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): June 26, 2007 (June 25,
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))
ITEM
5.02 DEPARTURE OF
DIRECTORS OR CERTAIN OFFICERS; ELECTION OFDIRECTORS; APPOINTMENT OF CERTAIN
OFFICERS; COMPENSATORYARRANGEMENTS OF CERTAIN OFFICERS
On
June
25, 2007 the Board of Directors (the “Board”) of BioSpecifics Technologies Corp.
(the “Company”) elected Toby Wegman to serve as a director of the third class of
the Board to fill the vacancy created by the death of Edwin H. Wegman, the
former CEO, Chairman and director of the third class of the
Board. Toby Wegman is the widow of the late Edwin
Wegman. The passing of Edwin Wegman was reported in the Company’s
Current Report on Form 8-K that was filed on February 26, 2007.
Also
on
June 25, 2007, the Board approved an increase in the size of the Board from
five
to six directors by adding a second director to the third class of the Board
and
elected Dr. Mark Wegman to fill the vacancy created by such
increase. Dr. Wegman is Head of Computer Science at International
Business Machines (IBM) with a world wide responsibility for its 8
research laboratories.
On
June
25, 2007, the Company granted to each newly elected director a nonqualified
stock option to purchase 15,000 shares of the Company’s common
stock. The options were granted under the Company’s 2001 Stock Option
Plan and will be governed by the terms and conditions of such plan and the
Company’s standard form Stock Option Grant Notice and Letter
Agreement. The options vest at a rate of 1/12 per month, commencing
on the date of grant, and on each successive anniversary date until 100%
of the
options are vested. The options granted to Toby and Mark Wegman have
an exercise price per share of $4.63, which is 100% of the fair market value
on
the date of grant and a term of ten years.
Each
newly elected director also entered into the Company’s standard form Director
Change of Control Agreement, the form of which was previously filed as Exhibit
10.1 to the Company’s Current Report on Form 8-K that was filed on June 22,
2007.
There
are
no arrangements or understandings between the newly elected directors and
any
other persons pursuant to which they were selected as directors.
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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:
June 26, 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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