MODERN MEDICAL MODALITIES CORP - 4 filing on 2007-10-24

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PATEL MINESH

(Last)

(First)

(Middle)

439 CHESTNUT STREET

(Street)

UNION

07083

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MODERN MEDICAL MODALITIES CORP [ MODMLOB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$0.65	06/01/2007		A		400,000⁽¹⁾		⁽¹⁾	06/01/2012	Common Stock	⁽¹⁾	$0	717,000	D
Stock Option	$0.65	10/09/2007		D			400,000⁽¹⁾	⁽¹⁾	06/01/2012	Common Stock	⁽¹⁾	$0	317,000	D
Warrant	$0.65	10/09/2007		A		400,000⁽²⁾		⁽²⁾	10/08/2012	Common Stock	⁽²⁾	$0	717,000	D

Explanation of Responses:

1. On June 1, 2007, the Reporting Person was granted a Stock Option to purchase a potential of 400,000 shares of the Issuer's common stock at an exercise price of $0.65 per share. 200,000 shares were exercisable immediately and the remaining 200,000 shares were only exercisable upon the successful completion of certain performance criteria. The Stock Option shall expire on June 1, 2012. On October 9, 2007, the Reporting Person and Issuer agreed to cancel the June 1, 2007 Stock Option and the 400,000 shares of common stock issued thereunder, and concurrently entered into a new Warrant Agreement more fully described under (2) below.

2. On October 9, 2007, the Reporting Person and Issuer entered into a Warrant Agreement pursuant to which the Reporting Person was granted a warrant to purchase a potential of 400,000 shares of the Issuer's common stock at an exercise price of $0.65 per share. 200,000 shares are exercisable immediately and the remaining 200,000 shares are only exercisable upon succcessful completion of certain performance criteria.

	/s/ Minesh Patel	10/24/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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