18

                           FORM 10-QSB
                                
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
         QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
             THE SECURITIES AND EXCHANGE ACT OF 1934
                                
        For the quarterly period ended September 30, 1995
                                
Commission file number 1-12178

                          InnoVet, Inc.
                                
(Exact name of small business issuer as specified in its charter)
                                
                                
           Florida
 (State or other jurisdiction
              of
incorporation or organization)
               
    14255 US 1, Suite 206
     Juno Beach, Florida
    (Address of principal
      executive offices)
               
          59-2699441
       (I.R.S. Employer
     Identification No.)
               
               
               
            33408
          (Zip Code)
               
                                
                         (407) 626-6025
        (Issuer's telephone number, including area code)
                                
                                
 (Former name, former address and former fiscal year, if changed
                       since last report)


Check  whether the issuer (1) filed all reports to  be  filed  by
Section 13 or 15(d) of the Exchange Act 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.
Yes     X     No _____


State  the  number of shares outstanding of each of the  issuer's
classes  of  common  equity, as of  the latest practicable  date:
Common Stock, $0.001 Par Value; 18,656,881 shares outstanding  as
of November 12, 1995.
                              INDEX
                                
                          INNOVET, INC.
                                
PART I. FINANCIAL INFORMATION                               Page

Item 1.  Financial Statements (Unaudited)

     Consolidated Condensed Balance Sheets
           September 30, 1995 and December 31, 1994
4

     Consolidated Condensed Statements of Operations
          Nine months ended September 30, 1995 and 1994
5
          Three months ended September 30, 1995 and 1994
6

     Consolidated Statement of Stockholders' Equity
          Nine months ended September 30, 1995
7

     Consolidated Condensed Statement of Cash Flows
          Nine months ended September 30, 1995 and 1994
8

     Notes to Consolidated Condensed Financial Statements
10

Item 2.  Management's Discussion and Analysis of Financial
Condition and              12
       Results of Operations

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings
16
Item 2.  Changes in Securities
16
Item 3.  Defaults upon Senior Securities
16
Item 4.  Submission of Matters to a Vote of Securities Holders
16
Item 5.  Other Information
16
Item 6.  Exhibits and Reports on Form 8-K
16
                                
SIGNATURES                                                     17
                                
                                
                                
                                
                                
                                
                 PART I.  FINANCIAL INFORMATION
                                
                 Item 1.  Financial Statements.
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
INNOVE
  T,
 INC.
 AND
SUBSID
IARIES
                                                                
CONSOL
IDATED
CONDEN
 SED
BALANC
  E
SHEETS
                                                                
(Unaud
ited)
                                                                
                        ASSETS                 Septembe December 31,
                                                 r 30,
                                                 1995         1994
Curren                                                              
     t
assets
       Cash and cash equivalents                       $            $
                                                  7,702      170,472
       Investments                                                   
                                                      -      839,583
         Accounts receivable, net of allowance                      
                   for doubtful accounts of $0
          for 1995 and 1994, respectively                            
                                                 42,371        1,029
       Other receivables                                             
                                                      -      209,895
       Prepaid expenses and other current                            
      assets                                     16,535       11,217
                 Total current assets            66,608     1,232,19
                                                                   6
                                                                    
Proper                                            2,542             
   ty,                                                        38,361
 plant
   and
equipm
ent at
  cost
  less
accumu
 lated
deprec
iation
                                                                    
 Other                                                              
assets
       Notes receivable, long-term, net of                           
      allowance for doubtful accounts of              -            -
      $105,000 for 1995 and 1994,
      respectively
       Patents, net                                                  
                                                 25,366       28,006
       Investments                                                   
                                                 80,000       80,000
       Security deposits and other assets                            
                                                 24,049       52,676
                     Total assets                     $            $
                                                198,565     1,431,23
                                                                   9
                                                                    
         LIABILITIES AND STOCKHOLDERS' EQUITY                       
                                                                    
Curren                                                              
     t
liabil
 ities
       Accounts payable                                $            $
                                                 54,846      135,517
       Bank loan, short-term                                         
                                                      -      704,961
       Accrued expenses                                              
                                                225,000      334,414
              Total current liabilities         279,846     1,174,89
                                                                   2
                                                                    
