Exhibit 99.1 Pro Forma Balance Sheet           

The following unaudited pro forma balance sheet of Aquila Biopharmaceuticals,
Inc. ("Aquila") gives effect to the consummation of CBC's reorganization 
plan (which occurred on October 21, 1996), and to the sale by Aquila of all 
of the capital stock of Cambridge Biotech Corporation ("CBC") to bioMerieux
Vitek (which occurred on October 22, 1996), as of September 30, 1996.  
Aquila's investment in the retroviral business is shown as a single 
investment.  

This pro forma balance sheet is not necessarily indicative of Aquila's actual 
financial position had these transactions occurred at September 30, 1996, as
it relies upon certain assumptions and estimates by Aquila's management.

                        AQUILA BI0PHARMACEUTICALS, INC.
                   (formerly Cambridge Biotech Corporation)
                          Pro Forma Balance Sheet
                          As of September 30, 1996
                        (Unaudited), (In Thousands)

                          Aquila     Consummation  Retroviral  
Assets                  As Reported  Adjustments   Adjustments   Pro Forma
------                  -----------  ------------  -----------   ---------
Current Assets:
  Cash and cash 
   equivalents              $15,350     ($4,031)      $5,800       $17,119
  Restricted Cash             1,000                                  1,000
  Accounts receivable-                                                
    trade (net of 
    allowance for 
    doubtful accounts)        2,617                                  2,617
  Other receivables             118                                    118
  Inventories                 4,568                   (2,692)        1,876
  Prepaid expenses            
   & other current 
   assets                       511                                    511
                             ------      ------         -----         -----
  Total Current Assets       24,164      (4,031)       3,108        23,241

Investments                     855                                    855

Property, plant, 
  and equipment, net          4,896                     (325)        4,571
Patents and purchased 
  technology, net               503                     (167)          336
Other assets                     64                                     64
                             ------      ------         -----         -----
Total Assets               $ 30,482     ($4,031)      $2,616       $29,067
                             ======      ======        ======        ======
Liabilities & 
Shareholders'Equity

Current Liabilities:
   Accounts payable        $    701                                $   701
   Accrued royalties            570                                    570
   Accrued professional 
    fees                        860        (549)                       311
   Accrued incentive 
     compensation             1,220      (1,220)                         0
   Accrued 
     restructuring costs        201        (201)                         0
   Other accrued expenses     2,312        (802)                     1,510
   Deferred revenue-current   2,273                                  2,273
                              ------       -----       -----         -----
    Total Current 
     Liabilities              8,137      (2,772)           0         5,365
                                   
   Deferred revenue-L.T.      2,150        (600)                     1,550

   Long-term Debt-less
     current maturities           0       4,200                      4,200
                                                                
   Liabilities subject to                   
    Chapter 11 proceedings    9,531      (9,531)                         0
                              -----       -----        -----         -----
    Total Liabilities        19,818      (8,703)           0        11,115

    Minority Interest            11                      (11)            0
    
    Shareholders'Equity:
    CBC common stock, 
       par value:
       $.01 per share, 
       authorized:
       40,000,000 
       shares, issued: 
       26,065,000 shares        261        (261)                         0
    Aquila common
       stock, par value:
       $.01 per share,
       authorized: 
       30,000,000 shares,
       issued: 5,000,000
       shares                                50                         50
     Additional paid in 
        capital             120,382       2,783                    123,165
      Unearned 
        compensation           (138)        138                          0
      Deficit              (109,852)      1,962        2,627      (105,263)
                            -------     -------        -----       -------
    Total Shareholders'
      Equity                 10,653       4,672        2,627        17,952
                             ------      ------        -----        ------
    Total Liabilities and 
      Shareholders' Equity  $30,482     ($4,031)      $2,616       $29,067
                            =======      =======       =====        ======

The accompanying notes are an integral part of these unaudited consolidated
financial statements.               
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