<PAGE>
 
                                   FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                    Quarterly Report under Section 13 of the
                        Securities Exchange Act of 1934

                        QUARTER ENDED SEPTEMBER 30, 1997


                         Commission File Number 0-24320


                          NAPRO BIOTHERAPEUTICS, INC.


Incorporated in Delaware                                   IRS ID No. 84-1187753

                            6304 Spine Road, Unit A
                               Boulder, CO 80301
                                 (303) 530-3891


NaPro BioTherapeutics, Inc. ("NaPro" or "the Company") (1) has filed all reports
required to be filed by Section 13 of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

The number of shares outstanding of each of the issuer's classes of common stock
as of November 5, 1997:

Common Stock, $.0075 par value                             12,388,063
Non-voting Common Stock, $.0075 par value                     395,000


Total number of pages in document--13
<PAGE>
 
                          NaPro BioTherapeutics, Inc.

                               Table of Contents


 
                                                                        Page
Part I    Financial Information

          Consolidated Financial Statements

              Balance Sheet                                               3
 
              Statement of Operations                                     5
 
              Statement of Cash Flows                                     6
 
              Notes to Consolidated Financial Statements                  7
 
          Management's Discussion and Analysis of Financial 
            Condition and Results of Operations                           8
 
          Quantitative and Qualitative Disclosures about Market Risk     11
 
 
Part II   Other Information
 
          Legal Proceedings                                              11
 
          Changes in Securities                                          11
 
          Defaults Upon Senior Securities                                11
 
          Submission of Matters to a Vote of Security Holders            12
 
          Other Information                                              12
 
          Exhibits and Reports on Form 8-K                               12
 
Signatures                                                               13
<PAGE>
 
                        Part I.  Financial  Information

Item 1.  Consolidated Financial Statements


                          NaPro BioTherapeutics, Inc.
                                 Balance Sheet
                                     Assets



<TABLE>
<CAPTION>
                                    September 30,  December 31, 
                                        1997           1996
                                    -------------  ------------ 
                                     (Unaudited) 
<S>                                 <C>            <C>  
Current assets:
   Cash and cash equivalents          $ 4,547,000   $ 9,531,000
   Securities available for sale               --     2,669,000
   Securities held to maturity                 --     2,567,000
   Restricted cash                      2,500,000            --
   Accounts receivable                    455,000       662,000
   Notes receivable                       578,000            --
   Inventory                            5,025,000     2,281,000
   Prepaid expense and other              512,000       500,000
                                      -----------   -----------
Total current assets                   13,617,000    18,210,000
 
Property and equipment, net            14,099,000     6,012,000
Restricted cash                           327,000       415,000
Receivable from related party              18,000        18,000
Other assets                            1,029,000       366,000
                                      -----------   -----------
Total assets                          $29,090,000   $25,021,000
                                      ===========   ===========
</TABLE>



                            See accompanying notes

                                       3
<PAGE>
 
                          NaPro BioTherapeutics, Inc.
                                 Balance Sheet
                     Liabilities and Stockholders' Equity

<TABLE>
<CAPTION>
                                                               September 30,   December 31,
                                                                   1997            1996
                                                               -------------   ------------
                                                                (Unaudited) 
<S>                                                            <C>             <C> 
Current liabilities:
     Accounts payable                                           $  4,636,000   $  1,763,000
     Payroll and payroll taxes                                       724,000        519,000
     Long term debt--current portion                                 762,000      1,669,000
     Deferred revenue                                                559,000         35,000
                                                                ------------   ------------
Total current liabilities                                          6,681,000      3,986,000
 
Senior convertible debt                                            9,758,000             --
Other long term debt                                                 634,000        751,000
                                                                ------------   ------------
 
Total liabilities                                                 17,073,000      4,737,000
 
Minority interest                                                  3,715,000      3,715,000
 
