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 quarterly period ended November 30, 1997

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

                      Commission File No. 0-7578

                          ELECTRO-CATHETER CORPORATION
             (Exact name of the Registrant as specified in Charter)

                   New Jersey                           22-1733406
              (State of Incorporation)             (I.R.S. Employer ID Number)
                           
     2100 Felver Court, Rahway, New Jersey                      07065 
    (Address of Principal Executive Offices)                  (Zip Code)

          Registrant's Telephone No. including Area Code: 732-382-5600


     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

     Indicate the number of shares  outstanding of the issuer's common stock, as
of the latest practical date:

     As  of  January  14,  1998,  the  number  of  shares   outstanding  of  the
Registrant's common stock was 6,383,611 shares, $.10 par value.




<PAGE>



                          ELECTRO-CATHETER CORPORATION

                                TABLE OF CONTENTS




PART I. FINANCIAL INFORMATION
                                                                PAGE


Item 1.  Financial Statements (Unaudited):
 
     Condensed Comparative Balance Sheets
          November 30, 1997 and August 31, 1997                   1


     Condensed Comparative Statements of Operations -
          Three Months Ended November 30, 1997
          and November 30, 1996                                   2


     Condensed Comparative Statements of Cash Flows -
          Three Months Ended November 30, 1997 and
          November 30, 1996                                       3


     Notes to Condensed Financial Statements                      4


Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations         6 - 8


PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K                          8

         SIGNATURES                                               9

         INDEX TO EXHIBITS                                       10




<PAGE>


<TABLE>

PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
                          ELECTRO-CATHETER CORPORATION
                      CONDENSED COMPARATIVE BALANCE SHEETS
                      November 30, 1997 and August 31, 1997
                                   (Unaudited)

  <CAPTION>
                       
                                                                             November 30                                August 31
                                                                                    1997                                     1997
                                                                                    ----                                     ----
                              ASSETS
<S>                                                 <C>                    <C>                     <C>                    <C>    
Current assets:
    Cash and cash equivalents                                              $     15,883                                     98,127
    Accounts receivable, net                                                    973,809                                    988,859
    Inventories
       Finished goods                               412,824                                        481,660
       Work-in-process                              646,127                                        490,621
       Materials and supplies                       286,957                                        270,086
                                                   --------                                      ---------
    Total inventories                                                         1,345,908                                   1,242,367
    Prepaid expenses and
     other current assets                                                        83,370                                     168,781
                                                                            -----------                                  ----------
   Total current assets                                                       2,418,970                                   2,498,134

Property, plant and equipment, net                                              746,804                                     777,663
Other assets, net                                                                91,838                                      97,275
                                                                            -----------                                   ---------
Total assets                                                                  3,257,612                                   3,373,072
                                                                              =========                                   =========

          LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
   Current installments of subordinated
          debentures due to T Partnership                                        75,000                                           -
   Current installments of capitalized lease
          obligations                                                            55,000                                      50,734
   Accounts payable and accrued expenses                                      1,135,723                                   1,045,406
   Accrued litigation expenses                                                  443,820                                     443,820
                                                                              ---------                                     -------
Total current liabilities                                                     1,709,543                                   1,539,960

Subordinated debentures due to
          T Partnership, excluding current
          installments                                                        1,772,125                                   1,747,125
Capitalized lease obligation, excluding
          current installments                                                  203,691                                     222,277
                                                                              ---------                                   ---------
Total liabilities                                                             3,685,359                                   3,509,362
                                                                              ---------                                   ---------

Stockholders' deficiency:
   Common stock                                                                 638,361                                     638,361
   Additional paid-in capital                                                10,682,008                                  10,682,008
   Accumulated deficit                                                      (11,748,116)                                (11,456,659)
                                                                             ----------                                  ----------
   Total stockholders' deficiency                                              (427,747)                                   (136,290)
                                                                          -------------                                 ------------
   Total liabilities and stockholders'  deficiency                     $      3,257,612                                   3,373,072
                                                                              =========                                   =========

See accompanying notes to condensed financial statements.
</TABLE>

                                                                  1

<PAGE>



<TABLE>

                                                     ELECTRO-CATHETER CORPORATION
                                            CONDENSED COMPARATIVE STATEMENTS OF OPERATIONS
                                                              (Unaudited)


<CAPTION>
                                                                                         Three Months Ended
                                                                                                November 30,

                                                                                    1997                        1996
                                                                                    ----                        ----
<S>                                                                          <C>                           <C>        
Net revenues, including product sales,
    research and development revenues
    and license fees                                                         $ 1,335,313                   1,677,750
Cost of revenues                                                                 864,846                     814,995
                                                                               ---------                   ---------


