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^*

Wegman Thomas

(Last)

(First)

(Middle)

1764 BRIAR PLACE

(Street)

MERRICK

11566

(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
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
07/13/2007

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)
Common Stock, $0.001 par value	07/13/2007		W		2,048,442⁽¹⁾	A	$0	2,098,386	I	Held by the Estate of Edwin H. Wegman⁽¹⁾

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	07/13/2007		W		39,000⁽²⁾		09/30/2003	08/16/2007⁽³⁾	Common Stock, $0.001 par value	39,000	$0	357,300	I	Held by the Estate of Edwin H. Wegman
Stock Option (Right to Buy)	$1.1	07/13/2007		W		100,000⁽²⁾		01/23/2006	08/16/2007⁽³⁾	Common Stock, $0.001 par value	100,000	$0	457,300	I	Held by the Estate of Edwin H. Wegman

Explanation of Responses:

1. On July 13, 2007, the Reporting Person was named as a co-executor of the estate of his father, Edwin H. Wegman. The Estate of Edwin H. Wegman owns beneficially more than 10% of the Issuer's outstanding capital stock (2,048,442 shares of the Issuer's common stock) which consists of (i) 1,843,327 shares of the Issuer held in the name of The S.J. Wegman Company, and (ii) 205,115 shares of the Issuer which are held directly by the Estate of Edwin H. Wegman. 1,843,327 of the shares in the Estate of Edwin H. Wegman held in the name of The S. J. Wegman Company are pledged to the Issuer with voting and dispositive power granted to the board of directors of the Issuer. The Reporting Person is also a residual beneficiary of the Estate of Edwin H. Wegman.

2. The Estate of Edwin H. Wegman also beneficially owns options to purchase 139,000 shares of the Issuer's common stock.

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

	/s/ Thomas L. Wegman	07/26/2007
	** 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).
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