UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION

                        Washington, D. C.   20549

                                FORM 10-QSB 


[X]   Quarterly Report Under Section 13 or 15(d) of the Securities 
      Exchange Act of 1934 
      For the period ended March 31, 1997

[ ]  Transition Report Under to Section 13 or 15(d) of The 
     Securities Exchange Act of 1934


                Commission File Number:     0-16052   


                        	Quadrax Corporation		
     (Exact name of registrant as specified in its charter)


             Delaware                   	   05-0420158		
   (State or other jurisdiction of 	      (I.R.S.Employer 
    incorporation or organization)	        Identification Number)


      300 High Point Avenue   Portsmouth, Rhode Island        02871	 
         (Address of principal executive offices)    (Zip Code)

                           (401) 683-6600		                               
     (Registrant's telephone number, including area code)

		
  (Former name, former address and former fiscal year, if changed since 
   last report)


  Check mark whether the issuer (1) filed all reports required to be filed 
  by Section 13 or 15(d) of the Exchange Act during the past 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__

  State the number of shares outstanding of each of the issuer's classes 
  of common stock, as of the latest practicable date.

  Class                                	Outstanding at May 14, 1997
  Common Stock, par value	              38,448,513 shares
  $.000009 per share



                        QUADRAX CORPORATION

                      INDEX TO FORM 10-QSB


  Part I - Financial Information                                 	Page


    Item 1	Condensed Consolidated Financial Statements
	
	       Condensed Consolidated Balance Sheets at
       	March 31, 1997 and at December 31, 1996                   	3-4

       	Condensed Consolidated Statements of Operations 
       	for the three months ended March 31, 1997 and 
       	March 31, 1996                                            	5

      	Condensed Consolidated Statements of Cash Flows
      	for the three months ended March 31, 1997 and
      	March 31, 1996                                             	6-7

      	Notes to Condensed Consolidated Financial Statements       	8-10


    Item 2 	Management's Discussion and Analysis of Financial
           	Condition and Results of Operations                  	11-14

 Part II - Other Information


    Item 6	Exhibits and Reports on Form 8-K                       	15


Signatures                                                       		16




                              Quadrax Corporation

                        Consolidated Balance Sheets
                                 (Unaudited)

                                   ASSETS




                                       	March 31,	     	December 31,
                                       	1997	          	1996
                                       -----------      -------------
Current assets:			
Cash and cash equivalents           	$ 	2,523,697      	$ 	1,200,063
Accounts receivable, net of
 allowances for doubtful accounts
 of $219,000	                            	913,797	          	883,005
Inventories	                           	1,372,491        		1,266,074
Other current assets	                    	127,091	          	184,848
                                       ----------         ----------
TOTAL CURRENT ASSETS	                  	4,937,076	        	3,533,990
			                                    ----------         ----------
Property and equipment, at cost:			
  Machinery and equipment 	            	4,631,029	        	4,618,313
  Office equipment	                      	919,245	          	910,895
  Leasehold improvements              		1,090,087	        	1,089,119
                                       ----------         ----------
                                      		6,640,361        		6,618,327
Less accumulated depreciation and
  amortization	                       	(3,661,723)	      	(3,467,661)
                                      -----------         -----------
NET PROPERTY AND EQUIPMENT	            	2,978,638        		3,150,666
                                      -----------         -----------
Goodwill, net of amortization
 of $9,923 and $7,903, respectively	     	108,630		         	110,651
Other assets	                            	284,545		         	268,179
Deferred assets, net of amortization
 of $72,771 and $70,600, respectively   		229,472	         		236,238
                                       ----------         -----------
TOTAL ASSETS	                         	$8,538,361	       	$7,299,724
                                       ==========         ==========


                          See accompanying notes.



                          Quadrax Corporation

                      Consolidated Balance Sheets
                                (Unaudited)

                  LIABILITIES AND STOCKHOLDER'S EQUITY


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

Current liabilities:			
  Accounts payable                   	$	914,212            	$  685,212
  Accrued expenses                    		891,905		           	1,306,053
  Current portion of long-term debt 	  	836,863		             	856,904
                                      ----------           -----------
TOTAL CURRENT LIABILITIES'            2,642,980             	2,848,169

