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, 2000

                                                         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
<S>                                                                     <C>

                                                                        Page No.

Part I.  Financial Information:

      Condensed Balance Sheets--March 31, 2000
         and December 31, 1999 ................................................1

      Condensed Statements of Operations--Three Months

         Ended March 31, 2000 and 1999.........................................2

      Condensed Statements of Cash Flows--
         Three Months Ended March 31, 2000 and 1999............................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>


                                                                                                                                  8

                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.
                          PART I. FINANCIAL INFORMATION
                            CONDENSED BALANCE SHEETS


                                                                        March 31,             December 31,
                                                                            2000                  1999
                                                                         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,
                                                                                      -------------------
                                                                                    2000             1999
                                                                                    ----             ----
<S>                                                                              <C>                <C>
Net income (loss)                                                             $  ---              $ ---
                                                                              =======             =======


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

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

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




                                                                              Net income           Net income
                                                                              (loss)                (loss)
                                                                              per unit             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)

<S>                                                                             <C>                    <C>

                                                                                      Three Months Ended
                                                                                           March 31,
                                                                                      -------------------
                                                                                   2000              1999
                                                                                    ----             ----



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, however, ISI currently does not plan to
continue the development of Alferon N Gel.

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 and has an
accumulated  deficit 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  deminimus,  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 2000. In addition,  the Partnership is not in a position
to incur additional expenses since it has exhausted all its available funds.

         The Partnership is ultimately reliant upon ISI for funding. ISI has had
continuing  losses from  operations and has an  accumulated  deficit which raise
substantial doubt about its 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 which may entitle the Partnership
to a  royalty  in  respect  to a product  which  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,
2000 and 1999,  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, 2000.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                                 MARCH 31, 2000

                                   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, 2000      By:      /s/ Samuel H. Ronel, Ph.D.
                                            ---------------------------
                                                Samuel H. Ronel, Ph.D.
                                                      President




DATE:    May 15, 2000               By:     /s/ Donald W. Anderson
                                            -----------------------
                                                Donald W. Anderson
                                                       Controller