Stockh                                                              
olders
     '
equity
                Common stock, $.001 par value,                      
                100,000,000 shares authorized;
         18,656,881 shares issued at September                       
      30, 1995 and
         18,294,881 shares issued at December                        
      31, 1994                                   18,657       18,295
       Capital in excess of par value                                
                                               18,856,6     18,854,1
                                                     54           56
       Capital representing stock grants                             
                                               5,514,99     5,514,99
                                                      0            0
       Accumulated deficit                                           
                                               (24,471,     (24,131,
                                                   582)         094)
                                                                    
                                               (81,281)      256,347
         Total liabilities and stockholders'          $            $
                        equity                  198,565     1,431,23
                                                                   9
                                                                    
                                                                    
 The
accomp
anying
notes
are an
integr
  al
 part
  of
these
statem
ents.
                                
 INNOVET, INC. AND
    SUBSIDIARIES
                                                        
    CONSOLIDATED
CONDENSED STATEMENT
   OF OPERATIONS
    (Unaudited)
                                                        
                                                Nine
                                               Month
                                               s
                                               Ended
                                                Septe
                                               mber
                                               30,
                                          1995        1994
                                                           
            Revenues                                                
                     Sales                    $           $
                                         294,52      361,22
                                              6           4
                     Other income                    
                                         9,556       9,819
                     Interest             3,051      43,947
                     income, net
                                                           
                                         307,13      414,99
                                              3           0
  Costs and expenses                                                
                     Cost of sales       170,63      212,44
                                              3           9
                     Compensation                          
                       Officers and      137,63      214,97
                     employees                3           2
                       Grants under                  27,371
                     stock option        -
                     plans
                     Consulting          19,438      166,01
                                                          1
                     Research and        43,456      124,05
                     development                          4
                           Selling,      281,635       313,32
                        general and                         0
                     administrative
                           expenses
                     Legal fees          58,915      112,14
                                                          8
                     Depreciation         1,138       7,965
                     expense
                            Foreign      (5,873)       
                           currency                    -
                        transaction
                        (gain)/loss
                     Gain on sale        (99,97      
                     of marketable           9)      10,764
                     securities
                     Interest            40,625      
                     expense                         33,796
                                         647,62      1,222,
                                              1         850
                          Loss from    (340,488)       (807,8
                         continuing                       60)
                         operations
                      before income
                              taxes
                                                           
Provision for income                                          
               taxes                              -           -
                     Loss from           (340,4      (807,8
                     continuing             88)         60)
                     operations
                                                     
        Discontinued                                          
         operations:
                                                     
                          Loss from                    
                      operations of -                  (462,8
                       discontinued                    97)
                       subsidiaries
                              (less
                         applicable
                       income taxes
                             of $0)
                                                     
                            Loss on                    
                        disposal of -                  (1,769
                       subsidiaries                    ,357)
                              (less
                         applicable
                       income taxes
                             of $0)
                                                           
                     Net loss                 $           $
                                         (340,4      (3,040
                                            88)       ,114)
                                                           
                     Per share:                            
                     Continuing               $           $
                     operations          (0.02)      (0.05)
                                                           
                     Discontinued             $           $
                     operations               -      (0.12)
                                                           
                     Net loss                 $           $
                                         (0.02)      (0.17)
                                                           
    Weighted average                                                
              shares                              18,566      17,893
                                                    ,214        ,916
                                                           
    Consolidated
Condensed Statements
   of Operations
 continued on next
       page.
                                                           
  The accompanying
    notes are an
  integral part of
 these statements.
 INNOVET, INC. AND
    SUBSIDIARIES
                                                        
    CONSOLIDATED
CONDENSED STATEMENT
   OF OPERATIONS
    (Unaudited)
                                                        
                                                Three
                                                Month
                                                  s
                                                Ended
                                                Septe
                                                mber
                                                 30,
                                          1995        1994
                                                           
            Revenues                                                 
                     Sales                    $           $
                                         85,723      124,37
                                                          8
                     Other income                          
                                          4,000           -
                     Interest                              
                     income, net              6      13,295
                                                           