Stockholders' equity
     Preferred stock, $.001 par value:
       Authorized shares--2,000,000
       Series A:
          Issued and outstanding shares--125,000
          in 1997 (unaudited) and 1996
          (preference in liquidation $1,000,000)                          --             --
     Non-voting common stock, convertible on disposition
       into voting common stock, $.0075 par value:
       Authorized shares--1,000,000 shares
       Issued and outstanding shares--395,000 in 1997
       (unaudited) and 595,000 in 1996                                 3,000          4,000
     Common stock, $.0075 par value:
       19,000,000 authorized
       12,469,902 shares issued in 1997 (unaudited),
       and 11,986,089 in 1996                                         93,000         89,000
     Additional paid-in capital                                   47,394,000     44,670,000
     Notes receivable from stockholders                                   --       (985,000)
     Deficit                                                     (36,514,000)   (25,525,000)
     Treasury stock--218,838 shares in 1997 (unaudited) and
       144,288 in 1996                                            (2,674,000)    (1,684,000)
                                                                ------------   ------------
Total stockholders' equity                                         8,302,000     16,569,000
                                                                ------------   ------------
Total liabilities and stockholders' equity                      $ 29,090,000   $ 25,021,000
                                                                ============   ============
</TABLE>

                            See accompanying notes

                                       4
<PAGE>
 
                          NaPro BioTherapeutics, Inc.
                            Statement of Operations
                                  (Unaudited)

<TABLE>
<CAPTION>
                                           Three Months Ended             Nine Months Ended
                                              September 30,                 September 30,
                                           1997          1996          1997              1996
                                       ------------  ------------  -------------  --------------
<S>                                    <C>           <C>           <C>            <C> 
Sales:

     To affiliate                      $        --   $   280,000   $         --     $    646,000
     Other sales                           879,000     1,202,000      1,978,000        2,297,000
                                       -----------   -----------   ------------     ------------
                                           879,000     1,482,000      1,978,000        2,943,000
                                       -----------   -----------   ------------     ------------
                                                                                 
Expense:                                                                         
     Research, development and cost                                              
          of products sold               2,602,000     1,875,000      7,629,000        5,065,000
     General and administrative          1,382,000       863,000      4,654,000        2,510,000
(Gain) Loss on sale of assets                   --            --       (218,000)          15,000
                                       -----------   -----------   ------------     ------------
                                         3,984,000     2,738,000     12,065,000        7,590,000
                                       -----------   -----------   ------------     ------------
                                                                                 
Operating loss                          (3,105,000)   (1,256,000)   (10,087,000)      (4,647,000)
                                                                                 
Other income/(expense):                                                          
     Interest and other income             119,000       204,000        407,000          410,000
     Interest and other expense           (935,000)     ( 83,000)    (1,309,000)        (227,000)
                                       -----------   -----------   ------------     ------------
Net loss                               $(3,921,000)  $(1,135,000)  $(10,989,000)    $( 4,464,000)
                                       -----------   -----------   ------------     ------------
Loss per common share                  $     (0.33)  $     (0.10)  $      (0.92)    $      (0.48)
                                       ===========   ===========   ============     ============
Weighted average shares outstanding     12,055,344    11,125,465     11,994,855        9,347,144
                                       -----------   -----------   ------------     ------------

</TABLE>

                            See accompanying notes.

                                       5
<PAGE>
 
                          NaPro BioTherapeutics, Inc.
                            Statement of Cash Flows
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                        Nine Months Ended
                                                                          September 30,
                                                                       1997           1996
                                                                  --------------  -------------
<S>                                                               <C>             <C>
Operating activities
Net loss                                                           $(10,989,000)   $(4,464,000)
Adjustments to reconcile net loss to net cash
   used by operating activities:
   Depreciation and amortization                                      1,404,000        446,000
   (Gain)/loss on retirement of assets                                 (218,000)        15,000
   Changes in operating assets and liabilities:
       Accounts receivable                                              207,000       (406,000)
       Inventory                                                     (2,744,000)      (702,000)
       Prepaid expense and other assets                                 (10,000)      (317,000)
       Accounts payable                                               3,097,000        345,000
       Accrued liabilities                                              240,000        (23,000)
       Deferred revenue                                                 525,000        (36,000)
                                                                   ------------    -----------
Net cash used by operating activities                                (8,488,000)    (5,142,000)
Investing activities
   Transfer of restricted cash                                       (2,411,000)       124,000
   Additions to property and equipment                               (9,431,000)    (3,167,000)
   Proceeds from sale of property and equipment                         361,000             --
   Purchase of securities held to maturity                           (3,827,000)    (3,701,000)
   Proceeds from securities available for sale                        2,650,000     (2,397,000)
   Proceeds from securities held to maturity                          6,476,000        167,000
                                                                   ------------    -----------
Net cash used by investing activities                                (6,182,000)    (8,974,000)
Financing activities
   Proceeds from notes payable and senior convertible debt           11,045,000      1,075,000
   Debt issue cost                                                     (745,000)            --
   Payments under notes payable                                      (1,786,000)      (362,000)
   Proceeds from sale of common stock, and exercise of
       common stock warrants                                          1,172,000     17,146,000
                                                                   ------------    -----------
Net cash provided by financing activities                             9,686,000     17,859,000
                                                                   ------------    -----------
Net increase/(decrease) in cash and cash equivalents                 (4,984,000)     3,743,000
Cash and cash equivalents at beginning of period                      9,531,000      7,133,000
                                                                   ------------    -----------
Cash and cash equivalents at end of period                         $  4,547,000    $10,876,000
                                                                   ============    ===========
</TABLE>