Long-term debt, less current
 portion                               	318,330               	360,739
Convertible debentures payable       	3,960,000             	1,400,000
                                     -----------           -----------
TOTAL LIABILITIES                    	6,921,310             	4,608,908
                                     -----------           -----------
Stockholders' equity:			
  Common stock                             	313                   	298
  Additional paid-in capital        	69,181,603            	68,701,531
  Retained earnings (deficit)      	(65,288,745)          	(63,757,759)
                                    -----------            -----------
                                     	3,893,171             	4,944,070
Less:			
  Treasury stock, at cost           	(1,125,969)           	(1,125,969)
  Unearned compensation and
   deferred expenses                  	(462,799)             	(504,193)
  Notes receivable for options        	(687,352)             	(623,092)
                                    -----------             ----------
TOTAL STOCKHOLDERS' EQUITY           	1,617,051             	2,690,816
                                    -----------             ----------
TOTAL LIABILITIES AND 
  STOCKHOLDERS' EQUITY              	$8,538,361            	$7,299,724
                                     ==========             ==========



                              See accompanying notes.




                            Quadrax Corporation
					
               Condensed Consolidated Statements of Operations
                                  (Unaudited)



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

Revenue:					
	Sales                           	$   625,254         	$1,087,018 
 Interest income  	                    24,247 	            15,968 
                                    ----------         -----------
		TOTAL REVENUE	                      649,501 	         1,102,986 
                                    ----------         -----------

Expenses:			
		
	Cost of goods sold                  	663,185            	936,438 
	Research and development            	208,056            	219,567 
	Selling, general and
    administrative                 	1,089,062          	1,438,385 
	Depreciation and amortization       	198,254            	187,811 
	Interest expense	                     21,930 	            63,846 
                                  -----------           ----------
		
	TOTAL EXPENSES	                    2,180,487 	         2,846,047 
                                  -----------           ----------
			
	NET LOSS                       	($1,530,986)        	($1,743,061)
                                  ==========           ========== 
			                              
	NET LOSS PER COMMON SHARE	          	($0.05)	            	($0.09)
                                  ==========           ==========
			
	WEIGHTED AVERAGE COMMON		
	     SHARES OUTSTANDING         	33,066,400          	19,282,782 
                                  ==========           ==========



			
                               See accompanying notes.


                            Quadrax Corporation
                  Consolidated Statements of Cash Flows
                  Increase (Decrease) in Cash and Cash Equivalents
                                     (Unaudited)


                                 	   		Three Months         	Three Months
                                   			     Ended          	      Ended
                                   			March 31, 1997       	March 31, 1996
                                     ----------------       --------------
Cash flows from operating activities:
Net loss                                	($1,530,986)          	($1,743,061)
	Adjustments to reconcile net
 income to net cash used in
 operating activities:						
 	Depreciation & amortization of
   fixed assets                             	194,062               	153,663
  	Amortization of intangibles                	4,191                	34,148
  	Amortization of unearned 
     compensation                            	41,394                	26,394
  	Common stock issued for expenses         	106,250                	98,984
  	Increase (decrease) in cash
    resulting from changes in:					
    		Accounts receivable and other         	(30,792)              	(83,463)
    		Inventories                           (106,417)             	(294,367)
    		Prepaid expenses and other assets      	57,757	                44,958
    		Accounts payable                      	229,000               	334,642
    		Accrued expenses	                     (414,148)	             (505,761)
                                           ----------             ----------
      Net cash used in operating
       activities                         (1,449,689)            (1,933,863)
                                           ----------            -----------

Cash flows from investing activities:		
 	Capital expenditures, net                 	(22,034)              	(17,909)
 	Other intangible assets purchased	         (11,771)	               (7,662)
                                            ---------            -----------
	   Net cash provided by (used in)
     investing activities	                   (33,805)	              (25,571)

Cash flows from financing activities:						
	Proceeds from exercise of common
   stock options                              	9,826                	10,000 
 Net proceeds from sale of
   convertible debentures                 	2,859,752                     	0 
	Payment of note to related party                 	0 	             (300,000)
	Issuance of debt                           	106,442                	78,454 
	Repayment of debt	                         (168,892)	                    0 
                                           ----------            ----------
	Net cash provided by financing
    activities                             2,807,128 	             (211,546)
                                           ---------             ----------
						
 Net increase (decrease) in cash
   and cash equivalents                   	1,323,634            	(2,170,980)
				
 Cash and cash equivalents at
   beginning of period	                    1,200,063 	            2,613,555 
                                          ----------             ----------

 Cash and cash equivalents at
   end of period                        	 $2,523,697 	             $442,575
                                          ==========              ========= 


                              See accompanying notes.