                                         89,729      137,67
                                                          3
  Costs and expenses                                                 
                     Cost of sales                         
                                         49,667      71,814
                     Compensation                          
                       Officers and                        
                     employees           34,408      76,791
                       Grants under                        
                     stock option             -       7,968
                     plans
                     Consulting                            
                                              -      55,666
                     Research and                          
                     development          (913)      67,502
                           Selling,                          
                        general and        95,902      (41,52
                     administrative                        2)
                           expenses
                     Legal fees                            
                                          6,596      44,109
                     Depreciation                          
                     expense             (1,757       2,629
                                              )
                            Foreign                          
                           currency             -           -
                        transaction
                        (gain)/loss
                     Gain on sale                          
                     of marketable            -      10,764
                     securities
                     Interest                              
                     expense                  -      28,368
                                         183,90      324,08
                                              3           9
                          Loss from      (94,174)      (186,4
                         continuing                       16)
                         operations
                      before income
                              taxes
                                                           
Provision for income                                            
               taxes                               -            -
                     Loss from           (94,17      (186,4
                     continuing              4)         16)
                     operations
                                                     
        Discontinued                                           
         operations:
                                                     
                          Loss from                          
                      operations of -                       -
                       discontinued
                       subsidiaries
                              (less
                         applicable
                       income taxes
                             of $0)
                                                     
                            Loss on                          
                        disposal of -                  (1,377
                       subsidiaries                     ,431)
                              (less
                         applicable
                       income taxes
                             of $0)
                                                           
                     Net loss                 $           $
                                         (94,17      (1,563
                                             4)       ,847)
                                                           
                     Per share:                            
                     Continuing               $           $
                     operations          (0.01)      (0.01)
                                                           
                     Discontinued             $           $
                     operations               -      (0.08)
                                                           
                     Net loss                 $           $
                                         (0.01)      (0.09)
                                                           
    Weighted average                                                 
              shares                               18,566      17,893
                                                     ,214        ,916
                                                           
  The accompanying
    notes are an
  integral part of
 these statements.
 INNOVET, INC. AND
    SUBSIDIARIES
                                                               
    CONSOLIDATED
    STATEMENT OF
STOCKHOLDERS' EQUITY
    (Unaudited)
                                                                 
                                                                 
                                                               
                                                               
                                         Capita Capit       Total
                                          l in   al
                      Common Stock   Excess of  Repre Accumu Stock
                                                senti  lated holde
                                                 ng           rs'
                         Shares     Amou  Par   StockDefici Equit
                                     nt  Value  Grant  t      y
                                                  s
                                                               
Balance, January 1,      17,686,281    $      $    $            $
1994                                17,6 18,838 5,485 $(18,9 5,434
                                      86   ,671 ,139 06,673  ,823
                                                          )
                                                                 
Capital representing        568,700                              
exercise of stock                    569      -               569
options
Capital representing                                             
stock issued in              39,900   40 15,485             15,52
exchange for                                                    5
services
Capital representing                                             
stock option grants                             29,85        29,85
                                                   1            1
Net loss                                                         
                                                     (5,224 (5,22
                                                      ,421) 4,421
                                                                )
Balance, December        18,294,881                              
31, 1994                            18,2 18,854 5,514 (24,13 256,3
                                      95   ,156 ,990 1,094)    47
                                                                 
Capital representing        360,000                              
exercise of stock                    360      -               360
options
Capital representing                                             
stock issued in               2,000    2  2,498             2,500
exchange for
services
Net loss                                             (340,4      
                                                        88) (340,
                                                             488)
Balance, September       18,656,881    $      $    $            $
30, 1995                            18,6 18,856 5,514 $(24,4 (81,2
                                      57   ,654 ,990 71,582   81)
                                                          )
                                                                 
  The accompanying
    notes are an
  integral part of
 these statements.
IN
NO
VE
T,
IN
C.
AN
D
SU
BS
ID
IA
RI
ES
                                                               
CO
NS
OL
ID
AT
ED
ST
AT
EM
EN
TS
OF
CA
SH
FL
OW
S
(U
na
ud
it
ed
)
                                                                    
