<PAGE>1
                            UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549
                            ------------ 
                             FORM 10-QSB
                            ------------ 
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 1998

     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:  0-11586
       INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
              ------------------------------                      
     (Exact name of registrant as specified in its charter)

<TABLE>
<S>                             <C>
Pennsylvania                    23-0350710
---------------------           --------------------              
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)  
</TABLE>

                          260 New York Drive
                 Fort Washington, Pennsylvania 19034
                     -------------------------
         (Address of principal executive offices) (Zip Code)
                                   
                            (215) 646-7100
                      ------------------------  
         (Registrant's telephone number including area code)
                                   
                                 N/A
                      ------------------------
(Former name, former address and former fiscal year, if changed
since last report)
                                   
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.
                                 _X__ Yes ___ No             
                                          
Indicate the number of shares outstanding of each of the issuers
shares of common stock, as of the latest practicable date:   As
of March 31st 1996, there were outstanding 12,760,140 shares of
the Registrant's Common Stock, $.005 par value.

                                                                  
   
                                                                  
   
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           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                                   
                                INDEX
<TABLE>
<CAPTION>                                   
                                                       Page
                                                     Number
PART I   FINANCIAL INFORMATION
<S>                                                     <C>
Item 1.  Consolidated Financial Statements

         Consolidated Balance Sheets:
         March 31, 1998 and December 31, 1997             3

         Consolidated Statements of Loss:
         Three Months Ended March 31,1998 and 1997        4

         Consolidated Statements of Accumulated Deficit:
         Three Months Ended March 31,1998 and 1997        5

         Consolidated Statements of Cash Flows:
         Three Months Ended March 31,1998 and 1997        6

         Note to Consolidated Financial Statements        7

Item 2.  Management's Discussion and Analysis of 
         Financial Condition and Results of Operations    8

PART II  OTHER INFORMATION

Item 1.  Legal Proceedings                                8

Item 6.  Exhibits and Reports on Form 8-K                 8

Signatures                                                9
</TABLE>

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           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                     CONSOLIDATED BALANCE SHEETS

                                Assets
<TABLE>
<CAPTION>
                                       Unaudited 
                                        March 31    DECEMBER 31
                                          1998         1997    
<S>                                  <C>            <C>
Current assets
 Cash                                $    19,622    $     5,837
 Note Receivable                          37,000         37,000
 Advances to affiliate                    62,450         62,450
 Other receivables                         1,169            440
                                       ---------      ---------
             Total assets              $ 120,241      $ 105,727
  
                Liabilities and Shareholders' Deficit

Current liabilities
 Accrued payroll and rent, officer       389,690    $   378,744
 Accounts payable and accrued expenses    60,326         60,326
 Due to affiliate                        135,393        116,606
                                        --------       --------
       Total current liabilities         585,409        555,676
  
Shareholders' deficit
 Common stock - $.005 par value, 
  50,000,000 shares authorized  
  12,760,140 shares issued and 
  outstanding                              63,801        63,801
  Capital in excess of par value        1,072,812     1,072,812
  Accumulated deficit                 ( 1,601,781)   (1,586,562)
                                       -----------   -----------
       Total shareholders' deficit    (   465,168)   (  449,949)
                                       -----------    ----------
           Total liabilities and 
              shareholders' deficit    $  120,241     $ 105,727 
</TABLE>

 The accompanying note is an integral part of these financial
statements.



<PAGE> 4
           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                   CONSOLIDATED STATEMENTS OF LOSS
                             (UNAUDITED)
<TABLE>
<CAPTION>
                                             THREE MONTHS ENDED
                                                   March 31 ,
                                              1998        1997   
<S>                                         <C>        <C>
General and administrative expenses         $15,602    $15,550
                                            --------   --------
Other income
 Gain on sale of securities                     0            0
 Interest income                                382        383
                                            --------   --------  
       Total investment and other income        382        383
                                            --------   --------
Net loss                                   $(15,220)  ($15,167)
                                            --------   -------- 
Loss per common share outstanding            ($.001)   ($.001)
</TABLE>


 The accompanying note is an integral part of these financial
statements.

