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, 1999

                                       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 ___



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                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                                TABLE OF CONTENTS

                                                                       Page No.

Part I.  Financial Information:

      Condensed Balance Sheets--March 31, 1999
         and December 31, 1998 ............................................1

      Condensed Statements of Operations--Three Months
         Ended March 31, 1999 and 1998.....................................2

      Condensed Statements of Cash Flows--
         Three Months Ended March 31, 1999 and 1998........................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







<PAGE>



<TABLE>
                                                                                                             8
                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                          PART I. FINANCIAL INFORMATION

                            CONDENSED BALANCE SHEETS


<CAPTION>
                                                March 31,          December 31,
                                                 1999                  1998 
                                              (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 condensed  balance sheet as of December 31, 1998 has been  summarized  from
the Partnership's audited balance sheet as of that date.



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


<PAGE>
<TABLE>

                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<CAPTION>

                                                      Three Months Ended
                                                           March 31,
                                                      -------------------
                                                    1999               1998
                                                    ----               ----
<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>

                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<CAPTION>


                                                Three Months Ended
                                                     March 31,
                                               -------------------
                                               1999            1998
                                               ----            ----

<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  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.

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). 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.


<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 1999. 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  N  Gel  using  ISI's  natural  source,
multi-species alpha interferon in place of recombinant interferon.

         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 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.  ISI has  completed a small Phase 2  dose-ranging
study using  ALFERON N Gel at the  Columbia-Presbyterian  Medical  Center in New
York for the treatment of mild cervical  dysplasia.  Pap smears,  identification
tests for the presence of virus, and cervical biopsies  indicated that ALFERON N
Gel appears to have the potential for improving the course of cervical dysplasia
in the majority of patients who completed the treatment course. In addition,  an
investigator-sponsored,  Phase 2 randomized,  placebo-controlled,  double-blind,
parallel group clinical study to investigate  the potential use of ALFERON N Gel
for the treatment of intravaginal warts commenced in January 1998.

         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
three months ended March 31, 1999 and 1998, the  Partnership  did not record any
expense or income.



<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, 1999.


<PAGE>


                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                                 MARCH 31, 1999





                                   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 14, 1999               By:      /s/ Samuel H. Ronel, Ph.D.
                                            ---------------------------
                                                 Samuel H. Ronel, Ph.D.
                                                       President




DATE:    May 14, 1999               By:     /s/ Donald W. Anderson
                                            -----------------------
                                                Donald W. Anderson
                                                    Controller