UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, DC 20549-1004

                                   Form 10-QSB

(Mark One)

[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001

                                       or

[ ] 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 0-26455

                        ADVANCED BUSINESS SCIENCES, INC.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

            DELAWARE                                      87-0347787
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

                              3345 No.107th STREET
                              OMAHA, NEBRASKA 68134
                                 (402) 498-2734
               ---------------------------------------------------
               (Address, including zip code, and telephone number,
                      including area code, of registrant's
                           principal executive office)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  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 [ ]

The number of issuer's shares outstanding as of May 04, 2001, was 19,589,959.

Transitional Small Business Disclosure Form (Check One): YES  [  ]  NO  [X]
<PAGE>


PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

ADVANCED BUSINESS SCIENCES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS

                                                (unaudited)
                                                 March 31,     December 31,
              ASSETS                               2001            2000
                                               ----------------------------
Current Assets
  Cash .....................................   $     65,683    $     55,027
  Trade accounts receivable ................         14,829          22,159
  Inventories ..............................             --         192,333
  Prepaid Expenses and other ...............         12,961           5,725
                                               ----------------------------
        Total current assets ...............         93,473         275,244
                                               ----------------------------

Leasehold Improvements and Equipment .......        624,350       1,283,171
  Less accumulated depreciation ............        506,687         977,079
                                               ----------------------------
                                                    117,663         306,092
                                               ----------------------------

Product Development Costs ..................        421,954         381,770
Other Assets ...............................         13,680          27,280
                                               ----------------------------
        Total assets .......................   $    646,770    $    990,386
                                               ============================

LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
  Notes payable ............................      6,947,901       6,206,506
  Current maturities of long-term debt .....        671,692         632,685
  Accounts payable and accrued expenses ....
  Accrued interest payable .................        286,730         254,115
                                               ----------------------------
        Total Current Liabilities ..........      8,441,045       7,542,747

Long-term debt, less current maturities ....        619,155         752,362
                                               ----------------------------

Commitments and contingency
Stockholders'  (Deficit)
  Preferred stock ..........................             --              --
  Common stock .............................         19,062          18,747
  Additional paid-in capital ...............     13,423,024      12,532,907
  Deficit accumulated during the development
    stage ..................................    (21,855,516)    (19,856,377)
                                               ----------------------------
        Total stockholders' (deficit) ......     (8,413,430)     (7,304,723)
                                               ----------------------------
        Total liabilities and stockholders'
          (deficit) ........................   $    646,770    $    990,386
                                               ============================

See Notes to Condensed Consolidated Financial Statements.
<PAGE>

ADVANCED BUSINESS SCIENCES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


                                                   Three Months Ended March 31,
                                                   ----------------------------
                                                       2001            2000
                                                   ----------------------------

Revenues .......................................         29,234          61,914
Cost of sales ..................................         88,671          42,810
                                                   ----------------------------
        Gross profit (loss) ....................        (59,437)         19,104
                                                   ----------------------------

Expenses:
  Research and development .....................        185,858          52,236
  Sales and marketing ..........................         24,997          58,146
  General and administrative ...................        885,347         391,763
                                                   ----------------------------
        Total expenses .........................      1,096,202         502,145
                                                   ----------------------------

        Operating (loss) .......................     (1,155,639)       (483,041)
                                                   ----------------------------

Other income (expense):
  Interest income ..............................             24              93
  Interest expense .............................       (187,712)        (90,460)
  Loan acquisition expense .....................       (655,812)             --
                                                   ----------------------------
        Total other income (expense) ...........       (843,500)        (90,367)
                                                   ----------------------------

        (Loss) before provision for income taxes     (1,999,139)       (573,408)

        Provision for income taxes .............             --              --
                                                   ----------------------------
Net (loss) .....................................   $ (1,999,139)   $   (573,408)
                                                   ============================

Net (loss) per share - basic and diluted .......   $      (0.11)   $      (0.04)
                                                   ============================

Weighted average shares outstanding ............     18,788,813      13,543,958
                                                   ============================

See Notes to Condensed Consolidated Financial Statements.
<PAGE>

ADVANCED BUSINESS SCIENCES, INC.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                           THREE MONTHS ENDED
                                                                 March 31
                                                         ----------------------
                                                            2001         2000
                                                         ----------------------

