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 March 31, 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 thepast 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 March 31,2000,  there were outstanding  24,512,999 shares of Common Stock,
par value $.000009 per share.

                                        1

<PAGE>
<TABLE>
<CAPTION>
                                                                                     Page

Part I - Financial Information
<S>                                                                                <C>
Item 1    Condensed Financial Statements

          Consolidated Balance Sheets at March 31, 2000, (Unaudited),
          and at December 31, 1999                                                 3-4

          Consolidated Statements of Operations, (Unaudited),
          for the three months ended March 31, 2000,  and
          March 31, 1999                                                           5

          Consolidated Statements of Cash Flows,(Unaudited),
          for the three months ended March 31, 2000, and
          March 31, 1999                                                           6-7

          Notes to Condensed Financial Statements (Unaudited)                      8-11

Item 2    Management's Discussion and Analysis of Financial
Conditions and Resultsof Operations.                                               12-14



Part II - Other Information                                                          15

Item 6    Exhibits and Reports on Form 8-K                                           16


Signature
</TABLE>

<PAGE>

                               Quadrax Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)
<TABLE>
<CAPTION>
                                     ASSETS

                                                   March 31,      December 31,
                                                       2000             1999
                                                    ---------        ---------
Current assets:
<S>                                               <C>              <C>
  Cash and cash equivalents                       $    5,625       $   72,567
  Accounts receivable, less allowances
    of $129,518, at March 31, 2000 and
     at December 31, 1999                          3,018,950        2,256,486
  Inventories                                        914,345        2,315,918
  Attorney's escrow                                      -0-           40,460
  Unamortized loan premium                           372,809        1,242,698
  Other current assets                               113,783          117,818
                                                    ---------        ---------
                              TOTAL CURRENT ASSETS 4,425,512        6,045,947

Property, plant and equipment, net                 2,214,140        2,319,941

Other assets                                          92,334          114,317
                                                   ----------       ----------

                                     TOTAL ASSETS$ 6,731,986       $8,480,205
                                                   ==========       ==========
</TABLE>

     See accompanying notes to the consolidated financial statements.


<PAGE>

                              Quadrax Corporation

                     Consolidated Balance Sheets (continued)

                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                March 31,       December 31,
                                                   2000             1999
                                                ---------        ---------
Current liabilities:
<S>                                           <C>                  <C>
  Accounts payable                            $  2,943,803         2,705,493
  Accrued  expenses                                815,902           608,835
  Current portion of long term debt              4,578,520         3,222,052
                                                 ---------         ---------
                    TOTAL CURRENT LIABILITIES    8,338,225         6,536,380

Long-term debt, less current portion             4,511,513         4,672,967
                                                 ---------         ---------
                            TOTAL LIABILITIES   12,849,738        11,209,347
                                                 ---------         ---------

Stockholders' equity:
  Common stock                                         221               221
  Additional paid-in capital                    77,055,257        77,055,257
  Retained earnings, deficit                   (81,446,681)      (78,058,071)
                                                 ---------        ----------
                                                (4,391,203)       (1,002,593)

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

         TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   (6,117,752)       (2,729,142)
                                                 ---------        ----------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $6,731,986       $ 8,480,205
                                                ==========         =========
</TABLE>

      See accompanying notes to the consolidated financial statements.

<PAGE>

                           Quadrax Corporation
          Condensed Consolidated Statements of Operations
                             (Unaudited)


                                       Three Months Ended March 31,
                                  --------------------------------------
                                    2000                  1999
                                   ---------            ---------
NET SALES                         $4,168,645           $3,531,308

COST OF GOODS SOLD                 5,995,806            3,326,117
                                   ---------            ---------
     Gross Profit                 (1,827,161)             205,191

OPERATING EXPENSES:
 Selling, general and
 administrative                    1,367,946              563,583
                                   ---------            ---------
Income(Loss)
  from operations                 (3,195,107)            (358,392)

OTHER INCOME (EXPENSE):
Interest expense                  (188,665)            (132,850)
Other income,(expense), net         (4,838)               7,450
                                  --------             --------
NET(LOSS)                      ($3,388,610)          ($ 483,792)
                                 =========           ==========

NET LOSS PER COMMON SHARE           ($0.14)              ($0.44)
                                  =========            =========
WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING             24,512,899            1,111,333 (1)
                                ==========           ==========
(1) (Restated to reflect 1 for 40 reverse stock split on November 5, 1999)

        See accompanying notes to the consolidated financial statements.

