FORM 10-QSB/A

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  10549

(Mark One)

[ x ]          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
                    SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   September 30, 1995  

                                OR

[   ]          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    0-15888   .


                        IGENE Biotechnology, Inc.              
         (Exact name of Registrant as specified in its charter)


  Maryland                                             52-1230461         
(State or other jurisdiction of incorporation         (I.R.S. Employer
         or organization)                         Identification No.)

 9110 Red Branch Road, Columbia, Maryland              21045-2020         
(Address of principal executive officers)             (Zip code)


Registrant's telephone number, including area code:     (410) 997-2599   


                                        None                              
(Former name, former address and former fiscal year, if changed since last
report)

    Indicate by a 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       

    The number of shares outstanding of the Registrant's $.01 par value
Common Stock as of September 30, 1995 is   14,255,738  .

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                                  FORM 10-QSB/A

                           IGENE Biotechnology, Inc.

                                     INDEX





                                                            Page 

PART I - FINANCIAL INFORMATION


    Balance Sheets .................................................     4

    Statements of Operations .......................................     5

    Statements of Stockholder's Equity (Deficit) ...................     6

    Statements of Cash Flows .......................................     8

    Notes to Financial Statements ..................................     9

    Management's Discussion and Analysis of Financial
         Conditions and Results of Operations .....................     11


PART II - OTHER INFORMATION ........................................    15


SIGNATURES ..........................................................   16

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                                  FORM 10-QSB/A

                                   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.



                                  IGENE Biotechnology, Inc.       
                                         (Registrant)


Date:  February 5, 1996
                               /s/  Stephen F. Hiu                
                                    Stephen F. Hiu  
                                    President, Treasurer and 
                                    Secretary
                             (On behalf of the Registrant and as
                              Principal Financial Officer)