                            See accompanying notes.

                                       6
<PAGE>
 
                          NaPro BioTherapeutics, Inc.

                   Notes to Consolidated Financial Statements
                               September 30, 1997
                                  (Unaudited)

1.   Basis of Presentation

The accompanying financial statements are unaudited.  However, in the opinion of
management, the accompanying financial statements reflect all adjustments,
consisting of only normal recurring adjustments, necessary for fair
presentation.  Interim results of operations are not indicative of results for
the full year. These financial statements should be read in conjunction with the
NaPro Annual Report on Form 10-K for the year ended December 31, 1996.  Certain
reclassifications have been made to the 1996 financial statements to conform
with the 1997 financial statement presentation.

2.   Inventory                                     September 30,  December 31,
                                                        1997          1996
                                                   -------------  ------------
 
     Raw materials                                   $  981,000    $  495,000
     Work-in-process                                  1,767,000       449,000
     Finished goods                                   2,277,000     1,337,000
                                                     ----------    ----------
                                                     $5,025,000    $2,281,000
                                                     ==========    ==========
3.   Deferred Revenue

NaPro and Baker Norton Pharmaceuticals, a subsidiary of IVAX Corporation (IVAX),
have agreed that IVAX will pay to NaPro by March 1998 at least $3,000,000 of
advances against future product sales.  As of September 30, 1997, NaPro has
received $525,000 under this agreement.  Such proceeds are classified as
deferred revenue.
<TABLE> 
<CAPTION> 
4.   Cash Flow Supplemental Disclosures

                                                            Nine Months Ended
                                                               September 30,                                      
                                                              1997       1996
                                                           ---------  ---------
    <S>                                                     <C>       <C>  
     Interest paid                                          $469,000   $144,000
 
     Noncash transactions:
     Repayment of note receivable from shareholder through
       transfer of NaPro common stock into treasury          990,000         --
     Note taken as partial proceeds on sale of asset         578,000
     Notes and related interest receivable from stockholders      --     16,000
     Issuance of common stock for compensation
       previously accrued                                     40,000         --
     Issuance of common stock in exchange for interest
       payable                                               224,025         --
</TABLE>

                                       7
<PAGE>
 
5.   Common Stock

In September 1997, NaPro issued 26,752 shares of common stock as payment of
interest due on senior convertible debt.  Also in September, warrants were
exercised for the issuance of 216,992 shares of common stock at prices ranging
from $5.00 to $7.65 per share.  In October, a warrant was exercised for the
issuance of 12,000 shares of common stock at a price of $7.50 per share.  In
November, 125,000 shares of preferred stock were converted into 125,000 shares
of common stock.

NaPro has an agreement with a consulting firm whereby the firm provides advice
to NaPro regarding the pharmaceutical industry.  Through September 30, 1997,
NaPro incurred $117,000 in charges from such firm.  The agreement also provides
that the consulting firm earns options expiring in July 2007 to purchase up to
125,000 shares of NaPro common stock at an exercise price of $7.25.  Through
September 30, 1997, such firm earned options to purchase 49,598 shares.  A NaPro
director is a principal of the consulting firm.

6.   Loss per Share

In February 1997, The Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997.
At that time, NaPro will be required to change the method currently used to
compute loss per share and to restate all prior periods presented. Under the new
requirements for calculating basic loss per share, stock options will continue
to be excluded.  The impact of Statement No. 128 on these periods is not
expected to be material.


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

The following discussion and analysis provide information which NaPro's
management believes is relevant to an assessment and understanding of NaPro's
results of operations and financial condition.  This discussion should be read
in conjunction with the consolidated financial statements and notes thereto
appearing elsewhere herein as well as with the consolidated financial
statements, notes thereto and the related management's discussion and analysis
of financial condition and results of operations included in NaPro's Annual
Report on Form 10-K for the year ended December 31, 1996.

