<PAGE>   1





                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                                      
                           Washington, D. C. 20549
                                      
   
                               FORM 10-QSB/A-2
    

   
                               Amendment No. 2
    


[X]   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 For the period ended March 31, 1996

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

For the transition period from                               to                
                               -----------------------------    --------------

                     Commission File Number:     0-16052   
                                            -------------

                             QUADRAX CORPORATION
-------------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


             Delaware                                          05-0420158     
-------------------------------------               ---------------------------
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                         Identification Number)
                                              
                                                               
      300 High Point Avenue   Portsmouth, Rhode Island           02871
-------------------------------------------------------------------------------
         (Address of principal executive offices)            (Zip Code)

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

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


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes x  No
                                              ---   ---

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

    Class                                       Outstanding at May 10, 1996
    -----------------------                     ---------------------------
    Common Stock, par value                               22,356,867 shares
    $.000009 per share                

                                      1
<PAGE>   2

                              QUADRAX CORPORATION

   
                           INDEX TO FORM 10-QSB/A-2
    


PART I - FINANCIAL INFORMATION                                        PAGE


  Item 1       Condensed Consolidated Financial Statements

               Condensed Consolidated Balance Sheets at
               March 31, 1996 and at December 31, 1995                 3-4

               Condensed Consolidated Statements of
               Operations for the three months ended 
               March 31, 1996 and March 31, 1995                       5

               Condensed Consolidated Statements of Cash
               Flows for the three months ended March 31, 
               1996 and March 31, 1995                                 6-7

               Notes to Condensed Consolidated Financial
               Statements                                              8-9


  Item 2       Management's Discussion and Analysis of
               Financial Condition and Results of Operations           10-13
                                     


PART II - OTHER INFORMATION


  Item 6       Exhibits and Reports on Form 8-K                        14



  Signatures                                                           15




                                       2
<PAGE>   3
                              QUADRAX CORPORATION

                          CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)

                                     ASSETS

<TABLE>
<CAPTION>
                                                                        MARCH 31,                 DECEMBER 31,
                                                                          1996                       1995
                                                                     -----------------          ----------------
 <S>                                                                   <C>                         <C>
  Current assets:
   Cash and cash equivalents, including $100,000 and $481,146            $  442,575                 $2,613,555
      of restricted cash, respectively
   Accounts receivable, net of allowances for doubtful                    1,348,764                  1,265,301
      accounts of $24,000
   Inventories                                                            1,761,180                  1,466,813
   Other current assets                                                      89,239                    134,197
                                                                     -----------------          ----------------
                                          TOTAL CURRENT ASSETS            3,641,758                  5,479,866
                                                                     -----------------          ----------------
  Property and equipment, at cost:
   Machinery and equipment                                                3,337,106                  3,319,881
   Office equipment                                                         851,844                    851,160
   Leasehold improvements                                                 1,071,532                  1,071,532
                                                                     -----------------          ----------------
                                                                          5,260,482                  5,242,573
   Less accumulated depreciation and amortization                         3,153,756                  3,000,093
                                                                     -----------------          ----------------
                                    NET PROPERTY AND EQUIPMENT            2,106,726                  2,242,480
                                                                     -----------------          ----------------

  Goodwill                                                                  116,577                    118,553


  Other assets                                                              268,068                    267,855

  License agreement, net of amortization of $150,000 and                    450,000                    480,000
    $120,000, respectively
  Deferred assets, net of amortization of $64,084 and                       216,983                    211,498
    $61,912, respectively
                                                                     -----------------          ----------------
                                                  TOTAL ASSETS           $6,800,112                 $8,800,252
                                                                     =================          ================


</TABLE>
                            See accompanying notes.






                                       3
<PAGE>   4




                              QUADRAX CORPORATION

                          CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)

                      LIABILITIES AND STOCKHOLDERS' EQUITY


   
<TABLE>
<CAPTION>
                                                                            MARCH 31,                 DECEMBER 31,
                                                                              1996                       1995
                                                                        -----------------           ---------------
   <S>                                                                     <C>                        <C>
    Current liabilities:
     Accounts payable                                                        $1,205,630                 $  870,988
     Accrued expenses                                                           695,018                  1,200,779
     Notes payable to related party                                                   0                    300,000
     Notes payable                                                            1,217,913                  1,114,301
                                                                        -----------------           ---------------
                                         TOTAL CURRENT LIABILITIES            3,118,561                  3,486,068

