SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Wegman Toby (Last) (First) (Middle) 4092 BOCAIRE BLVD. (Street) BOCA RATON FL 33487 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol BIOSPECIFICS TECHNOLOGIES CORP [ BSTC.PK ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 07/30/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1	07/30/2007		D(1)			39,000	09/30/2002	08/16/2007(1)	Common Stock	39,000	$0.00	115,000	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	$1.1	07/30/2007		D(1)			100,000	01/23/2006	08/16/2007(1)	Common Stock	100,000	$0.00	15,000	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	$1	07/30/2007		A(1)		39,000		(1)	09/29/2012(1)	Common Stock	39,000	$0.00	115,000	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	$1.1	07/30/2007		A(1)		39,000		(1)	01/22/2011(1)	Common Stock	100,000	$0.00	154,000	I	Held by the Estate of Edwin H. Wegman

Explanation of Responses:

1. The four reported transactions involved an amendment of two outstanding options (by extension of their expiration dates), resulting in the deemed cancellation of the two "old" options and the grant of two replacement options. The option expiration dates were amended under the following circumstances: under the Issuer's 2001 Employee Stock Option Plan, the Estate of Edwin H. Wegman was required to exercise all options held by the estate by midnight on August 16, 2007 because all options expire 6 months from the death of the option holder. At the request of the Estate of Edwin H. Wegman, on July 30, 2007, the Board of Directors of the Issuer extended the expiration dates of the two options from August 16, 2007 to their original expiration dates, September 29, 2012 and January 22, 2011, respectively. The deemed cancellation of the two "old" options and the grant of two replacement options are reported in this form.

	/s/Toby Wegman	08/16/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.