8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 15, 2018

BIOSPECIFICS TECHNOLOGIES CORP.
(Exact name of registrant as specified in its charter)

Delaware	001-34236	11-3054851
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

35 Wilbur Street	11563
Lynbrook, NY
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:516.593.7000

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company [   ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

Introductory Comment

Throughout this Current Report on Form 8-K, the terms “we,” “us,” “our” and “Company” refer to BioSpecifics Technologies Corp.

Item 1.01.             Entry into a Material Definitive Agreement

Effective as of November 15, 2018, Advance Biofactures Corporation, a wholly-owned subsidiary of the Company, entered into an offer letter with Dr. Ronald Law (the “Offer Letter”) to serve as Senior Vice President of Business Development on an at will basis. Dr. Law has been consulting for the Company since July 15, 2018.

Per the terms of the Offer Letter, Dr. Law’s compensation is $270,000 on an annualized basis, or $22,500 monthly. Dr. Law is eligible to receive a $75,000 signing bonus, payable within four weeks of the commencement date of Dr. Law’s employment, provided he remains employed on the payment date. Dr. Law’s employment will be at 75% of full time because he is permitted, subject to certain specified conditions, to provide consulting services to his previous employer, Oramed Pharmaceuticals Inc., for a maximum of one year from the effective date of the Offer Letter.

Dr. Law was granted an option to purchase 50,000 shares of the Company’s common stock under our Amended and Restated 2001 Stock Option Plan at $57.48 per share. This option vests over four years starting on the first anniversary of Dr. Law’s commencement date.

The Offer Letter also provides that Dr. Law will be eligible to receive a performance-based bonus consisting of a cash payment of $25,000 and an option to purchase 25,000 shares of the Company’s common stock upon the achievement of a certain licensing-based milestone. The cash portion will be payable within fifteen days of the completion of such milestone. The options will vest over four years starting on the first anniversary of the milestone completion date.

Also under the Offer Letter, Dr. Law may be eligible to participate in the Advance Biofactures Corporation employee benefit plans that are offered by the Company to our executives and employees from time to time, subject to the terms and conditions of such benefit plans, including any eligibility requirements. Finally, Dr. Law is entitled to ten days of vacation annually and has certain operating and travel expense reimbursement benefits.

The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the Offer Letter that will be filed subsequently as an exhibit to our Annual Report on Form 10-K.

Item 8.01.             Other Events

On November 15, 2018, the Company announced the hiring of Dr. Law as Senior Vice President of Business Development. A press release regarding the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.             Financial Statements and Exhibits

(d)             Exhibits.

Exhibit	Description
99.1	Press Release dated November 15, 2018

SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 16, 2018

BioSpecifics Technologies Corp.

By:	/s/ Thomas L. Wegman
	Name:    Thomas L. Wegman
	Title:       President

EX-99.1

BioSpecifics Technologies Corp. Appoints Ron Law, Ph.D, J.D.,
as Senior Vice President of Business Development

LYNBROOK, NY – November 15, 2018 – 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 the U.S. and Xiapex® in Europe, today announced that Ron Law, Ph.D., J.D. has been appointed as Senior Vice President of Business Development and will be responsible for strategic partnerships, reporting directly to Thomas L. Wegman, President of BioSpecifics. Dr. Law has been consulting for BioSpecifics since July 15, 2018.

Dr. Law was most recently the Chief Strategy Officer of Oramed Pharmaceuticals Inc., where he was responsible for the development of execution of scientific and business collaborations and partnerships, as well as the identification of new targets and indications for its platform oral peptide delivery technology and pipeline expansion. Prior to that, he was a scientific consultant in oncology at Third Coast Therapeutics, a diabetes consultant at Doctor Evidence and a business development consultant at PharmaIN. He also held several leadership and strategic roles at Takeda Pharmaceuticals International, spanning U.S. Medical Affairs, Global Medical Affairs, Corporate Strategic Planning, Global Scientific Affairs and Intelligence, and R&D External Innovation. He holds a Ph.D. in Molecular Biology from University of California at Los Angeles, a J.D. from the Whittier College School of Law and both an M.S. and B.S. in Biological Sciences from the University of Illinois at Chicago.

“I am pleased to welcome Dr. Law to the BioSpecifics team as we continue to look to expand our research and commercial pipeline,” said Thomas L. Wegman, President of BioSpecifics. “Dr. Law brings strategic business development knowledge and a strong business background, and we look forward to the future as we work together.”

“BioSpecifics has been a resourceful and innovative company for many years and it is with great excitement that I join the team,” said Dr. Law. “I am excited to work on maximizing the considerable opportunities for this company to continue to innovate, both internally and externally.”

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About BioSpecifics Technologies Corp.
BioSpecifics Technologies Corp. is a biopharmaceutical company that has developed injectable collagenase for thirteen clinical indications to date. Injectable collagenase is marketed as XIAFLEX® in the U.S. for the treatment of Dupuytren's contracture and Peyronie's disease by BioSpecifics' partner, Endo International plc (Endo). XIAFLEX® is also commercialized in Japan, Europe, Canada and Australia for Dupuytren's contracture and for Peyronie's disease in Canada, Europe and Australia. The CCH research and development pipeline includes several additional promising indications, including two Phase 3 clinical trials for the treatment of cellulite with top-line data reported in the fourth quarter of 2018 and a BLA submission expected in the second half of 2019. BioSpecifics is managing the development of CCH for the treatment of uterine fibroids and has submitted the full Phase 1 data to be presented at an upcoming medical meeting. For more information, please visit www.biospecifics.com.

Contact:

Julie Seidel
Stern Investor Relations, Inc.
julie@sternir.com
212-362-1200

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