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 January 31, 2005


             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                                  EXCHANGE ACT

    For the transition period from __________________ to ____________________

                         Commission file number 0-11485


                         ACCELR8 TECHNOLOGY CORPORATION
                         ------------------------------
        (Exact name of small business issuer as specified in its charter)

              COLORADO                                 84-1072256
              --------                                 ----------
   (State or other jurisdiction of         (IRS Employer Identification No.)
    incorporation or organization)

                7000 Broadway, Bldg 3-307, Denver, Colorado 80203
                -------------------------------------------------
                     (Address of principal executive office)

                                 (303) 863-8088
                                 --------------
                           (Issuer's telephone number)


              ----------------------------------------------------
              (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 [ ]


Number of shares outstanding of the issuer's Common Stock:

                Class                           Outstanding at March 14, 2005
                -----                           -----------------------------

     Common Stock, no par value                           9,679,960

<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----
PART I.       FINANCIAL INFORMATION

     Item 1.  Financial Statements

              Balance Sheets
                 January 31, 2005  (unaudited) and July 31, 2004              3

              Statements of Operations
                 for the three months and six months ended
                 January 31, 2005 and 2004 (unaudited)                        4

              Statements of Cash Flows
                 for the six months ended January 31, 2005
                 and 2004 (unaudited)                                         5

              Notes to Unaudited Financial Statements                         6

     Item 2.  Management's Discussion and Analysis of
                 Financial Condition and Results of Operations                9

     Item 3.  Controls and Procedures                                        15


PART II.  OTHER INFORMATION

     Item 1.  Legal Proceedings                                              15

     Item 2.  Changes in Securities and Use of Proceeds                      15

     Item 3.  Defaults of Senior Securities                                  15

     Item 4.  Submission of Matters to a Vote of Security Holders            16

     Item 5.  Other Information                                              16

     Item 6.  Exhibits and Reports on Form 8-K                               16


SIGNATURES                                                                   18

CERTIFICATION OF OFFICERS                                                    20


                                        2
<PAGE>
<TABLE>
<CAPTION>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
----------------------------
                                 Accelr8 Technology Corporation
                                         Balance Sheets

                                             ASSETS
                                                                    January 31,      July 31,
                                                                       2005            2004
                                                                   ------------    ------------
                                                                   (Unaudited)
Current assets:
<S>                                                                <C>             <C>
     Cash and cash equivalents                                     $  6,424,063    $  7,233,430
     Accounts receivable                                                 55,192          15,948
     Other Accounts Receivable                                            1,359          50,000
     Inventory                                                           32,799          30,287
     Prepaid expenses and other current assets                           83,954          33,972
     Current portion note receivable                                    133,333         133,333
Current assets of discontinued operations (Note 7)                         --             7,225
                                                                   ------------    ------------
         Total current assets                                         6,730,700       7,504,195

Property and equipment, net                                             201,390         216,733
Note Receivable (Note 7)                                                266,667         266,667
Investments                                                             752,789         666,305
Intellectual property, net (Note 3)                                   3,974,502       4,070,832
                                                                   ------------    ------------
Total assets                                                       $ 11,926,048    $ 12,724,732
                                                                   ============    ============

                              LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Accounts payable                                              $     74,655    $     96,844
     Accrued compensation and other liabilities                          83,786          46,793
     Liabilities for discontinued operations (Note 7)                                    43,150
     Deferred revenue (Note 4)                                           65,000          60,000
                                                                   ------------    ------------
         Total current liabilities                                      223,441         246,787

Long-term liabilities:
     Deferred compensation                                              790,289         741,305
                                                                   ------------    ------------

         Total liabilities                                            1,013,730         988,092
                                                                   ------------    ------------
Commitments and Contingencies
Shareholders' equity (Notes 5 & 6)
     Common stock, no par value; 12,000,000 shares
        authorized; 9,961,210 and 9,961,210 shares
        issued and outstanding, respectively                         12,863,020      12,863,020
     Contributed capital                                                461,049         461,049
     Accumulated deficit                                             (2,138,151)     (1,313,829)
     Shares held for employee benefit (1,129,110 shares at cost)       (273,600)       (273,600)
                                                                   ------------    ------------
         Total shareholders' equity                                  10,912,318      11,736,640
                                                                   ------------    ------------
Total liabilities and shareholders' equity                         $ 11,926,048    $ 12,724,732
                                                                   ============    ============


                    See accompanying notes to unaudited financial statements.

