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:

                                 March 10, 2007

                          MEDISCIENCE TECHNOLOGY CORP.
                          ----------------------------
               (Exact Name of Registrant as Specified in Charter)
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       New Jersey                   0-7405                    22-1937826
       ----------                   ------                    ----------
(State of Incorporation)  (Commission File Number ) (IRS Employer Identification No.)

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                               1235 Folkstone Way
                          Cherry Hill, New Jersey 08034
                              --------------------
               (Address of principal executive offices) (Zip Code)

                                 (215) 485-0362
                                 --------------
                         (Registrant's telephone number)


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 (see General Instruction A.2 below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[_] 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))


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Item 1.01 Entry into a material definitive agreement

On March 10, 2007 Registrant  announced that following periodic Board reviews of
Chairman/CEO  Peter  Katevatis  documented  performance  Dec. 19, 2006. Aug. 29,
2006,  Jan. 30,  2007,  March 5, 2007 its Board of  Directors  (Peter  Katevatis
abstaining), unanimously:

1. Resolved:  that Peter Katevatis Employment Agreement (previously reported per
12b-2)  expiring  by its terms on March 5, 2007 is extended to March 5, 2015 and
                                                   -----------------------------
his salary increased from $200,000.00 per yr. (PK agreement  /salary  provisions
3-b--previously  reported per 12b-2) to  $250,000,00  per yr. as addendum to his
March  5,1992  contract,  with all  terms  and  conditions  of the March 5, 2007
agreement  remaining and  continuing  unchanged.  This  Resolution is based upon
Board  consideration  of his past documented  performance and additional  duties
required arising out of the corporate "NEWCO"  arrangements  implicit in the $2M
Bridge  Financing  and $5 to $10M Firm  Public  Offering  agreement  with EMPIRE
Financial (previously SEC reported per 12b-2).

2. Resolved:  that Katevatis  shall receive and be entitled to an assignable (to
heirs   and/or   assigns)   cash  bonus,   (PK   agreement   /Bonus   provisions
3-c--previously  reported per 12b-2) with  accrual of interest,  of five hundred
thousand dollars ($500,000.00) to be paid at the rate of one hundred twenty five
thousand dollars ($125,000.00) per year on an annualized basis, or at his option
convertible in total or part to Rule 144 restricted shares of the "BioScopix Inc
subsidiary,"  expected  recipient  of  the  $5M to  $10M  Firm  Public  Offering
proceeds, on the same terms and conditions as are then contractually  applicable
to EMPIRE  Financial.  Katevatis bonus to be vested only upon the "Closing Date"
                       ---------------------------------------------------------
of the $5 to $10 million dollar firm offering (IPO) by Empire Financial.
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Peter Katevatis Esq.   ssMichael Kouvatas Esq.     ss/John Kennedy    ssWilliam Armstrong
  (Abstaining)

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(Submitted in full compliance with sections 8-K 1.01 re: "materiality"/exec
compensation as applicable and in fulfillment of SEC Section 7, 7.01 Regulation
(FD) Full Disclosure as well as all applicable and presently effective
Sarbanes-Oxley disclosure requirements under Regulation G).


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                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized on March 10, 2007

                                                   By: /s/ Peter Katevatis
                                                      --------------------------
                                                   Peter Katevatis CEO Chairman
                                                   Mediscience Technology Corp.