SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                         ------------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):

                                  March 4, 2003

<TABLE>
<CAPTION>
                               Aphton Corporation
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             (Exact name of registrant as specified in its charter)

<S>                                     <C>                             <C>

        Delaware                        0-19122                        95-3640931
---------------------------- ------------------------------- --------------------------------
(State or Other Jurisdiction    (Commission File Number)            (I.R.S. Employer
    of Incorporation)                                            Identification Number)


              80 SW Eighth Street, Suite 2160, Miami, Florida 33130
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               (Address of principal executive offices) (zip code)

                                 (305) 374-7338
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              (Registrant's telephone number, including area code)


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          (Former name or former address, if changed since last report)


</TABLE>

<PAGE>

ITEM 5.  OTHER EVENTS.

     On March 4, 2003,  Aphton  Corporation  (the "Company")  announced that the
Company has met with and  presented  results of its  randomized,  double  blind,
controlled, monotherapy, Phase III clinical trial conducted in Europe with G17DT
for  patients  with  advanced   pancreatic  cancer  to  an  appropriate  foreign
regulatory authority.

     The  presentation  of the  most  recently  completed  analysis  of the data
demonstrated  an overall median  survival  benefit of 83%, with a  statistically
significant value of p. The corresponding hazard ratio (HR) was 0.65, which also
had a statistically  significant  value of p (HR of 0.65 means that at any point
in time, patients on G17DT had a 154% higher likelihood of surviving longer than
patients on the control).  There are still  surviving,  treated  patients in the
trial.  Their standard of care could be influenced,  thereby  jeopardizing  both
their inclusion in the final  statistical  analysis and the ultimate  breadth of
the  indication  allowed in each  jurisdiction,  if additional  specifics on the
trial were provided at this time.

     The Company  believes that the results of the trial are already  sufficient
for filing for marketing  approval in the European Union,  Canada and Australia.
Therefore, the Company has begun the process of gathering and compiling the data
and the  preparation  of the  extensive  regulatory  documentation  required for
submission  for  marketing  approval.  This  process  can be  expected  to  take
approximately  five  months,  but cannot be stated with  certainty.  The Company
expects it will receive priority review of the filings.  The time for review and
the granting of marketing  approval in each  jurisdiction  cannot,  however,  be
predicted by the Company with certainty.

     The  Company  believes  that  with  these  clinical  trial  and  regulatory
developments,  it has  reached  the  decisive  turning  point  in its  corporate
development  and in the  pursuit of its  corporate  objectives.  The Company has
drastically  reduced its burn rate going  forward at this time and is  currently
pursuing a number of strategic  funding  opportunities.  The Company  believes a
number of these can, if  successful,  carry it forward and achieve its strategic
objectives.

     It is estimated that  approximately  88,000 new cases of pancreatic  cancer
will be  diagnosed  in the US and Europe this year.  The  prognosis  for most of
these patients is very poor. The great majority of patients has advanced disease
at the  time of  diagnosis  which is  considered  incurable,  with a very  short
survival  time.  Surgery,  when  possible,  and  chemotherapy  are  the  primary
treatment options currently available, but have shown only very limited benefit.
The Company believes that its anti-gastrin targeted  immunotherapy  approach has
the potential to extend  patient  survival time  significantly,  without  adding
toxicity.

     Aphton Corporation is a biopharmaceutical company developing products using
its innovative targeted immunotherapy  technology for neutralizing hormones that
participate  in  gastrointestinal  system  and  reproductive  system  cancer and
non-cancer diseases.


<PAGE>


ITEM 7.  EXHIBITS.

         (c)   Exhibits.

               99.1   Text of Press Release of the Company dated March 4, 2003.

                                      -2-

<PAGE>

                                    SIGNATURE

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



                            APHTON CORPORATION
                            (Registrant)

                            By:  /s/ Frederick W. Jacobs
                               ----------------------------------------------
                               Name: Frederick W. Jacobs
                               Title: Vice President, Chief Financial Officer,
                                   Treasurer and Chief Accounting Officer



Dated: March 4, 2003