U.S. 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 quarterly period ended SEPTEMBER 30,2000

[ ]      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)

        618 Main Street, West Warwick, Rhode Island      02893
      --------------------------------------------------------------
        (Address of principal executive offices)       (Zip Code)

                                 (401) 821-1700
         --------------------------------------------------------------
              (Registrant's telephone number, including area code)

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

Check  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

Check  whether the issuer has filed all  documents  and  reports  required to be
filed by Section 12,13,  or 15(d) of the Exchange Act after the  distribution of
securities under a plan confirmed by a court.
Yes    No X

As of September 30, 2000,  there were  outstanding  24,512,899  shares of Common
Stock, par value $.000009 per share.


                                      -1-
<PAGE>

Part I  -  Financial Information

                                                                       Page

Item 1     Consolidated Financial Statements

           Consolidated Balance Sheets at  September 30, 2000
           and at December 31, 1999 (Unaudited)                           3

           Consolidated Statements of Operations for the
           three and nine months ended September 30, 2000
           and September 30, 1999 (Unaudited)                             5

           Consolidated Statements of Cash Flows for the
           nine months ended September 30, 2000 and
           September 30, 1999 (Unaudited)                                 6

           Notes to Consolidated Financial Statements
           (Unaudited)                                                    8

Item 2     Management's Discussion and Analysis of Financial
           Conditions and Results of Operations.                         12


Part II -  Other Information

Item 6     Exhibits and Reports on Form 8-K                              17


Signature                                                                18

                                      -2-

<PAGE>
<TABLE>
<CAPTION>


                               Quadrax Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)

                                     ASSETS
                                                      September 30,          December 31,
                                                           2000                  1999
                                                        ---------              ---------
Current assets
<S>                                                   <C>                    <C>
           Cash and cash equivalents                  $    8,162             $   72,567
           Accounts receivable, less allowances
             of $329,518, at September 30, 2000 and
             at December 31, 1999                        208,662              2,256,486
           Inventories                                   143,745              2,315,918
           Attorney's escrow                                  -0-                40,460
           Unamortized loan premium                           -0-             1,242,698
           Other current assets                           77,390                117,818
                                                       ---------              ---------
                                TOTAL CURRENT ASSETS     437,959              6,045,947


         Property, plant and equipment, net            1,919,083              2,319,941
                                                       ---------              ---------

         Other assets                                    146,894                114,317
                                                       ---------              ---------

                                        TOTAL ASSETS  $2,503,936             $8,480,205
                                                       =========              =========
</TABLE>

        See accompanying notes to the consolidated financial statements.

                                      -3-
<PAGE>



                               Quadrax Corporation

                     Consolidated Balance Sheets (continued)

                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                September 30,            December 31,
                                                    2000                    1999
                                                 ---------                ---------
Current liabilities:
<S>                                             <C>                       <C>
  Accounts payable                              $3,249,999                2,705,493
  Accrued  expenses                                794,810                  608,835
  Current portion of long term debt              1,386,857                3,222,052
                                                 ---------                ---------
                    TOTAL CURRENT LIABILITIES    5,431,666                6,536,380



Long-term debt, less current portion             4,204,699                4,672,967

                                                -----------             -----------
                            TOTAL LIABILITIES    9,636,365               11,209,347
                                                -----------             -----------

Stockholders' equity:
  Common stock                                          221                     221
  Additional paid-in capital                     77,055,257              77,055,257
  Retained earnings, deficit                    (82,461,358)            (78,058,071)
                                                -----------             -----------
                                                 (5,405,880)             (1,002,593)

Less: Treasury stock, at cost                    (1,726,549)             (1,726,549)
                                                -----------             -----------

         TOTAL STOCKHOLDERS' EQUITY (DEFICIT)    (7,132,429)             (2,729,142)
                                                -----------             -----------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $2,503,936             $ 8,480,205
                                                 ==========              ==========
</TABLE>

        See accompanying notes to the consolidated financial statements.

