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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
April 20, 2012</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">AMERICAN BIO
    MEDICA CORPORATION</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">New&nbsp;York</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0-28666</FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">14-1702188</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">incorporation)</FONT></P></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission&nbsp;File&nbsp;Number)</FONT></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(IRS&nbsp;Employer&nbsp;Identification</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Number)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 78%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">122 Smith Road, Kinderhook, NY</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12106</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal
    executive offices)</FONT></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: 518-758-8158</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not applicable</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (<U>see</U> General Instruction
A.2. below):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425) </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12) </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.7in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 20, 2012 (the
&ldquo;Closing Date&rdquo;), American Bio Medica Corporation (the &ldquo;Company&rdquo;) entered into a Loan and Security Agreement
(the &ldquo;Loan Agreement&rdquo;) with Medallion Financial Corp (&ldquo;Medallion&rdquo;), a new Senior Lender, to refinance the
Company&rsquo;s Line of Credit with Rosenthal and Rosenthal, Inc. (&ldquo;Rosenthal&rdquo;) (see Current Report on Form 8-K filed
with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on July 6, 2009 and other subsequent periodic
reports filed with the Commission for details on the Rosenthal Line of Credit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Loan Agreement,
Medallion has agreed to provide the Company with up to $1,000,000 under a revolving secured line of credit (the &ldquo;Medallion
Line of Credit&rdquo;), which is secured by a first security interest in all of the Company&rsquo;s receivables, inventory, and
intellectual property rights along with a second security interest in the Company&rsquo;s machinery and equipment. The maximum
amount available under the Medallion Line of Credit is subject to an Advance Rate that consists of: 85% of eligible accounts receivable
and up to 30% of eligible inventory (not to exceed $150,000). &ldquo;Eligible Receivables&rdquo; are defined as those receivables
that are paid within ninety (90) days of the invoice date. Eligible Receivables consists of both domestic sales and those international
sales made in North America. An Eligible Receivable becomes ineligible if more than 25% of the aggregate receivables due from a
customer are more than ninety (90) days past due or the aggregate receivables from a customer exceed 25% of the then total outstanding
Eligible Receivables. &ldquo;Eligible Inventory&rdquo; is defined as raw materials and finished goods that are not obsolete or
unmerchantable and are acceptable to Medallion. From the loan availability, the Company has drawn approximately $566,000 to pay
off the Rosenthal Line of Credit. As of the date of the closing, the Company&rsquo;s loan availability under the Medallion Line
of Credit was $49,000 and the Company&rsquo;s balance due under the Medallion Line of Credit was $566,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company was charged
a facility fee of 1% of the balance of the Medallion Line of Credit on the Closing Date and will be charged the same facility fee
of 1% on each anniversary of the Closing Date thereafter. Under the Loan Agreement, interest on outstanding borrowings is payable
monthly and is charged at an annual rate equal to 4% above a base rate (which is the Wall Street Journal Prime as published from
time to time. As of the date of this report, the Wall Street Journal Prime is 3.25%). If the Company were to default under the
Loan Agreement, interest on outstanding borrowings under the Medallion Line of Credit would be charged at an annual rate of 2%
above the interest rate in effect at the time of such default. The Company is subject to two audits per year by Medallion (provided
the Company is not in default); at a rate of $950.00 per person per day. Prior to closing, the Company also paid a non-refundable
fee in the amount of $10,000 to Medallion for field exam and due diligence costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as any obligations
are due to Medallion under the Medallion Line of Credit, the Company must maintain stockholders&rsquo; equity of at least $1,750,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a condition to the
financing, the Company&rsquo;s Chief Executive Officer, Stan Cipkowski (&ldquo;Cipkowski&rdquo;) and its controller J. Duncan Urquhart
(&ldquo;Urquhart&rdquo;) were required to execute Validity Guarantees (the &ldquo;Validity Guarantee&rdquo;). Under the Validity
Guarantee, Cipkowski and Urquhart provide representations and warranties with respect to the validity of the Company&rsquo;s receivables
as well as guaranteeing the accuracy of the Company&rsquo;s reporting to Medallion related to the Company&rsquo;s receivables.