                         QUADRAX CORPORATION



               Consolidated Statements of Cash Flows (continued)
                     for the Three Months Ended
                   March 31, 1997 and March 31, 1996




 Supplemental schedule of significant noncash transactions:


 1997:

	The Company issued 1,447,247 shares of its common stock in exchange for the
	cancellation of $650,000 of its convertible debentures.

	The Company issued 150,000 shares of its common stock for payment-in-full
 for $106,250 of accrued liabilities and expenses.




 1996:

	The Company issued 4,080,886 shares of its common stock in exchange for the 
	cancellation of $2,250,000 of its convertible debentures.




                   Quadrax Corporation

      Notes to Condensed Consolidated Financial Statements


1.	The unaudited condensed consolidated financial statements presented 
herein have been prepared in accordance with the instructions to 
Form 10-QSB and do not include all of the information and note 
disclosures required by generally accepted accounting principles.  
In the opinion of management, such condensed consolidated financial 
statements include all adjustments, consisting only of normal 
recurring adjustments, necessary to present fairly the Company's 
financial position as of March 31, 1997 and the results of 
operations for the three months ended March 31, 1997 and March 31, 
1996.  The results of operations for the three month period ended 
March 31, 1997 may not be indicative of the results that may be 
expected for the year ending December 31, 1997.  It is suggested 
that these Condensed Consolidated Financial Statements be read in 
conjunction with the Consolidated Financial Statements and the 
notes thereto included in the Company's latest annual report to the 
Securities and Exchange Commission on Form 10-KSB for the year 
ended December 31, 1996.


2.	Debt

Long-term debt consists of the following:


                              March 31, 1997          December 31, 1996

Note payable - bank              $ 499,296                 $ 654,464

Notes payable - to former Lion 
 shareholders and others           384,105                   290,563

Equipment notes payable             96,792                    97,616
Other non-interest bearing note    175,000                   175,000
                                  --------                  --------
                                 1,155,193                 1,217,643

Less current maturities            836,863                   856,904
                                 ---------                 ---------
                                  $318,330                  $360,739
                                  ========                  ========
 

Note Payable - Bank

The Company's wholly-owned subsidiary, Lion Golf of Oregon, Inc., 
an Oregon corporation ("Lion Golf"), has a $1,000,000 revolving 
line of credit with its bank which is secured by substantially all 
of the subsidiary's assets and which is guaranteed by the Company 
and the former principal shareholder of Lion Golf.  The note 
matured March 31, 1997 and bears interest at prime plus 2% or 
10.75% at March 31, 1997.  Loan advances are limited to 75% of 
"eligible accounts receivable" plus 45% of "eligible inventories" 
up to a maximum of $500,000, as such terms are defined under the 
line of credit.  The Company's current outstanding balance due on 
the line of credit is approximately $499,000.


Notes Payable - Lion Shareholders and Others

Lion Golf has three unsecured notes bearing interest at the rate of 
8% per annum, payable to its former shareholders.  These notes are 
subordinated to the bank credit line.  The first of the notes,  for 
the principal amount of $254,804, has annual principal payments of 
$54,000 commencing March 31, 1998.  These annual payments can be 
limited to the extent of Lion Golf's pretax profits as defined in 
the Purchase Agreement among the Company, Lion Golf, and Lion 
Golf's former shareholders dated December 29, 1995 (the "Purchase 
Agreement").  The second note for the principal amount of $17,819, 
has monthly principal payments of $2,156 until paid-in-full.  The 
third note is a demand note in the principal amount of $11,482.  
Lion Golf has a fourth unsecured outstanding note payable to an 
outside third party in the amount of $100,000, bearing interest at 
the rate of 10% per annum.  This note is repayable from the 
proceeds of sold inventory resulting from the goods purchased with 
these funds.


Convertible Debentures
  
In October 1996, the Company issued $2,150,000 of its Convertible 
Debentures bearing interest at the rate of 8% per annum for net 
proceeds to the Company of $1,988,750.  The debentures are 
convertible at the option of the holders on or after the forty-first 
day of issuance into a number of shares of common stock that can be 
purchased for a price equal to sixty-five percent of the average 
closing bid price of the common stock on the five trading days 
immediately prior to the conversion date.  At March 31, 1997, the 
holders of these convertible debentures had converted $1,400,000 of 
the debentures into 2,968,819 shares of common stock of the Company.