                                      -4-
<PAGE>

                               Quadrax Corporation
                 Condensed Consolidated Statements of Operations

                                   (Unaudited)
<TABLE>
<CAPTION>
                                Three Months                   Nine Months
                          Ended September 30,              Ended September 30,
                  ------------------------------       -------------------------
                          2000          1999               2000           1999
                        ---------    ---------           ---------     ---------
<S>                    <C>          <C>                 <C>          <C>
NET SALES              $1,390,070   $3,401,159          $8,399,000   $10,479,797

COST OF GOODS SOLD      1,112,056    3,177,285           9,380,090     9,747,191
                        ---------    ---------           ---------    ----------
     Gross Profit         278,014      223,874            (981,090)      732,606


OPERATING EXPENSES:

Selling, general and
 administrative           350,800       518,946          1,901,514     1,561,969
                        ---------     ---------          ---------     ---------
Income(Loss)
  from operations        (72,786)      (295,072)        (2,882,604)     (829,363)



OTHER INCOME (EXPENSE):

Interest expense         (225,270)     (136,734)         (645,204)      (407,833)
Other, net                    -0-       (16,505)           (5,590)       (30,857)
Loan premium discount         -0-           -0-          (869,889)           -0-
                         --------      --------         ---------       --------
Income(Loss)
 Continuing Operations   (298,056)     (448,311)       (4,403,287)    (1,268,053)
                         --------      --------         ---------      ---------

     NET INCOME(LOSS)   ($298,056)    ($448,311)      ($4,403,287)   ($1,268,053)
                        =========     =========         =========      =========

NET LOSS PER COMMON SHARE                ($0.01)                          ($0.03)
                        =========     =========         =========      =========

WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING     24,512,899    44,453,334       24,512,899     44,453,334
                        ==========    ==========       ==========     ===========

        See accompanying notes to the consolidated financial statements.
</TABLE>
                                      -5-
<PAGE>
                               Quadrax Corporation
                      Consolidated Statements of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)
<TABLE>
<CAPTION>
                                              Nine Months          Nine Months
                                                 Ended                Ended
                                          September 30, 2000   September 30, 1999
                                           ----------------       ----------------
Cash flows from operating activities:
<S>                                            <C>                   <C>
Net loss                                       ($4,403,287)          ($1,268,053)
 Adjustments to reconcile net income to
   net cash used in operating activities:
    Depreciation & amortization of fixed assets    481,746               387,090
    Amortization of intangibles                  1,242,698                15,480
    Increase (decrease) in cash resulting
     from changes in:
       Accounts receivable                       2,047,824              (325,977)
       Inventories                               2,172,173              (697,286)
       Prepaid expenses and other                  (32,577)              307,018
       Accounts payable and accrued expenses       730,481              (925,605)

                                                -----------           ----------
 Net cash used in operating activities           2,239,058            (2,507,333)
                                                -----------           ----------
Cash flows from investing activities:

 Capital expenditures, net                             -0-              (122,257)
 Other intangible assets purchased                     -0-               (53,197)
                                                -----------           ----------
Net cash used in investing activities                  -0-              (175,454)
                                                -----------           ----------
Cash flows from financing activities:
  Advances by private investor                         -0-             1,705,000
 Issuance of debt                                      -0-            11,677,400
 Repayment of debt                             (2,303,463)           (10,743,942)
                                               -----------            ----------
Net cash provided by financing activities      (2,303,463)             2,638,458
                                               -----------            ----------
Net increase (decrease) in cash
  and cash equivalents                            (64,405)               (44,329)
Cash and cash equivalents at
  beginning of period                              72,567                 44,805
                                               -----------            ----------
Cash and cash equivalents
  at end of period                              $   8,162            $       476
                                               ==========            ==========

Supplemental cash flow information:
 Cash interest paid                             $     -0-            $ 256,121
                                               ==========            ==========
</TABLE>

        See accompanying notes to the consolidated financial statements.