Net cash flows (used in) operating activities ........   $(545,996)   $(471,714)
                                                         ----------------------

Net cash (used in) investing activities ..............    (158,793)     (14,924)
                                                         ----------------------

Cash flows from financing activities:
  Increase in notes payable ..........................     741,395      294,618
  Other ..............................................     (25,950)     184,569
                                                         ----------------------
        Net cash provided by financing activities ....     715,445      479,187
                                                         ----------------------

        Increase (decrease) in cash ..................      10,656       (7,451)

Cash and cash equivalents, beginning of period .......      55,027        7,843
                                                         ----------------------
Cash and cash equivalents, end of period .............   $  65,683    $     392
                                                         ======================

Supplemental Disclosures of Cash Flow Information:
  Cash payments for:
    Interest .........................................   $ 155,097    $  90,460
    Taxes ............................................          --           --

Supplemental Disclosure of Noncash Investing and
  Financing Activities:
  Issuance of common stock in lieu of payment on
    long-term debt ...................................   $  62,875    $      --

See Notes to Condensed Consolidated Financial Statements
<PAGE>


                        ADVANCED BUSINESS SCIENCES, INC.
                          (A DEVELOPMENT STAGE COMPANY)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1. GENERAL

The condensed  balance sheet of Advanced Business  Sciences,  Inc. ("ABS" or the
"Company")  at  December  31,  2000 has been  taken  from  audited  consolidated
financial  statements at that date and  condensed.  The  condensed  consolidated
financial statements for the three months ended March 31, 2001 and for the three
months ended March 31, 2000 are  unaudited  and reflect all normal and recurring
accruals and adjustments which are, in the opinion of management,  necessary for
a fair presentation of the financial position,  operating results and cash flows
for the interim  periods  presented  in this  quarterly  report.  The  condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated financial statements and notes thereto,  together with management's
discussion  and  analysis of  financial  condition  and  results of  operations,
contained  in the  Company's  Annual  Report on Form  10-KSB  for the year ended
December 31, 2000. The results of operations and cash flows for the three months
ended  March 31,  2001 are not  necessarily  indicative  of the  results for the
entire fiscal year ending December 31, 2001. Where appropriate, items within the
condensed  consolidated  financial  statements have been  reclassified  from the
previous periods' presentation.

The accompanying financial statements of Advanced Business Sciences,  Inc., have
been prepared on a going-concern basis, which contemplates profitable operations
and the satisfaction of liabilities in the normal course of business.  There are
uncertainties  that raise  substantial doubt about the ability of the Company to
continue as a going  concern.  As shown in the  statements  of  operations,  the
Company has not yet achieved  profitable  operations.  As of March 31, 2001, the
Company has  insufficient  working  capital to execute its business plan.  These
items raise  substantial doubt about the ability of the Company to continue as a
going  concern.  Management  plans  to  continue  financing  development  of the
Company's technology through the plan described herein.

Management presently believes that the Company is in the final development stage
of its electronic  tracking and monitoring  devices and the delivery of services
relating to these devices.  Although there has been substantial  progress in the
development of this technology,  the Company does not have any significant sales
and there can be no assurance that the Company will have any significant sales.

The Company's  continuation  as a going concern is dependent upon its ability to
satisfactorily  meet its debt obligations,  meet its product  development goals,
secure new financing and generate  sufficient  cash flows from  operations.  The
financial  statements  do not include  any  adjustments  that might  result from
outcome of these uncertainties.

2. CURRENT STOCKHOLDERS' EQUITY TRANSACTIONS

Board  members were  compensated  in total with 42,345 shares of stock valued at
$15,000 for  attending  the first quarter  board  meetings.  Ken Macke,  retired
Chairman  and CEO of Dayton  Hudson  Corp.,  was also  compensated  for being an
Advisor to the Board of Directors.  He received 73,783 shares of stock valued at
$26,022 for attending (3) first quarter board meetings.

On February  22, 2001,  the Company  issued  295,276  shares of its common stock
valued at $62,875 to (2) different  companies for  exercising  their warrants by
way of retiring their promissory notes held by the Company.