   Long-term debt, less current portion                                         330,876                    356,034
   Convertible debentures payable                                                     0                  2,250,000
                                                                        -----------------           ---------------
                                                 TOTAL LIABILITIES            3,449,437                  6,092,102
                                                                        -----------------           ---------------
    Stockholders' equity:
     Original convertible preferred stock                                             6                          6
     Common stock                                                                   199                        160
     Additional paid-in capital                                              60,648,106                 58,288,953
     Retained earnings (deficit)                                            (55,941,252)               (54,198,191)
                                                                        -----------------           ---------------
                                                                              4,707,059                  4,090,928
     Less:
        Treasury stock, at cost                                              (1,043,009)                (1,043,009)
        Unearned compensation and deferred expenses                            (313,375)                  (339,769)
                                                                        -----------------           ---------------
                                        TOTAL STOCKHOLDERS' EQUITY            3,350,675                  2,708,150
                                                                        -----------------           ---------------
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 $6,800,112                 $8,800,252
                                                                        =================           ===============

</TABLE>
    



                            See accompanying notes.





                                       4
<PAGE>   5




                              QUADRAX CORPORATION

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                       Three Months        Three Months
                                                                      Ended March 31,    Ended March 31,
                                                                           1996                1995
                                                                      ----------------   ----------------
  <S>         <C>                                                         <C>                <C>
  Revenue:
              Sales                                                        $1,087,018         $1,074,643
              Interest income                                                  15,968              8,995
              Other income                                                          0                  0
                                                                      ----------------   ----------------
                                                     TOTAL REVENUE          1,102,986          1,083,638
                                                                      ----------------   ----------------
  Expenses:
              Cost of goods sold                                              936,438            714,420
              Research and development                                        219,567            236,074
              Selling, general and administrative                           1,438,385          1,411,606
              Depreciation and amortization                                   187,811            203,672
              Interest expense                                                 63,846              4,390
                                                                      ----------------   ----------------
                                                    TOTAL EXPENSES          2,846,047          2,570,162
                                                                      ----------------   ----------------
                                                          NET LOSS        ($1,743,061)       ($1,486,524)
                                                                      ================   ================
                                         NET LOSS PER COMMON SHARE             ($0.09)            ($0.14)
                                                                      ================   ================

                                         WEIGHTED AVERAGE COMMON
                                            SHARES OUTSTANDING             19,282,782         10,779,444
                                                                      ================   ================
</TABLE>





                             See accompanying notes





                                       5
<PAGE>   6



                              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, 1996    March 31, 1995
                                                                         ---------------   --------------
<S>                                                                       <C>              <C>
 Cash flows from operating activities:
  Net loss                                                                  ($1,743,061)     ($1,486,524) 
    Adjustments to reconcile net income to net cash used                                                 
      in operating activities:                                                                           
       Depreciation & amortization of fixed assets                              153,663          120,929  
       Amortization of intangibles                                               34,148           82,745  
       Amortization of unearned compensation                                     26,394                0  
       Common stock issued for expenses                                          98,984           34,616  
       Effect on cash flows of changes in assets and liabilities:                                         
             Accounts receivable and other                                      (83,463)      (1,034,519) 
             Inventories                                                       (294,367)         251,045  
             Prepaid expenses and other assets                                   44,958            6,974  
             Receivables/payables from officers and employees                  (300,000)               0  
             Accounts payable                                                   334,642          506,557  
             Accrued expenses                                                  (505,761)        (551,838) 
                                                                         ---------------   --------------
                Net cash used in operating activities                        (2,233,863)      (2,070,015) 
                                                                         ---------------   --------------

 Cash flows from investing activities:                                                                   
     Capital expenditures, net                                                  (17,909)        (221,039) 
     Other intangible assets purchased                                           (7,662)               0  
     Payments for businesses acquired                                                                    
       net of cash acquired                                                           0          140,000 
                                                                         ---------------   -------------- 
                Net cash provided by (used in) investing                                                 
                 activities                                                     (25,571)         (81,039)
                                                                         ---------------   --------------

 Cash flows from financing activities:                                                                   
     Proceeds from exercise of common stock options                              10,000           25,300  
     Net proceeds from sale of stock and warrants                                     0        2,949,394  
     Issuance of debt                                                            78,454                0  
     Repayment of debt                                                                0          (20,000) 
                                                                         ---------------   --------------
                Net cash provided by financing activities                        88,454        2,954,694  
                                                                         ---------------   --------------
 Net increase (decrease) in cash and cash equivalents                        (2,170,980)         803,640  
                                                                                                         
 Cash and cash equivalents at beginning of period                             2,613,555          382,721  
                                                                         ---------------   --------------
 Cash and cash equivalents at end of period                                    $442,575       $1,186,361  
                                                                         ===============   ==============

</TABLE>
                            See accompanying notes





                                      6
<PAGE>   7





                             QUADRAX CORPORATION



              CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
                          FOR THE THREE MONTHS ENDED
                      MARCH 31, 1996 AND MARCH 31, 1995




  Supplemental schedule of significant noncash transactions:

  1996:

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

  1995:

          The Company assumed $750,000 of debt due its former chairman from 
          Conagher & Co., Inc. for Conagher's purchase of the original 
          preferred stock.