<PAGE> 5
           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
            CONSOLIDATED STATEMENTS OF ACCUMULATED DEFICIT
                             (UNAUDITED)

<TABLE>
<CAPTION>
                                         THREE MONTHS ENDED
                                               MARCH 31,
                                           1998        1997
<S>                                  <C>           <C>    
BALANCE - BEGINNING OF THE PERIOD    ($1,586,561)  ($1,503,438)


  NET (LOSS) GAIN FOR THE PERIOD     (     15,220) (    15,167)


BALANCE - END OF THE PERIOD          ($1,601,781)  ($1,518,605)

</TABLE>

 The accompanying note is an integral part of these financial
statements.


<PAGE> 6
           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (UNAUDITED)

<TABLE>
<CAPTION>
                                          THREE MONTHS ENDED
                                               MARCH 31,
                                           1998         1997   
<S>                                    <C>          <C>
Cash flows from operating activities
 Net income (loss)                     ($  15,220)  ($ 15,167)
 Adjustments to reconcile net loss 
   to net cash used in
   operating activities
  Changes in operating assets and 
    liabilities
    Accounts Receivable                   (   728)          0 
    Accrued payroll and rent, officer      10,946      10,945 
                                          --------     ------
 Total adjustments                         10,218      10,945 

 Net cash provided by (used in)
   operating activities                  (  5,002)   (  4,222)
                                         --------     -------- 
Cash flows from investing activities
    Advances from affiliates               18,787      115,898 
                                         --------     --------
 Net cash provided by investing 
   activities                              18,787      115,898 
                                         --------     -------- 
Net increase (decrease)  in cash           13,785      111,676 

Cash beginning                              5,837        7,138 
                                         ---------    --------
Cash ending                              $ 19,622    $ 118,814 

</TABLE>

 The accompanying note is an integral part of these financial
statements.


<PAGE> 7
           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
              NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
                           March 31, 1998


Note 1 -  The unaudited financial statements presented herein
          have been prepared in accordance with the instructions
          to Form 10-QSB and do not include all of the  
          information and note disclosures required by generally
          accepted accounting principles.  These statements  
          should be read in conjunction with he financial  
          statements and notes thereto included in the Company's
          Form 10-K annual report for the year ended December 31,
          1997.  In the opinion of management, these financial
          statements include all adjustments, consisting only of
          normal recurring adjustments, necessary to summarize
          fairly the Company's financial position and results of
          operations.  The results of operations for the 
          three-month period ended March 31, 1998 may not be
          indicative of the results that may be expected for the
          year ending December 31, 1998.


<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF 
        OPERATIONS

PLAN OF OPERATIONS

At December 31, 1997, International Management & Research
Corporation ("IMRC") through its wholly owned subsidiary IMRC
Holdings Inc. (IMRCH) owned 110,138,930 shares or 35.76% of
Biosonics, Inc. common stock.  As of December 31, 1996, IMRCH
owned 38.26% of Biosonics, Inc. common stock.  At December 31,
1995 and 1994, IMRC owned in excess of 50% of Biosonics common
stock, accordingly, Biosonics' financial statements were included
in the consolidated financial statements of IMRC.  After
Biosonics, in 1996, increased its authorized shares and issued
new shares to numerous individuals, primarily in exchange for
debt, and from the conversion of preferred stock, IMRCH's
ownership of common stock of Biosonics decreased to less than
50%.   Accordingly IMRC is no longer able to consolidate with
Biosonics' financial statements. Currently, IMRC's only business
is the ownership of the stock of Biosonics through IMRCH.  IMRC
may pursue the acquisition of operating companies.  However, IMRC
has an agreement with Biosonics in which Biosonics has the right
of first refusal for any proposal in the health care industry.   

IMRC has not actively traded in the last several months.  IMRC,
when traded, is over-the-counter on the NASD Bulletin Board. 

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The Company had no operating activities except for certain
services provided in connection with IMRCH's holding of
Biosonics' common stock. 

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
 
(a) Exhibits:
  
  *3.1 Articles of Incorporation (Exhibit to Registrant's
Registration Statement on Form 10 ["Form 10"]).

  *3.5 By-laws of Registrant, as amended. (Exhibit to
Registrant's Form 10)

  27.  Financial Data Schedule

(b) Reports on Form 8-K:

  The Registrant did not file any reports on Form 8-K during the
quarter ended March 31, 1998.

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                              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 thereunder duly authorized.


               INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION



Date: May 15,      1998          By:    /s/Jack Paller 
                             Jack Paller, President, Chairman 
                             (Principal Executive Officer), 
                             Principal Financial Officer and 
                             Principal Accounting Officer and 
                             Sole Director