        Gross profit                                                             470,467                     862,755

Operating expenses:
    Selling, general and administrative                                          526,050                     593,833
    Research and development                                                     163,018                     212,567
                                                                                 -------                     -------


        Operating income (loss)                                                 (218,601)                     56,355


Other expense:
        Interest expense                                                         (72,856)                    (54,700)
                                                                                 --------                    -------

        Net profit (loss)                                              $        (291,457)                      1,655
                                                                                =========                      =====


Net loss per common share                                              $           (0.05)                       0.00
                                                                                   =====                       =====

Dividends per share                                                                 None                        None

Weighted average shares outstanding                                            6,383,611                   6,373,711
                                                                               =========                   =========



See accompanying notes to condensed financial statements.

</TABLE>





                                                                  2

<PAGE>

<TABLE>



                                                     ELECTRO-CATHETER CORPORATION
                                            CONDENSED COMPARATIVE STATEMENTS OF CASH FLOWS
                                                              (Unaudited)
<CAPTION>
                                                                                                 Three Months Ended
                                                                                                     November 30,

                                                                                           1997                         1996
                                                                                           ----                         ----
<S>                                                                                <C>                                <C>    
Cash flows from operating activities:

    Net profit (loss)                                                              $   (291,457)                      1,655

Reconciliation  of net profit (loss) to net cash (used in) provided by operating
    activities:

    Depreciation                                                                         32,508                      31,313
    Amortization                                                                          2,083                       2,083
    Changes in assets and liabilities:
       Decrease in accounts receivable, net                                              15,050                     105,643
       Increase in inventories                                                         (103,541)                    (82,243)
       Decrease (increase) in prepaid expenses and
          other current assets                                                           85,411                     (19,623)
       Decrease in other assets                                                           3,354                         172
       Decrease in deferred revenues                                                          -                    (144,293)
       Increase in accounts payable
          and accrued expenses                                                           90,317                     108,430
                                                                                      ---------                     -------

Net cash (used in) provided by operating
          activities                                                               $   (166,275)                      3,137
                                                                                       =========                   ========

Cash flows used in investing activities -
    Purchases of property, plant and
       equipment                                                                         (1,649)                    (40,447)
                                                                                         -------                    -------

Cash flows from financing activities:
    Proceeds from loan and warrants
       from T Partnership                                                               100,000                           -
    Repayment of debentures and capitalized
       lease obligations                                                                (14,320)                    (76,836)
                                                                                         ------                     -------

Net cash provided by (used in)
        financing activities                                                             85,680                     (76,836)
                                                                                       --------                     -------

Net decrease in cash                                                                    (82,244)                   (114,146)
Cash at beginning of period                                                              98,127                     275,283
                                                                                         ------                     -------
Cash at end of period                                                               $    15,883                     161,137
                                                                                         ======                    ========


See accompanying notes to condensed financial statements.

</TABLE>
                                                                  3

<PAGE>



                          ELECTRO-CATHETER CORPORATION

                     NOTES TO CONDENSED FINANCIAL STATEMENTS





Note 1  Basis of Presentation
------  ---------------------

     In  the  opinion  of  management,   the  accompanying  unaudited  condensed
financial  statements  contain  all  adjustments   (consisting  only  of  normal
recurring  accruals)  necessary  to present  fairly the  financial  position  of
Electro-Catheter  Corporation as of November 30, 1997, the results of operations
for the  three  months  ended  November  30,  1997  and  November  30,  1996 and
statements  of cash  flows for the three  months  ended  November  30,  1997 and
November  30,  1996,  but are not  necessarily  indicative  of the results to be
expected for the full year.

     The  financial  statements  have  been  prepared  in  accordance  with  the
requirements of Form 10-Q and consequently do not include  disclosures  normally
made in an Annual Report on Form 10-K.  Accordingly,  the  financial  statements
included herein should be reviewed in conjunction with the financial  statements
and notes thereto  included in the Company's  Annual Report on Form 10-K for the
fiscal year ended August 31, 1997.

Note 2   Subordinated Debentures
------   -----------------------

     In  September  1997 and  again  in  December  1997,  the  Company  borrowed
additional  amounts  from  the T  Partnership,  in each  case in the  amount  of
$100,000,  under  substantially  the same terms and  conditions  as its previous
borrowings,   without  issuing  any  additional  warrants.   Under  the  current
arrangement,  the Company is obligated to comply with a financial covenant to be
tested on a monthly  basis.  Non-compliance  by the Company  with such  covenant
would  allow the T  Partnership  to declare an event of default  and  accelerate
repayment  of  indebtedness.  The Company is currently  in  compliance  with the
covenant.  The total  indebtedness due to the T Partnership at November 30, 1997
was $1,847,125.