                                      -6-
<PAGE>

                               QUADRAX CORPORATION

                Consolidated Statements of Cash Flows (continued)
                            for the Nine Months Ended
                    September 30, 2000 and September 30, 1999


     Supplemental schedule of significant noncash transactions:

     2000:

       None

     1999:

       None

                                      -7-
<PAGE>


                               Quadrax Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.       Significant Accounting Policies.

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 September 30, 2000 and the results of  operations  for
the nine months ended  September 30, 2000 and September 30, 1999. The results of
operations  for the  nine  month  period  ended  September  30,  2000 may not be
indicative of the results that may be expected for the year ending  December 31,
2000.  These  Condensed  Consolidated  Financial  Statements  should  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, 1999.

2.        Debt

Note Payable -Revolver and Bank

The Company has entered into a $5,000,000 loan agreement with Congress Financial
Corporation  ("Congress").  The loan  arrangement  with Congress  provides for a
three-year  revolving  credit  facility of up to  $3,550,000,  a $950,000  fully
amortizing  five-year  term loan and an  equipment  financing  facility of up to
$500,000,  also based upon a five year fully amortizing repayment schedule.  All
of such loans bear  interest at a rate of prime plus 1.5%.  The total amount due
Congress  pursuant to this loan  agreement was  $1,386,857  and $3,729,802 as of
September 30, 2000 and December 31, 1999, respectively.

This  Agreement  is  secured  by  substantially  all  of  the  Company's  assets
including,  but not limited to, inventory,  receivables,  and fixed assets.  The
amount  available  under the  revolving  loan is limited  by a formula  based on
accounts receivable and inventory.

                                      -8-
<PAGE>

3.        Liquidity

The Company acquired its operating entity, Victor Electric Wire and Cable, Inc.,
in May 1997. Since this acquisition, the Company has incurred significant losses
and expects to continue to incur losses in the year 2000. The Company's  working
capital  needs  are  being  provided  for  by  ColeVic,  LLC  ("ColeVic")  whose
principals  have a  controlling  interest in Quadrax  Corporation.  ColeVic will
reimburse  the  Company  for  use  of any  pre-existing  inventory  used  in the
manufacturing  process.  Currently,  ColeVic is  compensating  the  Company  for
material and labor costs associated with the generation of new revenues.

The  Company's  revolving  line of credit  with its  primary  lender,  Congress,
expired May 7, 2000. On May 9, 2000, Congress notified the Company that it is in
default of its loan agreement and elected to take the following actions, without
waiving  its other  rights and  remedies:  a) raising the  interest  rate on the
Company's  loan to 4.5 % per annum in excess of the Prime Rate;  b)reducing  the
maximum credit to $4,000,000.00; and c) reducing the amount that can be borrowed
against  inventory to a maximum of  $1,000,000.  Congress  has a first  priority
security  interest in all the assets of the Company.  Subsequent to May 9, 2000,
the Company's Primary Lender ceased advancing money to the Company.

On August 16,  2000,  Congress  obtained an ex parte  Equitable  Attachment  and
Temporary Restraining Order in Massachusetts  Superior Court against the Company
seeking to prevent the Company from continuing to conduct  business  pursuant to
the terms of its  arrangement  with ColeVic (the "Temporary  Orders").  Congress
based its action, inter alia, on an allegation that the arrangement with ColeVic
illegally  circumvented the Company's agreement that Congress would have a first
perfected security interest in the assets of the Company, including its accounts
receivable.  On August 22, 2000, a  Preliminary  Injunction  hearing was held at
which the Judge  modified the Temporary  Orders to allow the Company and ColeVic
to continue to operate and pay payroll and related  employee  expenses,  utility
charges and vendors for material  purchases for inventory.  The Company does not
believe  that the Court in this  matter  has  jurisdiction  to issue the  relief
sought by  Congress.  In  addition,  the  Company  intends to defend this matter
vigorously on the merits.  The Company  continues to operate on the basis on the

                                      -9-
<PAGE>

Temporary  Orders as modified.  No  preliminary  injunction or other  definitive
ruling has been issued in this matter.

