Exhibit 10.17

                                 PROMISSORY NOTE

$100,000                                                          March 11, 2003


                  FOR VALUE RECEIVED, the undersigned, BIOSPECIFICS TECHNOLOGIES
CORP., a Delaware corporation (the "Borrower"), hereby promises to pay to the
order of David Geller (the "Lender"), the principal sum of One Hundred Thousand
Dollars ($100,000.00) (the "Principal Amount") in lawful money of the United
States of America, with simple interest on the unpaid principal amount, accruing
from the date hereof, at a rate of eight (8%) percent per annum, payable as set
forth in Section 1, until this Note shall have been paid in full.

                  Payment of the principal of and interest on this Note is
unconditionally and irrevocably guaranteed pursuant to a Guaranty by Edwin H.
Wegman. This Note is subject to the following further terms and conditions:

                  1. Payment of Interest and Principal. The Principal Amount,
together with any interest accrued thereon, shall become due and payable on the
first anniversary of the date of this Note. On such date, the Borrower shall pay
to the Lender an amount equal to the Principal Amount together with any accrued
and unpaid interest thereon. Interest on this Note shall be computed on the
basis of a year of 365/366 days for the actual number of days elapsed.

                  2. Prepayment and Payment. The Borrower may, at his option,
prepay this Note in whole or in part at any time or from time to time without
penalty or premium. Any prepayments of any portion of the Principal Amount of
this Note shall be accompanied by payment of all accrued but unpaid interest on
the principal amount being prepaid. Upon final payment of principal of and
interest on this Note it shall be surrendered for cancellation.

                  3. Assignment. Lender shall not assign or transfer this Note
without the prior written consent of the Borrower.

                  4. Guaranty. For value received, Edwin H. Wegman, in his
individual capacity ("Guarantor"), hereby unconditionally guarantees the payment
when due by Borrower of the Principal Amount, together with any accrued but
unpaid interest thereon, due to Lender under this Note. In no event shall the
validity of this guaranty or the covenants and obligations of Guarantor or the
Borrower be in any way terminated, affected or impaired by the dissolution of
the Borrower, or by the rejection of such obligations under any bankruptcy,
insolvency or similar laws, now or hereafter enacted.
<PAGE>

                  5. Enforcement. The Borrower shall pay on demand all
reasonable costs and expenses of the Lender in connection with the enforcement
of this Note, including the reasonable fees and expenses of counsel with respect
thereto.

                  6. Governing Law. THIS NOTE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

                  7. Headings. The headings of the sections hereof are inserted
as a matter of convenience and for reference only and in no way define, limit or
describe the scope of this Note or the meaning of any provision hereof.

                  IN WITNESS WHEREOF, this Note has been duly executed and
delivered by the Borrower on the date first above written.

                                   BIOSPECIFICS TECHNOLOGIES CORP.

                                   /s/ Edwin H. Wegman
                                   Name: Edwin H. Wegman
                                   Title: President and Chief Executive Officer


                                   GUARANTOR
                                   /s/ Edwin H. Wegman
                                   Name: Edwin H. Wegman


                                       2
<PAGE>


THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THESE SECURITIES UNDER THE ACT
OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME.


                                                                  MARCH 12, 2003


                        WARRANT TO PURCHASE COMMON STOCK

                                       OF

                         BIOSPECIFICS TECHNOLOGIES CORP.

                  THIS CERTIFIES THAT, in consideration of the loan in the
amount of $100,000 made by David Geller ("REGISTERED HOLDER") on March 11, 2003
to BioSpecifics Technologies Corp., a Delaware corporation (the "Company"),
receipt of which is hereby acknowledged, Registered Holder is entitled, subject
to the terms and conditions of this warrant (the "WARRANT"), to purchase from
the Company at any time after the date set forth above (the "ISSUE DATE") and
prior to 5:00 p.m. New York Time on March 11, 2008 (the "EXPIRATION DATE"),
10,000 shares of Common Stock at a price per share equal to $1.18 (the "WARRANT
PRICE"), upon surrender of this Warrant at the principal office of the Company,
together with a duly executed subscription form in the form attached hereto as
Exhibit 1 (or Exhibit 2 in the event of a net issue election pursuant to Section
3) and simultaneous payment of the full Warrant Price for the shares of Common
Stock so purchased in lawful money of the United States (or as otherwise
provided pursuant to Section 3). The Warrant Price and the number and character
of shares of Common Stock purchasable under this Warrant are subject to
adjustment as provided herein.