                                              3
<PAGE>

                                       Accelr8 Technology Corporation
                                          Statements of Operations
                                                (Unaudited)


                                                         Three Months Ended             Six Months Ended
                                                     --------------------------    --------------------------
                                                     January 31,    January 31,    January 31,    January 31,
                                                         2005           2004           2005           2004
                                                     -----------    -----------    -----------    -----------
Revenues:
     Consulting fees                                 $    90,000    $      --      $    90,000    $      --
     License Fees (Note 4)                                62,750         62,750
     OptiChem(TM) revenue                                 89,196         36,968        110,005         59,252
                                                     -----------    -----------    -----------    -----------

         Total revenues                                  241,946         36,968        262,755         59,252
                                                     -----------    -----------    -----------    -----------
Costs and Expenses:

     Cost of sales - OptiChem                             32,771         16,163         42,386         24,670
     General and administrative                          236,653        253,047        497,707        460,414
     Marketing and sales                                  11,426         37,574         22,175         77,085
     Research and development                            233,542        137,532        436,545        280,365
     Depreciation                                         28,258          8,865         43,664         17,730
     Amortization                                         58,823         58,128        117,522        116,256
                                                     -----------    -----------    -----------    -----------

         Total costs and expenses                        601,473        511,309      1,159,999        976,520
                                                     -----------    -----------    -----------    -----------
Loss from operations                                    (359,527)      (474,341)      (897,244)      (917,268)
                                                     -----------    -----------    -----------    -----------
Other (expense) income
     Interest income                                      34,785         15,989         63,551         32,276
     Unrealized holding gain (loss) on investments         5,364         26,401          4,661         37,630
     Realized gain (loss) on sale of investments           4,710                         4,710          1,975
                                                     -----------    -----------    -----------    -----------
         Total other income                               44,859         42,390         72,922         71,881
                                                     -----------    -----------    -----------    -----------

Income from Discontinued Operations (Note 7)                   0         59,828              0         50,266
                                                     -----------    -----------    -----------    -----------

Net loss                                             $  (314,668)   $  (372,123)   $  (824,322)   $  (795,121)
                                                     ===========    ===========    ===========    ===========
Basic and diluted net loss per share                 $      (.03)   $      (.04)   $      (.08)   $      (.08)
                                                     ===========    ===========    ===========    ===========

Weighted average shares outstanding
   - basic and diluted                                 9,961,210      9,961,210      9,961,210      9,961,210
                                                     ===========    ===========    ===========    ===========


                         See accompanying notes to unaudited financial statements.

                                                    4
<PAGE>

                            Accelr8 Technology Corporation.
                               Statements Of Cash Flows
                  For the Six Months Ended January 31, 2005 and 2004
                                      (Unaudited)

                                                                 2005           2004
                                                             -----------    -----------
 Cash flows from operating activities:
     Net loss                                                $  (824,322)   $  (795,121)
     Adjustments to reconcile net loss to net
         cash (used in) provided by operating activities:
         Depreciation                                             43,664         20,082
         Amortization                                            117,522        116,256
         (Decrease) in fair value of stock options granted
           for consulting services                                               (2,416)
         Unrealized holding (gain) loss on investments            (4,661)       (37,630)
         Realized (gain) on sale of investments, interest
            and dividends reinvested                              (6,823)        (5,332)

     Changes in assets and liabilities:
         Accounts receivable                                       9,397         (2,898)
         Inventory                                                (2,512)       (68,555)
         Prepaid expenses and other                              (49,982)       (26,152)
         Accounts payable                                        (22,189)       (10,289)
         Accrued liabilities                                      36,993          3,946
         Deferred revenue                                          5,000           --
         Deferred compensation                                    48,984         80,462
                                                             -----------    -----------


           Net cash (used in) operating activities              (648,929)      (727,647)
                                                             -----------    -----------

Cash flows from investing activities:

     Purchase of property and equipment                          (28,321)        (5,491)
     Purchase of intellectual property                           (21,192)       (12,975)
     Purchase of investments                                     (75,000)       (75,000)
                                                             -----------    -----------


            Net cash (used in) investing activities             (124,513)       (93,466)
                                                             -----------    -----------



Cash (used by) discontinued operations                           (35,925)       (87,553)
                                                             -----------    -----------



Net (decrease) in cash                                          (809,367)      (908,666)

Cash, beginning of period                                      7,233,430      8,711,951
                                                             -----------    -----------

Cash, end of period                                          $ 6,424,063    $ 7,803,285
                                                             ===========    ===========


               See accompanying notes to unaudited financial statements.

