Exhibit 99.2  Pro Forma Statement of Operations

The following unaudited pro forma statement of operations of Aquila gives
effect to the sale by Aquila of certain assets of its enterics business to
Meridian Diagnostics, Inc. and of all the capital stock of CBC to 
bioMerieux Vitek, Inc. immediately prior to the beginning of the 
fiscal year ended December 31, 1995 and the nine month period ended 
September 30, 1996 by excluding from Discontinued Operations the results
of both the enterics business and the retroviral business.  

This pro forma statement of operations 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 BIOPHARMACEUTICALS, INC.
                (formerly Cambridge Biotech Corporation)
                    Pro Forma Statement of Operations
            For the Nine Month Period Ended September 30, 1996
                             (Unaudited)
                 (In Thousands, except per share amounts)
                                                                    Aquila
                                Aquila                               Pro
                              Historical   Enterics    Retroviral   Forma
Revenue:                      ----------   --------    ----------   ------     
 Product sales                  $1,449     $            $          $ 1,449
 Research & development          3,949                               3,949
 Royalties                       1,277                               1,277
                                 -----       -----        -----      -----
                                 6,675           0            0      6,675
Cost and expenses:
 Cost of sales                   1,578                               1,578
 Research & development          3,319                               3,319
 General & administrative        4,000                               4,000
                                 -----       -----        -----      -----
                                 8,897           0            0      8,897
Other:
 Other income and interest 
   expense net of interest 
   income                        4,054                               4,054
                                 -----      ------        -----      -----
Income from continuing 
   operations before 
   reorganization items 
   and income tax expense        1,832           0            0      1,832 

Reorganization items:
 Professional fees              (1,934)                             (1,934)
 Interest earned on
  accumulated cash
  resulting from 
  Chapter 11 proceedings           412                                 412
                                  -----       -----       -----       -----
Total reorganization items      (1,522)          0            0     (1,522)  
                                 ------       -----       -----       -----
Income from continuing     
 operations before income 
 tax expense                       310           0            0        310 

Income tax expense                  (2)                                 (2)
                                  -----       -----       ------     -----
Income from 
 continuing operations             308           0            0        308 
                               
Discontinued operations: 
  Income from operations         1,799        (620)      (1,179)         0 
  Gain on disposal               4,600      (4,600)                      0
                                 -----      ------        -----       -----
Net Income/(loss)               $6,707     ($5,220)     ($1,179)      $308 
                                ======     ========      ======     ======
Net Income per weighted 
 average number of 
 common shares:            
     Continuing operations       $0.01                               $0.06 
     Discontinued operations     $0.25                               $0.00 
                                 -----                             -------
Net Income per share             $0.26                               $0.06 
                                 =====                              =======
Weighted average number of
   common shares outstanding    26,065                               5,000
                                ======                              ======
The accompanying notes are an integral part of these unaudited consolidated
financial statements.               
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                      AQUILA BIOPHARMACEUTICALS, INC.
                  NOTES TO PRO FORMA FINANCIAL STATEMENTS

Note A.  Basis of Presentation

On June 24, 1996, Aquila sold the assets of the enterics diagnostics business
to Meridian Diagnostics, Inc. for approximately $5,700,000 in cash and other
considerations.  The Company reported income for discontinued enterics 
operations of $620,000 for the nine months ended September 30, 1996 and a
gain on disposal of $4,600,000.

On October 22, 1996, Aquila sold all of the equity of Cambridge Biotech 
Corporation ("CBC"), to bioMerieux Vitek, Inc. for approximately $6,450,000 
in cash.  At the time of the sale, CBC's assets consisted solely of the 
retroviral business.   The Company reported income for discontinued 
retroviral operations of $1,179,000 for the nine months ended 
September 30, 1996, and will recognize a gain on this transaction in the 
fourth fiscal quarter of 1996.                                                 

On October 21, 1996, CBC consummated a reorganization plan that was confirmed
by the United States Bankruptcy Court on July 18, 1996.  The consummation
of the plan involved completing a number of transactions, including the
restructuring or payment in cash or stock of all allowed secured, unsecured,
administrative and priority tax claims.  As a result of these transactions,
the Company paid out approximately $4,031,000 in cash, and will recognize
a gain on reorganization in the fourth fiscal quarter of 1996.

The unaudited Pro Forma Statements of Operations reflect the Company's 
results of operations for the nine months ended September 30, 1996,
on a pro forma basis assuming the transactions had been completed as of 
December 31, 1995.  The unaudited Pro Forma Balance Sheet at 
September 30, 1996, assumes that the transactions had been completed on that 
date.

These pro forma financial statements are intended to present management's
estimates of the results from operations and financial condition of the 
enterics and retroviral businesses, and of the impact of the Plan consum-
mation on the financial condition of Aquila.  Certain of the pro forma
adjustments presented represent allocations and management's estimates
of costs, expenses, assets or liabilities.  As a result, the financial
statements presented may not be indicative of the results that would have
been achieved if Aquila had operated as a non-affiliated entity during
the nine months ended September 30, 1996, or if the consummation had 
occurred on or before September 30, 1996.

Note B.  Pro Forma Adjustments:

The balance sheet as of September 30, 1996 gives effect to the following
pro forma adjustments related to the consummation of the reorganization 
plan:

(a)  to record the expenditure of cash for the satisfaction of pre-petition
     and administration claims and professional fees

(b)  to record the reduction of liabilities related to paid claims and the
     adjustment of certain estimated liabilities

(c)  to record the effect on shareholders' equity of the exchange of Aquila
     shares for CBC shares

(d)  to record the estimated pro forma gain on reorganization

The balance sheet as of September 30, 1996 gives effect to the following
pro forma adjustments related to the sale of the capital stock of CBC:

(e)  to record the sale of selected assets of the business

(f)  to record the net cash proceeds as an addition to cash

(g)  to record the estimated pro forma gain on the sale of the retroviral
     business

The statement of operations for the period ended September 30, 1996 gives
effect to the following pro forma adjustments related to the sale of the
capital stock of CBC and the enterics assets:

(h)  to exclude income of $1,799,000 from Income from Discontinued 
     Operations

(i)  to exclude $4,600,000 related to the sale of the enterics assets from
     Gain from Disposal of Discontinued Operations