Exhibit 31.2

# CERTIFICATION OF
CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE
13A-14(A) OR 15D-14(A) UNDER THE
SECURITIES EXCHANGE ACT OF 1934

I,
Duane J. Roth, certify that:

1.     
               I have reviewed this Quarterly Report on Form 10-QSB of Alliance
Pharmaceutical                Corp. for the quarter ended March 31, 2004.

2.     
               Based on my knowledge, this report does not contain any untrue statement
of a                material fact or omit to state a material fact necessary to make the
statements                made, in light of the circumstances under which such statements
were made, not                misleading with respect to the period covered by this
report.

3.     
               Based on my knowledge, the financial statements, and other financial
information                included in this report, fairly present in all material
respects the financial                condition, results of operations and cash flows of
the small business issuer as                of, and for, the periods presented in this
report.

4.     
               The small business issuers other certifying officer(s) and I are
               responsible for establishing and maintaining disclosure controls and
procedures                (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the small                business issuer and have:

| | a.
               Designed such disclosure controls and procedures, or caused such
disclosure                controls and procedures to be designed under our supervision,
to ensure that                material information relating to the small business issuer,
including its                consolidated subsidiaries, is made known to us by others
within those entities,                particularly during the period in which this report
is being prepared;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b.
               Evaluated the effectiveness of the small business issuers disclosure
               controls and procedures and presented in this report our conclusions about
the                effectiveness of the disclosure controls and procedures, as of the end
of the                period covered by this report based on such evaluation; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c.
               Disclosed in this report any change in the small business issuers
internal                control over financial reporting that occurred during the period
covered by the                Quarterly Report that has materially affected, or is
reasonably likely to                materially affect, the small business issuers
internal control over                financial reporting.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

5.                 The
small business issuers other certifying officer(s) and I have           disclosed,
based on our most recent evaluation of internal control over           financial
reporting, to the small business issuers auditors and the audit           committee
of the small business issuers board of directors (or persons           performing
the equivalent functions):

| | a.     
                  All significant deficiencies and
material weaknesses in the design or operation           of internal control over
financial reporting which are reasonably likely to           adversely affect the small
business issuers ability to record, process,           summarize and report
financial information; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b.     
                  Any fraud, whether or not material,
that involves management or other employees           who have a significant role in the
small business issuers internal control           over financial reporting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                    |    
|------------------- | ---
|Date:  May 17, 2004 | By:
|                    |