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, 1998

                                       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


Part I.  Financial Information:

      Condensed Balance Sheets--March 31, 1998
         and December 31, 1997 .............................................1

      Condensed Statements of Operations--Three Months
         Ended March 31, 1998 and 1997......................................2

      Condensed Statements of Cash Flows--
         Three Months Ended March 31, 1998 and 1997.........................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



















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                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.


                          PART I. FINANCIAL INFORMATION

<TABLE>

                            CONDENSED BALANCE SHEETS
<CAPTION>


                                                      March 31,    December 31,
                                                        1998         1997
                                                     (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, 1997 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.



                                       1
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                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

<TABLE>

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<CAPTION>

                                                             Three Months Ended
                                                                 March 31,
                                                            -------------------
                                                           1998          1997
                                                           ----          ----


<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.



                                       2
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                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

<TABLE>

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<CAPTION>

                                                          Three Months Ended
                                                               March 31,
                                                          ------------------
                                                          1998          1997
                                                          ----          ----


<S>                                                      <C>          <C>   

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.



                                       3
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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.



                                       4
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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 1998.  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.  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, 1998 and 1997, the Partnership did not record any expense
or income.




                                       5
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                   INTERFERON SCIENCES RESEARCH PARTNERS, LTD.



                 QUALIFICATION RELATING TO FINANCIAL INFORMATION

                                 MARCH 31, 1998





    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.




                                       6
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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, 1998.



                                       7
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                     INTERFERON SCIENCES RESEARCH PARTNERS, LTD.

                                 MARCH 31, 1998




                                   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, 1998                  By:     /s/ Samuel H. Ronel, Ph.D.
                                                   --------------------------
                                                       Samuel H. Ronel, Ph.D.
                                                            President




DATE:        May 14, 1998                  By:     /s/ Donald W. Anderson
                                                   ----------------------
                                                       Donald W. Anderson
                                                           Controller





                                       8
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</TABLE>