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 September 30, 1996

                               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)


(908) 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    ___
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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                        TABLE OF CONTENTS

                                                      Page No.

Part I.  Financial Information:

   Condensed Balance Sheets--September 30, 1996
     and December 31, 1995 . . . . . . . . . . . . . . . . . .1

   Condensed Statements of Operations--Three Months and 
     Nine Months Ended September 30, 1996 and 1995 . . . . . .2

   Condensed Statements of Cash Flows--
     Nine Months Ended September 30, 1996 and 1995 . . . . . .3

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

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

   Qualification Relating to Financial Information . . . . . .7

Part II.  Other Information  . . . . . . . . . . . . . . . . .8

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . .9


<PAGE>
                 PART I.  FINANCIAL INFORMATION

           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                    CONDENSED BALANCE SHEETS


                                       September 30,December 31,
                                            1996        1995    
                                        (Unaudited)       



ASSETS

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

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

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

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












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

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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

               CONDENSED STATEMENTS OF OPERATIONS
                           (Unaudited)


                     Three Months Ended       Nine Months Ended
                        September 30,           September 30,    

                     -------------------     ------------------
                      1996        1995        1996        1995
                      ----        ----        ----        ----



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


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

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

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




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




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

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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

               CONDENSED STATEMENTS OF CASH FLOWS
                           (Unaudited)



                                             Nine Months Ended
                                               September 30,     

                                            -------------------
                                              1996       1995   
                                              ----       ----



Net change in cash                         $    ---    $    ---  
                                           ----------  ----------

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

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



















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

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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

             NOTES TO CONDENSED FINANCIAL STATEMENTS
                           (Unaudited)

Note 1.  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 Gel).  By September
       30, 1986, the Partnership exhausted the net proceeds of the
       offering.  The General Partner, Interferon Sciences
       Development Corporation (ISD), a wholly owned subsidiary of
       ISI, agreed to contribute up to an additional $433,000,
       under certain circumstances, to continue the research. 
       Notwithstanding that commitment, from September 1986 to
       October 1990, the General Partner contributed $1,997,000
       towards the cost of such research.  Beginning November
       1990, the General Partner discontinued funding the
       development of Alferon Gel containing recombinant
       interferon.  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.  

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           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 1996.  In addition, the Partnership is not
in a position to incur additional expenses since it has exhausted
all its available funds, and ISI is currently developing Alferon
Gel using ISI's natural source, multi-species alpha interferon
(Alferon N Gel) in place of recombinant interferon.  

ISI does not presently intend to exploit Alferon Gel (the
Partnership Product).  ISI is currently focusing 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.  Now that ISI has expanded capacity to
manufacture sufficient quantities of its natural-source alpha
interferon due to the expansion of its manufacturing facilities in
1991, ISI resumed clinical trials of this topical preparation
utilizing its natural source alpha interferon as the active
ingredient.  A Phase 2 pilot clinical trial utilizing its
reformulated Alferon N Gel has been completed for the treatment of
mild cervical dysplasia and a physician-sponsored study in HIV-
infected women with cervical dysplasia was recently discontinued at
the request of the physician-sponsor.  ISI is presently pursuing
another investigator-sponsored study utilizing its reformulated
Alferon N Gel.  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.  If ISI
obtains additional financing in the future, ISI may exploit Alferon
N Gel for herpes genitalis which may entitle the Partnership to a
royalty in respect to a product which competes with the Partnership
Product; however, 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

Since ISI did not make any contributions to the Partnership during
the nine months ended September 30, 1996 and 1995, the Partnership
did not record any expense or loss.


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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


         QUALIFICATION RELATING TO FINANCIAL INFORMATION

                       SEPTEMBER 30, 1996


 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 to 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.


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           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 for the period
         ended September 30, 1996.

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           INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                       SEPTEMBER 30, 1996




                           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:  November 14, 1996    By: /s/ Samuel H. Ronel, Ph.D.
                                Samuel H. Ronel, Ph.D.
                                President




DATE:  November 14, 1996    By: /s/ Donald W. Anderson
                                Donald W. Anderson
                                Controller