                                      7
<PAGE>   8




                             QUADRAX CORPORATION


             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.  The unaudited condensed consolidated financial statements presented herein
    have been prepared in accordance with the instructions to Form 10-Q and do
    not include all of the information and note disclosures required by
    generally accepted accounting principles.  In the opinion of management,
    such condensed consolidated financial statements include all adjustments,
    consisting only of normal recurring adjustments, necessary to present fairly
    the Company's financial position as of March 31, 1996 and the results of
    operations for the three months ended March 31, 1996 and March 31, 1995. 
    The results of operations for the three month period ended March 31, 1996
    may not be indicative of the results that may be expected for the year
    ending December 31, 1996.  It is suggested that these Condensed Consolidated
    Financial Statements be read in conjunction with the Consolidated Financial
    Statements and the notes thereto included in the Company's latest annual
    report to the Securities and Exchange Commission on Form 10-KSB for the year
    ended December 31, 1995.
        

2.  Debt
    ----

    Long-term debt consists of the following:

<TABLE>
<CAPTION>
                                                        March 31,                   December 31,
                                                          1996                         1995 
                                                       ------------                 ------------
     <S>                                               <C>                         <C>         
     Note payable - bank                               $  891,000                   $  801,000
     Notes payable - Lion shareholders                    325,028                      331,634
     Equipment notes payable                               82,761                       87,701
     Other non-interest bearing note                      250,000                      250,000
                                                          -------                      -------
                                                        1,548,789                    1,470,335

     Less current maturities                           (1,217,913)                  (1,114,301)
                                                       -----------                  ----------
                                                       $  330,876                   $  356,034
                                                       ==========                   ==========
</TABLE>


    Note Payable - Bank

    The Company's wholly-owned subsidiary, Lion Golf of Oregon, Inc., an Oregon
    corporation ("Lion Golf"), has a $1,000,000 revolving line of credit with
    its bank which is secured by substantially all of the subsidiary's assets
    and which is guaranteed by the Company and the former majority shareholder
    of Lion Golf.  The note was renewed January 2, 1996 and bears interest at
    10.75% per annum.  Loan advances are limited to 75% of "eligible accounts
    receivable" plus 45% of "eligible inventories" up to a maximum of $500,000,
    as such terms are defined under the line of credit.  The Company's current
    outstanding balance due on the line of credit is approximately $891,000.





                                       8
<PAGE>   9




                             QUADRAX CORPORATION


       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


    Notes Payable - Lion Shareholders

    Lion Golf has three unsecured notes bearing interest at the rate of 8% per
    annum, payable to its former shareholders.  These notes are subordinated to
    the bank credit line.  The first of the notes,  for the principal amount of
    $270,000, has annual principal payments of $54,000 commencing March 31,
    1997.  These annual payments can be limited to the extent of Lion Golf's
    pretax profits as defined in the Purchase Agreement among the Company, Lion
    Golf, and Lion Golf's former shareholders dated December 29, 1995 (the
    "Purchase Agreement").  The second note for the principal amount of
    $50,200, has monthly principal payments of $2,400 until paid-in-full.  The
    third note is a demand note in the principal amount of $10,500.

3.  Shareholders Equity

    The Company's capital shares are as follows:

    Original Convertible Preferred Stock, $.01 par value, 1,172 shares
    authorized at March 31, 1996 and December 31, 1995, 318 shares issued and
    outstanding at both March 31, 1996 and March 31, 1995.  Subsequent to March
    31, 1996, all shares of Original Convertible Preferred Stock were converted
    into common stock which were then redeemed by the Company for a nominal
    consideration.

    Common Stock, $.000009 par value, 90,000,000 shares authorized at March 31,
    1996 and December 31, 1995, and 21,737,841 and 17,772,812 shares
    outstanding at March 31, 1996 and December 31, 1995, respectively.


4.  Earnings Per Share

    For the fiscal quarters ending March 31, 1996 and March 31, 1995, 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.