A second factor which could affect the Company's operations in year 2000 is that
the Company and its landlord are involved in a dispute regarding certain rights,
privileges and  obligations  which if not resolved could cause the Company to be
evicted  from its  principal  manufacturing  premises.  The  Company  has ceased
operations  in West  Warwick  and is in the process of  vacating  the  premises.
Litigation with the landlord of this premises is currently pending  negotiations
between the Company and the landlord to reach a compromise on termination of the
lease.

Notwithstanding the above, during the first nine months of 2000, the Company has
taken  significant  steps to increase its gross  margins and reduce  costs,  the
Company has hired certain professionals  including a new chief executive officer
to review all aspects of the Company's operations and to implement procedures in
order to  achieve  profitability.  Gross  margins  on  product  sales  have been
increased  and  costs  have  been  reduced.  However,  based  on  current  sales
commitments, the Company will still need additional funding in order to meet its
working  capital  needs  through the year 2000.  The  Company  will also need to
obtain new bank financing.

4.        Stockholders' Equity

The Company's capital shares are as follows:

Class A Convertible Preferred Stock, $10.00 par value, 300,000 shares authorized
at  September  30,  2000  and  December  31,  1999,  and  -0-shares  issued  and
outstanding at September 30, 2000 and December 31, 1999.

Common Stock,  $.000009 par value,  90,000,000 shares  authorized  September 30,
2000 and December 31, 1999,  24,540,170 shares were issued at September 30, 2000
and December 31, 1999, respectively,  and 24,512,899, shares were outstanding at
September 30, 2000 and December 31, 1999,  respectively.  The treasury shares of
25,271 account for the difference in the issued and outstanding shares.

5.        Earnings Per Share

For the fiscal periods ending September 30, 2000 and September 30, 1999, the net
loss per share  was  computed  using  the  weighted  number  of  average  shares
outstanding  during the respective  periods.  Common Stock

                                      -10-
<PAGE>

equivalents  did not enter into the  computation  because the impact  would have
been anti-dilutive.

6.        Bankruptcy Proceedings

On  February  27, 1998 (the  "Petition  Date"),  the  Company  filed a Voluntary
Petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy
Court,  District of Rhode Island. The Company's wholly owned subsidiaries Victor
and  Victel  were not  party to the  bankruptcy  filing  on the  Petition  Date.
Pursuant to the filing of the voluntary  petition,  the Company filed a petition
for financial reorganization in December 1998.

This Plan was  approved  by the United  States  Bankruptcy  Court on October 21,
1999,  with an effective  date of November 5, 1999. On April 12, 2000, the Court
issued its final  decree  discharging  the Company  from  Chapter 11  Bankruptcy
proceedings.  The  details  of the Plan and its  implementation  are more  fully
discussed in the Company's  Form 10-KSB for the fiscal year ending  December 31,
1999.


                                      -11-
<PAGE>


ITEM II

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

         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.

Bankruptcy Filing

         Since   the   Petition   Date,   the   Company   was   operated   as  a
Debtor-in-Possession  under  Chapter  11 of the  Bankruptcy  Code.  Accordingly,
claims which were the subject of  pre-petition  litigation were stayed and those
claims  together with claims  arising from  pre-petition  defaults and events of
default  caused by the filing of the petition  were  resolved in the  bankruptcy
proceedings. The bankruptcy case itself was resolved by a confirmation of a plan
of  reorganization  proposed by the Company and agreed to by its  creditors  and
confirmed  by the United  States  Bankruptcy  Court on October  21, 1999 with an
effective  date of November 5, 1999.  On April 12,  2000,  the Court  issued its
final decree  discharging  the Company from Chapter 11  Bankruptcy  proceedings.
(See Note 6. Bankruptcy Proceedings)

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED  SEPTEMBER 30, 2000 AS COMPARED
TO THE THREE MONTHS ENDED SEPTEMBER 30, 1999

         Total revenues  recognized  during the three months ended September 30,
   2000 ("2000 period") were  $1,390,070,  a decline of $2,011,089 from revenues
   of $3,401,159 for the three months ended September 30, 1999, ("1999 Period").
   This  decrease in sales is due to the  Company's  lack of working  capital to
   purchase raw materials.