         1. CERTAIN DEFINITIONS. The following definitions shall apply for
purposes of this Warrant:

                  (a) "COMMON STOCK" means shares of common stock of the
Company, par value $.001 per share.

                  (b) "FAIR MARKET VALUE" means the fair market value of the
Company's Common Stock determined as follows:

                                       3
<PAGE>

                           (i) if the Common Stock is then traded on a national
securities exchange or the Nasdaq National Market (or a similar national
quotation system), then the value shall be deemed to be the average of the
closing prices of such Common Stock on such exchange or system over the ten (10)
day period ending one (1) business day prior to the date of the exercise or net
issue election by the Registered Holder pursuant to Section 2 or 3, as
applicable; and

                           (ii) if (i) above does not apply but the securities
are actively traded over-the-counter, then the value shall be deemed to be the
average of the closing bid prices over the ten (10) day period ending one (1)
business day prior to the date of the exercise or net issue election by the
Registered Holder pursuant to Section 2 or 3, as applicable; and

                           (iii) if there is no active public market for the
Common Stock, then the value shall be the fair market value thereof as of the
date of the exercise or net issue election by the Registered Holder pursuant to
Section 2 or 3, as applicable, as determined in good faith by the Board.

         2. EXERCISE. This Warrant may be exercised in whole or in part, at any
time or from time to time prior to the Expiration Date, by surrendering this
Warrant at the principal office of the Company at 35 Wilbur Street, Lynbrook,
New York 11563 (or if the principal offices of the Company are changed, then at
such other address for the principal offices of the Company shall give written
notice to the Registered Holder), with the subscription form attached hereto
duly executed by the Registered Holder, and payment, in cash of an amount equal
to the product obtained by multiplying (i) the number of shares of Common Stock
purchased upon such exercise by (ii) the Warrant Price, as determined in
accordance with the terms hereof.

Upon a partial exercise of this Warrant: (i) the number of shares of Common
Stock issuable upon exercise hereof immediately prior to such exercise shall be
reduced by the aggregate number purchased upon such exercise of this Warrant,
and (ii) this Warrant shall be surrendered by the Registered Holder and replaced
with a new Warrant of like tenor in which the number of shares of Common Stock
issuable thereon is reduced by the number of shares of Common Stock purchased
hereunder. This Warrant shall be deemed to have been exercised immediately prior
to the close of business on the date of its surrender for exercise as provided
above, and the person entitled to receive the shares of Common Stock issuable
upon such exercise shall be treated for all purposes as the holder of record of
such shares as of the close of business on such date. As soon as practicable on
or after such date, the Company shall issue and deliver to the person or persons
entitled to receive the same a certificate or certificates for the number of
whole shares of Common Stock issuable upon such exercise, together with cash in
lieu of any fraction of a share equal to such fraction of the current Fair
Market Value of one whole share of Common Stock as of the date of exercise. No
fractional shares may be issued upon any exercise of this Warrant, and any
fractions shall be rounded down to the nearest whole number of shares.

         3. NET ISSUE ELECTION. The Registered Holder may, in lieu of exercising
this Warrant in exchange for payment of cash, elect to receive instead, without
the payment by the Registered Holder of any additional consideration and upon
the delivery of Net Issue Election Notice annexed hereto as Exhibit 2 duly
executed, at the principal office of the Company, that number of shares of
Common Stock equal to X as is computed using the following formula:

                                       4
<PAGE>

                                        Y(A-B)
                                    X=---------
                                          A
                  where:

                  X =      the number of shares of Common Stock to be issued
                           to the Registered Holder pursuant to this Section 3.

                  Y =      the number of shares of Common Stock that would
                           have been issuable upon such an exercise, or partial
                           exercise, as applicable, of this Warrant under
                           Section 3 if such exercise had instead been made
                           pursuant to Section 2 without any shares issuable
                           upon such exercise being deemed surrendered to the
                           Company as payment of the Warrant Price.

                  A =      the Fair Market Value of one share of Common Stock.

                  B =      the Warrant Price in effect under this Warrant at
                           the time the net issue election is made pursuant to
                           this Section 3.

         4. FULLY PAID SHARES. All shares of Common Stock issued upon the
exercise of this Warrant shall be validly issued, fully paid and nonassessable.