Note 3   Commitments and Contingencies
------   -----------------------------

FDA Warning Letter
------------------

     The  products  developed  and  manufactured  by the Company  come under the
jurisdiction  of the Food and Drug  Administration  ("FDA") of the United States
Department of Health and Human Services.  Since the devices  manufactured by the
Company are  intended  for "human  use",  as defined by the FDA, the Company and
said devices are subject to FDA regulations,  which,  among other things,  allow
for  the  conduct  of  routine  detailed  inspections  of  device  manufacturing
establishments  and  confirmation  of adherence to "current  good  manufacturing
practices" ("cGMP") in the manufacture of medical devices.

     In  February   1997,   the  FDA  conducted  an  inspection   and  audit  of
Electro-Catheter  Corporation.  At the conclusion of the audit, the FDA issued a
number of observations regarding violations of cGMP. On March 11, the FDA issued
a Warning  Letter  to the  Company  requesting  that  prompt  action be taken to
correct these violations.


                                        4

<PAGE>




     In response to the  observations  and the Warning Letter,  Electro-Catheter
Corporation  provided  the  FDA  with  a  plan  and  timetable  for  instituting
corrective  actions.  The Company has been working  diligently in its efforts to
correct these  violations.  A subsequent FDA  inspection in September  indicated
that while substantial progress had been made towards correcting the violations,
not all  corrective  actions  have been  completed.  The FDA has issued a report
noting that no additional  violations of cGMP were  discovered and listing those
previous violations in the process of being corrected. At this time, the Company
is unable to  precisely  determine  the  short-term  economic  impact which will
result from instituting the corrective actions.

Litigation
----------

     In September 1997, a jury in Middlesex  County of the Superior Court of New
Jersey found the Company  liable for age  discrimination  when it  terminated an
employee in April 1994. The jury awarded the terminated  employee  $283,000.  In
addition to the $283,000,  the court awarded the plaintiff  attorney's  fees and
expenses  and  prejudgment  interest  in the  combined  amount of  approximately
$47,990. The Company also incurred legal costs from September 1996 in the amount
of approximately  $115,665. The Company is planning on taking an appeal, but all
related  costs  already  incurred  and awarded  were  recorded in the  financial
statements for the year ended August 31, 1997.

Merger
------

     On October  23,  1997,  the  Company  entered  into a letter of intent with
Cardiac Control Systems,  Inc., ("CCS") a Delaware  corporation  located in Palm
Coast,  Florida,  to effect a merger of the two  companies  targeted  toward the
development  and  marketing of advanced  specialty  electrophysiology  products.
Currently,  the  structure  of the  transaction  contemplates  the  merger  of a
newly-created,  wholly-owned  subsidiary  of CCS into and with the  Company as a
result of which the Company shall become a  wholly-owned  subsidiary of CCS. The
transaction  further  contemplates  an  exchange  of  common  stock  of the  two
companies,  with two shares of CCS common stock, $.10 par value per share, to be
exchanged for every three shares of the Company's  common stock,  $.10 par value
per share.  Upon closing of the transaction,  $1 million of the Company's senior
debt is intended to be converted into convertible preferred stock.

     Consummation of the merger is subject,  among other things, to: (i) raising
sufficient capital to support the product development efforts of both companies;
(ii) the execution of a definitive  agreement  reflecting  the intentions of the
parties; (iii) the approval of the transaction by the Board of Directors of each
company;   (iv)  the  approval  of  the  transaction  by  the   shareholders  of
Electro-Catheter  Corporation;  and (v) the receipt of all  required  regulatory
approvals by the two companies.

     CCS develops,  manufactures  and sells a broad line of implantable  cardiac
pacemakers,  pacemaker  leads and  related  products  which  Company  management
believes are  complementary  to its own product lines.  The Company believes the
merger may allow certain efficiencies to improve operating  performance and that
the  broader  product  line  may  provide  for a more  effective  marketing  and
distribution process.  There can be no assurance,  however, that consummation of
the merger will yield positive operating results in the future.

Note 3   Reclassifications
------   -----------------

     Certain reclassifications have been made to conform to the fiscal year 1997
presentation.