In February 1997, the Company issued $3,210,000 of its Convertible 
Debentures bearing interest at the rate of 8% per annum commencing 
August 1997 for net proceeds to the Company of $2,889,000.  The 
debentures are convertible, in tranches of $1,070,000, at the option 
of the holders sixty days, ninety days, and one hundred twenty days 
after the date of issuance into a number of shares of common stock 
that can be purchased for a price equal to eighty percent of the 
average closing bid price of the common stock on the five trading 
days immediately prior to the conversion date.  At March 31, 1997, 
the holders of these convertible debentures had converted none of 
the debentures into shares of common stock of the Company.


3.	Shareholders Equity

	The Company's capital shares are as follows:

	Class A Convertible Preferred Stock, $10.00 par value, 300,000 
shares authorized at March 31, 1997 and December 31, 1996, and -0- 
shares issued and outstanding at March 31, 1997 and December 31, 
1996.

	Common Stock, $.000009 par value, 90,000,000 shares authorized at 
March 31, 1997 and December 31, 1996, and 34,387,014 and 32,680,817 
shares outstanding at March 31, 1997 and December 31, 1996, 
respectively.  



4.	Earnings Per Share

For the fiscal quarters ending March 31, 1997 and March 31, 1996, 
the net loss per share was computed using the weighted number of 
average shares outstanding during the respective periods.  Common 
Stock equivalents did not enter into the computation because the 
impact would have been anti-dilutive.



5. 	Subsequent Event

On May 7, 1997, the Company acquired all of the outstanding stock 
of Victor Electric Wire & Cable Corporation ("Victor"), a 
manufacturer of power cord sets and interconnect cables, for 
$720,000 cash, plus the assumption of approximately $2,500,000 in 
debt.  The Company is accounting for this acquisition using the 
purchase method.  Accordingly, the purchase price will be allocated 
to the assets acquired based on their estimated fair values.  



Item II

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


	The Private Securities Litigation Reform Act of 1995 provides a 
"safe harbor" for forward-looking statements.  Certain matters 
discussed in this section and elsewhere in this Form 10-QSB are 
forward-looking statements.  These forward-looking statements involve 
risks and uncertainties including, but not limited to, economic 
conditions, product demand and industry capacity, competition, and 
other risks.

	Competition.  As the Company enters the sporting goods and 
recreational equipment market, it faces competition from other 
materials used in the manufacture of such goods and equipment, and 
from other suppliers of thermoplastic composites.  The Company's 
success in entering this market will depend largely upon its ability 
to displace other materials currently in use.  If the Company is 
unsuccessful in creating a niche within the sporting goods and 
recreational equipment market by convincing the market of the 
strategic benefits of thermoplastic composites, the Company would be 
adversely affected.  Many of the companies whose product offerings 
compete with the Company's product offerings have significantly 
greater financial, manufacturing and marketing resources than the 
Company.  The Company also faces competition from suppliers of similar 
products who do not use thermoplastic materials.

	Development of Distribution Channels.  Success in the sporting 
goods and recreational equipment market will also hinge on the 
Company's ability to develop distribution channels, including both 
retailers and distributors, and there can be no assurance that the 
Company will be able to effectively develop such channels.

	Continued Investment.  Maintaining the Company's technological and 
strategic advantages over its competitors will require continued 
investment by the Company in design and development, sales and 
marketing, and customer service and support.  There can be no 
assurance that the Company will have sufficient resources to make such 
investments.

	Technological Advances.  The Company's ability to maintain a 
competitive edge by making technological advances ahead of its 
competition will have a significant impact on the success of the 
Company.

	Outside Financing.  The Company believes that it will need 
significant outside financing over the next five years.  There can be 
no assurance that it will be able to obtain such financing.


Results of Operations for Quarter Ended March 31, 1997 as compared to 
Quarter Ended March 31, 1996

	The Company's net loss from operations for the quarter ended March 
31, 1997 ("1997 first quarter") of approximately $1,530,000 was 
approximately $210,000 less than its net loss from operations of 
approximately $1,740,000 for the quarter ended March 31, 1996 ("1996 
first quarter").  The primary reason for this loss decrease was the 
reduction in selling, general, and administrative costs, the Company 
incurred during the 1997 first quarter.

	Total revenue recognized during the 1997 first quarter decreased 
approximately $460,000 to $625,254 in the 1997 first quarter.  The 
reasons for this decrease are: one, the decline in sales at the 
Company's Lion Golf of Oregon, "Lion",  subsidiary of $343,000; two, 
a decrease in sales of lacrosse products, $146,000; and three, a 
decrease in sales of tape and defense laminates of $91,000.  
Offsetting these declines were increases in sales of golf shaft 
products, bicycle component products and hockey sticks of $129,000.