         5. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF SHARES. The number and
character of shares of Common Stock issuable upon exercise of this Warrant (or
any shares of stock or other securities or property at the time receivable or
issuable upon exercise of this Warrant) and the Warrant Price therefor, are
subject to adjustment upon the occurrence of the following events:

                  5.1 Adjustment for Stock Splits, Stock Dividends,
Recapitalizations, etc. The Warrant Price and the number of shares of Common
Stock issuable upon exercise of this Warrant shall each be proportionally
adjusted to reflect any stock dividend, stock split, or stock combination
affecting the number of outstanding shares of Common Stock that occurs after the
Issue Date.

                  5.2 Adjustment for Other Dividends and Distributions. In case
the Company shall make or issue, or shall fix a record date for the
determination of eligible holders entitled to receive, a dividend or other
distribution payable with respect to the Common Stock payable in securities of
the Company (other than issuances with respect to which adjustment is made under
Section 5.1) or other non-cash assets of the Company, then, and in each such
case, the Registered Holder of this Warrant, upon exercise of this Warrant at
any time after the consummation, effective date or record date of such event,
shall receive, in addition to the shares of Common Stock issuable upon such
exercise prior to such date, the securities or such other assets of the Company
to which such Registered Holder would have been entitled upon such date if such
Registered Holder had exercised this Warrant immediately prior thereto (all
subject to further adjustment as provided in this Warrant).

                  5.3 Adjustment for Recapitalization, Reorganization,
Consolidation, Merger. In case of any recapitalization or reorganization of the


                                       5
<PAGE>

Company (or of any other corporation, the stock or other securities of which are
at the time receivable on the exercise of this Warrant), after the Issue Date,
or in case, after such date, the Company (or any such corporation) shall
consolidate with or merge into another corporation, then, and in each such case,
the Registered Holder of this Warrant, upon the exercise of this Warrant (as
provided in Section 2 or Section 3), at any time after the consummation of such
reorganization, consolidation, or merger, shall be entitled to receive, in lieu
of the stock or other securities and property receivable upon the exercise of
this Warrant prior to such consummation, the stock or other securities or
property to which such Registered Holder would have been entitled upon the
consummation of such reorganization, consolidation or merger if such Registered
Holder had so exercised this Warrant immediately prior thereto, all subject to
further adjustment as provided in this Section 5, and the successor or
purchasing corporation in such reorganization, consolidation or merger (if other
than the Company) shall duly execute and deliver to the Registered Holder a
supplement hereto acknowledging such corporation's obligations under this
Warrant; and in each such case, the terms of this Warrant shall be applicable to
the shares of stock or other securities or property receivable upon the exercise
of this Warrant after the consummation of such reorganization, consolidation,
merger or conveyance.

         6. CERTIFICATE AS TO ADJUSTMENTS. In each case of any adjustment in
either the Warrant Price or in the number of shares of Common Stock, or other
stock, securities or property receivable upon the exercise of this Warrant, the
Chief Financial Officer of the Company shall compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment and showing in detail the facts upon which such adjustment
is based, including a statement of the adjusted Warrant Price. The Company will
cause copies of such certificate to be delivered to the Registered Holder in
accordance with the provisions of Section 11.

         7. LOSS OR MUTILATION. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership, and the loss, theft, destruction
or mutilation, of this Warrant, and of indemnity reasonably satisfactory to it,
and (in the case of mutilation) upon surrender and cancellation of this Warrant,
the Company will execute and deliver in lieu thereof a new Warrant of like
tenor.

         8. RESERVATION OF COMMON STOCK. If at any time the number of authorized
but unissued shares of the Company's Common Stock or other securities of the
Company shall not be sufficient to effect the full exercise of all of the
Warrants, the Company will take such corporate action as may, in the opinion of
its counsel, be reasonably necessary to increase its authorized but unissued
shares of Common Stock or other securities to such number of shares of Common
Stock or other securities as shall be sufficient for such purpose; provided,
however, if the Company is required to obtain shareholder approval to increase
the authorized but unissued shares of Common Stock or other securities, the
Company shall be required to use all reasonable commercial efforts to obtain
such approval.

         9. NO RIGHTS OR LIABILITIES AS SHAREHOLDER. This Warrant does not by
itself entitle the Registered Holder to any voting rights or other rights as a
shareholder of the Company. In the absence of affirmative action by Registered
Holder to purchase Common Stock by exercise of this Warrant, no provisions of
this Warrant, and no enumeration herein of the rights or privileges of the
Registered Holder, shall cause such Registered Holder to be a shareholder of the
Company for any purpose.