                                       9
<PAGE>   10



      ITEM II


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


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

    Competition.  As the Company enters the sporting goods and recreational
equipment market, it faces competition from other materials used in the
manufacture of such goods and equipment, and from other suppliers of
thermoplastic composites.  The Company's success in entering this market will
depend largely upon its ability to displace other materials currently in use.
If the Company is unsuccessful in creating a niche within the sporting goods
and recreational equipment market by convincing the market of the strategic
benefits of thermoplastic composites, the Company would be adversely affected.
Many of the companies whose product offerings compete with the Company's
product offerings have significantly greater financial, manufacturing and
marketing resources than the Company.

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

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

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

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


RESULTS OF OPERATIONS FOR QUARTER ENDED MARCH 31, 1996 AS COMPARED TO QUARTER
ENDED MARCH 31, 1995 

      The Company's net loss from operations for the quarter ended March 31,
  1996 ("1996 first quarter") of approximately $1,740,000 was approximately
  $250,000 greater than its net loss from operations of approximately
  $1,490,000 for the quarter ended March 31, 1995 ("1995 first quarter").  The
  primary reason for this loss increase was the reduction in gross margins
  which was caused by the change in the Company's primary source of revenues
  from defense related products to consumer oriented products in the first
  three months of fiscal 1996.

      Total revenue recognized during the 1996 first quarter was stable at
  $1,087,018 compared to $1,074,643 in the 1995 first quarter.  An increase in
  sales for the first three months ending March 31, 1996 of approximately
  $805,000 for the Company's Lion Golf subsidiary, ("Lion)", which the





                                       10
<PAGE>   11



  Company acquired as of December 31, 1995, was offset by a decrease in
  revenues of approximately $790,000 in the Company's Advanced Materials
  Systems division, ("AMS").  The decrease in the AMS division reflects the
  completion of the defense programs late in 1995 with no corresponding
  increase in consumer product shipments in 1996.  The AMS 1996 sales are
  primarily lacrosse sticks, $150,000 and thermoplastic tape, $100,000.

      Interest income increased by approximately $7,000 in the three months
  ended March 31, 1996, as compared to the same period one year ago.  The
  reason for this is the higher amount of money the Company had on deposit in
  interest bearing paper in 1996.

      Costs of goods sold for the first quarter of 1996 of $936,438 increased
  approximately $222,000 in the three months ended March 31, 1996 vis-a-vis the
  three months ended March 31, 1995.  The reason for this increase is that the
  1995 defense contract in progress during this period, the F-22 program, had
  greater margins than the Lion Golf division enjoyed in 1996.

      Research and development expenses were $219,567 in the 1996 first
  quarter, a negligible decrease of approximately $16,000 as compared to
  $236,074 in the 1995 first quarter.

      Selling, general and administrative expenses increased by the negligible
  amount of approximately $27,000 to $1,438,000 in the three months ended March
  31, 1996 over the comparable period a year ago.

      Depreciation and amortization expense decreased by $16,000 to $187,811 in
  the first quarter of 1996.  This decrease is due primarily to the Company's
  write-off of the book value of the CMI machine in fiscal 1995.

      Interest expense for the first quarter of 1996 increased by approximately
  $59,000 to $63,846.  This reflects the Company's 1996 subordinated debt,
  along with the financing costs associated with the financing leases which the
  Company entered into during the past year.


FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

   At March 31, 1996, the Company had total assets of $6,800,112 and
stockholders' equity of $3,350,675.  Current assets were $3,641,758 and current
liabilities were $3,118,561 resulting in working capital of approximately $0.5
million which is a decrease of approximately $1.5 million from December 31,
1995, when working capital was approximately $2.0 million.  This decrease in
working capital resulted was caused primarily by the Company's use of
approximately $1,789,000, of its cash-on-hand at December 31, 1995 to fund its
operations.

   Cash and cash equivalents decreased by approximately $2,170,000 from
December 31, 1995.  This decrease is due to the Company's use of approximately
$1,789,000 to fund its operations, in addition to the Company's payment of
$381,000 to Richard Fisher, its former chairman and chief executive officer, in
February 1996.




   Accounts receivable increased by approximately $83,000.  The reasons for
this increase are twofold; one, Lion Golf's sales occurred primarily in March
1996, and; two, collections on certain portions of the Advanced Materials
Systems division sales slowed down, particularly, monies due from Wimbledon
sales in calendar 1995.





                                       11
<PAGE>   12



   Inventories increased by approximately $294,000.  This increase is due to
the build-up of product required for Lion Golf's anticipated shipments during
the Spring season.

