics Technologies Corp.