                                       6
<PAGE>

         10. LIMITATION ON DISPOSITION. The Registered Holder acknowledges that,
notwithstanding anything contained herein to the contrary, this Warrant may not
be sold, transferred or otherwise disposed of, in whole or in part, to any
person.

         11. MISCELLANEOUS.

                  11.1 Notices. Any notice, request or other communication
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given upon the earlier of (i) actual receipt, (ii) the date that is
one business day after delivery to an express overnight courier service for
United States deliveries, fees prepaid; (iii) a date that is three business days
after delivery to an internationally recognized courier for deliveries outside
the United States, fees prepaid, or (iv) a date that is five business days after
mailing by certified or registered mail, return receipt requested, postage
prepaid, to the party to be notified as follows:


                                       7
<PAGE>


         If to the Company:

                  BioSpecifics Technologies Corp.
                  35 Wilbur Street
                  Lynbrook, New York 11563
                  Attn. Mr. Edwin Wegman, CEO


         With a copy to:

                  Fried, Frank, Harris, Shriver & Jacobson
                  One New York Plaza
                  New York, NY 10004-1980
                  Attn. Mr. Jeffrey Bagner

         If to Registered Holder:

                  David Geller
                  c/o David Geller Associates
                  1071 Avenue of the Americas
                  New York, New York 10018


Either the Company or the Registered Holder may by notice so given change its
address for future notice hereunder. Notice shall conclusively be deemed to have
been given when personally delivered or when delivered in the manner set forth
above.

                  11.2 Headings. The headings in this Warrant are for purposes
of convenience in reference only, and shall not be deemed to constitute a part
hereof.

                  11.3 Governing Law; Consent to Jurisdiction. This Warrant
shall be governed by and construed under the internal laws of the State of New
York as applied to agreements among New York residents entered into and to be
performed entirely within New York, without reference to principles of conflict
of laws or choice of laws. The Company and the Registered Holder consent to and
hereby submit to the exclusive jurisdiction of any state or federal court
located within the county of New York, state of New York in connection with any
action, suit or proceeding arising out of or relating to this Warrant brought by
any such party against any other such party, and each of the parties hereto
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such
court has been brought in an inconvenient forum.

                  11.4 Terms Binding. By acceptance of this Warrant, the
Registered Holder of this Warrant accepts and agrees to be bound by all the
terms and conditions of this Warrant.


                                       8
<PAGE>

BIOSPECIFICS TECHNOLOGIES CORP.


By: /s/ Edwin H. Wegman
Name: Edwin H. Wegman
Title: Chairman and President





                                       9
<PAGE>

                                    EXHIBIT 1
                                    ---------


                              FORM OF SUBSCRIPTION
                              --------------------

                  (To be signed only upon exercise of Warrant)



To:  BioSpecifics Technologies Corp.

                (1) The undersigned hereby elects to purchase _________________
shares of Common Stock of BioSpecifics Technologies Corp., pursuant to the terms
of the attached Warrant, and tenders herewith payment of the purchase price for
such shares in full.

                (2) Please issue a certificate or certificates representing said
shares of Common Stock in the name of Registered Holder.

                                           REGISTERED HOLDER

___________________________                ____________________________________
(Date)                                     (Signature)

                                           ____________________________________
                                           (Print Name)

                                           ____________________________________
                                           (Print Title)


<PAGE>


                                    EXHIBIT 2
                                    ---------


                            NET ISSUE ELECTION NOTICE
                  (To be signed only upon exercise of Warrant)

To:  BioSpecifics Technologies Corp.

                  (1) The undersigned hereby elects under Section 3 of the
Warrant to which this Net Issue Election Notice is an Exhibit to purchase
_________ shares of the Common Stock of BioSpecifics Technologies Corp., subject
to the surrender of the right to purchase that number of such shares of Common
Stock as determined pursuant to Section 3.

                (2) Please issue a certificate or certificates representing said
shares of Common Stock in the name of Registered Holder.


                                           REGISTERED HOLDER


___________________________                ____________________________________
(Date)                                     (Signature)

                                           ____________________________________
                                           (Print Name)

                                           ____________________________________
                                           (Print Title)