(See Item 5.02 below for information related to compensatory arrangements related to the execution of the Validity Guarantee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As another condition
to the financing, the Company&rsquo;s President and Chairman of the Board, Edmund Jaskiewicz (&ldquo;Jaskiewicz&rdquo;) was required
to execute Subordination Agreement (&ldquo;Subordination Agreement&rdquo;) related to $124,000 currently owed to Jaskiewicz by
the Company (the &ldquo;Jaskiewicz Debt&rdquo;). Under the Subordination Agreement, the Jaskiewicz Debt shall not be payable, shall
be junior in right to the Medallion Line of Credit and no payment may be accepted or retained by Jaskiewicz for the Jaskiewicz
Debt unless and until the Company has paid and satisfied in full any obligations to Medallion. (See Item 5.02 below for information
related to compensatory arrangements related to Jaskiewicz&rsquo;s execution of the Subordination Agreement).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.7in; text-align: left">Item 1.02</TD><TD STYLE="text-align: justify">Termination of a Material Definitive Agreement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">February 28, 2012,
the Company gave Rosenthal written notice of non-renewal as provided under the Financing Agreement, and as a result, the Financing
Agreement would have terminated on May 31, 2012; however on April 20, 2012, all indebtedness due to Rosenthal was paid in full
and Rosenthal&rsquo;s security interest in the Company&rsquo;s assets were terminated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for his execution of the Validity Guarantee, on April 20, 2012, Cipkowski was awarded an option grant representing
250,000 common shares of the Company under the Company&rsquo;s Fiscal 2001 stock option plan, at an exercise price of $0.18, the
closing price of the Company&rsquo;s common shares on the date of the grant. The option grant vests over three (3) years in equal
installments. (Although not an officer of the Company, Urquhart was awarded a similar grant on April 20, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for his execution of the Subordination Agreement, on April 20, 2012 Jaskiewicz was awarded an option grant representing
150,000 common shares of the Company under the Company&rsquo;s Fiscal 2001 stock option plan, at an exercise price of $0.18, the
closing price of the Company&rsquo;s common shares on the date of the grant. The option grant vests over three (3) years in equal
installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company &lsquo;s Board of Directors has appointed Melissa A. Waterhouse as Executive Vice President and Chief Compliance Officer
effective April 23, 2012. Ms. Waterhouse joined the Company in 1997 and previously served as the Company&rsquo;s Vice President
&amp; Chief Compliance Officer. She has also served as the Company&rsquo;s Corporate Secretary since 2003. On April 23, 2012, the
Company entered into an Employment Contract with Melissa A. Waterhouse and a copy of this contract is attached as an exhibit to
this report on Form 8-K.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.7in; text-align: left">Item 9.01</TD><TD STYLE="text-align: justify">Financial Statements and Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">10.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment
Contract between the Company and Melissa A. Waterhouse</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">AMERICAN BIO MEDICA CORPORATION (Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Dated: April 25, 2012</TD>
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="padding-left: 0.25in; text-autospace: none; border-bottom: Black 1pt solid">/s/ Melissa A. Waterhouse</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-autospace: none">Melissa A. Waterhouse</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-autospace: none">Executive Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-autospace: none">Chief Compliance Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-autospace: none">Corporate Secretary</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "AMERICAN BIO MEDICA CORP", "cik": "0000896747", "assigned-sic": "2834", "irs-number": "141702188", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28666", "film-number": "12779732"}, "business-address": {"street1": "122 SMITH ROAD", "city": "KINDERHOOK", "state": "NY", "zip": "12106", "phone": "5187588158"}, "mail-address": {"street1": "122 SMITH ROAD", "city": "KINDERHOOK", "state": "NY", "zip": "12106"}}
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):
April 20, 2012
AMERICAN BIO
    MEDICA CORPORATION
(Exact name of registrant as specified in
its charter)
New York
0-28666
14-1702188
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification
Number)
122 Smith Road, Kinderhook, NY
12106
(Address of principal
    executive offices)
(Zip Code)
Registrant's telephone number, including
area code: 518-758-8158
Not applicable
(Former name or former address, if changed
since last report.)
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))
Item 1.01
Entry into a Material Definitive Agreement
On April 20, 2012 (the
"Closing Date"), American Bio Medica Corporation (the "Company") entered into a Loan and Security Agreement
(the "Loan Agreement") with Medallion Financial Corp ("Medallion"), a new Senior Lender, to refinance the
Company's Line of Credit with Rosenthal and Rosenthal, Inc. ("Rosenthal") (see Current Report on Form 8-K filed
with the United States Securities and Exchange Commission (the "Commission") on July 6, 2009 and other subsequent periodic
reports filed with the Commission for details on the Rosenthal Line of Credit).
Under the Loan Agreement,
Medallion has agreed to provide the Company with up to $1,000,000 under a revolving secured line of credit (the "Medallion
Line of Credit"), which is secured by a first security interest in all of the Company's receivables, inventory, and
intellectual property rights along with a second security interest in the Company's machinery and equipment. The maximum
amount available under the Medallion Line of Credit is subject to an Advance Rate that consists of: 85% of eligible accounts receivable
and up to 30% of eligible inventory (not to exceed $150,000). "Eligible Receivables" are defined as those receivables
that are paid within ninety (90) days of the invoice date. Eligible Receivables consists of both domestic sales and those international
sales made in North America. An Eligible Receivable becomes ineligible if more than 25% of the aggregate receivables due from a
customer are more than ninety (90) days past due or the aggregate receivables from a customer exceed 25% of the then total outstanding
Eligible Receivables. "Eligible Inventory" is defined as raw materials and finished goods that are not obsolete or
unmerchantable and are acceptable to Medallion. From the loan availability, the Company has drawn approximately $566,000 to pay
off the Rosenthal Line of Credit. As of the date of the closing, the Company's loan availability under the Medallion Line
of Credit was $49,000 and the Company's balance due under the Medallion Line of Credit was $566,000.
