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): February 16, 2007
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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
On
February 16, 2007, Edwin H. Wegman, our Chief Executive Officer and Chairman
of
the Board of Directors (the “Board”), passed away. On February 20, 2007, our
Board appointed Thomas L. Wegman, our President and son of Edwin H. Wegman,
to
also act as our Principal Executive Officer. As of the date of this filing,
the
Board has not appointed a new Chief Executive Officer.
We
issued
a press release on February 20, 2007, announcing the passing of Edwin H.
Wegman
and the assumption of all executive responsibilities of the Company by Thomas
L.
Wegman, which is attached hereto as Exhibit 99.1.
On
February 20, 2007 at a special meeting of the Board, the Board, out of
generosity and affection, approved the payment to Toby Wegman, the wife of
Edwin
H. Wegman, our former Chairman and Chief Executive Officer, of a death benefit
to recognize and honor Edwin H. Wegman’s past service to the Company, in an
amount equal to the salary that Edwin H. Wegman would have received for a
one
year period commencing on February 20, 2007, payable on the same semi-monthly
basis. In addition, the Board approved the continuation of spousal health
benefits for Toby Wegman for a one year period commencing February 20, 2007,
at
the Company’s expense.
On
February 20, 2007 at a special meeting of the Board, the Board approved a
modification of the terms of the grant to Thomas L. Wegman of options to
purchase 1,000 shares of the Company. The options were granted to Thomas
L.
Wegman on February 26, 1997 under the Company’s 1993 Stock Option Plan (filed
with the SEC as Exhibit 10.2 of the Company’s Form S-8 on July 27, 1995) and
will expire on February 26, 2007. The Board granted Thomas L. Wegman the
right,
either to (1) extend the exercise date of the options for six months, until
August 26, 2007 or (2) terminate the options in exchange for a payment of
the
difference between the strike price of $3.875 and the trading price at the
close
of business on the date of termination. On February 22, 2007, Thomas L. Wegman
elected to extend the exercise date of his options for six months.
In
accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to
be
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liability of that
section, and shall not be incorporated by reference into any registration
statement or other document filed under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
ITEM
9.01. FINANCIAL
STATEMENTS AND EXHIBITS
(d) Exhibits
99.1 Press
Release, dated February 20, 2007.
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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:
February 23, 2007
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BIOSPECIFICS
TECHNOLOGIES CORP.
——————————————————
(Registrant)
/s/
Thomas L. Wegman
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——————————————————
Thomas
L. Wegman
President
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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