                                        5

<PAGE>



Note 4   Earnings Per Share
------   ------------------

     In February 1997, the Financial Accounting Standards Board issued Statement
of Financial  Accounting  Standard No. 128 "Earnings Per Share" (SFAS 128). SFAS
128 supersedes  Accounting  Principles  Board Opinion No. 15, Earnings Per Share
and specifies the  computation,  presentation  and disclosure  requirements  for
earnings per share for entities with  publicly  held common  stock.  SFAS 128 is
effective for financial  statements  relating to both interim and annual periods
ending after December 15, 1997. As the Company's stock options are antidilutive,
assuming the treasury  stock method,  the  calculation  presented is the "basic"
calculation.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
     AND RESULTS OF OPERATIONS
     -------------------------

Results of Operations
---------------------

     On October  23,  1997,  the  Company  entered  into a letter of intent with
Cardiac Control Systems,  Inc., ("CCS") a Delaware  corporation  located in Palm
Coast,  Florida,  to effect a merger of the two  companies  targeted  toward the
development  and  marketing of advanced  specialty  electrophysiology  products.
Currently,  the  structure  of the  transaction  contemplates  the  merger  of a
newly-created,  wholly-owned  subsidiary  of CCS into and with the  Company as a
result of which the Company shall become a  wholly-owned  subsidiary of CCS. The
transaction  further  contemplates  an  exchange  of  common  stock  of the  two
companies,  with two shares of CCS common stock, $.10 par value per share, to be
exchanged for every three shares of the Company's  common stock,  $.10 par value
per share.  Upon closing of the transaction,  $1 million of the Company's senior
debt is intended to be converted into convertible preferred stock.

     Consummation of the merger is subject,  among other things, to: (i) raising
sufficient capital to support the product development efforts of both companies;
(ii) the execution of a definitive  agreement  reflecting  the intentions of the
parties; (iii) the approval of the transaction by the Board of Directors of each
company;   (iv)  the  approval  of  the  transaction  by  the   shareholders  of
Electro-Catheter  Corporation;  and (v) the receipt of all  required  regulatory
approvals by the two companies.

     CCS develops,  manufactures  and sells a broad line of implantable  cardiac
pacemakers,  pacemaker  leads and  related  products  which  Company  management
believes are  complementary  to its own product lines.  The Company believes the
merger may allow certain efficiencies to improve operating  performance and that
the  broader  product  line  may  provide  for a more  effective  marketing  and
distribution process.  There can be no assurance,  however, that consummation of
the merger will yield positive operating results in the future.

     Net revenues  declined $342,437 (20.4%) for the three months ended November
30,  1997 as compared to the three  months  ended  November  30,  1996.  Product
revenues  declined  $232,040  (15.9%)  and  contract  research  and  development
revenues declined $144,293 (100.0%) for the three months ended November 30, 1997
as compared to the same period last year.  This decline was partially  offset by
an increase in sales to an original  equipment  manufacturing  ("OEM")  customer
($12,042) and revenues from licensing  certain of the Company's  technology to a
third party ($21,854).


                                        6

<PAGE>



     Direct domestic sales decreased $147,270 (14.5%) for the three months ended
November 30, 1997 as compared to the same three  months of the prior year.  This
decrease is attributed  to the Company not having an approved  electrophysiology
ablation  catheter,  lack  of new  products  (as the  Company  has  focused  its
engineering  efforts on contract  research and development and OEM business),  a
continued  decline  in demand for the  Company's  older  products  in pacing and
monitoring,   backorders,   as  well  as  the  impact  of  not  replacing  sales
representatives  who have left the  Company.  International  revenues  decreased
$84,770  (19.1%) for the first  three  months of fiscal year 1998 as compared to
the first  three  months of fiscal  year  1997.  The  decline  in  international
revenues is  attributed  to the lack of new products (as the Company has focused
its  engineering  efforts  on the  contract  research  and  development  and OEM
business),  lower demand for the Company's  electrophysiology  products, product
redesign problems, pricing pressure due to competition and backorders.

     Gross profit dollars decreased  $392,288 (45.5%) for the three months ended
November 30, 1997 as compared to the three months ended November 30, 1996.  This
decrease is primarily  attributed to decreased  production levels related to the
lower sales  volume.  The gross  profit  percentage  for the three  months ended
November  30,  1997 was 35.2% as compared  to 51.4% for the three  months  ended
November 30, 1996. The lower volume continues to adversely impact gross profit.