<PAGE>

                               Quadrax Corporation
                      Consolidated Statements of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                Three Months          Three Months
                                                   Ended                  Ended
                                               March 31, 2000         March 31, 1999
                                              ----------------       ----------------
Cash flows from operating activities:
<S>                                             <C>                    <C>
Net loss                                        ($ 3,388,610)          ($  483,792)
 Adjustments to reconcile net income to
   net cash used in operating activities:
    Depreciation & amortization of fixed assets      118,028               107,291
    Amortization of intangibles                        5,160                 5,160
    Amortization of loan premium                     869,880                   -0-
    Increase (decrease) in cash resulting
     from changes in:
       Accounts receivable                          (762,464)             (412,849)
       Inventories                                (1,401,573)             (291,630)
       Attorney's escrow                              40,460                   -0-
       Prepaid expenses and other                     20,858                66,396
       Accounts payable and accrued expenses         445,377              (420,462)
       Reclassification of long-term debt            154,710                   -0-
                                                  -----------          -----------
 Net cash used in operating activities            (1,095,028)           (1,429,886)
                                                  -----------          -----------
Cash flows from investing activities:
 Capital expenditures, net                           (12,227)             (119,938)
 Other intangible assets purchased                        -0-              (38,434)
                                                 -----------           -----------
Net cash provided by (used)
 in investing activities                             (12,227)             (158,372)
                                                 -----------           -----------
Cash flows from financing activities:
 Advances by private investor                        470,000               585,000
 Issuance of debt                                  4,287,610             3,975,000
 Repayment of debt                                (3,717,297)           (2,978,476)
                                                 -----------           -----------
Net cash provided by financing activities          1,040,313             1,581,524
                                                 -----------           -----------
Net increase (decrease) in cash
  and cash equivalents                               (66,942)               (6,734)
Cash and cash equivalents at
  beginning of period                                 72,567                44,805
                                                 -----------           -----------
Cash and cash equivalents
  at end of period                               $     5,625            $   38,071
                                                 ===========            ==========
Supplemental cash flow information:

 Cash interest paid                              $   123,487            $   82,905
                                                 ===========            ==========
</TABLE>
        See accompanying notes to the consolidated financial statements.

<PAGE>
                               QUADRAX CORPORATION

                Consolidated Statements of Cash Flows (continued)

                           for the Three Months Ended

                        March 31, 2000 and March 31, 1999

Supplemental schedule of significant noncash transactions:

2000:

  None

1999:

  None


<PAGE>

                               Quadrax Corporation

NOTES TO CONDENSED FINANCIAL STATEMENTS

1.       Significant Accounting Policies.

The unaudited condensed 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 financial  statements
include  all  adjustments,  consisting  only of  normal  recurring  adjustments,
necessary to present  fairly the  Company's  financial  position as of March 31,
2000 and the results of operations for the three months ended March 31, 2000 and
March 31, 1999. The results of operations for the three month period ended March
31, 2000 may not be  indicative of the results that may be expected for the year
ending December 31, 2000. These Condensed Financial Statements should be read in
conjunction  with the  Condensed  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  $4,578,520  and $3,729,802 as of
March 31, 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.

3.       Liquidity

The Company acquired Victor Electric Wire and Cable,  Inc. its operating entity,
in May 1997 and it has incurred  significant  losses since the  acquisition  and
expects to continue to incur  losses in the year 2000.  The Company is dependent
on revenues from operations and borrowings  from its Private  Investor Group for
working capital.  The Company's  working capital needs are being provided for by
ColeVic,   LLC  whose   principals  have  a  controlling   interest  in  Quadrax
Corporation.  As a result of this  arrangement,  the  Company's new revenues are
being  generated by ColeVic.  ColeVic will also 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

<PAGE>

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, Congress 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,  LLC (the  "Temporary  Orders").
Congress  based its action,  inter alia, on an allegation  that the  arrangement
with ColeVic,  LLC 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.

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.

Notwithstanding  the above, during the first six 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 March 31, 2000 and December 31, 1999,  and -0- shares issued and  outstanding
at March 31, 2000 and December 31, 1999.

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

<PAGE>

5.       Earnings Per Share

For the fiscal  periods  ending March 31, 2000 and March 31, 1999,  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.

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.

<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 MARCH 31, 2000 AS COMPARED TO
THE THREE MONTHS ENDED MARCH 31, 1999.

     Total  revenues  recognized  during the three  months  ended March 31, 2000
("2000  Period")  were  $4,169,000,  an increase of  $638,000  from  revenues of
$3,531,000  for the three  months  ended March 31, 1999,  ("1999  Period").  The
primary  reason for this increase in sales is that one of the  Company's  larger
customers  significantly  increased its purchases in the 2000 period as compared
to the 1999 period.

     Cost of goods sold for the 2000 period of $5,996,000  increased  $2,670,000
from  $3,326,000  for the three months ended March 31, 1999.  The primary reason
for this  increase in cost of sales is that the Company  adjusted its  inventory
values  at March 31,  2000 for  potential  writedowns  and  obsolescence.  These
inventory valuation adjustments were reflected by the Company as a cost of goods
sold.

     Selling general and  administrative  expenses  incurred in the three months
ended March 31, 2000 were $1,368,000 compared to $564,000 in the 1999 period, an
increase of $804,000.  The primary reason for this increase is the  amortization
of the loan  premium of $870,000  relating to 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.