                                                Nine
                                               Months
                                               Ended
                                             September
                                                 30
                                                1995         1994
Ca                                                                  
sh
fl
ow
 s
fr
om
op
er
at
in
 g
ac
ti
vi
ti
es
 :
   Ne                                                 $              
   t                                         (340,488)     $(3,040,1
  lo                                                             14)
  ss
   Ad                                                                
  ju
  st
  me
  nt
   s
  to
  re
  co
  nc
  il
   e
  ne
   t
  lo
  ss
  to
  ne
   t
                                                                    
  ca
  sh
  us
  ed
  in
  op
  er
  at
  in
   g
  ac
  ti
  vi
  ti
  es
   :
     S                                           2,500              
     t                                                        17,700
     o
     c
     k
     i
     s
     s
     u
     e
     d
     f
     o
     r
     s
     e
     r
     v
     i
     c
     e
     s
     C                                               -              
     o                                                        27,371
     m
     p
     e
     n
     s
     a
     t
     i
     o
     n
     u
     n
     d
     e
     r
     s
     t
     o
     c
     k
     o
     p
     t
     i
     o
     n
     p
     l
     a
     n
     A                                           2,640              
     m                                                         2,641
     o
     r
     t
     i
     z
     a
     t
     i
     o
     n
     e
     x
     p
     e
     n
     s
     e
     D                                           1,138              
     e                                                         7,965
     p
     r
     e
     c
     i
     a
     t
     i
     o
     n
     e
     x
     p
     e
     n
     s
     e
     F                                         (5,873)              
     o                                                             -
     r
     e
     i
     g
     n
     c
     u
     r
     r
     e
     n
     c
     y
     t
     r
     a
     n
     s
     a
     c
     t
     i
     o
     n
     (
     g
     a
     i
     n
     )
     /
     l
     o
     s
     s
     L                                           9,809              
     o                                                         4,790
     s
     s
     o
     n
     s
     a
     l
     e
     o
     f
     e
     q
     u
     i
     p
     m
     e
     n
     t
     L                                               -              
     o                                                     1,769,357
     s
     s
     o
     n
     d
     i
     s
     p
     o
     s
     a
     l
     o
     f
     d
     i
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     a
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     n
     s
     C                                                              
     h
     a
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     n
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     p
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     s
                                                                    
     n
     e
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     f
     r
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     m
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     i
     s
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     t
     i
     o
     n
     o
     f
     s
     u
     b
     s
     i
     d
     i
     a
     r
     i
     e
     s
     :
       (                                      (41,342)              
       I                                                      50,599
       n
       c
       r
       e
       a
       s
       e
       )
       d
       e
       c
       r
       e
       a
       s
       e
       i
       n
       a
       c
       c
       o
       u
       n
       t
       s
       r
       e
       c
       e
       i
       v
       a
       b
       l
       e
       (                                       839,583              
       I                                                           -
       n
       c
       r
       e
       a
       s
       e
       )
       d
       e
       c
       r
       e
       a
       s
       e
       i
       n
       i
       n
       v
       e
       s
       t
       m
       e
       n
       t
       s
       (                                       215,768              
       I                                                           -
       n
       c
       r
       e
       a
       s
       e
       )
       d
       e
       c
       r
       e
       a
       s
       e
       i
       n
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       t
       h
       e
       r
       r
       e
       c
       e
       i
       v
       a
       b
       l
       e
       s
       (                                             -              
       I                                                       6,025
       n
       c
       r
       e
       a
       s
       e
       )
       d
       e
       c
       r
       e
       a
       s
       e
       i
       n
       i
       n
       v
       e
       n
       t
       o
       r
       y
       (                                             -              
       I                                                    (75,000)
       n
       c
       r
       e
       a
       s
       e
       )
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       c
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       e
       a
       s
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       o
       t
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       s
       r
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       c
       e
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       v
       a
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       l
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       (                                       (5,318)              
       I                                                    (24,190)
       n
       c
       r
       e
       a
       s
       e
       )
       d
       e
       c
       r
       e
       a
       s
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       i
       d
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       s
       e
       s
       (                                        28,627              
       I                                                     (3,721)
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       c
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       e
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       t
       s
       I                                      (80,671)              
       n                                                      71,509
       c
       r
       e
       a
       s
       e
       (
       d
       e
       c
       r
       e
       a
       s
       e
       )
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       n
       a
       c
       c
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       u
       n
       t
       s
       p
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       y
       a
       b
       l
       e
       I                                     (109,414)              
       n                                                   (178,356)
       c
       r
       e
       a
       s
       e
       (
       d
       e
       c
       r
       e
       a
       s
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       )
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       a
       c
       c
       r
       u
       e
       d
       e
       x
       p
       e
       n
       s
       e
       s
       I                                     (704,961)              
       n                                                           -
       c
       r
       e
       a
       s
       e
       (
       d
       e
       c
       r
       e
       a
       s
       e
       )
       i
       n
       s
       h
       o
       r
      t-
       t
       e
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       m
       b
       o
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       r
       o
       w
       i
       n
       g
       s
       D                                                            
       i
       s
       c
       o
       n
       t
       i
       n
       u
       e
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       t
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       n
       o
       n
       c
       a
       s
       h
       c
       h
       a
       r
       g
       e
       s
       a
       n
       d
         working capital changes                                    
                                                     -       497,611
         Net cash used for operating                                
         activities                          (188,002)     (865,813)
                                                                    
