U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                               FORM 10-KSB/A NO. 1

         (MARK ONE)

      |X|     Annual  Report  Pursuant  to  Section  13 or 15(d)  of  Securities
              Exchange Act of 1934 (Fee Required)

                   For the fiscal year ended December 31, 1996

       _
      |_|     Transition Report under Section 13 or 15(d) of the Securities 
              Exchange Act of 1934 (No Fee Required)

               For the transition period from _______ to _______.

                           Commission File No. 0-21739

                              GENETIC VECTORS, INC.
                              ---------------------
                 (Name of Small Business Issuer in Its Charter)

Florida                                                   65-0324710
-------                                                   ----------
(State or Other Jurisdiction of Incorporation or          (I.R.S. Employer
Organization)                                              Identification No.)

2000 South Dixie Highway, Suite 100, Miami, Florida       33133
---------------------------------------------------       -----
(Address of Principal Executive Offices)                  (Zip Code)

                                 (305) 859-7800
                                 --------------
                (Issuer's Telephone Number, Including Area Code)


        Securities registered under Section 12(b) of the Securities Act:

Title of Each Class                         Name of Exchange on which registered
-------------------                         ------------------------------------
None                                        None

        Securities registered under Section 12(g) of the Securities Act:

                          Common Stock, Par Value $.001
                          -----------------------------
                                (Title of Class)

         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,  and (2) has
been subject to such filing requirements for the past 90 days. Yes |X| No |_|

         Check if there is no  disclosure  of  delinquent  filers in response to
Item 405 of Regulation S-B not contained in this form, and no disclosure will be
contained, to the best of the registrant's knowledge, in the definitive proxy or
information statement  incorporated by reference in Part III of this Form 10-KSB
or amendment to Form 10-KSB. |_|

         The issuer did not generate any revenues  during its most recent fiscal
year.

         The  aggregate  market  value of the  Company's  voting  stock  held by
non-affiliates  as of March 20, 1997 was  approximately  $8,488,846 based on the
average closing bid and asked prices of such stock on that date as quoted on the
OTC Bulletin Board.  There were 2,339,634 shares of Common Stock  outstanding as
of March 28, 1997.

         Documents Incorporated by Reference: See Item 13

         This Form 10-KSB/A  consists of 7 pages.    The Exhibit Index begins on
page 5.
<PAGE>


Item 13.      Exhibits, List and Reports on Form 8-K.
----------------------------------------------------

(a)  Exhibits.
     --------

<TABLE>
<CAPTION>

 Exhibit
   No.      Description                                   Location                                        Page
 -------    -----------                                   --------                                        ----

<S>         <C>                                           <C>                                             <C>
   3.1      Articles of Incorporation of the Company,     Incorporated by reference to Exhibit No.
            as amended                                    3.1 to Registrant's Registration Statement
                                                          (the "Registration Statement") on Form
                                                          SB-2 (Registration Number 333-5530-A).

   3.2      By-laws of the Company                        Incorporated by reference to Exhibit No.
                                                          3.2 to the Registration Statement.

   4.1      Form of Common Stock certificate              Incorporated by reference to Exhibit No.
                                                          4.1 to the Registration Statement.

   4.2      Form of Underwriters' Warrant                 Incorporated by reference to Exhibit No.
                                                          4.2 to the Registration Statement.

   4.3      Form of 1996 Incentive Plan                   Incorporated by reference to Exhibit No.
                                                          4.3 to the Registration Statement.

   9.1      Letter  Agreement  dated  March  25,  1996    Incorporated by reference to Exhibit No. 
            among Mead M. McCabe, Sr., Marigrace McCabe,  9.1 to the Registration Statement.
            Mead M. McCabe, Jr. and Nyer Medical Group, 
            Inc.
            
   9.2      Letter Agreement dated July 24, 1996          Incorporated by reference to Exhibit No.
            among Mead M. McCabe, Sr.,  Marigrace McCabe, 9.2 to the Registration Statement.
            Mead M. McCabe, Jr. and Nyer Medical Group, 
            Inc.

   10.1     License Agreement dated September 7, 1990     Incorporated by reference to Exhibit No.
            between the University of Miami and its       10.1 to the Registration Statement.
            School of Medicine and ProVec, Inc.

   10.2     Assignment of License Agreement dated         Incorporated by reference to Exhibit No.
            January 20, 1992 between ProVec, Inc. and     10.2 to the Registration Statement.
            EpiDNA, Inc.


<PAGE>

   10.3     Agreement between University of Miami and     Incorporated by reference to Exhibit No.
            its School of Medicine and the Company        10.3 to the Registration Statement.
            dated August 21, 1996

   10.4     Employment Agreement dated August 15, 1996    Incorporated by reference to Exhibit No.
            between Mead M. McCabe, Sr. and the Company   10.4 to the Registration Statement.

   10.5     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated August 15, 1996 between       10.5 to the Registration Statement.
            Mead M. McCabe, Sr. And the Company

   10.6     Employment Agreement dated August 15, 1996    Incorporated by reference to Exhibit No.
            between Mead M. McCabe, Jr. and the Company   10.6 to the Registration Statement.

   10.7     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated August 15, 1996 between       10.7 to the Registration Statement.
            Mead M. McCabe, Jr. and the Company

   10.8     Employment Agreement dated July 24, 1996      Incorporated by reference to Exhibit No.
            between Richard H. Tullis and the Company     10.8 to the Registration Statement.

   10.9     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated July 24, 1996 between         10.9 to the Registration Statement.
            Richard H. Tullis and the Company

  10.10     Consulting Agreement dated June 19, 1996      Incorporated by reference to Exhibit No.
            between James A. Joyce and the Company        10.10 to the Registration Statement.