                                         5
</TABLE>
<PAGE>

                         Accelr8 Technology Corporation
                     Notes to Unaudited Financial Statements
                    For the six months ended January 31, 2005

Note 1. Basis of Presentation

     The financial statements included herein have been prepared by Accelr8
Technology Corporation (the "Company") without audit, pursuant to the rules and
regulations of the United States Securities and Exchange Commission ("SEC").
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted as allowed by such rules and regulations. The
Company believes that the disclosures are adequate to make the information
presented not misleading. These financial statements should be read in
conjunction with our annual audited financial statements dated July 31, 2004,
included in our annual report on Form 10-KSB as filed with the SEC on October
29, 2004.

     The accompanying unaudited financial statements have been prepared in
conformity with generally accepted accounting principles, which require the use
of management estimates, and contain all adjustments (including normal recurring
adjustments) necessary to present fairly the operations and cash flows for the
periods presented. The results of operations for the six month and three month
periods ended January 31, 2005 may not be indicative of the results of
operations for the fiscal year ending July 31, 2005.

Note 2. Reclassification

     Certain reclassifications have been made in the fiscal 2004 financial
statements to conform to the classifications used in fiscal 2005. Such
reclassifications have no effect on net income (loss) as previously reported.

Note 3. Intellectual Property


     Intellectual property consisted of the following:

                                          January 31, 2005   July 31, 2004
                                          ----------------   -------------
     OptiChem technologies                     $ 4,469,517     $ 4,454,538
     Patents                                       186,458         180,245
     Trademarks                                     49,019          49,019
                                               -----------     -----------
           Total intellectual property           4,704,994       4,683,802
     Accumulated amortization                     (730,492)       (612,970)
                                               -----------     -----------
           Net intellectual property           $ 3,974,502     $ 4,070,832
                                               ===========     ===========


     Intellectual properties are recorded at cost and are being amortized on a
straight-line basis over their estimated useful lives of 20 years, which
approximates the patent and patent application life of the OptiChem(TM)
technologies. Amortization expense was $117,522 and $116,256, respectively, for
the six months ended January 31, 2005 and 2004.

                                       6
<PAGE>

     The Company routinely evaluates the recoverability of its long-lived assets
based upon estimated future cash flows from or estimated fair value of such
long-lived assets. If in management's judgment, the anticipated undiscounted
cash flows or estimated fair value are insufficient to recover the carrying
amount of the long-lived asset, the Company will determine the amount of the
impairment and the value of the asset will be written down. Management believes
that the fair value of the technology exceeds the carrying value. However, it is
possible that future impairment testing may result in intangible asset
write-offs, which could adversely affect the Company's financial condition and
results of operations.

Note 4. License and Supply Agreements

On November 24, 2004, the Company entered into a worldwide exclusive
manufacturing and marketing license agreement (the "License Agreement") with
SCHOTT Jenaer Glas GmbH ("SCHOTT"). The Company also signed a supply agreement
(the "Supply Agreement") with SCHOTT for OptiChem coated amine-reactive slides
manufactured by Accelr8.

     Pursuant to the License Agreement SCHOTT paid the Company a non-refundable
fee of $100,000, of which fifty thousand dollars ($50,000) of such fee was
credited against future royalties. An additional $15,000 in deferred revenue has
been recorded for training supplied to SCHOTT. During the 2-year term of the
License Agreement SCHOTT shall pay Accelr8 a royalty payment equal to 6% of net
sales of licensed products. If the total net sales during the initial 2-year
term equal or exceed, $1,125,000, then the total royalty payable by SCHOTT for
the initial term shall be a flat fee of $90,000. An optional 1-year extension
may be exercised by SCHOTT by payment of a $90,000 upfront renewal fee.

