U.S. Securities and Exchange Commission
                              Washington D.C. 20549

                                   FORM 10-QSB
         (Mark One)

[x]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934

         For the quarterly period ended: April 30, 2002
                                         --------------

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

         Commission File number: 0-19879
                                 -------

                         BioSpecifics Technologies Corp.
                         -------------------------------
        (Exact name of Small Business Issuer as Specified in Its Charter)

      Delaware                                                 11-3054851
      --------                                                 ----------
(State of Incorporation)                              (IRS Employer I.D. Number)

                                  35 Wilbur St.
                               Lynbrook, NY 11563
                               ------------------
                    (Address of principal executive offices)

                                 (516) 593-7000
                                 --------------
                (Issuer's telephone number, including area code)

         Check whether the issuer: (1) has filed all reports required by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.  Yes   X     No
            ---       ---

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 4,550,836 shares of Common
Stock, $0.001 par value as of June 1, 2002


         Transitional Small Business Disclosure Format (check one):
Yes         No  X
     ---       ---

<PAGE>

                                      INDEX
                                      -----
<TABLE>
<CAPTION>

                                                                                                       Page
                                                                                                       ----
<S>                                                                                                      <C>
PART I - FINANCIAL INFORMATION                                                                           3


Item 1.  Financial Statements                                                                            3


Consolidated Financial Statements:


         Balance Sheets as of April 30, 2002 (unaudited) and January 31, 2002                            3


         Statements  of  Operations  for the Three  Months Ended April 30, 2002 and 2001
         (unaudited)                                                                                     4


         Statements  of Cash Flows for the Three  Months  Ended  April 30, 2002 and 2001
         (unaudited)                                                                                     5


         Notes to Consolidated Interim Financial Statements (unaudited)                                  6


         Item 2.  Management's  Discussion  and  Analysis  of  Financial  Condition  and
         Results of Operations                                                                           7


PART II - OTHER INFORMATION                                                                             11


SIGNATURES                                                                                              12

</TABLE>

                                       2
<PAGE>

                          PART I. FINANCIAL INFORMATION
                          Item 1. Financial Statements


BioSpecifics Technologies Corp. and Subsidiaries
Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                                                              (Unaudited)
                                                                                April 30,            January 31,
                                                                                  2002                   2002
                                                                              -----------            -----------
<S>                                                                           <C>                    <C>
Cash and cash equivalents                                                     $ 1,317,488            $   693,215
Marketable securities                                                               3,026                  3,026
Accounts receivable                                                             1,027,640              2,606,412
Inventory, net                                                                    813,943                784,164
Prepaid expenses and other current assets                                          29,303                 12,878
                                                                              -----------            -----------
   Total current assets                                                         3,191,400              4,099,695

Property, plant, and equipment - net                                            4,922,916              5,063,313
Deferred tax assets                                                               164,536                164,536
                                                                              -----------            -----------
                                                                              $ 8,278,852            $ 9,327,544
                                                                              ===========            ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses                                         $ 1,606,558            $ 1,680,629
Notes payable to related parties                                                   14,135                 14,010
Deferred revenue                                                                   45,000                 45,000
                                                                              -----------            -----------
     Total current liabilities                                                  1,665,693              1,739,639

Long-term debt                                                                    455,000                455,000

Minority interest in subsidiaries                                                 211,378                238,678

Commitments and contingencies

STOCKHOLDERS' EQUITY
Series A Preferred stock, $.50 par value; 700,000
  shares authorized; none outstanding                                                  --                     --
Common stock, $.001 par value; 10,000,000 shares authorized;
4,912,216 shares issued at April 30, 2002 and January 31, 2002                      4,912                  4,912
Additional paid-in capital                                                      3,800,104              3,800,104
Retained earnings                                                               5,163,396              6,101,015
Accumulated other comprehensive income                                             12,384                 15,811
Treasury stock - 361,380 shares, at cost                                       (1,911,237)            (1,911,237)
Notes receivable from chairman and other related party                         (1,122,778)            (1,116,378)
                                                                              -----------            -----------
    Stockholders' equity                                                        5,946,781              6,894,227

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    $ 8,278,852            $ 9,327,544
                                                                              ===========            ===========
</TABLE>