  10.11     Letter Agreement dated December 16, 1994      Incorporated by reference to Exhibit No.
            among Nyer Medical Group, Inc., Genetic       10.11 to the Registration Statement.
            Vectors, Inc., Mead M. McCabe, Sr. And Mead
            M. McCabe, Jr.

  10.12     Investors Finders Agreement dated June 9,     Incorporated by reference to Exhibit No.
            1994 among Nyer Medical Group, Inc., and      10.12 to the Registration Statement.
            the Company and Gulf American Trading
            Company

   21.      Subsidiaries of the Registrant                Incorporated by reference to Exhibit No.
                                                          21 to the Registrant's Annual Report on
                                                          Form 10-KSB for the fiscal year ended
                                                          December 31, 1996 (File No. 0-21739).

    27.     Financial Data Schedule                       Attached.                                        7

</TABLE>

(b)  Reports on Form 8-K.
     -------------------

         None.

<PAGE>

                                   SIGNATURES
                                   ----------




          In accordance  with  Section  13  or  15(d)  of the Exchange Act,  the
registrant  caused  this report to be signed on its  behalf by the  undersigned,
thereunto duly authorized.

                                   GENETIC VECTORS, INC.


                                   By: /s/ Mead M. McCabe, Jr.
                                       ------------------------
                                       Mead M. McCabe, Jr.
                                       President


Date:  May 29, 1997
<PAGE>

                                  EXHIBIT INDEX
<TABLE>
<CAPTION>

 Exhibit
   No.      Description                                   Location                                        Page
 -------    -----------                                   --------                                        ----
<S>         <C>                                           <C>   
   3.1      Articles of Incorporation of the Company,     Incorporated by reference to Exhibit No.
            as amended                                    3.1 to Registrant's registration Statement
                                                          (the "Registration Statement") on Form
                                                          SB-2 (Registration Number 333-5530-A).

   3.2      By-laws of the Company                        Incorporated by reference to Exhibit No.
                                                          3.2 to the Registration Statement.

   4.1      Form of Common Stock certificate              Incorporated by reference to Exhibit No.
                                                          4.1 to the Registration Statement.

   4.2      Form of Underwriters' Warrant                 Incorporated by reference to Exhibit No.
                                                          4.2 to the Registration Statement.

   4.3      Form of 1996 Incentive Plan                   Incorporated by reference to Exhibit No.
                                                          4.3 to the Registration Statement.

   9.1      Letter  Agreement  dated  March  25,  1996    Incorporated  by reference to Exhibit No.
            among Mead M. McCabe, Sr., Marigrace McCabe,  9.1 to the Registration Statement.
            Mead M. McCabe, Jr. and Nyer Medical Group,
            Inc.

   9.2      Letter Agreement dated July 24, 1996          Incorporated by reference to Exhibit No. 
            among Mead M. McCabe, Sr., Marigrace McCabe,  9.2 to the Registration Statement.
            Mead M. McCabe, Jr. and Nyer Medical Group,
            Inc.

   10.1     License Agreement dated September 7, 1990     Incorporated by reference to Exhibit No.
            between the University of Miami and its       10.1 to the Registration Statement.
            School of Medicine and ProVec, Inc.

   10.2     Assignment of License Agreement dated         Incorporated by reference to Exhibit No.
            January 20, 1992 between ProVec, Inc. and     10.2 to the Registration Statement.
            EpiDNA, Inc.

   10.3     Agreement between University of Miami and     Incorporated by reference to Exhibit No.
            its School of Medicine and the Company        10.3 to the Registration Statement.
            dated August 21, 1996

   10.4     Employment Agreement dated August 15, 1996    Incorporated by reference to Exhibit No.
            between Mead M. McCabe, Sr. and the Company   10.4 to the Registration Statement.

   10.5     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated August 15, 1996 between       10.5 to the Registration Statement.
            Mead M. McCabe, Sr. And the Company

   10.6     Employment Agreement dated August 15, 1996    Incorporated by reference to Exhibit No.
            between Mead M. McCabe, Jr. and the Company   10.6 to the Registration Statement.

   10.7     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated August 15, 1996 between       10.7 to the Registration Statement.
            Mead M. McCabe, Jr. and the Company



<PAGE>

   10.8     Employment Agreement dated July 24, 1996      Incorporated by reference to Exhibit No.
            between Richard H. Tullis and the Company     10.8 to the Registration Statement.

   10.9     Stock Option Addendum to Employment           Incorporated by reference to Exhibit No.
            Agreement dated July 24, 1996 between         10.9 to the Registration Statement.
            Richard H. Tullis and the Company

  10.10     Consulting Agreement dated June 19, 1996      Incorporated by reference to Exhibit No.
            between James A. Joyce and the Company        10.10 to the Registration Statement.

  10.11     Letter Agreement dated December 16, 1994      Incorporated by reference to Exhibit No.
            among Nyer Medical Group, Inc., Genetic       10.11 to the Registration Statement.
            Vectors, Inc., Mead M. McCabe, Sr. And Mead
            M. McCabe, Jr.

  10.12     Investors Finders Agreement dated June 9,     Incorporated by reference to Exhibit No.
            1994 among Nyer Medical Group, Inc., and      10.12 to the Registration Statement.
            the Company and Gulf American Trading
            Company


   21.      Subsidiaries of the Registrant                Incorporated by reference to Exhibit No.
                                                          21 to the Registrant's Annual Report on
                                                          Form 10-KSB for the fiscal year ended
                                                          December 31, 1996 (File No. 0-21739).

   27.      Financial Data Schedule                       Attached.                                        7
</TABLE>