     Pursuant to the Supply Agreement, the Company will supply SCHOTT 10,000
OptiChem coated microarraying slides, including 1,000 slides purchased prior to
the execution of the Supply Agreement, at a price of $14.00 each. The Supply
Agreement with SCHOTT has a term of six months or until delivery of all of the
slides purchased under the Supply Agreement. The Supply Agreement also includes
an option to SCHOTT until December 31, 2005 to negotiate an exclusive license
for the application of OptiChem coatings on 96-well microtiter plates. In
return, SCHOTT provided 7,500 glass substrates to Accelr8 at no charge. The
option is valued at $12,750 and has been recorded as a license fee.

Note 5. Shareholders' Equity

     Common Stock Options

     At January 31, 2005, there were 692,500 stock options outstanding at prices
ranging from $1.45 to $3.25 with expiration dates between May 6, 2005 and August
1, 2011. For the six months ended January 31, 2005 and 2004, stock options
exercisable into 692,500 and 960,000 shares of common stock were not included in
the computation of diluted earnings per share because their effect was
antidilutive.

                                       7
<PAGE>

Note 6. Employee Stock Based Compensation

     In December 2002, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 148, "Accounting for
Stock-Based Compensation--Transition and Disclosure--an amendment of FASB
Statement No. 123." SFAS No. 148 amends SFAS No. 123, "Accounting for
Stock-Based Compensation," to provide alternative methods of transition for a
voluntary change to the fair value based method of accounting for stock-based
employee compensation. In addition, SFAS No. 148 amends the disclosure
requirements of SFAS No. 123 to require prominent disclosures about the method
of accounting for stock-based employee compensation and the effect of the method
used on reported results in both annual and interim financial statements. The
Company accounts for employee stock-based compensation arrangements using the
intrinsic value method in accordance with Accounting Principals Board ("APB")
No. 25 and related interpretations and has adopted the disclosure-only
provisions of SFAS No. 123 as amended by SFAS No. 148. The following table
illustrates the effect on net loss if the Company had applied the fair value
recognition provisions of SFAS No. 123 to stock-based compensation.

                                                    Six Months Ended January 31,
                                                         2005         2004
                                                      ---------    ---------

     Net loss - as reported                           $(824,322)   $(795,121)
     Deduct: Total stock-based compensation expense
             determined under fair value based
             method for all awards                       (1,025)      (5,595)
                                                      ---------    ---------

     Pro forma net loss                               $(825,347)   $(800,716)
                                                      ---------    ---------
     Earnings per share:
     Basic and diluted - as reported                  $    (.08)   $    (.08)
                                                      =========    =========
     Basic and diluted - pro forma                    $    (.08)   $    (.08)
                                                      =========    =========


Note 7. Sale of Software Migration Tools

     On July 30, 2004, we completed the sale of the assets related to the
Software Migration Business, which consisted of tools for legacy-code
modernization and the resale of third-party software to Transoft Group Ltd (the
"Asset Sale"). The aggregate purchase price of the Asset Sale was $500,000;
which was payable $100,000 in cash and the Company was issued a promissory note
payable in three equal annual installments of $133,333 with annual interest of
4% on the unpaid balance payable quarterly. In addition, the purchase price
included the assumption of support obligations under pre-existing support and
maintenance agreements. The assets, liabilities, results of operations and cash
flows for the Software Migration Business have been classified as Discontinued
Operations in the financial statements. Net income from the discontinued
operations for the three and six months ended January 31, 2004 was $59,828 and
$50,266, respectively. A summary of income and expenses for these periods is
below:

                                       8
<PAGE>

                                             Three Months          Six Months
                                                 Ended               Ended
                                           January, 31, 2004    January 31, 2004
                                           -----------------    ----------------

     Revenues                                  $115,772             $219,457
                                               --------             --------

     Cost of sales                               30,629               49,362
     Administrative and marketing                24,139              117,477
     Depreciation                                 1,176                2,352
                                               --------             --------
     Total costs and expenses                    55,944              169,191
                                               --------             --------
     Income from discontinued operations       $ 59,828             $ 50,266
                                               ========             ========


Item 2. Management's Discussion and Analysis of Financial Condition and Result
        of Operations
------------------------------------------------------------------------------

Forward Looking Information

     This Quarterly Report on Form 10-QSB contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and the Company, intends that such
forward-looking statements be subject to the safe harbors created thereby. These
forward-looking statements, which can be identified by the use of words such as
"may," "will," "expect," "anticipate," "estimate," or "continue," or variations
thereon or comparable terminology, include the plans and objectives of
management for future operations, including plans and objectives relating to the
products and future economic performance of the Company. In addition, all
statements other that statements of historical facts that address activities,
events, or developments the Company expects, believes, or anticipates will or
may occur in the future, and other such matters, are forward-looking statements.