See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


Biospecifics Technologies Corp.
and Subsidiaries
Consolidated Statements of Operations
<TABLE>
<CAPTION>
                                                                  (Unaudited)
                                                              Three Months Ended
                                                                   April 30,
                                                          --------------------------
                                                              2002           2001
                                                          -----------    -----------
<S>                                                       <C>            <C>
Revenues:
   Net sales                                              $   341,894    $ 2,211,202
   Royalties                                                  560,128        581,270
                                                          -----------    -----------
                                                              902,022      2,792,472
                                                          -----------    -----------

Costs and Expenses:
   Cost of sales                                              768,876      1,899,488
   General and administrative                                 741,230        449,588
   Research and development                                   361,210        276,121
                                                          -----------    -----------
                                                            1,871,316      2,625,197
                                                          -----------    -----------

Income (loss) from operations                                (969,294)       167,275

Other income (expense):
   Investment and other income                                 16,972         11,042
   Interest expense                                           (12,597)        (1,084)
                                                          -----------    -----------
                                                                4,375          9,958

Income (loss) before income taxes and minority interest      (964,919)       177,233
Income tax expense                                                  0              0
                                                          -----------    -----------
Income (loss) before minority interest                       (964,919)       177,233
 Minority interest in net loss (income) of subsidiaries        27,300         (2,500)
                                                          -----------    -----------
Net income (loss)                                         ($  937,619)   $   174,733
                                                          ===========    ===========


Basic net income (loss) per common share                  ($     0.21)   $      0.04
                                                          ===========    ===========

Weighted-average common shares outstanding                  4,550,836      4,529,766
                                                          ===========    ===========

Diluted net income (loss) per common share                ($     0.21)   $      0.04
                                                          ===========    ===========

Weighted-average common and dilutive
potential common shares outstanding                         4,550,836      4,563,406
                                                          ===========    ===========
</TABLE>


See accompanying notes to consolidated financial statements


                                       4
<PAGE>


BioSpecifics Technologies Corp. and Subsidiaries
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>


                                                                (Unaudited)
                                                             Three Months Ended
                                                                  April 30,
                                                         --------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:                        2002          2001
                                                         -----------    -----------
<S>                                                      <C>            <C>
 Net  income (loss)                                      ($  937,619)   $   174,733
  Adjustments to reconcile net income (loss)
  to net cash provided by operating activities:
    Depreciation and amortization                            162,424         40,999
    Loss on marketable securities - net                           --          1,320
    Minority interest in income (loss) of subsidiaries       (27,300)         2,500
    Options issued for services                                   --          5,000
  Changes in operating assets and liabilities:
    Accounts receivable                                    1,578,772       (882,792)
    Marketable securities, net                               109,841
    Inventory                                                (29,779)       869,488
    Prepaid expenses and other current assets                (16,425)         5,540
    Accounts payable and accrued expenses                    (74,071)      (229,573)
                                                         -----------    -----------
      Net cash provided by operating activities              656,002         97,056
                                                         -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Increase in notes receivable from chairman and
   other related party                                        (6,400)       (24,067)
   Expenditures for plant, property and equipment            (22,027)      (329,227)
                                                         -----------    -----------
      Net cash used in investing activities                  (28,427)      (353,294)
                                                         -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Increase in notes payable to related parties                     125            125

Effect of exchange rates on cash and cash equivalents         (3,427)         1,617

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS             624,273       (254,496)

  CASH AND CASH EQUIVALENTS:
  Beginning of period                                        693,215        569,170
                                                         -----------    -----------
  End of period                                          $ 1,317,488    $   314,674
                                                         ===========    ===========

Supplemental disclosure of cash flow information:
  Cash paid during the period for interest               $    12,597    $     1,085
                                                         ===========    ===========
  Cash paid during the period for income taxes           $    14,050    $     1,188
                                                         ===========    ===========
</TABLE>

See accompanying notes to consolidated financial statements


                                       5
<PAGE>

                BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES
               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
                                 APRIL 30, 2002
                                   (UNAUDITED)

1.  Description of Business and Basis of Presentation
    -------------------------------------------------

BioSpecifics Technologies Corp. ("the Company") was incorporated under the laws
of the State of Delaware in 1990. The Company produces a fermentation-derived
enzyme named Collagenase ABC (the "product" or "enzyme") that is licensed by the
U.S. Food and Drug Administration (the "FDA"). The Company operates production
facilities in Lynbrook, New York (the "Lynbrook Plant or Facility") and in
Curacao, Netherlands Antilles (the "Curacao Plant or Facility"). The Company is
also researching and developing additional products derived from this enzyme for
potential use as pharmaceuticals.