General

NaPro is a natural product pharmaceutical company which is focusing primarily on
the development, manufacture and commercialization of paclitaxel, a naturally-
occurring anti-cancer agent found in certain species of yew (Taxus) trees.  The
Company's paclitaxel is referred to herein as "NBT Paclitaxel."

NaPro has devoted its efforts primarily to the development and implementation of
its proprietary extraction, isolation and purification (EIP/TM/) technology for
producing NBT paclitaxel.  NaPro is currently dependent exclusively on sales of
NBT paclitaxel for revenue.  To advance the development and commercialization of
NBT Paclitaxel, NaPro has entered into 20-year, exclusive agreements with each
of F.H. Faulding & Co., Ltd. (Faulding) and IVAX (the "Strategic Partners") for
the clinical development, sales, marketing and distribution of NBT Paclitaxel.

                                       8
<PAGE>
 
Through September 30, 1997, NaPro's production of NBT paclitaxel was limited
primarily to research and pilot-scale production, and much of NaPro's product
sales were for use in clinical trials and for  research and development
purposes.  Accordingly, NaPro has generated only limited revenue from such
activities and has incurred significant operating losses, including operating
losses of  approximately $6 million, $4.3 million and $7.1 million for the years
ended December 31, 1994, 1995 and 1996, respectively, and $10.1 million for the
nine months ended September 30, 1997, resulting in an accumulated deficit of
$36.5 million as of September 30, 1997.  NaPro expects that it will continue to
have a high level of operating expense and will be required to make significant
up-front expenditures in connection with its biomass procurement, product
development and research-and-development activities.  NaPro expects that
operating losses will continue until such time, if ever, as NaPro is able to
generate sufficient revenue to support its operations.

NaPro believes that its ability to generate such revenue depends primarily on
the ability of IVAX to obtain regulatory approval in the U.S. or another major
market for the commercial sale of NBT paclitaxel, on NaPro's ability to obtain
regulatory approval for its manufacturing facilities and on NaPro's ability to
construct manufacturing facilities that produce quantities of NBT paclitaxel
sufficient to supply the Strategic Partners' requirements for commercial sales.

In February 1997, Bristol-Myers Squibb Company (BMS) submitted a Supplemental
New Drug Application with orphan drug designation for paclitaxel for the
treatment of Kaposi's sarcoma (KS), ahead of the filing by IVAX of a New Drug
Application for the same indication.  The BMS application was approved by the
Food and Drug Administration (FDA) in August 1997.  Under the Orphan Drug Act of
1983, this approval could result in IVAX/NaPro being denied marketing approval
for the KS indication for seven years.  In September 1997, the IVAX submission
was unanimously recommended for approval by the Oncologic Drugs Advisory
Committee (ODAC) of the FDA.  NaPro is awaiting action by the FDA concerning
orphan drug approval for use of paclitaxel in the treatment of KS.   Moreover,
NaPro's future growth and profitability will depend on the success of the
Strategic Partners in fostering acceptance in the oncology market for NBT
paclitaxel as a preferred form of chemotherapy to be used alone or in
combination with other chemotherapeutic agents.

Results of Operations

Quarter ended September 30, 1997 compared to the quarter ended September 30,
----------------------------------------------------------------------------
1996
----

There were no sales to affiliate for the 1997 quarter.  Such sales for the 1996
quarter were $280,000. Sales to affiliate were to IVAX, which was not an
affiliate in the 1997 quarter.  Other sales for the 1997 quarter were $900,000
representing a decrease of $300,000 from the 1996 quarter that resulted
primarily from the timing of product shipments.  Shipments to the Strategic
Partners may vary significantly on a quarter to quarter basis depending on a
number of factors, including the timing and size of any clinical trials
conducted by either company, the level of inventory carried by the Strategic
Partners and changes in approved markets. This quarter to quarter variability
will continue until stable commercial demand has been established for the
product in a major market.

Research and development expense and cost of products sold for the 1997 quarter
was $2.6 million, representing an increase of $700,000 from the 1996 quarter.
The increase resulted primarily from expansion of NaPro's development and
research operations in anticipation of the commencement of commercial production
if IVAX' New Drug Application filed with the FDA is approved.