Ca                                                                  
sh
fl
ow
 s
fr
om
in
ve
st
in
 g
ac
ti
vi
ti
es
 :
   Sa                                            24,872              
  le                                                           1,200
  of
  pr
  op
  er
  ty
   ,
  pl
  an
   t
  an
   d
  eq
  ui
  pm
  en
   t
   Pr                                                 -              
  oc                                                          10,000
  ee
  ds
  fr
  om
  sa
  le
  of
  di
  sc
  on
  ti
  nu
  ed
  op
  er
  at
  io
  ns
   In                                                 -              
  ve                                                        (16,884)
  st
  in
   g
  ac
  ti
  vi
  ti
  es
  of
  di
  sc
  on
  ti
  nu
  ed
  op
  er
  at
  io
  ns
         Net cash provided by (used) for                            
         investing activities                   24,872       (5,684)
                                                                    
                                                                    
                                                           (continue
                                                                  d)

 
 
IN
NO
VE
T,
IN
C.
AN
D
SU
BS
ID
IA
RI
ES
                                                               
CO
NS
OL
ID
AT
ED
ST
AT
EM
EN
TS
OF
CA
SH
FL
OW
S
(U
na
ud
it
ed
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                                                 30
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                 INNOVET, INC. AND SUBSIDIARIES
                                
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                
                       September 30, 1995
                                

NOTE A - BASIS OF CONSOLIDATION

      The Consolidated Condensed Balance Sheets at September  30,
1995 and December 31, 1994 and the related Consolidated Condensed
Statements  of  Operations for the three months and  nine  months
ended  September  30, 1995 and 1994, Consolidated  Statements  of
Stockholders' Equity for the nine months ended September 30, 1995
and  Consolidated Condensed Statements of Cash Flows for the nine
months  ended September 30, 1995 and 1994, have been prepared  in
accordance  with the instructions for Form 10-QSB and, therefore,
do not include all information and footnotes necessary for a fair
presentation  of  financial position, results of  operations  and
changes  in  financial  position in conformity  with  statements,
including the footnotes thereto in the Company's Annual Report on
Form 10-KSB for the year ended December 31, 1994.  In the opinion
of  management, all adjustments considered necessary for  a  fair
presentation  of  the results of operations for the  nine  months
ended September 30, 1995 have been included.


NOTE B - REALIZATION OF ASSETS

      The  accompanying financial statements have  been  prepared
assuming  the  continuation of the Company as  a  going  concern.
However,  the  Company  has  sustained  substantial  losses  from
operations  in  recent  years and has a  significant  accumulated
deficit.   During 1994, the Company implemented a strategic  plan
in  order  to  overcome its financial difficulties.  The  Company
divested  all  of  its  operating subsidiaries,  thereby  greatly
reducing  its  future  losses  and converting  the  subsidiaries'
assets to cash in order to provide working capital and reduce its
obligations to creditors.

     In view of the matters described in the preceding paragraph,
recoverability of a major portion of the recorded  asset  amounts
shown in the accompanying consolidated balance sheet is dependent
upon  continued  operations  of the Company,  which  in  turn  is
dependent upon the Company's ability to be successful in  and  to
finance its future operations.  The financial statements  do  not
include  any  adjustments  relating  to  the  recoverability  and
classification of recorded asset and liability amounts that might
result from the above uncertainties.