The Company derives most of its net sales of product revenues and all of its
royalty revenues from one customer in the United States, Abbott Laboratories
("Abbott") who, pursuant to an exclusive licensing agreement, compounds the
product into Collagenase Santyl(R) Ointment ("Santyl(R)" or "Ointment"), a
prescription drug used to treat a variety of skin wounds. The royalty revenues
from Abbott are earned on sales of Santyl(R) to distributors by Smith & Nephew,
Inc. ("S&N").

The accompanying consolidated financial statements include the accounts of
BioSpecifics Technologies Corp. (the "Company"), its majority-owned
subsidiaries, Advance Biofactures Corp. ("ABC - New York") and Advance
Biofactures of Curacao N.V. ("ABC - Curacao") and its wholly-owned subsidiary,
Biospecifics Pharma GmbH ("Bio Pharma") of Germany. All significant intercompany
transactions and balances have been eliminated in consolidation.

2.  Interim Financial Statements
    ----------------------------

In the opinion of management, the accompanying consolidated financial statements
of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial
information and reflect all adjustments, consisting of normal recurring
adjustments, considered necessary to present fairly, in all material respects,
the Company's balance sheet as of April 30, 2002, the statements of operations
for the three months ended April 30, 2002 and 2001, and statements of cash flows
for the three months ended April 30, 2002 and 2001. The results of operations
for interim periods are not necessarily indicative of the results to be expected
for an entire fiscal year, and the results for the current interim period are
not necessarily indicative of results to be expected in other interim periods.
These interim financial statements should be read in conjunction with the
Company's Form 10-KSB for the fiscal year ended January 31, 2002.

3.  Net income (loss) per share
    ---------------------------

Basic net income (loss) per share ("EPS") excludes dilution and is computed by
dividing earnings (loss) available to common stockholders by the
weighted-average number of common shares outstanding for the period. Diluted EPS
reflects the dilution that would occur if common stock equivalents were
exercised or converted into common stock or resulted in the issuance of common
stock that then shared in the earnings of the Company. As a result of the net
loss for the three months ended April 30, 2002, common stock equivalents have
not been included in the diluted EPS calculation, as their effect would have
been antidilutive. During the three months ended April 30, 2001, dilutive common
stock options included in diluted EPS amounted to 33,640.



                                       6
<PAGE>


4.  Segment Information
    -------------------

The Company is engaged in one segment, specifically research, development and
production of pharmaceutical products. Operations in this business segment take
place in one location in the United States of America, one location in Curacao,
Netherlands Antilles, and one location in Germany. As of April 30, 2002,
identifiable assets in the United States of America approximated $3.0 million
and identifiable assets in Curacao, Netherlands Antilles and Germany
approximated $5.3 million. For the three months ended April 30, 2002, total
revenues derived from a customer in the United States of America approximated
$646,000 and $256,000 from customers in Brazil and India. For the three months
ended April 30, 2001, total revenues derived from a customer in the United
States of America approximated $2.7 million and $100,000 from customers in
Brazil and India. Total accounts receivable at April 30, 2002 are comprised of
amounts due from three customers.

5.  Stockholders' equity and other comprehensive income
    ---------------------------------------------------

The change to stockholders' equity during the periods presented were increases
(decreases) to retained earnings due to net income (loss) and increases in
additional paid in capital resulting from the issuance of fully vested and
non-forfeitable stock options granted to non-employees. Other comprehensive
income represents gains and losses resulting from translation of foreign
subsidiaries' assets, liabilities, revenues and expenses into the U.S. dollar at
period-end exchange rates.

6.  Liquidity and Financial Condition
    ---------------------------------

See "Liquidity, Capital Resources, and Changes in Financial Condition" for a
discussion about the Company's response to FDA inspectional observations, the
upgrade at the Curacao facility, and the effects on the Company's financial
condition.

Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

RESULTS OF OPERATIONS
---------------------

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
--------------------------------------------------------------------------------

Information provided by us or statements contained in this report or made by our
employees, if not historical, are forward looking information, which involve
uncertainties and risks.

We caution readers that important factors may affect our actual results and
could cause such results to differ materially from forward-looking statements
made by us or on our behalf. Such factors include, but are not limited to,
government regulation, our ability to obtain the approval of our production
facilities, our estimate that our inventory of product for Abbott is sufficient
until the product being produced at the upgraded facilities is approved and can
be sold to Abbott, changing market conditions, the impact of competitive
products and pricing, the timely development and approval by the Food and Drug
Administration ("FDA") and foreign health authorities of potential products,
market acceptance of our potential products, and other risks detailed herein and
in other filings we make with the Securities and Exchange Commission. Further,
any forward looking statement or statements speak only as of the date on which
such statements were made, and we undertake no obligation to update any forward
looking statement or statements to reflect events or circumstances after the
date on which such statement or statements were made.

The Company incorporates by reference the Management's Discussion and Analysis
of Financial Condition and Results of Operations set forth in its Form 10-KSB
for the fiscal year ended January 31, 2002.



                                       7
<PAGE>


Three months ended April 30, 2002 and 2001
------------------------------------------

Net Sales - Net sales include the sales of Collagenase ABC recognized at the
time the product is shipped to customers, primarily Abbott. Net sales also
include fees we charge Abbott for testing Collagenase Santyl(R) Ointment
contract manufactured by Abbott. Net sales for the three months ended April 30,
2002 and 2001 were $341,894 and $2,211,202, respectively, a decrease of
$1,869,308 or 85%. The decrease is due to the timing of product shipments made
to Abbott, which depends on when the product is complete and thereby ready for
shipment to Abbott. During the three months ended April 30, 2002, none of our
Collagenase ABC was ready for delivery, versus the three months ended April 30,
2001, when we made two large shipments to Abbott of inventory accumulated in
anticipation of the suspension of manufacturing operations, that became
available during that period. We expect to make the last delivery of available
inventory to Abbott during the second fiscal quarter ended July 31, 2002. After
that, we do not expect to make any more deliveries to Abbott until the Curacao
facility is approved and quarantine inventory now being produced there is
approved. During the three months ended April 30, 2002 we had sales of
approximately $256,000 to our customers in Brazil and India versus $100,000
during the quarter ended April 30, 2001.

Royalties - Royalties for the three months ended April 30, 2002 and 2001 were
$560,128 and $581,270 respectively, a decrease of $21,142 or 4%. The decrease
was due to lower sales of Collagenase ointment (Collagenase Santyl(R)) to
wholesalers in the United States by S&N during the 2002 first fiscal quarter, as
reported to the Company by Abbott.

Cost of Sales - Cost of sales for the three months ended April 30, 2002 and 2001
were $768,876 and $1,899,488 respectively, a decrease of $1,130,612 or 60%. As
discussed above, during the three months ended April 30, 2002, we made no
shipments of Collagenase ABC to Abbott because none was available for delivery.
During the three months ended April 30, 2001, we made two large shipments to
Abbott of accumulated product in inventory. We had a negative gross profit
margin in the current quarter due to fixed production costs, compared to a gross
profit percentage of 15% during the three months ended April 30, 2001.

We are producing new inventory at the upgraded Curacao facility for all our
customers. The inventory being produced for Abbott is work in process inventory
that must undergo additional processing. Since the Curacao facility has not yet
been inspected and approved by FDA, that inventory will remain in quarantine
until approval, if obtained. We are dependent on the FDA's approval of the
renovated plant in Curacao for the resumption of normal operations (see
"Liquidity, Capital Resources, and Changes in Financial Position").

General and administrative - General and administrative expenses for the three
months ended April 30, 2002 and 2001 were $741,230 and $449,588 respectively, an
increase of $291,642 or 65%. During the quarter ended April 30, 2002, a
significant portion of our lab and production personnel time has been on
preparing for the pending FDA inspection of the Curacao facility. During the
year ago period, the upgraded facility's construction had just been completed
and therefore the FDA inspection was not pending. Since such a significant
portion of laboratory personnel was devoted to this effort, their costs were
allocated from cost of sales to general and administrative. We expect this
effort to continue; therefore we will allocate these costs to general and
administrative throughout the fiscal year ending January 31, 2003.

