SEC FORM 4

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

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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^*

Estate of Edwin H. Wegman

(Last)

(First)

(Middle)

C/O TOBY WEGMAN, EXECUTOR

4092 BOCAIRE BLVD.

(Street)

BOCA RATON

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)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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	100,000	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	0	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	39,000	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	$1.1	07/30/2007		A⁽¹⁾		100,000		⁽¹⁾	01/22/2011⁽¹⁾	Common Stock	100,000	$0.00	139,000	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; as Co-Executor of The Estate of Edwin H. Wegman	08/16/2007
	/s/Thomas Wegman; as Co-Executor of The Estate of Edwin H. 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).
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