	Interest income increased by approximately $8,000 in the three 
months ended March 31, 1997, as compared to the same period one year 
ago.  The reason for this is the higher amount of money the Company 
had on deposit in interest bearing paper in 1997.

	Costs of goods sold for the first quarter of 1997 of $663,185 
decreased approximately $273,000 in the three months ended March 31, 
1997 compared to the three months ended March 31, 1996.  The reason 
for this decrease is the decline in sales in 1997, particularly, at 
Lion.

	Research and development expenses were $208,056 in the 1997 first 
quarter, a negligible decrease of approximately $11,000 as compared 
to $219,567 in the 1996 first quarter.

	Selling, general and administrative expenses decreased by 
approximately $349,000 to $1,089,062 in the three months ended March 
31, 1997 over the comparable period a year ago.  The primary reasons 
for this decline are: one, a compensation expense decrease of 
$103,000; two, the decreased expenditures for professional 
consultants of $108,000; and three, the absence of costs relating to 
maintaining the Wimbledon brand name, such as advertising, trade 
shows and royalty expenditures, $112,000.

	Depreciation and amortization expense increased by $10,000 to 
$198,254 in the first quarter of 1997.  This increase is due 
primarily to the Company's placement in service of its Vista, 
California facility for the manufacturing of golf shafts.

	Interest expense for the first quarter of 1997 decreased by 
approximately $42,000 to $21,930.  This reflects the Company's 1996 
subordinated debt financings which were accruing interest from 
initial funding, while the 1997 subordinated debt financing does not 
accrue interest until the instrument has been held by the investor 
for six months.


Financial Position, Liquidity and Capital Resources

At March 31, 1997, the Company had total assets of $8,538,361 and 
stockholders' equity of $1,617,051.  Current assets were $4,937,076 
and current liabilities were $2,642,980 resulting in working capital 
of approximately $2.3 million which is an increase of approximately 
$1.6 million from December 31, 1996, when working capital was 
approximately $0.7 million.  This increase in working capital was a 
result of  the Company's issuance of convertible debentures in 
February 1997, which resulted in net proceeds to the Company of 
approximately $2,900,000.

Cash and cash equivalents increased by approximately $1,324,000 
from December 31, 1996.  This increase is due to the Company's 
issuance of convertible debentures in February 1997, net of operating 
expenses incurred and paid in the 1997 first quarter.

Accounts receivable increased by approximately $31,000 to $914,000, 
a negligible fluctuation. 

Inventories increased by approximately $106,000.  This increase is 
due to the build-up of product required for Lion Golf's anticipated 
shipments during the Spring season.

Other current assets decreased by approximately $58,000 between 
March 31, 1997 and December 31, 1996.  This decrease was caused by the 
amortization of insurance premiums that were prepaid.

The current portion of long-term debt decreased by approximately 
$20,000.  This reflects decreased usage of the Company's line of 
credit with the Bank of the Cascades.

Accounts payable and accrued expenses decreased approximately 
$185,000 from $1,991,000 at December 31, 1996. This decrease was 
caused primarily by payments made against the accrued liability for 
restructuring costs established in prior periods and payments to 
employees for payroll related costs.

Long term debt decreased approximately $42,000 to about $318,000 at 
March 31, 1997.  The reasons for this decrease are the payments the 
Company made on its Advanced Materials Systems division financing 
leases, along with several payments made on the subordinated debt of 
Lion Golf.

Convertible debentures increased $2,560,000 to $3,960,000 during 
the three months ended March 31, 1997.  This increase is the result of 
the issuance of $3,200,000 of debentures in February 1997, less the 
conversion of $650,000 worth of debentures issued in 1996 into common 
stock.

	In the first three months of fiscal 1997, capital expenditures were 
approximately $34,000, a negligible amount.  The Company anticipates 
capital expenditures in 1997 will be approximately $1,000,000 for the 
purchase of a hockey stick pultrusion machine, an additional 
thermoplastic tape manufacturing line and other miscellaneous 
manufacturing equipment.  These equipment acquisitions are expected to 
be paid for through equipment leasing programs and from funds raised 
through the placement of the Company's securities.