     The forward-looking statements included herein are based on current
expectations that involve a number of risks and uncertainties. These
forward-looking statements are based on assumptions that the Company will retain
key management personnel, that the Company will accurately anticipate market
demand for the Company's products and that there will be no material adverse
change in the Company's operations or business. Assumptions relating to the
foregoing involve judgments with respect to, among other things, future
economic, competitive and market conditions and future business decisions, all
of which are difficult or impossible to predict accurately and many of which are
beyond the control of the Company. Although the Company believes that the
assumptions underlying the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate and, therefore, there can be no assurance
that the results contemplated in forward-looking information will be realized.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

     The following discussion should be read in conjunction with the Company's
future operating results may be affected by various trends and factors which are
beyond the Company's control. These include, among other factors, general public
perception of issues and solutions, and other uncertain business conditions that
may affect the Company's business. The Company cautions the reader that a number
of important factors discussed herein, and in other reports, filed with the
Securities and Exchange Commission including its 10-KSB for the year ended July
31, 2004, could affect the Company's actual results and cause actual results to
differ materially from those discussed in forward-looking statements.

                                       9
<PAGE>

Overview

     Prior to January 2001, Accelr8 was primarily a provider of software tools
and consulting services. The potential market opportunity in the growing area of
biosciences, coupled with unique patented technology that was beyond initial
development stage, led the Company to pursue a purchase agreement with DDx, Inc.

     On January 18, 2001, Accelr8 purchased the OpTest technology assets from
DDx and commenced investment in development and optimization of OpTest's surface
chemistry (OptiChem) and quantitation instrument (QuanDx). The Company's
proprietary surface chemistry and its quantitation instruments support real-time
assessment of medical diagnostics, food-borne pathogens, water-borne pathogens,
and bio-warfare assessments. Presently the Company holds for sale advanced
microarray slides and specialty microtiter plates coated with its proprietary
OptiChem activated surface chemistry for use in academic research, drug
discovery and molecular diagnostics. This surface coating has the ability to
shed sticky biomolecules that interfere with bio-analytical assays such as
microarrays and immunoassays. Management believes that this property
substantially improves analytical performance by enabling higher sensitivity,
greater reproducibility, and higher throughput by virtue of simplified
application methods.

     The Company is currently offering OptArray microarray slides to university
and government labs, pharmaceutical, drug discovery, and diagnostic companies
that rely upon customized surface chemistry for their assays. The surface
chemistry will be customized to meet the specific requirements of large
manufacturers, with the intent of licensing its products to users.

     The Company believes that the market for DNA/RNA and protein microarrays is
growing because of increased demand for gene analysis and molecular diagnostics
as measured by industry wide growth in unit sales, i.e., General Electric
(Amersham) (NYSE:GE), Affymetrix (NASDAQ:AFFX), Agilent (NYSE:A), and Applied
Biosciences (NYSE:ABI).

     In July 2003, the Company introduced its OptiPlate(TM) products, which are
96- and 384-well glass bottom microtiter plates for multiplexed microarraying.
These products allow the customers to print a small microarray (as many as 2,000
spots) in each well. As with OptArray slides, the products support both DNA and
protein arraying. The glass and chemical coatings are identical to those used in
OptArray slides. This high throughput mode is essential in drug discovery and
diagnostics where a lab must validate an assay over a large number of individual
samples. The Company knows of only one other US company (Apogent) that is
selling a plate for multiplexed microarraying.

                                       10
<PAGE>

     In January 2004, management commenced development of the BACcelr8r, a rapid
bacterial identification and antibiotic resistance detection platform.

     The BACcelr8r embodies all three of Accelr8's wholly owned core
technologies: OptiChem surface chemistry, QuanDx optical detection, and YoDx(TM)
accelerated assay processing. We believe that the same integrated technology
combination will provide a platform for molecular analysis, as used in genomics
and proteomics, and molecular diagnostics. We expect the benefits of BACcelr8r
to be very high sensitivity, rapid results, high reproducibility, and relatively
low cost per test and expect the BACelr8r will be initially used in the ICU
(intensive care units) of hospitals for the diagnosis and treatment assessment
of VAP (ventilator associated pneumonia).

