FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Wegman Toby   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) (Last) (First) (Middle) 4092 BOCAIRE BLVD. 3. Date of Earliest Transaction (Month/Day/Year) 07/30/2007 (Street) BOCA RATON, FL 33487 4. If Amendment, Date 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 (City) (State) (Zip) 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: 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

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

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

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

154,000

I

Held by the Estate of Edwin H. Wegman

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Wegman Toby 4092 BOCAIRE BLVD. BOCA RATON, FL 33487	X	X

Signatures

/s/Toby Wegman		08/16/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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.

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