SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Wegman Toby

(Last)

(First)

(Middle)

4092 BOCAIRE BLVD.

(Street)

BOCA RATON

33487

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/16/2007

3. Issuer Name and Ticker or Trading Symbol
BIOSPECIFICS TECHNOLOGIES CORP [ BSTC.PK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value	2,048,442⁽¹⁾	I	Held by the Estate of Edwin H. Wegman⁽²⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (Right to Buy)	09/30/2003	08/16/2007⁽³⁾	Common Stock	39,000	$1	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	01/23/2006	08/16/2007⁽³⁾	Common Stock	100,000	$1.1	I	Held by the Estate of Edwin H. Wegman

Explanation of Responses:

1. The Reporting Person is an executor and beneficiary of the Estate of Edwin H. Wegman and, as such, beneficially owns 2,048,442 shares of the Issuers stock which consists of 1,843,327 shares of the Issuer held by The S.J. Wegman Company for the benefit of the Estate of Edwin H. Wegman, and 205,115 shares of the Issuer which are held directly by the Estate of Edwin H. Wegman.

2. 1,843,327 shares in the Estate of Edwin H. Wegman is held in the name of The S. J. Wegman Company and are pledged to the Issuer with voting and dispositive power granted to the board of directors of the Issuer.

3. Under the Issuer's 2001 Employee Stock Option Plan, the Estate of Edwin H. Wegman must exercise all options by midnight August 16, 2007 because all options expire 6 months from the death of the option holder.

	/s/ Toby Wegman	07/09/2007
	** 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 5 (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.
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