<PAGE>

     Interest  expense for the 2000 period of $189,000,  increased  $56,000 from
$133,000 for the 1999 period. The reasons for this increase are as follows: one,
the higher level of  borrowings  from Congress  Financial;  two, the increase in
advances from the Private  Investor Group;  and three, the increase in the prime
interest rate in the 2000 period compared to the 1999 period.

     Other expense increased $12,000 in the 2000 period to $5,000 from income of
$7,000 in the 1999 period, an insignificant fluctuation.

     The  Company's  net  loss  in  the  2000  period  of  $3,389,000  increased
$2,905,000 as compared to the 1999 period,  primarily for the reasons  discussed
above.

     FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

     At March 31,  2000,  the  Company  had total  assets  of  $6,731,986  and a
stockholders' deficit of $6,117,752.  Current assets were $4,425,512 and current
liabilities  were  $8,338,225,   resulting  in  a  working  capital  deficit  of
$3,912,000.  The primary  reasons for the working  capital deficit are: one, the
current  liabilities  as of March 31, 2000  reflect all the monies due  Congress
Financial  as of that  date,  $4,578,520,  which debt has been  classified  as a
current liability in that Congress Financial notified the Company on May 9, 2000
that the loan was in  default  and was due and  payable  in full;  and two,  the
inventory  adjustment  that the  Company  recorded in the 2000 period to reflect
potential inventory obsolescence and writedowns.

     Cash and cash  equivalents  decreased by $67,000 from  December 31, 1999 to
$6,000 at March 31, 2000, an insignificant fluctuation.

     Accounts receivable increased by approximately $762,000, from December 1999
to  $3,019,000  at March 31, 2000.  The primary  reason for this increase is the
delay in payments by two of the Company's  customers:  one, a domestic  customer
and two, the Company's largest Mexican customer.

     Inventories  decreased by $1,402,000.  The reason for this decrease is that
the Company  adjusted the carrying  value of its inventory at March 31, 2000 for
potential writedowns and obsolescence.

     Attorney's  escrow  decreased  by  $40,000 to zero at March 31,  2000.  The
reason for this decrease  reflects the finalization of the Company's  Chapter 11
Reorganization  proceedings  on April 12,  2000,

<PAGE>

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  $870,000 to $373,000 at March 31, 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.

     Other  current  assets  decreased  $4,000 in the 2000 period to $114,000 at
March 31, 2000, an insignificant fluctuation.

     The current portion of long-term debt increased by $1,356,000 to $4,579,000
at March 31, 2000. The primary reason for this increase is the  reclassification
of all monies due Congress  Financial being shown as a current  liability due to
the default notice  received by the Company on May 9, 2000 calling the loans and
making them all due and payable.

     Accounts  payable and accrued  expenses  increased by $445,000 at March 31,
2000.  The reason for this  increase  reflects  the  Company's  higher  level of
business in the 2000 period as compared to the 1999 period.

     Long term debt, net of the current portion,  decreased $161,000 in the 2000
period to $4,512,000 at March 31, 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  Financial  Corporation,  to being a
current liability as of March 31, 2000.

     In the first  three  months  of  fiscal  2000,  capital  expenditures  were
approximately $15,000, an insignificant amount.

     The Company  generated  revenues of  approximately  $4,169,000 in the first
three  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 working capital needs are being provided for by ColeVic,  LLC
whose principals have a controlling interest in Quadrax Corporation. As a result
of this arrangement,  the Company's new revenues are being generated by ColeVic.
ColeVic will also  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.  Net funds provided by financing  activities in the first three months
of  fiscal  2000,  after  giving  effect  to  the  repayment  of  debt,  totaled
approximately  $1,040,000,  as compared to  $1,582,000  during the three  months
ended March 31, 1999.

     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

<PAGE>

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,  LLC (the  "Temporary  Orders").
Congress  based its action,  inter alia, on an allegation  that the  arrangement
with ColeVic,  LLC 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.

     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.

     Notwithstanding  the above, the Company during the first six 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  out  source  certain  of  the  Company's   manufacturing
functions.  It is expected that in several months, the Company will be producing
all of its PVC products in El Paso.

     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.

<PAGE>

QUADRAX CORPORATION

PART II - OTHER INFORMATION

     Item 3.   Defaults Upon Senior Securities

     As of May 9,  2000,  Quadrax  was  notified  that it was in  default on its
Congress debt. On August 16, 2000,  Congress  Financial demanded that all monies
due as of August 15, 2000,  $1,616,928,  be paid immediately.  The amount of the
Congress debt outstanding at March 31, 2000 was approximately $4,578,520.

Item 5.        Other Information

               None

Item 6.        Exhibits and Reports on Form 8-K

               None

Exhibit 27.  Financial Data Schedule


<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
                           President and Chief Executive Officer
                            (Principal Executive Officer)
                            Dated:  September 1, 2000