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

                                       1


<PAGE>

                                      Page

Part I -Financial Information

Item 1    Condensed Financial Statements

          Consolidated Balance Sheets at June 30, 2000, (Unaudited),
          and at December 31, 1999                                          3-4

          Consolidated Statements of Operations, (Unaudited),
             for the six months ended June 30, 2000,  and
             June 30, 1999                                                    5

             Consolidated Statements of Cash Flows,(Unaudited),
             for the six months ended June 30, 2000, and
             June 30, 1999                                                  6-7

          Notes to Condensed Financial Statements (Unaudited)              8-11

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

Part II -Other Information                                                   15

Item 6    Exhibits and Reports on Form 8-K                                   16


Signature


                                       2
<PAGE>


                               Quadrax Corporation

                           Consolidated Balance Sheets
                                   (Unaudited)

                                     ASSETS
<TABLE>
<CAPTION>
                                                        June 30,            December 31,
                                                          2000                  1999
                                                       ---------              ---------
Current assets
<S>                                                   <C>                    <C>
           Cash and cash equivalents                  $     59,547           $   72,567
           Accounts receivable, less allowances
             of $329,518, at June 30, 2000 and
              at December 31, 1999                       1,430,759            2,256,486
           Inventories                                     443,745            2,315,918
           Attorney's escrow                                   -0-               40,460
           Unamortized loan premium                            -0-            1,242,698
           Other current assets                            137,038              117,818
                                                         ---------            ---------
                                  TOTAL CURRENT ASSETS   2,071,089            6,045,947


         Property, plant and equipment, net              1,976,214            2,319,941


         Other assets                                       54,641              114,317
                                                        ----------           ----------

                                          TOTAL ASSETS  $4,101,944           $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>
                                                  JUNE 30,               December 31,
                                                    2000                    1999
                                                 ---------                ---------
Current liabilities:
<S>                                          <C>                          <C>
  Accounts payable                           $    3,265,989               2,705,493
  Accrued  expenses                                 822,216                 608,835
  Current portion of long term debt               2,643,413               3,222,052
                                                  ---------               ---------
                    TOTAL CURRENT LIABILITIES     6,731,618               6,536,380



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

                                                  ---------               ---------
                            TOTAL LIABILITIES    10,936,317              11,209,347
                                                  ---------               ---------

Stockholders' equity:
  Common stock                                          221                     221
  Additional paid-in capital                     77,055,257              77,055,257
  Retained earnings, deficit                    (82,163,302)            (78,058,071)
                                                  ---------              ----------
                                                 (5,107,824)             (1,002,593)

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

         TOTAL STOCKHOLDERS' EQUITY (DEFICIT)    (6,834,373)             (2,729,142)
                                                 ---------               ----------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $4,101,944             $ 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 Ended June 30,         Six Months Ended June 30,
                  ------------------------------     -----------------------------
                           2000         1999               2000          1999
                       ----------    ----------            ----------   -----------
<S>                    <C>           <C>                  <C>         <C>
NET SALES              $2,840,285    $3,547,330           $7,008,930  $ 7,078,638

COST OF GOODS SOLD      2,272,228     3,243,789            8,268,034    6,569,906
                       ----------    ----------            ----------   -----------
     Gross Profit         568,057       303,541           (1,259,104)     508,732


OPERATING EXPENSES:

Selling, general and
 administrative           679,848       479,440            1,550,714    1,043,023
                       ----------    ----------            ----------   -----------
Income(Loss)
  from operations        (111,791)     (175,899)          (2,809,818)    (534,291)


OTHER INCOME (EXPENSE):

Interest expense         (231,269)     (138,249)            (419,934)    (271,099)
Other, net                  ( 752)      (21,802)              (5,590)     (14,352)
Loan premium discount    (372,809)           -0-            (869,889)          -0-
                       ----------    ----------            ----------   -----------
Income(Loss)
 Continuing Operations  ($716,621)   ($ 335,950)         ($4,105,231)    (819,742)
Loss From
 Discontinued Operations                     -0-                             -0-
                       ----------    ----------            ----------   -----------

