

Producer Golan (using his pen name "Joseph Goldman") then made a minor polish to Cohen's rewrite. Cohen, creator of TV's Sabrina the Teenage Witch and Forever Knight, added action scenes, a non-canonical comic for the villain, gave Doc Ock the catch phrase, "Okey-dokey", and altered his goal from the Fifth Force to a quest for anti-gravity. The new director hired Barney Cohen to rewrite the script.

Joseph Zito, who had directed Cannon’s successful Chuck Norris film Invasion USA, replaced Tobe Hooper. Ock reconstructs his cyclotron and causes electromagnetic abnormalities, anti-gravity effects, and bilocation which threatens to engulf New York and the world. The cyclotron accident which "creates" Spider-Man also deforms the scientist into Doctor Octopus and results in his mad pursuit of proof of the Fifth Force. The variation on the origin story had Otto Octavius as a teacher and mentor to a college-age Peter Parker. Unhappy with the debasement of his comic book creation, Marvel’s Stan Lee pushed for a new story and screenplay, written for Cannon by Ted Newsom and John Brancato. The human tarantula refuses to join the scientist’s new master-race of mutants, battling a succession of mutations kept in a basement laboratory. In Stevens’ story, a corporate scientist intentionally subjects ID-badge photographer Peter Parker to radioactive bombardment, transforming him into a hairy, suicidal, eight-armed monster. Golan and Globus misunderstood the concept of the character ("They thought it was like The Wolf Man", said director Joseph Zito) and instructed writer Leslie Stevens, creator of The Outer Limits, to write a treatment reflecting their misconception. Tobe Hooper, then preparing both Invaders From Mars and The Texas Chainsaw Massacre 2, was mooted as director. The rights would revert to Marvel if a film was not made by April 1990.
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Cannon chiefs Menahem Golan and his cousin Yoram Globus agreed to pay Marvel Comics $225,000 over the five-year option period plus a percentage of the film’s revenues. In 1985, after a brief option on Spider-Man by Roger Corman expired, Marvel Comics optioned the property to Cannon Films. The disappointing performance of 1983's Superman III made comic book adaptations low priority in Hollywood, though the comic industry itself thrived. In 1979, a film made using the same method was released as Spider-Man: The Dragon's Challenge.
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In 1978 episodes from the television series were re-edited and released outside of the United States as a feature film titled Spider-Man Strikes Back.

In 1977, the pilot episode of The Amazing Spider-Man television series was released by Columbia Pictures as a feature film outside of the United States.