                                       9
<PAGE>
 
General and administrative expense for the 1997 quarter was $1.4 million, an
increase of $500,000 from the  1996 quarter.  The increase is attributable
primarily to increases of $200,000 in administrative and support staff and
$300,000 in legal expense related to intellectual property matters.

Interest income for the 1997 quarter was $100,000, a decrease of $100,000 from
the 1996 quarter.  This decrease is primarily due to the decreased cash balances
available for investment.

Interest and other expense for the 1997 quarter was $900,000, representing an
increase of $800,000 from the 1996 quarter. The increase is attributable to
interest on the senior convertible debt and on increased borrowings on equipment
financing.  (See Liquidity and Capital Resources).

Nine  months ended September 30, 1997 compared to the nine months ended
-----------------------------------------------------------------------
September 30, 1996
------------------

There were no sales to affiliate for the 1997 period.  Such sales for the prior
period were $600,000.  Sales to affiliate were to IVAX, which was not an
affiliate in the 1997 period.  Sales to IVAX in the 1997 period were $800,000
and are included in other sales.  Other sales for the 1997 period were $2
million, representing a decrease of $300,000 from the 1996 period.  Total sales
for the 1997 period were $2 million, down $900,000 from the 1996 period.  The
decrease was due primarily to the timing of product shipments and to customers'
inventory fluctuations.  Shipments to the Strategic Partners may vary
significantly depending on a number of factors, including the timing and size of
any clinical trials conducted by either company, the level of inventory carried
by the Strategic Partners and changes in approved markets. This variability will
continue until stable commercial demand has been established for the product in
one of NaPro's major markets.

Research and development expense and cost of products sold for the 1997 period
was $7.6 million, representing an increase of $2.6 million from the 1996 period.
The increase resulted primarily from expansion of NaPro's development and
research operations in anticipation of possible approval of the New Drug
Application filed with the FDA.

General and administrative expense for the 1997 period was $4.6 million, an
increase of $2.1 million from the 1996 period.  The increase is attributable
primarily to increases of $600,000 in administrative and support staff, $1.2
million of legal expense related to intellectual property matters and $300,000
in consulting expense.

Interest income for the 1997 period was $400,000, substantially unchanged from
the 1996 period.

Interest and other expense for the 1997 period was $1.3 million, representing an
increase of  $1.1 million from the 1996 period. The increase is attributable to
interest on the senior convertible debt and increased borrowing on equipment
financing. (See Liquidity and Capital Resources).

Liquidity and Capital Resources

NaPro's capital requirements have been and will continue to be significant.  At
September 30, 1997, NaPro had working capital of $6.9 million.  This compared to
a working capital balance of $14.2 million as of December 31, 1996.  To date,
the funding of NaPro's capital requirements has been dependent primarily on the
net proceeds of the issuance of equity securities of $49.3 million, on net
borrowings of $11.8 million, on equipment financing, and on loans and advances
from its stockholders and the Strategic Partners.

                                       10
<PAGE>
 
Cash and investments totaled $7 million at September 30, 1997, including $2.5
million of restricted cash. The restriction on the restricted cash was released
on October 2, 1997.  During the first nine months of 1997, cash provided by
financing activities totaled $9.7 million, while cash used by operating and
investing activities totaled $8.5 million and $6.2 million, respectively.

NaPro expended $9.4 million for capital projects during the first nine months of
1997.  For the fourth quarter of 1997, NaPro expects to spend up to a total of
$2 million for property, plant, and equipment, including $1.8 million on the
large scale commercial EIP/TM/ manufacturing facility in Boulder and up to
$200,000 on its plantations.  These amounts have been reduced from amounts
planned earlier in the year because of delays caused by the filing by BMS of a
Supplemental New Drug Application for KS, its subsequent approval by the FDA,
and the effects of such approval on the need for and availability of additional
capital resources.

NaPro anticipates significant capital expenditures and increases in inventory
and accounts receivable in the next twelve months in anticipation of possible
approval of the New Drug Application filed with the FDA and similar filings, if
any, for approval in Europe.  Therefore, to the extent cash from operations is
inadequate to fund such activity, NaPro will need to obtain additional capital
during the next twelve months in the form of debt, equity, corporate partnering
or some combination thereof.  If NaPro is not successful in attracting capital,
it will need to reduce significantly the scope of capital expenditures and
operations.