     NET INCOME(LOSS)   ($716,621)    ($ 335,950)        ($4,105,231)   ($819,742)
                       ==========    ==========            ==========   ===========

NET LOSS PER COMMON SHARE  ($0.03)        ($0.01)             ($0.17)      ($0.02)
                       ==========    ==========            ==========   ===========

WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING     24,512,899     44,453,334         24,512,899   44,453,334
                       ==========    ==========            ==========   ===========
</TABLE>

         See accompanying notes to the consolidated financial statements

                                       5
<PAGE>

                               Quadrax Corporation
                      Consolidated Statements of Cash Flows
                Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                         Six Months             Six Months
                                                            Ended                 Ended
                                                        June 30, 2000          June 30, 1999
                                                        -------------          -------------
Cash flows from operating activities:
<S>                                                       <C>            <C>
Net loss                                                  ($4,105,231)   ($  819,742)
Adjustments to reconcile net income to
   net cash used in operating activities:
    Depreciation & amortization of fixed assets               942,367        236,921
    Amortization of intangibles                             1,242,698         10,320
 Increase (decrease) in cash resulting from changes in:

       Accounts receivable                                    825,727       (200,810)
Inventories                                                (1,872,173)      (316,603)
       Prepaid expenses and other                              80,915        186,398
       Accounts payable and accrued expenses                  773,877       (639,369)
                                                           ----------     ----------
 Net cash used in operating activities                      1,632,526     (1,542,885)
                                                           ----------     ----------
Cash flows from investing activities:

 Capital expenditures, net                                        -0-       (119,938)
 Other intangible assets purchased                                -0-        (34,940)
                                                           ----------     ----------
Net cash used in investing activities                             -0-       (154,878)
                                                           ----------     ----------
Cash flows from financing activities:

  Advances by private investor                                    -0-      1,035,000
 Issuance of debt                                                 -0-      7,778,600
 Repayment of debt                                         (1,645,546)    (7,123,163)
                                                           ----------     ----------
Net cash provided by financing activities                  (1,645,546)     1,690,437
                                                           ----------     ----------
Net increase (decrease) in cash
  and cash equivalents                                        (13,020)        (7,326)
Cash and cash equivalents at
  beginning of period                                          72,567         44,805
                                                           ----------     ----------
Cash and cash equivalents
  at end of period                                        $    59,547    $    37,479
                                                           ===========    ==========
Supplemental cash flow information:
 Cash interest paid                                       $   246,000    $   166,357
                                                           ===========    ==========
</TABLE>

         See accompanying notes to the consolidated financial statements

                                       6
<PAGE>

                               QUADRAX CORPORATION

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


     Supplemental schedule of significant noncash transactions:

     2000:

       None

     1999:

       None


                                       7
<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 June 30, 2000
and the results of operations for the six months ended June 30, 2000 and June
30, 1999. The results of operations for the six months ended June 30, 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 $2,799,413 and $3,729,802 as of
June 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.

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  Financial Corp.  expired May 7, 2000. On May 9, 2000,
Congress notified the Company that it is in default of its loan agreement and

                                       8
<PAGE>

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,  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

                                       9
<PAGE>

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 June 30, 2000 and December 31, 1999, and -0-shares issued and outstanding at
June 30, 2000 and December 31, 1999.

Common Stock, $.000009 par value, 90,000,000 shares authorized June 30, 2000 and
December 31, 1999, 24,540,170 shares were issued at June 30, 2000 and December
31, 1999, respectively, and 24,512,899, shares were outstanding at June 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 June 30, 2000 and June 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.


                                       10
<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 JUNE 30, 2000 AS COMPARED TO
THE THREE MONTHS ENDED JUNE 30, 1999

         Total revenues  recognized  during the three months ended June 30, 2000
("2000  Period")  were  $2,840,285  a  decline  of  $707,045  from  revenues  of
$3,547,330,  for the three  months ended June 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 2000 Period of $2,272,228 decreased $971,561
compared  to the 1999 Period from  $3,243,789.  The reason for this  decrease is
reflective  of the  change in the  Company's  product  mix and the  decrease  in
revenues.