   Other current assets decreased by approximately $45,000 between March 31,
1996 and December 31, 1995.  This decrease was caused by the amortization of
insurance premiums that were prepaid.

   Notes payable increased by approximately $104,000.  This reflects increased
usage of the Company's line of credit with the Bank of the Cascades.

   Accounts payable and accrued expenses decreased approximately $171,000 from
$2,072,000 at December 31, 1995. This decrease was caused by payments made to
former employees in 1996, which were charged against the reserve for
restructuring costs accrued for as of December 31, 1995.

   Notes payable to related parties decreased $300,000 to zero at March 31,
1996.  The reason for this decrease is that the Company paid Richard Fisher,
its former chairman and chief executive officer, in full in February 1996
pursuant to the December 1995 settlement agreement.

   Long term debt decreased approximately $25,000 to about $331,000 at March
31, 1996.  The reasons for this decrease are the payments the Company made on
its Advanced Materials Systems division financing leases, along with several
payments made on the subordinated debt of Lion Golf.

   Convertible debentures decreased to zero at March 31, 1996 from $2,250,000
at December 31, 1995 due to the debenture holder's conversion of all its
debentures to common stock during the three months ended March 31, 1996.

    In the first three months of fiscal 1996, capital expenditures were
approximately $18,000, a negligible amount.  The Company anticipates capital
expenditures in 1996 will be approximately $1,500,000 for the purchase of a
golf shaft manufacturing line and an additional thermoplastic tape
manufacturing line.  These equipment acquisitions are expected to be paid for
through equipment leasing programs and from funds raised through the placement
of the Company's securities.

    The Company generated revenues of approximately $1,100,000 in the first
three months of fiscal 1996, and as a result, operations were not a source of
funds or liquidity for the Company.  The Company continues to depend on outside
financing for the cash required to fund its operations.  Net funds provided by
financing activities in the first quarter of fiscal 1996, after giving effect
to the repayment of debt, totaled approximately $90,000 during the period ended
March 31, 1996.

    The Company believes that proceeds of approximately $1,700,000 from
additional sales of debentures in April 1996, together with funds provided by
operations and cash on hand (approximately $440,000 at March 31, 1996), will be
sufficient to meet the Company's near-term cash requirements.  In addition, the
Company believes that it will be able to raise $3,300,000 from the sale of
debentures prior to the end of fiscal 1996.




      The Company received a going concern qualification from its outside
independent auditors on its fiscal 1995 audited financial statements.  While
the Company believes it has made and will continue to make substantial progress
towards achieving profitability, the results to date have not yet been
sufficient to negate the auditors' qualifications. During this transition,
management continues to





                                       12
<PAGE>   13



redirect the Company's focus from the defense related products to consumer
oriented products.  Management believes that the Company will be able to
continue to raise money from outside third parties in sufficient amounts to
support its operations until the time in which the Company's consumer product
programs generate sufficient revenues.

      The Company believes that it can achieve viability and profitability by
continuing to expand sales of golf and tennis products, as well as other
products that employ its thermoplastic materials.  Management believes that the
Company's acquisition of Lion Golf in late 1995 will further this strategy
because of Lion Golf's manufacturing expertise and access to new distribution
channels, such as golf and tennis pro shops. Sales of composite based lacrosse
sticks and continuing efforts to develop and market other consumer products,
will also contribute to its efforts.

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





                                       13
<PAGE>   14

                              QUADRAX CORPORATION


PART II - OTHER INFORMATION



             Item 6 - Exhibits and Reports on Form 8-K

                      (a)  Exhibits

                            None since Form 10-KSB for fiscal year ended
                            December 31, 1995 was filed on April 12, 1996.


                      (b)  Reports on Form 8-K

                            None since Form 10-KSB for fiscal year ended
                            December 31, 1995 was filed on April 12, 1996.





                                       14

<PAGE>   15
                              QUADRAX CORPORATION



                                   SIGNATURES



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





                                        QUADRAX CORPORATION 
                                        -------------------
                                            (Registrant)





   
         February 13, 1996                    /s/ James J. Palermo              
  --------------------------             ----------------------------------  
         (Date)                          James J. Palermo, Chairman and
                                         Chief Executive Officer
    
                                 
                                 
                                 
   
         February 13, 1996                    /s/ Edward A. Stoltenberg       
  --------------------------             ----------------------------------
         (Date)                          Edward A. Stoltenberg,  Senior Vice
                                         President, Chief Financial Officer
                                         (Principal Accounting Officer)
    





                                      15