UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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): December 4, 2006
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BIOSPECIFICS
TECHNOLOGIES CORP.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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0-19879
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11-3054851
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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35
Wilbur Street
Lynbrook,
NY 11563
(Address
of Principal Executive Office) (Zip Code)
516.593.7000
(Registrant's
telephone number, including area code)
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:
[
] Written communications pursuant to Rule 425 under the Securities Act (17
CFR.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))
Introductory
Comment
Throughout
this Current Report on Form 8-K, the terms “we,” “us,” “our” and “Company” refer
to BioSpecifics Technologies Corp.
ITEM
5.02 DEPARTURE
OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
Compensatory
Arrangements of Certain Officers
On
December 4, 2006, the Board of Directors of the Company authorized the
termination of the yearly grant, in monthly installments, of $20,000 worth
of
stock options to its Chief Financial Officer, Larry Dobroff. The grant of
said
stock options to Mr. Dobroff was approved by the Board of Directors of the
Company on December 7, 2004. Mr. Dobroff will continue to receive said stock
options through December 2006. Effective January 1, 2007, Mr. Dobroff will
receive $20,000 of cash compensation in addition to his yearly salary in
lieu of
the stock options.
Amendment
to Bylaws
On
December 4, 2006, the Company’s Bylaws were amended and restated to, among other
things, (i) update certain procedural aspects of stockholder, board, and
committee meetings, (ii) broaden officer positions and duties and (iii) expand
the provisions pertaining to the indemnification of officers and directors
to
include an advance of defense expenses by the Company to
indemnitees.
The
Company will file its Amended and Restated Bylaws as an exhibit to its Annual
Report on Form 10-KSB.
ITEM
5.05 AMENDMENTS
TO THE REGISTRANT’S CODE OF ETHICS, OR WAIVER OF A PROVISION OF THE CODE OF
ETHICS
Amendment
to Code of Ethics
On
December 4, 2006, the Company’s Code of Business Conduct and Ethics was amended
and restated to, among other things, incorporate additional ethical guidelines,
including, but not limited to, the following: (i) protection of corporate
assets
and confidential information, (ii) maintenance of the integrity of company
records and accurate business reporting, (iii) prohibitions on kickbacks
and
improper arrangements with customers and suppliers, actions violating anti-trust
and anti-competition laws, false reporting of business and financial
information, manipulation or coercion of the Company’s registered public
accounting firm, and (iv) employee safety, internet and email use.
The
Company will file its Amended and Restated Code of Business Conduct and Ethics
as an exhibit to its Annual Report on Form 10-KSB.
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SIGNATURES
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Pursuant
to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf
by the
undersigned thereunto duly authorized.
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Date:
December 8, 2006
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BIOSPECIFICS
TECHNOLOGIES CORP.
——————————————————
(Registrant)
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/s/
Thomas L. Wegman
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Thomas
L. Wegman
President
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