      At  September 30, 1995, the Company had $7,702 in cash  and
cash  equivalents which, combined with remaining assets, are  not
sufficient to support its operations for the next twelve  months.
Management has taken or will take the following steps to  attempt
to improve its financial condition:

      In  April 1995, in connection with the sale of its  wholly-
  owned subsidiary, Cambridge Veterinary Sciences, Limited ("CVS")
  to Enviromed plc, the Company sold 886,700 Enviromed plc shares
  for  75  pence each in two separate transactions.  Proceeds  of
  $1,060,000 were received.  Approximately $880,000 was  used  to
  retire  a  secured  bank debt , with the  balance  of  $180,000
  available to the Company.
      The Company's outstanding obligations at September 30, 1995
  have been reduced essentially to its current accounts payable and
  to  its  obligation to its former President and Chief Executive
  Officer, Jesse Houdeshell, pursuant to the Termination, Release
  and Consulting Agreement with Dr. Houdeshell dated February 23,
  1994.   The Company is currently negotiating a modification  of
  this agreement due to the Company's present financial condition.
       The  Company  has  reduced  its  corporate  operating  and
  personnel expenses in order to conserve cash.  In July 1995, the
  Company terminated its long-term office lease which was due  to
  expire  in October 1997 and moved to a new location.  This  has
  resulted  in  a  two-thirds reduction in the Company's  monthly
  rental expense.
      The  Company continues to seek methods to increase revenues
  from  the sale of its product.  The Company has received future
  purchase  orders for monthly deliveries from August to December
  1995 that would provide estimated revenues of $211,250.  However,
  the  present sales volume is not sufficient to cover all of the
  Company's working capital needs for the next twelve months.
     The Company has engaged in negotiations to sell or license
the rights to its consumer product and its gender selection
technology to raise more cash.
     The Company is examining opportunities to merge with and/or
acquire other companies which would provide revenues and cash
flow sufficient to sustain it.
     The Company is due 98,522 shares of Enviromed plc stock from
the sale of its wholly owned subsidiary CVS.  However, on June
22, 1995, the date the shares were to be issued to the Company,
the Company was notified of a claim under the warranties
provision of the sale agreement which hinders the release of the
remaining shares.  As of the date of this report, the 98,522
shares have not been issued to the Company.  The Company is
pursuing this matter with its legal counsel in order to arrive at
a quick and favorable resolution.  Accordingly, the receivable on
the balance sheet representing these shares (under the caption
other receivables) was adjusted from its carrying price of 45
pence to a market value of zero pence per share which resulted in
a charge of $70,598 in the third quarter.

      Management believes that as a result of the actions  stated
above,  the Company can continue in operation; however, there  is
no  assurance  that  such  actions will be  consummated  or  will
eliminate  the  Company's  losses  or  the  need  for  additional
capital.
Item  2.    Management's  Discussion and  Analysis  of  Financial
Condition and                 Results of Operations.

(a)  Results of Operations.

      (1)  Three  months ending September 30.   Revenues.   Total
sales  for the pet stain and odor eliminator decreased by $38,655
for  the  three months ending September 30, 1995 to $85,723  from
the  same  period in 1994.  The decrease is due to the timing  of
shipments from the manufacturer of the product.  Also,  the  1994
sales  included  $13,295 of diagnostic kit sales.   The  sale  of
diagnostic  kits by InnoVet Inc. ceased in December 1994  due  to
the  sale  of  the  manufacturing subsidiary, CVS.   The  Company
recorded  $4,000 of other income in 1995 due to the licensing  of
IVET-629.

      Gross  margins.  Gross margins decreased from 48%  for  the
three months ending September 30, 1994 to 45% for the same period
in 1995 mainly due to the change in product mix included in gross
margin.  Diagnostic kit sales ceased in December 1994 and the pet
stain  and odor eliminator aerosol was the only product  sold  in
1995.

      Compensation  of officers and employees.   Compensation  of
officers and employees was reduced by $42,383 or 55% due the fact
that  effective  August 31, 1995, the Company no longer  has  any
full-time  executives.   Compensation  from  grants  under  stock
option  plans was reduced from $7,968 for the three months ending
September  30,  1994 to $0 for the same period in 1995  since  no
stock options were granted to officers and employees.

      Consulting  fees.  Consulting fees were lower  in  1995  by
$55,666  or  100%  due  to  the  termination  of  all  consulting
agreements provided by Ronald S. Brakke, Chief Executive  Officer
who resigned on April 5, 1995.