     On November 24, 2004, we entered into an exclusive global manufacturing and
distribution licensing agreement (the "License Agreement) with Schott Nexterion
(Schott Jenaer Glas GmbH, Jena, Germany "SCHOTT") and a supply agreement (the
"Supply Agreement") for microarray slides using Accelr8's OptiChem(R) surface
chemistry. (See Note 4 to the Financial Statements.)

     In fiscal 2005 we intend to complete technical studies on materials and
processes to be used in the BACcelr8r system. We also intend to begin BACcelr8r
product design and development. During the first six months of fiscal 2005 we
focused on assay development and refined methods of analyte capture intended for
use in BACcelr8r. With our microarraying products, we will continue
manufacturing hydrogel slides for resale to Schott customers pursuant to the
Supply Agreement. In addition, we expect to conduct further custom OptiChem
coating development.


Changes in Results of Operations: Six months ended January 31, 2005 compared to
six months ended January 31, 2004.

     On July 30, 2004, we completed the sale of the assets related to the
Software Migration Business. See Note 7 to the financial statements for details.
The following revenues, costs and expenses relate only to our continuing
operations.

     Consulting fees during the six month period ended January 31, 2005 were
$90,000 as compared to $0 for the six month period ended January 31, 2004. The
consulting fees were the result of a contract completed on December 31, 2004 for
a custom coating for an industrial customer.

     During the six month period ended January 31, 2005, license fees were
$62,750 as compared to $0 for the six month period ended January 31, 2004. The
License fees were the result of the License Agreement entered into with SCHOTT
to produce and sell the Company's OptiChem surface chemistry technology, sales
to repeat customers and new customers that are evaluating the Company's OptArray
slides as well as an option to license OptiChem coated 96 well plates. (See Note
4 to the Financial Statements.)

                                       11
<PAGE>

     OptiChem revenues for the six month period ended January 31, 2005 were
$110,005 as compared to $59,252 for the six month period ended January 31, 2004,
an increase of $50,753 or 85.7%. This increase was primarily the result of sales
of OptArray slides under the Supply Agreement with SCHOTT, and a custom
application to another SCHOTT customer for a new formula not covered by the
Supply Agreement.

     During the six months ended January 31, 2005, sales to the Company's two
largest customers were $90,000 and $131,514, representing 34.2% and 50.1% of the
Company's gross revenues. During the six months ended January 31, 2004, sales to
the Company's two largest customers were $35,150 and $11,900, representing 59.3%
and 20.0% of gross revenues. The loss of a major customer could have a
significant impact on the Company's financial performance.

     Cost of sales for the six months ended January 31, 2005 was $42,386, which
represented 38.5% of OptiChem revenue compared to $24,670 during the six months
ended January 31, 2004, which represented 41.6% of OptiChem revenue. The
decrease in the cost of sales expressed as a percentage of Optichem revenue was
the result of efficiencies in producing a greater number of slides and lower
cost of substrates used in the formulation of OptiChem.

     General and administrative expenses for the six months ended January 31,
2005 were $497,708 as compared to $460,414 during the six months ended January
31, 2004, an increase of $37,294 or 8.1%. This increase was largely due to
increased salaries as some individuals that were contractors were hired as full
time employees. Some of the increase was offset by the consolidation of our
corporate offices with our laboratory facility as of October 1, 2004.

     Marketing and sales expenses for the six months ended January 31, 2005 were
$22,175 as compared to $77,085 during the six months ended January 31, 2004, a
decrease of $54,910 or 71.2%. This decrease was largely due to an outside
consultant being hired as an employee and the salary being classified in general
and administrative.

     Research and development expenses for the six months ended January 31, 2005
were $436,545 as compared to $280,365 during the six months ended January 31,
2004, an increase of $156,180 or 55.7%. This increase was largely due to
increased spending on the development of the BACcelr8r by outside consultants of
$31,745 and hiring of new lab personnel.

     Depreciation for the six months ended January 31, 2005 was $43,664 as
compared to $17,730 during the six months ended January 31, 2004, an increase of
$25,934 or 146.3%. This increase results from the depreciation of additional
laboratory equipment placed into service.

     The increase in amortization for the six months ended January 31, 2005 was
negligible since the only additions were legal fees associated with patent
filings.

