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                        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 September 30, 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 small business issuer as specified in its charter)

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

                         810 LOMBARD STREET
                  PHILADELPHIA, PENNSYLVANIA 19147
         (Address of principal executive offices) (Zip Code)
                                    
                           (215) 923-6850
           (Issuer's telephone number including area code)
                                    
                                N/A
(Former name, former address and former fiscal year, if changed
since last report)
                                    
Check whether the issuer (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the past 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 

State the number of shares outstanding of each of the issuers
shares of common stock, as of the latest practicable date:  as of
September 30th 1998, there were outstanding 12,760,140 shares of
the Issuer's Common Stock, $.005 par value.




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        INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                          INDEX
                                    
<TABLE>
<S>                                            <C>
                                                Page
                                                Number

PART I  FINANCIAL INFORMATION                                 

Item 1.  Consolidated Financial Statements                  

Consolidated Balance Sheets:                              
September 30, 1998 and December 31, 1997          3

Consolidated Statements of Loss:                           
Three and Nine Months Ended 
September 30, 1998 and 1997                       4

Consolidated Statements of Accumulated Deficit:             
Nine Months Ended September 30, 1998 and 1997     5

Consolidated Statements of Cash Flows:                      
Nine Months Ended September 30, 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
               (A DEVELOPMENT STAGE ENTERPRISE)
                        BALANCE SHEETS
                                     

<TABLE>
<S>                               <C>            <C>
                            ASSETS    
                     
                                   Unaudited      DECEMBER 31,
                                   September 30,  1997
                                   1998
Current assets                                                

Cash                               $8,984          $5,837
Notes receivable                   32,000          37,000
Advances to affiliate              62,450          62,450
Other receivables                     0               440

TOTAL ASSETS                       $103,434        $105,727

              LIABILITIES AND SHAREHOLDERS' DEFICIT           

Current Liabilities                                           

Accrued payroll and rent, officer  $411,581         $378,744
Accounts payable and accrued 
    expenses                         60,326           60,326
Due to affiliate                     39,985          116,606

TOTAL CURRENT LIABILITIES           511,892          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                  (1,545,071)     (1,586,562)

Total shareholders' deficit           (408,458)        (449,949)

TOTAL LIABILITIES AND SHAREHOLDERS'
           DEFICIT                    $103,434          $105,727
</TABLE>
The accompanying note is an integral part of these financial
statements

<PAGE 4>
        INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
               (A DEVELOPMENT STAGE ENTERPRISE)
                    STATEMENTS OF LOSS
                        (UNAUDITED)

<TABLE>
<S>                        <C>     <C>        <C>       <C>
                           NINE MONTHS ENDED  THREE MONTHS ENDED
                           September 30,      September 30,
                           1998     1997      1998      1997

GENERAL AND ADMINISTRATIVE
      EXPENSES             $39,657  $65,693   $11,288    $18,880

Other income                                                      
           
Gain on sale of securities  80,000      -      80,000       -    
Interest income              1,148    1,148       382        383

TOTAL OTHER INCOME          81,148    1,148     80,382       383
                                                                  

NET GAIN (LOSS)            $41,491   $(64,545)  $69,094 $(18,497)


LOSS PER COMMON SHARE 
    OUTSTANDING             $.0032    ($.0036)   $.005   ($.0024)
</TABLE>

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



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           INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                 (A DEVELOPMENT STAGE ENTERPRISE)
    STATEMENTS OF DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE
                           (UNAUDITED)

<TABLE>
<S>                        <C>                 <C>
                               NINE MONTHS ENDED  
                                 September 30,      
                            1998                1997

BALANCE - 
  BEGINNING OF THE PERIOD   $(1,586,562)        $(1,503,438)

NET (LOSS) GAIN                  41,491             (64,545)

BALANCE - 
  END OF THE PERIOD         $(1,545,071)        $(1,567,983)
</TABLE>


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

















                                     







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         INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
                 (A DEVELOPMENT STAGE ENTERPRISE)
                     STATEMENTS OF CASH FLOWS 
                           (UNAUDITED)
                                     
                                     
<TABLE>
<S>                             <C>             <C>
                                   NINE MONTHS ENDED 
                                     September 30
                                 1998            1997

Cash flows from operating activities                           

Net income (loss)                $41,491         $(64,545)

Adjustments to reconcile net
 loss to net cash used             
 in operating activities       

Change in operating assets and
 liabilities  
   Accounts receivable              5,440             (440) 
   Accrued payroll and rent, 
     officer                       32,837            32,839
Total adjustments                  38,277            32,399
                                                               

Net cash provided by (used in)
    operating activities           79,768            (32,146)
                                                               

Cash flows from investing activities                       
  Advances from affiliates        (76,621)            46,469

Net cash provided by 
   investing activities           (76,621)            46,469

Net increase (decrease) in cash     3,147             14,323

Cash beginning                      5,837              7,138

Cash ending                        $8,984             $21,461
</TABLE>
The accompanying note is an integral part of these financial
statements


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         INTERNATIONAL MANAGEMENT & RESEARCH CORPORATION
             NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
                         September 30, 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 the 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
nine month period ended September 30, 1998 may not be indicative
of the results that may be expected for the year ending December
31, 1998. 



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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF         
OPERATIONS

PLAN OF OPERATIONS

International Management & Research Corporation's ("IMRC") only
business is the ownership of the stock of Biosonics through IMRC
Holdings ("IMRCH").  IMRC may pursue the acquisition of
additional 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:   NOVEMBER 12, 1998   BY:     /S/JACK PALLER    
                                            
                             Jack Paller, President, Chairman
                             (Principal Executive Officer), 
                             Principal Financial Officer and 
                             Principal Accounting Officer and 
                             Sole Director