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

                                    FORM 10-Q


[x]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the quarter ended March 31, 2001

                                       or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the transition period from ___________ to _____________

     Commission File Number:   2-89332


                                    INTERFERON SCIENCES RESEARCH PARTNERS, LTD.
                          (Exact Name of Registrant as Specified in its Charter)


New Jersey                                       22-2502556
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                   Identification No.)


783 Jersey Avenue, New Brunswick, New Jersey     08901
(Address of principal executive offices)        (Zip code)


(732) 249-3250
(Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period) that the registrant was
required to file such reports and (2) has been subject to such filing
requirements for the past 90 days.

                                  Yes X No ___



<PAGE>
<TABLE>
<CAPTION>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                                TABLE OF CONTENTS


                                                                        Page No.
<S>                                                                          <C>
Part I.  Financial Information:

   Condensed Balance Sheets--March 31, 2001

     and December 31, 2001.....................................................1

   Condensed Statements of Operations--
     Three Months Ended March 31, 2001 and 2000................................2

   Condensed Statements of Cash Flows -
     Three Months Ended March 31, 2001 and 2000................................3

   Notes to Condensed Financial Statements.....................................4

   Management's Discussion and Analysis of Financial
     Condition and Results of Operations.....................................5-6

Part II.  Other Information....................................................7

Signatures ....................................................................8

</TABLE>


<PAGE>

<TABLE>
<CAPTION>



                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                          PART I. FINANCIAL INFORMATION

                            CONDENSED BALANCE SHEETS


                                                   March 31,      December 31,
                                                     2001             2000
                                                  (Unaudited)
                                                  ------------    ------------
<S>                                                <C>               <C>
ASSETS

Total assets                                       $ ---             $ ---
                                                  ============    ============
LIABILITIES AND PARTNERS' CAPITAL

Partners' capital
Limited partners                                   $ ---             $ ---
General partner                                      ---               ---
                                                  ------------    ------------

Total partners' capital                              ---               ---
                                                  ------------    ------------

Total liabilities and partners' capital            $ ---             $ ---
                                                  ============    ============

</TABLE>










The accompanying notes are an integral part of these condensed financial
statements.


<PAGE>


<TABLE>
<CAPTION>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                       Three Months Ended
                                            March 31,
                                       -------------------
                                       2001          2000
                                       ----          ----



<S>                                   <C>           <C>
Net income (loss)                     $ ---         $ ---
                                      =====         =====


Net income (loss) -
  Limited Partners                    $ ---         $ ---

Net income (loss) -
  General Partner                       ---           ---
                                      -----         -----

Net income (loss)                     $ ---         $ ---
                                      =====         =====




                                        Net income (loss)
                                           per unit
                                        -----------------
Basic and diluted income (loss)
per unit - Limited Partners
(1038.7 units outstanding)              $ ---       $ ---
                                        =====       =====


</TABLE>



The accompanying notes are an integral part of these condensed financial
statements.


<PAGE>

<TABLE>
<CAPTION>

                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                                        Three Months Ended
                                                            March 31,
                                                       -------------------
                                                        2001          2000
                                                        ----          ----

<S>                                                   <C>          <C>
Net change in cash                                    $  ---       $  ---
                                                      ---------    ----------

Cash at beginning of period                           $  ---       $  ---
                                                      ---------    ----------

Cash at end of period                                 $  ---       $  ---
                                                      ---------    ----------


</TABLE>
The accompanying notes are an integral part of these condensed financial
statements.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)



Note 1.  Basis of Presentation

     The financial  information included herein is unaudited.  Such information,
however,  reflects  all  adjustments  (consisting  solely  of  normal  recurring
adjustments)  which are, in the opinion of the General  Partner  necessary for a
fair statement of the results for the interim  periods.  The results for interim
periods are not necessarily indicative of results to be expected for the year.

Note 2. Related Party Transactions

     During 1984, the  Partnership and Interferon  Sciences,  Inc. (ISI) entered
into several agreements including a Development  Contract whereby  substantially
all of the net proceeds of the 1984 sale of  Partnership  Units were paid to ISI
in periodic  payments over the term of the  Partnership's  development  program.
Such  payments were used to fund research and  development  and clinical  trials
necessary  for  obtaining   regulatory   approval  with  respect  to  a  topical
formulation  containing recombinant alpha interferon for the treatment of herpes
genitalis  (Alferon(R) Gel).  Through 1986, the Partnership paid ISI $4,555,000,
under this agreement.  Through 1990, the General  Partner,  Interferon  Sciences
Development Corporation (ISD), contributed $1,997,000, to the Partnership, which
used such funds to pay for additional  research and  development for the benefit
of the  Partnership.  Beginning in 1992,  ISI commenced  further  development of
Alferon Gel using ISI's natural source multi-species alpha interferon (Alferon N
Gel) in place of recombinant interferon.

Note 3.  Interferon Sciences Development Corporation and Interferon Sciences,
         Inc.