         Selling general and administrative expenses incurred in the 2000 Period
were $679,848  compared to $479,440 in the 1999 Period, an increase of $200,408.
The reason for this increase is that the


                                       11
<PAGE>

Company incurred additional legal and consulting fees during this period.

         Interest  expense for the 2000  period of  $231,269  was an increase of
$93,020 over the 1999 Period of $138,249.  The primary  reason for this increase
is the advances  made by the private  investor  group to the Company  during the
2000 Period.

         Other income decreased $21,050 in the 2000 period to $752 from $21,802
in the 1999 Period, 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  2000  Period  of  $716,621  increased
$380,671 as compared to the 1999  Period  loss of  $335,950,  primarily  for the
reasons discussed above.

RESULTS OF  OPERATIONS  FOR SIX MONTHS  ENDED JUNE 30,  2000 AS  COMPARED TO SIX
MONTHS ENDED JUNE 30, 1999

         Total  revenues  recognized  during the six months ending June 30, 2000
("2000  Period")  were  $7,008,930,  a  decline  of  $69,708  from  revenues  of
$7,078,638 for the 1999 Period. This decrease in sales is primarily attributable
to the Company's  lack of working  capital to purchase raw materials  during the
three months ended June 30, 2000.

         The  cost of  goods  sold for the 2000  Period  was  $8,268,034,  which
represented  1.17% of  sales.  The cost of goods  sold for the 1999  Period  was
$6,569,096 which  represented.93% of sales. The primary reason for this increase
in cost of goods sold reflects an  adjustment  to the inventory  values at March
31, 2000 for potential writedowns and obsolescence.

         Selling,  general and  administrative  expenses  ("SG&A")  increased by
$507,691 in the 2000 Period to  $1,550,714,  compared to  $1,043,023 in the 1999
Period.  The  primary  reason  for this  increase  is the  additional  legal and
consulting costs during this period.

         Interest expense increased $148,835 to $419,934 in the 2000 Period from
$271,099 in the 1999 Period.  The reasons for this  increase are: one, the funds
loaned to the Company by the private investor group; and two, an increase in the
revolving line of credit during the first quarter of 2000.

         The Company's  net loss in the 2000 Period of  $4,105,231  increased by
$3,285,489,  as compared to the 1999 Period loss of $819,742,  primarily for the
reasons discussed above.

                                       12
<PAGE>

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

         At June 30 2000,  the  Company  had total  assets of  $4,101,944  and a
stockholders' deficit of $6,834,373.  Current assets were $2,071,089 and current
liabilities   were  $6,731,618   resulting  in  a  working  capital  deficit  of
$4,660,529.  The primary  reasons for the working  capital deficit are: one, the
current  liabilities  as of June 30, 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.

         Accounts receivable decreased by approximately  $825,727, from December
1999 to $1,430,759 at June 30, 2000. The primary reason for this decrease is the
collection of large overdue balances in the second quarter of 2000.

         The  inventory  decrease of  $1,872,173,  reflects an adjustment to the
carrying  value of its inventory at June 30, 2000 for potential  writedowns  and
obsolescence

         Attorney's  escrow  decreased by $40,460 to zero at June 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 June 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  $578,639  to
$2,643,413 at June 30, 2000. This decrease  reflects a more aggressive  accounts
receivable collection and fewer advances from the Company's primary lender.

         Accounts payable and accrued expenses increased by $773,877 at June 30,
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  $468,268 in the
2000 period to  $4,204,699  at June 30,  2000.  The reason for this  decrease is
twofold:  one, the Private Investor Group advanced

                                       13
<PAGE>

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.

         The Company generated revenues of approximately $7,008,930 in the first
six 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.

         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,  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.

                                       14
<PAGE>

         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 the next 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.

                                       15
<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 June 30, 2000 was approximately $2,799,413.

     Item 5.        Other Information

                      None

     Item 6.        Exhibits and Reports on Form 8-K

                      None

     Exhibit 27.    Financial Data Schedule



                                       16
<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)
                                             Dated:  September 1, 2000



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