         Cost  of  goods  sold  for the  third  quarter  of  2000 of  $1,112,056
    decreased  $2,065,229 in the three months ended  September 30, 2000 compared
    to the three months ended September 30, 1999 from $3,177,285. The reason for
    this decrease is reflective of the Company's purchase of less raw materials.

                                      -12-
<PAGE>

         Selling,  general and administrative  ("SG&A") expenses incurred in the
   three months ended  September 30, 2000 were $350,800  compared to $518,946 in
   the three months ended September 30, 1999, a decrease of $168,146. The reason
   for this decrease is that the Company reduced corporate overhead.

         Interest  expense  for the third  quarter  of 2000 of  $225,270  was an
   increase of $88,536 over the 1999 third  quarter of $136,734.  The reason for
   this  increase  is the  advances  made by the Private  Investor  Group to the
   Company during the fiscal 2000 quarter.

         Other  income  decreased  $16,505  in the 2000  period  to  zero.  This
   decrease  is a result of no assets  being  disposed  of or other  sources  of
   income being generated.

         The  Company's  net  loss in the  1999  period  of  $298,056  decreased
   $150,255 as compared  to the 1999 period loss of $448,311  primarily  for the
   reasons discussed above.

RESULTS OF  OPERATIONS  FOR NINE MONTHS ENDED  SEPTEMBER 30, 2000 AS COMPARED TO
NINE MONTHS ENDED SEPTEMBER 30, 1999

         Total revenues  recognized  during the nine months ending September 30,
   2000 ("2000 period") were $8,399,000, a decline of $2,080,797,  from revenues
   of  $10,479,797  for the  nine  months  ending  September  30,  1999,  ("1999
   Period").  This decrease in sales is primarily  attributable to the Company's
   lack of working capital to purchase raw materials.

         The cost of goods sold for the 2000 period was  $9,380,090,  a decrease
    of $367,101  from the cost of goods sold for the 1999 period of  $9,747,191.
    The primary reason for this decrease is reflective of the Company's purchase
    of less raw materials.

         SG&A expenses  increased by $339,545 in the 2000 period to  $1,901,514,
   compared  to  $1,561,969  in the 1999  period.  The  primary  reason for this
   increase is the additional legal and consulting costs during this period.

         Interest expense increased $237,371 to $645,204 in the 2000 period from
   $407,833 in the 1999 period.  The reasons for this increase  are: one,  funds
   loan to the Company by the Private  Investor  Group;

                                      -13-
<PAGE>

   and two, an increase in the revolving line of credit during the first quarter
   of 2000 as well as an increase in the interest rate to prime plus 4 1/2.

         The Company's  net loss in the 2000 period of  $4,403,787  increased by
   $3,135,234, as compared to the 1999 period loss of $1,268,053,  primarily for
   the reasons discussed above.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

         At September 30 2000,  the Company had total assets of $2,903,936 and a
    stockholders'  deficit of  $7,132,429.  Current  assets  were  $837,959  and
    current  liabilities were $5,831,666  resulting in a working capital deficit
    of $4,993,707. The primary reasons for the working capital deficit are: one,
    a decrease in accounts  receivable  resulting from fewer sales; and two, the
    inventory adjustment that the Company recorded in the 2000 period to reflect
    potential inventory obsolescence and writedowns.

         Accounts  receivable  decreased  by  approximately   $2,047,824,   from
   December 1999 to $508,662 at September 30, 2000.  The primary reason for this
   decrease is the collection of large overdue balances in the second quarter of
   2000 and fewer sales in the third quarter.

