WILIMINGTON, Del., May 11, 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 the appointment
of Joseph Truitt as Chief Executive
Officer. Mr. Truitt was appointed interim Chief Executive Officer
by the Company's Board of Directors on April
6, 2020 and assumed this permanent role on May 7, 2020.
![(PRNewsfoto/BioSpecifics Technologies Corp.) (PRNewsfoto/BioSpecifics Technologies Corp.)](https://mma.prnewswire.com/media/1134448/BioSpecifics_Technologies_Corp_Logo.jpg)
"Joe is a high performing, experienced biopharma executive with
an exceptional track record of building successful organizations.
Joe's appointment as Chief Executive Officer comes at a crucial
inflection point in the Company's evolution, as we have set forth a
clear, twofold value creation strategy for maximizing the CCH
portfolio of commercial and clinical assets and as we begin to take
well-considered steps toward identifying external strategic
opportunities," said Jennifer Chao,
Chairman of the Board of Directors. "Joe has made important
contributions over the last month and we look forward to the strong
leadership he will bring to BioSpecifics."
Prior to joining BioSpecifics, Mr. Truitt was most recently
Chief Executive Officer of Achillion Pharmaceuticals, Inc. He
joined the company in 2009 and had previous roles of Chief
Operations Officer and Chief Commercial Officer. Under his
leadership, Achillion was acquired by Alexion Pharmaceuticals, Inc.
for $1.2 billion.
"Over the last month, I have become even more confident in the
deep value of the Company and the many growth opportunities, which
were what originally drew me to the Company. I look forward to
building an even greater future for BioSpecifics and improving many
more patients' lives," said Joseph
Truitt, Chief Executive Officer of BioSpecifics.
About BioSpecifics Technologies Corp.
BioSpecifics
Technologies Corp. 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 launch in the first
quarter of 2021 for a third CCH indication, cellulite, subject to
U.S. Food and Drug Administration approval, which is expected in
the second half of 2020. 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, projected prospects, plans and
objectives of management, 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,"
"believe," 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.