The Company was charged
a facility fee of 1% of the balance of the Medallion Line of Credit on the Closing Date and will be charged the same facility fee
of 1% on each anniversary of the Closing Date thereafter. Under the Loan Agreement, interest on outstanding borrowings is payable
monthly and is charged at an annual rate equal to 4% above a base rate (which is the Wall Street Journal Prime as published from
time to time. As of the date of this report, the Wall Street Journal Prime is 3.25%). If the Company were to default under the
Loan Agreement, interest on outstanding borrowings under the Medallion Line of Credit would be charged at an annual rate of 2%
above the interest rate in effect at the time of such default. The Company is subject to two audits per year by Medallion (provided
the Company is not in default); at a rate of $950.00 per person per day. Prior to closing, the Company also paid a non-refundable
fee in the amount of $10,000 to Medallion for field exam and due diligence costs.
So long as any obligations
are due to Medallion under the Medallion Line of Credit, the Company must maintain stockholders' equity of at least $1,750,000.
As a condition to the
financing, the Company's Chief Executive Officer, Stan Cipkowski ("Cipkowski") and its controller J. Duncan Urquhart
("Urquhart") were required to execute Validity Guarantees (the "Validity Guarantee"). Under the Validity
Guarantee, Cipkowski and Urquhart provide representations and warranties with respect to the validity of the Company's receivables
as well as guaranteeing the accuracy of the Company's reporting to Medallion related to the Company's receivables.
(See Item 5.02 below for information related to compensatory arrangements related to the execution of the Validity Guarantee).
As another condition
to the financing, the Company's President and Chairman of the Board, Edmund Jaskiewicz ("Jaskiewicz") was required
to execute Subordination Agreement ("Subordination Agreement") related to $124,000 currently owed to Jaskiewicz by
the Company (the "Jaskiewicz Debt"). Under the Subordination Agreement, the Jaskiewicz Debt shall not be payable, shall
be junior in right to the Medallion Line of Credit and no payment may be accepted or retained by Jaskiewicz for the Jaskiewicz
Debt unless and until the Company has paid and satisfied in full any obligations to Medallion. (See Item 5.02 below for information
related to compensatory arrangements related to Jaskiewicz's execution of the Subordination Agreement).
Item 1.02
Termination of a Material Definitive Agreement
February 28, 2012,
the Company gave Rosenthal written notice of non-renewal as provided under the Financing Agreement, and as a result, the Financing
Agreement would have terminated on May 31, 2012; however on April 20, 2012, all indebtedness due to Rosenthal was paid in full
and Rosenthal's security interest in the Company's assets were terminated.
Item 5.02         Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
A)          As
compensation for his execution of the Validity Guarantee, on April 20, 2012, Cipkowski was awarded an option grant representing
250,000 common shares of the Company under the Company's Fiscal 2001 stock option plan, at an exercise price of $0.18, the
closing price of the Company's common shares on the date of the grant. The option grant vests over three (3) years in equal
installments. (Although not an officer of the Company, Urquhart was awarded a similar grant on April 20, 2012).
B)          As
compensation for his execution of the Subordination Agreement, on April 20, 2012 Jaskiewicz was awarded an option grant representing
150,000 common shares of the Company under the Company's Fiscal 2001 stock option plan, at an exercise price of $0.18, the
closing price of the Company's common shares on the date of the grant. The option grant vests over three (3) years in equal
installments.
C)          The
Company 's Board of Directors has appointed Melissa A. Waterhouse as Executive Vice President and Chief Compliance Officer
effective April 23, 2012. Ms. Waterhouse joined the Company in 1997 and previously served as the Company's Vice President
& Chief Compliance Officer. She has also served as the Company's Corporate Secretary since 2003. On April 23, 2012, the
Company entered into an Employment Contract with Melissa A. Waterhouse and a copy of this contract is attached as an exhibit to
this report on Form 8-K.
Item 9.01
Financial Statements and Exhibits
(d)          Exhibits
10.36         Employment
Contract between the Company and Melissa A. Waterhouse
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.
AMERICAN BIO MEDICA CORPORATION (Registrant)
Dated: April 25, 2012
By:
/s/ Melissa A. Waterhouse
Melissa A. Waterhouse
Executive Vice President
Chief Compliance Officer
Corporate Secretary