Research and development - Research and development ("R&D") expense for the
three months ended April 30, 2002 and 2001 were $361,210 and $276,121
respectively, representing an increase of $85,089 or 31%. The increase is due to
higher costs incurred for development of Cordase(TM), our injectable collagenase
for Dupuytren's disease, as we prepare for the initiation of Phase 3 clinical
trials for this potential product.


                                       8
<PAGE>

Other income (expense), net - Other income (expense), net for the three months
ended April 30, 2002 and 2001 was $4,375 and $9,958 respectively. The decrease
of $5,583 was attributable to interest expense on our loan with Korpodeko (see
"Liquidity, Capital Resources and Changes in Financial Condition").

Income tax (expense) benefit - We recorded no income tax expense or benefit for
the three months ended April 30, 2002 and 2001. We did not record a tax benefit
for the net loss during the quarter ended April 30, 2002 because the loss can
only be applied to future earnings, which we do not forecast for the fiscal year
ended January 31, 2003. We believe we will utilize the benefit of net deferred
tax assets based on recognition of future taxable income.

Liquidity, Capital Resources and Changes in Financial Condition
---------------------------------------------------------------

Our primary source of working capital is from operations, which includes sales
of product, royalties, and periodic license fees. At April 30, 2002, the Company
had working capital of approximately $1.5 million, which includes cash and cash
equivalents, and marketable securities of approximately $1.3 million. The
principal source of cash during the three months ended April 30, was
approximately $656,000 provided by operating activities, primarily from a
decrease of approximately $1.6 in accounts receivable partially offset by the
net loss of approximately $938,000.

Collagenase ABC enzyme is our only product and sole source of revenues. The
production and marketing of Collagenase ABC enzyme is subject to regulation in
the United States by the federal government, principally the FDA. We stopped
production of the enzyme and began upgrading the Curacao facility in March 2000.
In May 2001 we completed the upgrade and went back into limited production. In
April 2002 we filed with the FDA a "Prior Approval Supplement" ("PAS") for the
Curacao facility upgrade. Although it is difficult to predict with any certainty
the time at which the PAS approval can be obtained, we believe we could obtain
approval of the PAS and Curacao facility by the end of the fiscal year that will
end January 31, 2003.

While we are producing enzyme at the upgraded Curacao facility, the new enzyme
production for Abbott must be held in quarantine and can only be sold to Abbott
if and when the FDA approves the PAS and any enzyme already produced at the
facility for Abbott. There can be no assurance if or when the FDA will approve
our PAS according to our schedule, if at all.

Since we began upgrading the Curacao facility in March 2000, we have not
produced any new enzyme that we can currently sell to Abbott. The enzyme we
processed and sold to Abbott in fiscal 2001 and fiscal 2002, which it used to
make Collagenase Santyl(R) Ointment ("Santyl(R)"), was from an inventory of
enzyme we built up at the Curacao facility prior to the start of the upgrade.
This inventory will be depleted during the second fiscal quarter ended July 31,
2002. Revenues from this inventory and royalties on sales of ointment will be
insufficient to cover our operating expenses, resulting in an operating loss for
the fiscal year that will end January 31, 2003.

We expect to have cash to fund operations during the fiscal year ended January
31, 2003 from royalties from sales of Santyl(R), the sale of the remaining
enzyme inventory to Abbott, the production and sale of enzyme to foreign
customers, collection of our accounts receivable, and cash currently on hand. We
estimate that Abbott can supply S&N with Santyl(R) through March 2003, based on
its inventory of enzyme it has already purchased from us, our remaining
inventory of enzyme, and S&N's rate of Santyl(R) sales. If we are able to get
approval of the PAS by the end of the fiscal year ending January 31, 2003, we
may also be able to sell quarantined enzyme already produced and planned to be
produced.


                                       9
<PAGE>


However, if approval is significantly delayed and we cannot sell quarantined
product, we will be unable to fund operations beyond the first quarter of
calendar 2003 unless we are able to raise additional funds.