     As a result of these factors, loss from operations for the six months ended
January 31, 2005 was $897,244 as compared to a loss of $917,268 during the six
months ended January 31, 2004, a decreased loss of $20,024 or 2.2%.

                                       12
<PAGE>

     Interest income during the six months ended January 31, 2005 was $63,551 as
compare to $32,276 during the six months ended January 31, 2004, an increase of
$31,275 or 96.9%. Interest income increased as a result of the interest earned
on the note from discontinued operations and an increase in the interest rate on
the amounts of cash held by the Company.

     Unrealized holding gains on marketable securities held in the deferred
compensation trust for the six months ended January 31, 2005 was $4,661 as
compared to of $37,630 held for the six months ended January 31, 2004, a
decrease of $32,969, or 87.6%. The decreased gain was the result of a decrease
in the price of securities held in the deferred compensation trust.

     Realized gain on the sale of investments was $4,710 for the six months
ended January 31, 2005, as compared to $1,975 for the six months ended January
31, 2004, an increased gain of $2,735 or 138.5%. The increased gain was the
result of increased interest rates and cash dividends.

     As a result of these factors, net loss for the six months ended January 31,
2005 was $824,322 as compared to $795,121 during the six months ended January
31, 2004, an increased loss of $29,201 or 3.7%.


Changes in Results of Operations: Three months ended January 31, 2005 compared
to three months ended January 31, 2004.

     Consulting fees during the three month period ended January 31, 2005 were
$90,000 as compared to $0 for the three month period ended January 31, 2004. The
consulting fees were the result of a contract completed on December 31, 2004 for
a custom coating for an industrial customer.

     License fees during the three month period ended January 31, 2005, were
$62,750 as compared to $0 for the three month period ended January 31, 2004. The
License fees were the result of the License Agreement entered into with SCHOTT
to produce and sell the Company's technology. See Note 5 to the financial
statements.

     OptiChem revenues for the three month period ended January 31, 2005 were
$89,196 as compared to $36,968 for the three month period ended January 31,
2004, an increase of $52,228 or 141.3%. This increase was primarily the result
of sales of OptArray slides under the Supply Agreement with SCHOTT, sales to
repeat customers and new customers that are evaluating the Company's OptArray
slides.

     During the three months ended January 31, 2005, revenues included a $90,000
consulting contract for custom slides with one customer, license fees of $62,750
and OptiChem revenue of $64,600 with SCHOTT. These three amounts represented 90%
of the Company's net revenues, with 52.5% from SCHOTT. During the three months
ended January 31, 2004, sales to the Company's two largest customers were
$20,350 and $11,900, representing 55% and 32% of net revenues. The loss of a
major customer could have a significant impact on the Company's financial
performance.

                                       13
<PAGE>

     Cost of sales for the three months ended January 31, 2005 were $32,771 as
compared to $16,163 during the three months ended January 31, 2004, an increase
of $16,608, or 1.01%. The increase is the result of increased production. The
cost of goods sold as a percentage of OptiChem sales was 36.7% for the three
months ended January 31, 2005 as compared to 43.7% during the three months ended
January 31, 2004, a decrease of 7%. This decrease is due to efficiencies as a
result of increased production and lower glass and substrate costs.

     General and administrative expenses for the three months ended January 31,
2005 were $236,652 as compared to $253,047 for the three months ended January
31, 2004, a decrease of $16,395 or 6.5%. This decrease was primarily the result
of decreased deferred compensation resulting from changes in market value of
investments in the deferred compensation trust.

     Marketing and sales expenses for the three months ended January 31, 2005
were $11,426 as compared to $37,574 during the three months ended January 31,
2004, a decrease of $26,148 or 69.6%. This decrease was primarily the result of
a consultant being hired as an employee and the salary reclassified into general
and administrative.

     Research and development expenses for the three months ended January 31,
2005 were $233,543 as compared to $137,532 for the three months ended January
31, 2004, an increase of $96,011 or 69.8%. The increase was primarily the result
of the addition of consultants working on the BACcelr8r and hiring of additional
lab personnel.

     Depreciation for the three months ended January 31, 2005 was $28,258 as
compared to $8,865, an increase of $19,393 or 218.8%. This increase results from
the purchase of additional lab equipment.