         The  inventory  decrease of  $2,172,173,  reflects an adjustment to the
   carrying value of its inventory at June 30, 2000 for potential writedowns and
   obsolescence and fewer purchases in the third quarter.

         Attorney's  escrow  decreased by $40,460 to zero at September 30, 2000,
   as a result of the  finalization of the Company's  Chapter 11  Reorganization
   proceedings  on April 12,  2000,  and the  payment  of  monies  to  creditors
   pursuant to the  Company's  Reorganization  Plan  approved by the  Bankruptcy
   Court in November 1999.

         Unamortized loan premium decreased  $1,242,698 to zero at September 30,
   2000.  The reason for this decrease  reflects the  amortization  of the value
   placed on the shares of the Company's stock received by the Private  Investor
   Group at the time of the Bankruptcy Reorganization in November 1999.

         The current  portion of  long-term  debt  decreased  by  $1,835,195  to
   $1,386,857 at September 30, 2000.  This decrease  reflects a more  aggressive
   accounts  receivable  collection and the fact that Congress stopped advancing
   funds at the end of the second quarter.

                                      -14-
<PAGE>

         Accounts  payable  and  accrued  expenses   increased  by  $730,481  to
   $4,044,809  at September  30, 2000.  This reflects the accrual of expenses in
   the first and second  quarter as result of  increased  business  activity and
   interest expense.

         Long term debt, net of the current portion,  decreased  $468,268 in the
   2000 period to $4,204,699 at September 30, 2000. The reason for this decrease
   is twofold:  one, the Private Investor Group advanced an additional  $470,000
   to the Company in the 2000 period; and two, offsetting these advances was the
   reclassification of all the long-term monies due Congress, to being a current
   liability as of March 31, 2000.

         The Company generated revenues of approximately $8,399,000 in the first
   nine months of fiscal  2000,  and, as a result,  operations  were not a total
   source of funds or liquidity for the Company. The Company continues to depend
   on outside financing for the cash required to fund its operations.

         The Company's  revolving line of credit with the Primary Lender matured
   May 7, 2000.  On May 9, 2000,  the  Company's  Primary  Lender  notified  the
   Company that it was in default on its loan  agreement and elected to take the
   following actions,  without waiving its other rights and remedies: a) raising
   the interest  rate on the  Company's  loan to 4.5% per annum in excess of the
   Prime Rate; b) reducing the maximum credit to $4,000,000.00;  and c) reducing
   the amount that can be borrowed against inventory to a maximum of $1,000,000.
   The Primary Lender has a first priority  security  interest in all the assets
   of the Company.  Subsequent  to May 9, 2000,  the  Company's  Primary  Lender
   ceased advancing money to the Company.

         On August 16, 2000, Congress obtained an ex parte Equitable  Attachment
   and Temporary  Restraining Order in Massachusetts  Superior Court against the
   Company  seeking to prevent the Company from  continuing to conduct  business
   pursuant  to the  terms  of its  arrangement  with  ColeVic  (the  "Temporary
   Orders").  Congress based its action,  inter alia, on an allegation  that the
   arrangement with ColeVic illegally  circumvented the Company's agreement that
   Congress would have a first perfected  security interest in the assets of the
   Company, including its accounts receivable. On August 22, 2000, a Preliminary
   Injunction  hearing was held at which the Judge modified the Temporary Orders
   to allow the  Company  and ColeVic to continue to operate and pay payroll and
   related employee expenses, utility charges and vendors for material purchases
   for inventory. The Company does not believe that the Court in this matter has
   jurisdiction to issue the relief sought by Congress. In addition, the Company
   intends to defend this matter vigorously on the merits. The Company continues
   to operate on the basis on the Temporary  Orders as modified.  No preliminary
   injunction  or other  definitive  ruling  has  been  issued  in this  matter.
   Congress  has  consented  to the  Company's  intention  to  sell  some of its
   manufacturing equipment to ColeVic.