     Research and development expenses.  Research and development
expenses  decreased by $68,415 or 100% in the third quarter  1995
compared to the same quarter last year.  The Company has suffered
delays  in the licensing of IVET-629 and the development  of  the
gender  selection  technology.  To  conserve  cash,  the  Company
suspended  further development of its gender selection technology
and  biological  testing of its IVET-629 product  in  the  second
quarter of 1995.

      Selling,  general  and administrative  expenses.   Selling,
general  and  administrative expenses increased $137,424  in  the
third  quarter  of  1995 compared to the same quarter  for  1994.
This  increase  in  1995  compared to  1994  was  caused  by  the
reclassification  of expenses in 1994 from selling,  general  and
administrative  to  discontinued  operations  for  specific  SG&A
expenses directly related to the discontinued operations.

      Interest income and expense.  Interest income decreased  by
$13,289  for the three months ending September 30, 1995  compared
to  the  same period in 1994.  The interest bearing cash accounts
that were collateral for bank loans were used to payoff the loans
in  1994,  thereby reducing the cash balances generating interest
income  for  1995.   Interest expense  decreased  for  the  third
quarter of 1995 compared to the same quarter of the prior year by
$28,368  due to the payment of a short-term bank loan  which  was
drawn  down by the Company in December of 1994.  The proceeds  of
the  loan  were  used  to repay secured lenders  as  a  condition
precedent to the sale of CVS.  The balance of the loan was repaid
in May of 1995.

      Provision  for income taxes.  The Company has not  recorded
any income tax expense (benefit) since the Company has never been
profitable.  The Company's net loss decreased by $1,469,673  from
a net loss of $1,563,847 for the three months ended September 30,
1994  to  a  net  loss  of  $94,174 for the  three  months  ended
September  30,  1995.  The net loss decreased in  1995  resulting
from  the  divestiture of all operating subsidiaries in 1994,  as
well  as,  a  reduction  in  corporate  operating  and  personnel
expenses.

     Discontinued operations.  In the quarter ended September 30,
1994, losses of $1,377,431 were recorded as a loss on disposal of
the  discontinued  operations  of the  former  subsidiaries.   No
losses  from  discontinued operations were recorded in  the  same
period  of  1995  since the divestiture of all  subsidiaries  was
completed in 1994.

     (2) Nine months ending September 30.  Revenues.  Total sales
decreased  by  $107,857 for the nine months ending September  30,
1995  compared  to  the same nine months  for  1994.   The  sales
decline  was due to the discontinued sales of diagnostic kits  by
the  Company after the sale of its manufacturing subsidiary,  CVS
in  December  1994, as well as, the timing of  shipments  of  the
Company's pet stain and odor eliminator.  The 1994 sales for  the
first  nine  months  included $27,956  of  diagnostic  kit  sales
compared to $0 in 1995 for the same nine months.

     Cost of revenues.  Cost of revenues decreased by $41,816 for
the  nine  months ending September 30, 1995 compared to the  same
period  for the prior year because of the discontinued  sales  of
diagnostic  kits, as well as, the reduced level of  shipments  of
the pet stain and odor eliminator product.

      Compensation  of officers and employees.   Compensation  of
officers and employees was reduced by $77,339 or 36% because  one
less  officer was employed in the entire nine months compared  to
the  same  period in 1994.  Also, effective August 31, 1995,  the
Company no longer has any full-time employees.  Compensation from
grants under stock option plans was reduced from $27,371 for  the
nine  months ending September 30, 1994 to $0 for the same  period
in 1995 because no stock options were granted.

      Consulting  fees.  Consulting fees were lower  in  1995  by
$146,573  or  88%  due  to  the  termination  of  all  consulting
agreements provided by Ronald S. Brakke, Chief Executive  Officer
who resigned on April 5, 1995.

     Research and development expenses.  Research and development
expenses decreased by $80,598 or 65% in the first nine months  of
1995  compared  to the same period last year.   The  Company  has
experienced  delays  in  the  licensing  of  IVET-629   and   the
development  of  the  gender selection technology.   To  conserve
cash,  the  Company suspended further development of  its  gender
selection  technology  and biological  testing  of  its  IVET-629
product in the first quarter of 1995.

      Selling,  general  and administrative  expenses.   Selling,
general and administrative expenses decreased $31,685 or  10%  in
the  first  nine  months of 1995 compared to the same  period  of
1994.  The lower selling, general and administrative expenses for
the  first nine months of 1995 are attributable to the continuing
cost-cutting program which began in April of 1994.