     The change in amortization for the three months ended January 31, 2005 was
negligible from the prior year.

     As a result of the above factors, the loss from operations for the three
months ended January 31, 2005 was $359,527 as compared to a loss of $474,341
during the three months ended January 31, 2004, a decreased loss of $114,814 or
24.2%.

     Interest income during the three months ended January 31, 2005 was $34,785
as compared to $15,989 during the three months ended January 31, 2004, an
increase of $18,796 or 117.6%. Interest income increased as a result of the
interest earned on the note from discontinued operations and an increase in the
interest rate on the amounts of cash held by the Company.

     Unrealized holding gains on marketable securities held in the deferred
compensation trust for the three months ended January 31, 2005 were $5,364 as
compared to $26,401 held for the three months ended January 31, 2004, a decrease
of $21,037, or 79.7%. The decrease was the result of a decrease in the price of
securities held in the deferred compensation trust.

                                       14
<PAGE>

     Realized gain on the sale of investments was $4,710 for the three months
ended January 31, 2005, as compared to $0 for the three months ended January 31,
2004. The realized gain on investment was the result of increased interest rates
and cash dividends.

     As a result of these factors, the net loss for the three months ended
January 31, 2005 was $328,407 as compared to a net loss of $314,668 during the
three months ended January 31, 2004, a decreased loss of $57,455 or 15.4%.

Capital Resources and Liquidity

     At January 31, 2005, as compared to July 31, 2004, the Company's current
assets decreased $773,495 or 10%. During the same period, shareholders' equity
decreased 7%, a total of $770,103, the amount of the net operating loss.

     Cash and cash equivalents for the six months ended January 31, 2005
decreased by $809,367. This decrease was largely the result of the net loss of
$838,061, an increase in prepaid expenses of $49,982 and an increase in accounts
payable of $23,163, offset by a decrease in deferred compensation of $48,984.

     The Company has historically funded its operations primarily through equity
financing and cash flow generated from operations. The Company anticipates that
current cash balances and working capital plus future positive cash flow from
operations will be sufficient to fund its capital and liquidity needs in the
foreseeable future.

Item 3. Controls and Procedures
-------------------------------

     An evaluation was conducted under the supervision and with the
participation of the Company's management, including Thomas V. Geimer, the
Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures as of January 31, 2005. Based on that evaluation, Mr. Geimer
concluded that the Company's disclosure controls and procedures were effective
as of such date to ensure that information required to be disclosed in the
reports that it files or submits under the Securities Exchange Act of 1934,
amended, is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms. Such officers also confirm that there was no
change in the Company's internal control over financial reporting during the
quarter ended January 31, 2005 that has materially affected, or is reasonably
likely to materially affect, the Company's internal control over financial
reporting.


                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings
-------------------------

     None

Item 2. Changes in Securities and Use of Proceeds
-------------------------------------------------

     Not applicable.

Item 3. Defaults of Senior Securities
-------------------------------------

     Not applicable.

                                       15
<PAGE>

Item 4. Submission of Matters to a Vote of Security Holders
-----------------------------------------------------------

     None.

Item 5. Other Information
-------------------------

     None

Item 6. Exhibits and Reports on Form 8-K
----------------------------------------

a)   Exhibits:

     1.   Exhibit 31.1 Certification of Officer Pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002.

     2.   Exhibit 31.2 Certification of Officer Pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002.

     3.   Exhibit 32.1 Certification of Officer Pursuant to 18 U.S.C. 1350, as
          adopted pursuant to Section 906 of the Sarbanes-Oxley Act 0f 2002.


b)   Reports on Form 8-K:

     Form 8-K filed December 6, 2004 announcing entering into a License
     Agreement and a Supply Agreement with SCHOTT Jenaer Glas BmbH.

     Form 8-K Filed January 6, 2005 announcing resignation of James Godkin and
     appointment of Joan D. Montgomery.


                                       16
<PAGE>



                                   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.

Dated:  March 16, 2005                    ACCELR8 TECHNOLOGY CORPORATION


                                          /s/ Thomas V. Geimer
                                          --------------------
                                          Thomas V. Geimer, Secretary, Chief
                                          Executive Officer and Chief Financial
                                          Officer


                                          /s/ Joan D. Montgomery
                                          ----------------------
                                          Joan D. Montgomery, Principal
                                          Accounting Officer















                                       17