         The Company's  working  capital needs are being provided for by ColeVic
   whose  principals have a controlling  interest in Quadrax  Corporation.  As a
   result of


                                      -15-
<PAGE>

   this  arrangement,  ColeVic  will  reimburse  the  Company  for  use  of  any
   pre-existing inventory used in the manufacturing process. Currently,  ColeVic
   is compensating  the Company for material and labor costs associated with the
   generation  of  new  revenues.  The  Company  intends  to  sell  some  of its
   manufacturing  equipment to ColeVic, all of the proceeds of which the Company
   will use to repay its debt.

         A second factor which could affect the Company in the year 2000 is that
   the Company and its  landlord  are  involved in a dispute  regarding  certain
   rights,  privileges and obligations  under the lease.  The company has ceased
   operations  in West Warwick and is in the process of vacating  the  premises.
   The Company intends to sell some of its  manufacturing  equipment to ColeVic.
   As a consequence of this sale,  the Company  expects to derive revenue in the
   future from a percentage  of goods sold to customers by ColeVic.  The company
   is currently  negotiating  with the landlord and is involved in litigation to
   reach a  comprise  on  termination  of the  lease.  The  Company  has  ceased
   operations  in West Warwick and is in the process of vacating  the  premises.
   Litigation   with  the  landlord  of  this  premises  is  currently   pending
   negotiations  between the Company and the landlord to reach a  compromise  on
   termination of the lease.

         Notwithstanding  the above, the Company during the first nine months of
   2000 has taken  significant  steps to increase  its gross  margins and reduce
   costs.  The Company has hired certain  professionals to review all aspects of
   the  Company's  operations  and to implement  procedures  in order to achieve
   profitability.  Gross margins on product sales have been  increased and costs
   have been reduced.  On August 31, 2000, the Company began to move some of its
   wire and cable equipment to a manufacturing  facility in El Paso, Texas; this
   step  is the  first  in a  larger  initiative  to  outsource  certain  of the
   Company's manufacturing functions. On October 20, 2000 the company completely
   ceased  operations at its West Warwick RI facility.  By doing so,  Management
   believes it can significantly  reduce it operating and  manufacturing  costs,
   become more  competitive and better serve its customers.  The Company intends
   to sell some of its manufacturing  equipment to ColeVic.  As a consequence of
   this  sale,  the  Company  expects to derive  revenue  in the  future  from a
   percentage  of goods sold to customers  by ColeVic.  The company is currently
   shipping  a  portion  of the  product  line out of the El Paso  facility  and
   expects to have a full  complement of products  being produced and shipped by
   the end of the quarter ending March 31, 2001.

         However,  based on current  sales  commitments,  the Company will still
   need  additional  funding in order to meet its working  capital needs through
   the year 2000. The Company will also need to obtain new bank financing.

         At this time,  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.


                                      -16-
<PAGE>


                               QUADRAX CORPORATION

PART II - OTHER INFORMATION

     Item 3.   Defaults Upon Senior Securities

    As of May 9, 2000,  the Company was  notified  that it was in default on its
Congress debt. On August 16, 2000,  Congress  demanded that all monies due as of
August 15, 2000,  $1,616,928,  be paid  immediately.  The amount of the Congress
debt outstanding at September 30, 2000 was approximately $1,386,857.

     Item 5.        Other Information

                      None

     Item 6.        Exhibits and Reports on Form 8-K

                      None

     Exhibit 27.    Financial Data Schedule



                                      -17-
<PAGE>


                    QUADRAX CORPORATION


                        SIGNATURES

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

                         QUADRAX CORPORATION

                  By: /s/Thomas V. Desmond
                     --------------------------
                     Thomas V. Desmond
                     Chief Executive Officer
                     (Principal Executive Officer
                     and Principal Financial Officer)


                  Dated:  November 21, 2000