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, 1997

                                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--March 31, 1997
     and December 31, 1996 . . . . . . . . . . . . . . . . . . 1

   Condensed Statements of Operations--Three Months 
     Ended March 31, 1997 and 1996 . . . . . . . . . . . . . . 2

   Condensed Statements of Cash Flows--
     Three Months Ended March 31, 1997 and 1996  . . . . . . . 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


                                         March 31,   December 31,
                                            1997         1996    
                                        (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
                                                   March 31,    
                                              -------------------
                                               1997       1996
                                               ----       ----



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 
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)



                                             Three Months Ended
                                                  March 31,      
                                             -------------------
                                               1997        1996   
                                               ----        ----



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(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.  

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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 1997.  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.  

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
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.  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, 1997 and 1996, the Partnership did
not record any expense or loss.

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            INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


          QUALIFICATION RELATING TO FINANCIAL INFORMATION

                          MARCH 31, 1997


  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 during the three
          months ended March 31, 1997.

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            INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                          MARCH 31, 1997




                            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 13, 1997     By:  /s/ Samuel H. Ronel, Ph.D.
                             Samuel H. Ronel, Ph.D.
                             President




DATE:  May 13, 1997     By:  /s/ Donald W. Anderson
                             Donald W. Anderson
                             Controller