     ISD,  the  General  Partner,  is a wholly  owned  subsidiary  of ISI.  From
September 1986 through October 1990, ISD's total capitalization was used to fund
Partnership expenses.  ISD was totally dependent upon ISI for capital to be able
to fund the Partnership  during this period and is totally  dependent on ISI for
future  capital.  Beginning in 1992, ISI commenced  development of ALFERON N Gel
using its own funds.  ISI has had  continuing  losses  from  operations,  has an
accumulated  deficit,  and has limited liquid resources which raise  substantial
doubt about its ability to continue as a going  concern and  therefore  there is
substantial  doubt  about  the  partnership's  ability  to  continue  as a going
concern.

     The Partnership is dependent on the General Partner for on-going  financial
support to cover incidental  costs of retaining the Partnership.  Such costs are
paid by ISI and, as they are de minimis,  are not reflected on the  accompanying
financial statements.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


Financial Condition and Liquidity

     As of  September  30,  1986,  the  Partnership  had  exhausted  all  of its
available  funds for the funding of research and development of Alferon Gel. The
General Partner agreed to contribute up to an additional $433,000, under certain
conditions,  to continue  the  research.  Such amount was based on the number of
units sold in the offering. Notwithstanding that commitment, from September 1986
to October 1990, the General Partner contributed  $1,997,000 towards the cost of
such research. During May 1987, ISI filed a Product License Application with the
Food and Drug  Administration  (FDA) for approval to market  Alferon  Gel.  This
filing  was  supplemented  in  1989  with  an  updated  clinical  summary  and a
comprehensive  statistical  analysis of the completed  trials. At a meeting with
the FDA in February 1990, the FDA indicated that additional process  development
and clinical  trials  would be  necessary  prior to approval of Alferon Gel. ISI
believed,  at that  time,  that  the  costs to  complete  the  required  process
development  and  clinical  trials would be  substantial,  and there could be no
assurance that the clinical trials would be successful. As a result of the above
events,  in March 1992,  ISI withdrew its FDA Product  License  Application  for
Alferon Gel containing recombinant interferon.

     The General Partner does not anticipate  that the Partnership  will receive
any revenues in 2001. In addition, the Partnership is not in a position to incur
additional  expenses  since  it has  exhausted  all  its  available  funds.  The
independent  auditors'  report,  dated  March  9,  2001,  on  the  Partnership's
financial statements as of and for the year ended December 31, 2000 contained an
explanatory  paragraph  indicating that ISI has suffered  recurring  losses from
operations,  has an accumulated  deficit and has limited  liquid  resources that
raise substantial  doubt about the Partnership's  ability to continue as a going
concern.

     ISI does not  presently  intend to  exploit  ALFERON  Gel (the  Partnership
Product).  ISI had focused its clinical  efforts on ALFERON N Gel, a formulation
containing  ISI's  natural  alpha  interferon  (interferon  alfa-n3)  which  was
developed for the topical  treatment of viral diseases and cancers affecting the
skin  and  mucosal  tissues.  A Phase  2  pilot  clinical  trial  utilizing  its
reformulated  ALFERON N Gel has been  completed  for the  treatment  of cervical
dysplasia.  Under  the terms of the  Partnership  Agreement,  a  royalty  may be
payable to the Partnership by reason of the commercial exploitation of ALFERON N
Gel to the extent  that it utilizes  any of the  Partnership  Technology,  which
royalty will be adjusted based upon the  proportional  funding  contributions to
the  development of ALFERON N Gel by the Partnership and ISI. ISI currently does
not plan to continue the development of ALFERON N Gel.  However,  if ISI obtains
substantial additional financing in the future, or a sponsor can be secured, ISI
may exploit ALFERON N Gel for herpes  genitalis that may entitle the Partnership
to a royalty in respect to a product that competes with the Partnership Product.
This royalty will be adjusted based upon the proportional funding  contributions
to the development of ALFERON N Gel by the Partnership and ISI.

Results of Operations

     The  Partnership  was inactive during the three months ended March 31, 2001
and 2000,  and has  generated no revenue nor  incurred any expense  during these
periods.  The  Partnership  is  dependent  on the General  Partner for  on-going
financial support to cover incidental costs of retaining the Partnership.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.



                           PART II. OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K

                  (b)   Reports on Form 8-K

                           There were no reports on Form 8-K filed during the
                           three months ended March 31, 2001.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                                 March 31, 2001





                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  in its  behalf by the
undersigned thereunto duly authorized.



                                Interferon Sciences Research Partners, Ltd.,
                                           A Limited Partnership
                                               (Registrant)

                                By:  Interferon Sciences Development
                                     Corporation - General Partner



DATE:  May 15, 2001             By:  /s/ Samuel H. Ronel, Ph.D.
                                     ---------------------------
                                         Samuel H. Ronel, Ph.D.
                                         President




DATE:  May 15, 2001             By:  /s/ Donald W. Anderson
                                     ---------------------------
                                         Donald W. Anderson
                                         Controller