We are dependent on Abbott to buy enzyme, contract manufacture Santyl(R) and
provide it to S&N ready for distribution. We are dependent on S&N for the
distribution of Santyl(R), which provides us with royalty revenue. Abbott and
S&N have a Sublicense and Assignment agreement whereby Abbott will assign to S&N
its rights in our exclusive license agreement by December 31, 2002. S&N has the
option to terminate its agreement with Abbott if the FDA approval of the Curacao
facility PAS is not received by December 31, 2002. There can be no assurance
that S&N will not terminate its agreement with Abbott if the PAS is not approved
by December 31, 2002. In the event S&N terminates, our exclusive license
agreement with Abbott automatically extends for 10 more years in August 2003,
unless Abbott exercises its right not to extend our exclusive license agreement,
in which event it would have to notify us six months in advance, or February
2003.

If S&N were to terminate, and Abbott exercise its right, we would have to find
another licensee for Santyl(R) with a sufficient sales force. We might also have
to use another trade name for ointment containing our Collagenase ABC, as the
trade name Santyl(R) is owned by Abbott. There can be no assurance that we would
be successful in finding another licensee or that a new licensee could achieve
S&N's current level of sales.

While we believe we have made considerable progress in addressing the FDA
concerns addressed in the Form 483 and the FDA Letter, if we are unable to
further address these matters in a timely manner to the satisfaction of the FDA,
there may be delays in the delivery of the product produced in the renovated
facilities to Abbott for use to contract manufacture Collagenase Santyl(R)
Ointment. Such delays could have a material adverse effect on our future
operating results.

Our subsidiary in Curacao borrowed a non-amortizing loan of $455,000 at 6.5%
interest due in November 2003 from an industrial development agency there
("Korpodeko") during the fiscal year ended January 31, 2002. In connection with
this loan, our subsidiary AB-Curacao agreed to pledge as collateral
substantially all of our production assets located in Curacao, with a book value
of approximately $4.1 million. BioSpecifics has also guaranteed the Korpodeko
loan. We drew down this loan in November 2001. Through our subsidiary
ABC-Curacao, we also maintain a line of credit with a Netherlands Antilles bank
under which the bank will lend up to $110,000 to ABC-Curacao, with interest at
the bank's prime lending rate (12% at January 31, 2002). Drawings under the line
of credit would be secured by investment assets and cash on deposit at the bank,
is payable on demand, and is guaranteed by another of our subsidiaries, ABC-New
York.

We believe that our capital resources, together with anticipated proceeds from
the fiscal 2003 sales of available inventory, related royalty income from
Abbott, and sales to foreign customers of inventory that will be produced are
adequate to sustain the business at least through January 31, 2003 and complete
the steps necessary to obtain FDA approval of our upgraded production facilities
by that date. We believe we have made substantial progress in addressing the
FDA's inspectional observations and that we may be able to resume normal
operations by January 31, 2003. However, we are dependent on the FDA's approval
of the upgraded plant in Curacao for the resumption of normal operations.


                                       10
<PAGE>



Although we believe our capital resources are adequate and that we have made
substantial progress toward addressing the FDA's concerns, there can be no
assurance that unforeseen circumstances will not have a material adverse effect
on our financial condition and that the time required to get FDA approval of the
upgraded Lynbrook and Curacao plants will not exceed our estimates. There can be
no assurance that the FDA will not have additional inspectional observations
that could result in delaying its approval of the PAS for the Curacao facility
an or that the FDA will approve the upgraded facility and permit us to resume
our normal operations at all.

In addition to obligations previously discussed, long-term obligations at April
30, 2002 include operating leases of approximately $191,000 annually through
fiscal 2006.


                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings
--------------------------

For a discussion of our progress concerning inspectional observations from the
U.S. Food and Drug Administration, see "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Liquidity, Capital Resources,
and Change in Financial Condition."



                                       11
<PAGE>



                                   SIGNATURES



         In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                  BioSpecifics Technologies Corp.
                                           (Registrant)



Date:    June 18, 2002            By:/s/ Edwin H. Wegman
                                      -------------------
                                         Edwin H. Wegman
                                         Chairman, President, and
                                         Chief Executive Officer






Date:    June 18, 2002            By: /s/ Albert Horcher
                                      -------------------
                                          Albert Horcher
                                          Secretary, Treasurer and Principal
                                          Financial and Chief Accounting Officer




                                       12