SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                 FORM 10-KSB/A-1

            [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
                                       OR
          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

 For the fiscal year ended June 30, 1997       Commission File No. 33-43976
               Delaware                                 88-0218411
   (State or other jurisdiction of         (I.R.S. Employer Identification No.)
    incorporation or organization)

                                BIORELEASE CORP.
             (Exact name of Registrant as specified in its charter)

               340 Granite Street, 2nd Floor, Manchester, NH 03102
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:        (603) 641-8443

Securities registered pursuant to Section 12(b)of the Act: None
Securities registered pursuant to Section 12(g)of the Act: Common Stock, Class A

                         Common Stock Purchase Warrants

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 by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-B is not contained herein, and will not be contained to the best
of  registrant's  knowledge,  in  definitive  proxy  or  information  statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB [X ]

                               Yes __X__ No _____

The aggregate market value of the voting common stock held by non-affiliates (1)
of the  registrant  based on the  average  of high bid ($.12) and low bid ($.06)
prices of the Company's  Common Stock, as of October 08, 1997, is  approximately
$611,376  based upon an average  of $.10  multiplied  by the number of shares of
Registrant's Common Stock held by non-affiliates (6,113,757shares).

The number of shares  outstanding  of the  Registrant's  Common Stock,  $.01 par
value,  as of October 08, 1997 is 9,371,659  (which  excludes  550,000  treasury
shares).

(1)  "Affiliates"  solely for purposes of this item refers to those persons who,
during the 3 months  preceding  the filing of this Form  10-KSB  were  officers,
directors and/or  beneficial  owners of 5% or more of the Company's  outstanding
stock.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                  See Item 13.

Transitional Small Business Disclosure Format (check one):  Yes _____ No __X__

                                      -1-

<PAGE>


      This report amends the  registrant's  annual report on Form 10-KSB for the
fiscal  year  ended  June  30,  1997 to make  the  following  correction  in the
Financial  Table appearing on page F-14,  Item 7. Equity  (Continued)  under the
heading "A Summary of the  Company's  stock option plans as of June 30, 1997 and
1996 and changes during the year:" Under "Options Granted to Service  Providers,
Options  outstanding,  June 30,  1995" the number  727,620 is  corrected to read
1,727,620.

                                      -2-

<PAGE>


                BIORELEASE CORP. AND SUBSIDIARY D/B/A BIORELEASE
                        (A Development Stage Enterprise)

                   Notes to Consolidated Financial Statements

                             June 30, 1997 and 1996


7.   Equity (Continued)

     A summary  of the  Company's  stock  option  plans as of June 30,  1997 and
     1996 and  changes  during  the year are presented below:
<TABLE>
<CAPTION>

                                                                                       Options Granted to
                                Director Plan                Option Plan                Service Providers
                                -------------                -----------                -----------------
                                        Weighted                     Weighted                    Weighted
                               Number   Average             Number   Average            Number   Average
                                 of     Exercise              of     Exercise             of     Exercise
                              Options    Price             Options    Price            Options    Price
                              -------   --------           -------   --------          -------   --------
<S>                           <C>        <C>               <C>        <C>              <C>        <C>
Options outstanding,
June 30, 1995                 107,500    $ 3.94            200,000    $ 4.14         1,727,620    $ 1.10
Granted                        30,000      0.17               -          -           1,191,700      0.10
                              -------                     --------                   ---------    
Options outstanding,
June 30, 1996                 137,500      3.11            200,000      4.14         2,919,320      0.69
Granted                        30,000      0.17               -          -             375,000      0.09
Expired                       (10,000)      -             (200,000)      -             (50,000)      -
                              -------                     --------                   ---------    
Options outstanding,
June 30, 1997                 157,500      2.75               -          -           3,244,320      0.69
                              =======                     ========                   =========    

Currently exercisable         157,500      2.75               -          -           3,244,320      0.69
                              =======                     ========                   =========    
</TABLE>

     The range of exercise prices is $.06 to $7.50 as of June 30, 1997 and 1996.

     The weighted  average fair value of  the  options  granted during the years
     ended June 30, 1997 and 1996 is presented below:

                                                         1997           1996
                                                         ----           ----

      Director plan                                      $.10           $.08
      Option plan                                    Non Granted    Non Granted
      Options granted to service providers               $.11           $.07

     The  Company  applies  APB  Opinion  25  and  related   interpretations  in
     accounting for certain options granted.  Accordingly,  no compensation cost
     has been  recognized  for  those  options.  Had  compensation  cost for the
     Company  plans been  determined  based on the fair value at the grant dates
     consistent  with the method of FASB  Statement  123, the Company's net loss
     would have been increased by  approximately  $-0- and $30,000 for the years
     ended June 30, 1997 and 1996,  respectively.  This  increase  would have no
     impact on the loss per share for those years. Additionally, the Company did
     not record an expense  for  options  issued in the year ended June 30, 1997
     because the value of the options and consideration  received were deemed to
     be immaterial.

                                      F-14

<PAGE>


      SIGNATURES

      Pursuant  to the  requirements  of Section  13 or 15(d) 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.

                                BIORELEASE CORP.


Dated: October 31, 1997 By  /s/Richard F. Schubert
                               -------------------------------
                               Richard F. Schubert, Chairman

      Pursuant to the requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities and on the dates indicated.

SIGNATURES                 TITLE                   DATE


/s/Richard F. Schubert     Chairman,               October 31, 1997
   --------------------    Director and
   Richard F. Schubert     Principal Financial Officer
                         


/s/Richard Whitney         Director                October 31, 1997
   --------------------
   Richard Whitney

                                      -3-

<PAGE>


                      SUPPLEMENTAL INFORMATION AND EXHIBITS

Supplemental  Information  to be  Furnished  With  Reports  Filed  Pursuant to
Section 15(d) of the Act by Registrants  Which Have Not Registered  Securities
Pursuant to Section 12 of the Act.

                                 Not Applicable.

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