The amount and timing of future capital expenditures will depend upon numerous
factors, including the approval or non-approval of the New Drug Application
filed with the FDA and the timing of such approval, differences between actual
and projected demand, the progress of NaPro's research and development programs,
the magnitude and scope of these activities, the cost of preparing, filing,
prosecuting, maintaining and enforcing patent claims and other intellectual
property rights, competing technological and marketing developments, changes in
or terminations of existing strategic partnerships, the establishment of
additional strategic relationships and the cost of manufacturing scale-up.

NaPro and IVAX have agreed that IVAX will pay to NaPro by March 1998 at least
$3,000,000 of advances against future product sales.  As of September 30, 1997
NaPro has received $525,000 under this agreement.  Such proceeds are classified
as deferred revenue.

Special Note Regarding Forward-looking Statements.

Certain statements in this report constitute "forward-looking statements" within
the meaning of the federal securities laws.  In addition, NaPro or persons
acting on its behalf sometimes may make forward-looking statements in other
written and oral communications.  Such forward-looking statements may include,
among other things, statements concerning NaPro's plans, objectives or future
economic prospects, such as matters relative to completion of clinical trials
and regulatory filings; prospects for and timing of regulatory approvals; need
for and availability of additional capital; amount and timing of capital
expenditures; plant completion and approval; timing of product introductions and
revenue; availability of raw materials; prospects for breaking even and other
statements of expectations, beliefs, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not
historical facts.  Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of NaPro to be materially different from the
results, performance or achievements expressed or implied by such forward-
looking statements. Such

                                       11
<PAGE>
 
factors include, among other things, adverse economic and general business
conditions; timing of regulatory filings and approvals relative to those of
competitors; competition from Bristol-Myers Squibb Company and other existing
and new producers of paclitaxel and other drugs; technological advances in
cancer treatment and drug development; ability to obtain rights to technology;
ability to obtain raw materials and commercialize manufacturing processes;
effectiveness of NBT Paclitaxel and other pharmaceuticals developed by NaPro in
treating disease; results of research and development activities; business
abilities and judgment of management and other personnel; availability of
qualified personnel; changes in and compliance with governmental regulations;
effect of financial market conditions and other factors on capital availability
for NaPro and other biopharmaceutical companies; performance of NaPro's
strategic partners of obligations under existing agreements; the financial
health of NaPro's strategic partners; and other factors referred to as risk
factors in NaPro's September 8, 1997 Prospectus.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.  Not
applicable.


                           Part II--Other Information

Item 1.   Legal Proceedings.

On May 14, 1997,  the Bristol-Myers Squibb Company was issued a European Patent.
The claims of this European Patent relate to certain methods of treatment with
paclitaxel.  On the same day, NaPro instituted revocation proceedings in the
United Kingdom against this European Patent as issued in the U.K. and a separate
but related British Patent also owned by Bristol-Myers Squibb.  The revocation
action was not in response to any lawsuit or allegations of infringement against
NaPro relating to these patents.  Because of the early stage of the revocation
proceedings, and issues regarding the scope and validity of these patents, NaPro
cannot assess the impact which these patents may have on the Company's business.

Item 2.   Changes in Securities  None.
 
Item 3.   Defaults upon Senior Securities.  None.

Item 4.   Submission of Matters to a Vote of Security Holders.   None.

Item 5.   Other Information.  None.

Item 6.   Exhibits and Reports on Form 8-K

NaPro filed a September 19, 1997 Current Report Form 8-K reporting the
recommendation by the unanimous vote of ODAC that the FDA approve Paxene(R)
(IVAX' formulation of NBT Paclitaxel) for the treatment of KS.  There can be no
assurance that the FDA will approve Paxene(R).

Exhibit
Number    Description of Exhibit
------    ----------------------

10.1      Consulting agreement dated July 2, 1997 between NaPro and Life Science
          Advisors, LLP
27.1      Financial Data Schedule

                                       12
<PAGE>
 
                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, NaPro has
duly caused this report to be signed on its behalf.


                              NaPro BioTherapeutics, Inc.


                              /s/ Sterling K. Ainsworth

November 13, 1997             Sterling K. Ainsworth
                              President and Chief Executive Officer
                              (Principal Executive Officer)


                              /s/ Gordon Link

November 13, 1997             Gordon Link
                              Vice President and Chief Financial Officer
                              (Principal Financial Officer)


                              /s/ Robert L. Poley

November 13, 1997             Robert L. Poley
                              Controller
                              (Principal Accounting Officer)

                                       13