	The Company generated revenues of approximately $650,000 in the 
first three months of fiscal 1996, and as a result, operations were 
not a source of funds or liquidity for the Company.  The Company 
continues to depend on outside financing for the cash required to fund 
its operations.  Net funds provided by financing activities in the 
first quarter of fiscal 1997, after giving effect to the repayment of 
debt, totaled approximately $2,800,000 during the period ended March 
31, 1997.

	The Company believes that proceeds of approximately $2,900,000 from 
additional sales of convertible debentures in February 1997, together 
with funds provided by operations will be sufficient to meet the 
Company's near-term cash requirements.  In addition, if needed, the 
Company believes that it will be able to raise additional monies from 
the sale of convertible debentures.

	The Company received a going concern qualification from its outside 
independent auditors on its fiscal 1996 audited financial statements.  
While the Company believes it has made and will continue to make 
substantial progress towards achieving profitability, the results to 
date have not yet been sufficient to negate the auditors' 
qualifications. During this transition, management continues to 
redirect the Company's focus from the defense related products to 
consumer oriented products.  Management believes that the Company will 
be able to continue to raise money from outside third parties in 
sufficient amounts to support its operations until the time in which 
the Company's consumer product programs generate sufficient revenues.  
The Company believes that it can achieve viability and profitability 
by continuing to expand sales of sporting goods products, as well as 
other products that employ its thermoplastic materials.

	There is no assurance that the Company's efforts to achieve 
viability and profitability or to raise money will be successful or 
that the forecasts will be achieved.  It is difficult for the Company 
to predict with accuracy the point at which the Company will be viable 
and profitable or whether it can achieve viability or profitability at 
all, due to the difficulty of predicting accurately the amount of 
revenues that the Company will generate, the amount of expenses that 
will be required by its operations, and the Company's ability to raise 
additional capital.




                       QUADRAX CORPORATION


Part II - Other Information

		Item 2(c) - Sales of Unregistered Securities

		On February 10, 1997, the Company sold $3,210,000 
principal amount of 8% Convertible Debentures due February 10, 
1999, with attached warrants to purchase 321,000 shares of the 
Company's common stock at an exercise price of $0.9375 per share 
at any time prior to February 10, 2000, to a total of 16 
accredited investors in a private offering pursuant to Rule 506 
of Regulation D under the Securities Act of 1933.  None of the 
investors is a resident of or domiciled in the United States.  
The debentures were sold at their principal face amounts for 
cash.  A selling commission of 10% of the principal amount sold 
was paid to J. W. Charles Securities, Inc.

		Up to one-third of the principal amount of each 
debenture may be converted into shares of the Company's common 
stock by the holder from and after April 11, 1997, a further 
one-third from and after May 11, 1997 and the remaining one-
third from and after June 10, 1997.  The conversion price is the 
lesser of $.9375 or 80% of the average closing bid price of the 
Company's common stock on the Nasdaq SmallCap Market on the five 
trading days immediately preceding the date of actual 
conversion, subject to a floor conversion price of $.40 per 
share.  Should the conversion price be below the floor price, 
the Company is obligated to convert up to 125,000 shares per 
$50,000 face amount per debenture, with any remaining principal 
amount to be repaid in cash within 60 days of the conversion 
date, together with interest at 7% per annum.	



Item 6 - Exhibits and Reports on Form 8-K

	(a)  Exhibits

      None since Form 10-KSB for fiscal year ended 
      December 31, 1996 was filed on March 28, 1997.

	
	(b)  Reports on Form 8-K
	
      On May 16, 1997, the Company filed a Form 8-K with 
respect to the acquisition of Victor Electric Wire 
& Cable Corporation for $720,000, plus the 
assumption of approximately $2.5 million in debt.  
Victor, which is headquartered in West Warwick, 
Rhode Island, manufactures power cordsets and 
interconnect cables, primarily for original 
equipment manufacturers (OEM) of small appliances.
 



                      QUADRAX CORPORATION



                           SIGNATURES



In accordance with the requirements of the Exchange Act, the registrant 
caused this report to be signed on its behalf by the undersigned, 
thereunto duly authorized.





                                	QUADRAX CORPORATION
                               		(Registrant)





                       
	May 19, 1997                  	       /s/ James J. Palermo	
	(Date)                                  		James J. Palermo, Chairman and
                                        			Chief Executive Officer



	May 19, 1997                         /s/ Edward A. Stoltenberg	
	(Date)	                                  	Edward A. Stoltenberg,
                                           Senior Vice	President,
                                           Chief Financial Officer
                                        			(Principal Accounting Officer)