     Selling,  general and administrative expenses decreased $67,783 (11.4%) for
the three months of the current year as compared to the same period in the prior
year. This decrease primarily reflects lower domestic and international  selling
expenses,  substantially  attributable to the loss of field sales personnel that
have not yet been replaced, and to cutbacks in international sales and marketing
activities.  This decrease was partially offset by increased expenses associated
with efforts toward the merger with Cardiac Control Systems, Inc.

     Research and development  expenses  decreased $49,549 (23.3%) for the three
months ended November 30, 1997 as compared to the same three month period in the
prior  year.  The  decrease is  primarily  the result of  decreased  engineering
efforts and lower material,  supply,  consulting and recruiting expenses. In the
prior fiscal year,  costs  associated  with  contract  research and  development
activities were charged to cost of revenues.

     Interest expense increased as a result of the increased borrowings from the
T Partnership as well as interest paid on capitalized lease obligations.

     The net loss for the three months  ended  November 30, 1997 was $291,457 or
$0.05 per share as compared to a net profit of $1,655 or $0.00 per share for the
three months ended November 30, 1996.

Liquidity and Capital Resources
-------------------------------

     At November 30, 1997,  working capital decreased  $248,747 to $709,427 from
August 31,  1997.  The  current  ratio was at 1.4 to 1 at  November  30, 1997 as
compared to 1.6 to 1 at August 31, 1997.  Net cash used in operating  activities
was $166,275 for the three months ended  November 30, 1997 as compared to $3,137
net cash provided by operating  activities  for the three months ended  November
30,  1996.  This  increase in cash  required for  operations  is a result of the
increase in the Company's  losses and a higher  inventory level offset partially
by an increase in accounts payable and accrued expenses and a decline in

                                        7

<PAGE>



other  assets.  The  Company  has been  able to  satisfy  its  obligations  with
borrowings  from the T  Partnership,  cash on hand and  extending  its  accounts
payable.

     In September 1997, a jury in Middlesex  County of the Superior Court of New
Jersey found the Company  liable for age  discrimination  when it  terminated an
employee in April 1994. The jury awarded the employee $283,000.  In addition, to
the $283,000,  the court awarded the plaintiff  attorney's fees and expenses and
prejudgment  interest  in the  combined  amount of  approximately  $47,990.  The
Company is  planning  on taking an appeal and  determining  the costs  attendant
thereto, but all related costs already incurred and awarded were recorded in the
financial statements for the year ended August 31, 1997.

     The Company's  ability to continue  with its plans is  contingent  upon its
ability to either obtain sufficient cash flow from operations, obtain additional
financing, or consummate a combination with another company. The Company has had
difficulty in paying its obligations  and, as a result,  has delayed payments to
some vendors.  The Company  continues to evaluate its plans to obtain funds. The
contemplated  merger is contingent  upon the Company and CCS raising  sufficient
capital  to support  each  Company's  product  development  efforts.  Management
believes  that  this  merger  can offer  benefits  to both  companies  by taking
advantage of economies of scale and elimination of redundant  efforts.  However,
there  can be no  assurance  that the  merger  will be  consummated  or that the
Company will be able to generate the funding required.

     Inflation did not have a material impact on the results of the Company's
operations for the three months ended November 30, 1997.

Part II. Other Information
--------------------------

Item 6.  Exhibits and Reports on Form 8-K

               (a)       The exhibits filed or incorporated by reference as part
                         of this Quarterly Report on Form 10-Q are listed in the
                         attached Index to Exhibits.

               (b)       The  Company  filed a Current  Report on Form 8-K dated
                         October 7, 1997,  which  reported  under "Item 5. Other
                         Events" a verdict  in certain  litigation  in which the
                         Company had been  involved.  Also,  the Company filed a
                         Current  Report on Form 8-K  dated  November  7,  1997,
                         which   reported  under  "Item  5.  Other  Events"  the
                         execution  of a letter of intent with  Cardiac  Control
                         Systems,  Inc.  contemplating  the  merger  of the  two
                         companies.


                                        8

<PAGE>



Signatures

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

                                                  ELECTRO-CATHETER CORPORATION

                                                   /s/Ervin Schoenblum
Date  January 15, 1998                             Ervin Schoenblum
----  ----------------                             ----------------
                                                   Acting President and
                                                   Chief Operating Officer

                                                   /s/Joseph P. Macaluso
Date  January 15, 1998                             Joseph P. Macaluso
----  ----------------                             ------------------
                                                   Chief Financial Officer





                                        9

<PAGE>


                                INDEX TO EXHIBITS


27     -   Financial   data   schedule which is submitted electronically to the
           Securities and Exchange Commission  for information  only and is not
           filed.


                                       10