      Legal expenses.  Legal expenses decreased by $53,233 in the
first  nine months of 1995 compared to the same period  in  1994.
Legal  expenses  for  the  first half of 1994  included  one-time
expenditures relating to the agreement with Jesse Houdeshell, the
former  President and Chief Executive Officer of the Company  who
retired on March 1, 1994.

     Gain on sale of marketable securities.  The Company recorded
a  gain  on sale of marketable securities of $99,979 in the  nine
months  ending  September 30, 1995 due to  the  sale  of  886,700
capital shares of Enviromed plc stock that was received from  the
sale  of  CVS  in December 1994.  At the close of  the  Company's
calendar year ending December 31, 1994, the shares were valued at
68  pence.  The mentioned shares were sold in the second  quarter
of  1995 to institutional investors in Britain under two separate
transactions  at a price of 75 pence each,  thereby resulting  in
the recognized gain.

      Interest income and expense.  Interest income decreased  by
$40,896 for the nine months ending September 30, 1995 compared to
the same period in 1994.  The interest bearing cash accounts that
were  collateral  for  bank  loans  were  used  to  payoff  their
respective  loans  in 1994, thereby reducing  the  cash  balances
generating interest income for 1995.  Interest expense  increased
for  the  nine months ending September 30, 1995 compared  to  the
same  period of the prior year by $6,829 due to a short-term bank
loan  which  was drawn down by the Company in December  of  1994.
The proceeds of the loan were used to repay secured lenders as  a
condition precedent to the sale of CVS.  The balance of the  loan
was repaid in May of 1995.

      Provision  for income taxes.  The Company has not  recorded
any income tax expense (benefit) since the Company has never been
profitable.  The Company's net loss decreased by $2,699,626  from
a net loss of $3,040,114 for nine months ended September 30, 1994
to a net loss of $340,488 for the nine months ended September 30,
1995.   The  net  loss  decreased  in  1995  resulting  from  the
divestiture of all operating subsidiaries in 1994, a reduction in
corporate  operating and personnel expenses,   and  a  recognized
gain from the sale of the Enviromed plc shares.

       Discontinued  operations.   For  the  nine  months  ending
September  30, 1994, losses of $462,897 were recorded  as  losses
from  operations of discontinued subsidiaries.  These losses were
incurred  from the beginning of the year through March 31,  1994,
the  date  the  decision was made to dispose of the subsidiaries.
Also,  in  the nine months ending September 30, 1994,  losses  of
$1,769,357   were  recorded  as  a  loss  on  disposal   of   the
discontinued  operations of the former subsidiaries.   No  losses
from  discontinued operations were recorded in  the  same  period
during  1995  since  the  divestiture  of  all  subsidiaries  was
completed in 1994.

(b)  Liquidity.

      At  September 30, 1995, the Company had $7,702 in cash  and
cash equivalents which combined with the remaining assets is  not
sufficient to support its operations for the next twelve  months.
As  more  fully  described in Note B to the  September  30,  1995
financial statements, the Company has taken action and has  plans
to revise its operations and financial requirements.  See Note  B
to the financial statements.

     The Company's only source of revenue is from the sale of its
pet  stain  and odor eliminator aerosol product. The Company  has
received  future  purchase  orders for  monthly  deliveries  from
August  to December 1995 that would provide revenues of $211,250.
However, the present sales volume is not sufficient to cover  all
of  the  Company's  working capital needs  for  the  next  twelve
months.

      In  the  meantime,  the  Company  has  been  attempting  to
negotiate  the  sale  or license of the rights  to  its  consumer
product  and its gender selection technology to raise cash.   The
Company is examining opportunities to acquire or merge with other
companies  to obtain additional revenue and cash flow  sufficient
to sustain it.

      Management  believes  that  as  a  result  of  the  actions
discussed above, the Company can continue in operation;  however,
there  is  no assurance that such actions will be consummated  or
will  eliminate  the Company's losses or the need for  additional
capital.
PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings.                           None

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.            None
                            SIGNATURE

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 thereunto duly authorized.

                              InnoVet, Inc.
                              (Registrant)



                                                                 


                              /s/SCOTT P. CIELEWICH

Date:  November 14, 1995           Scott P. Cielewich, Executive
Vice President and
                              Chief Financial Officer