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Lynbrook biopharmaceuticals maker leaving LI, filing says

Biospecifics Technologies Corp. whose president, Thomas L. Wegman,

Biospecifics Technologies Corp. whose president, Thomas L. Wegman, died in March, signed a lease in December for new offices in Wilmington and plans to move in April, a government filing said. Credit: Bio Specifics Technologies Corp.

BioSpecifics Technologies Corp., a Lynbrook biopharmaceuticals maker, plans to move to Wilmington, Delaware, the company disclosed in a government filing.

The announcement comes 10 months after the death of Thomas L. Wegman, who led the company since 2005, and three months after BioSpecifics named J. Kevin Buchi as chief executive.

The company signed a three-year lease in December for its new offices in Wilmington and plans to move in April, the filing said.

BioSpecifics shares rose 1.2% to close Wednesday at $54.66.

Buchi did not immediately respond to a request for comment.

BioSpecifics, Long Island's 42nd largest public company based on 2018 sales of $33 million, develops injectable enzymes that break down collagen, a fibrous protein that can build up and cause conditions including Dupuytren's contracture, a hand deformity where fingers are frozen in a curved position.

The company, with five employees as of March, receives royalties through licensing agreements with a unit of Endo International PLC, a Dublin pharmaceutical company.

Wegman died at 64 after battling glioblastoma, an aggressive form of cancer of the brain or spinal cord.

The company said it was moving "in light of the new management appointments" of CEO Buchi and chief financial officer Patrick C. Hutchison.

Hutchison was named CFO effective Monday and Patrick Caldwell, the interim principal financial officer, was given notice of his pending termination effective March 31.

In October, the company named Jennifer Chao as chairwoman of the board of directors. Chao had served as a director since 2015.

In the quarter ended September 30, BioSpecifics posted net income of $6.3 million, or 85 cents per diluted share, on revenue of $9.4 million.

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