During the quarter ended March 31, 2001, the Company issued 12,500 shares of its
common stock valued at $5,375 to (2) different  warrant  holders for  exercising
their warrants.

In March 2001, common stock in the amount of 56,106 shares valued at $20,832 was
issued to an executive of the Company per his employee agreement.

During the quarter ended March 31, 2001, the Company issued  2,241,080  warrants
to purchase  2,241,080  shares of its common stock to stockholders  for loans to
the Company and charged $663,291 to expense. The Company also granted options to
purchase  6,000,000  shares of its common  stock to two  executives  pursuant to
their employment agreements. The exercise prices are at 85% of fair value of the
Company's  common  stock and vest  ratably  over two  years.  Compensation  cost
charged to expense was $97,036.
<PAGE>

3. FINANCIAL STATEMENTS SINCE INCEPTION

Below is ABS's condensed  statement of operations  from inception  through March
31, 2001.

Statement of Operations

                                                                   Inception to
                                                                  March 31, 2001
                                                                  --------------

Revenues .......................................................   $    507,038
Cost of sales ..................................................        964,393
                                                                   ------------
        Gross (loss) ...........................................       (457,355)
                                                                   ------------
Expenses:
  Research and development .....................................      3,038,358
  Sales and marketing ..........................................      1,591,530
  General and administrative ...................................     11,633,103
                                                                   ------------
                                                                     16,262,991
                                                                   ------------

        Operating (Loss) .......................................    (16,720,346)
                                                                   ------------

Other income (expense):
  Interest income ..............................................         56,365
  Interest expense .............................................     (1,660,905)
  Loan acquisition expense .....................................     (4,071,823
  Other, net ...................................................        (28,708)
                                                                   ------------
                                                                     (5,705,071)
                                                                   ------------

        (Loss) before provision for income taxes and
           extraordinary item ..................................    (22,425,417)
Provision for income taxes .....................................             --
                                                                   ------------
        (Loss) before extraordinary item .......................    (22,425,417)
Extraordinary item
  Gain from extinguishment of debt .............................        569,901
                                                                   ------------
  Net (loss) ...................................................   $(21,855,516)
                                                                   ============
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Discussions of certain matters contained in this Quarterly Report on Form 10-QSB
may constitute  forward-looking  statements  under Section 27A of the Securities
Act  of  1933,  as  amended  (the  "Securities  Act"),  and  Section  21E of the
Securities  Exchange  Act of 1934,  as  amended,  (the  "Exchange  Act").  These
statements may involve risks and uncertainties. These forward-looking statements
relate to, among other things,  the Company's ability to secure  financing,  the
results of the Company's product development  efforts,  future sales levels, the
Company's  future  financial   condition,   liquidity  and  business   prospects
generally, perceived opportunities in the marketplace for the Company's products
and its products under  development  and the Company's  other business plans for
the future.  The actual outcomes of these matters may differ  significantly from
the outcomes expressed or implied in these forward-looking  statements and other
risks detailed in "ITEM 1.  Description  of Business  contained in the Company's
Form 10-KSB filed with the SEC March 27, 2001.

The following  discussion is intended to provide a better  understanding  of the
significant  changes in trends relating to the Company's financial condition and
results of operations.  Management's  Discussion and Analysis  should be read in
conjunction with the accompanying  Condensed  Consolidated  Financial Statements
and Notes thereto.

The Company  experienced a decline in number of individuals  being  monitored in
the first three months of 2001 when  compared to the previous  year activity for
the same time period.  The primary  reason for this  downward  trend is that the
Company's  development efforts were focused on the iSecureTrack  platform.  As a
result,  support  for the  current  products in the field will be phased out and
replaced  with the  Company's  new products and  services.  This product  change
resulted in the Company  incurring  significant  asset  write-offs  as discussed
herein.

This  management  decision  will  allow  the  Company  to  replace  its  current
monitoring  operations  with a computerized  center for  communication  and data
management,  staffed only to maintain the system. The iSecureTrack platform will
be operated as an Application Service Provider (ASP) service, allowing agents at
existing  monitoring  centers to access and use the system to provide  the human
monitoring services.  The Company intends to complete the final design and begin
production of the series 2000 tracking unit in the third quarter of 2001. As the
Company rolls out this new product offering, its customers will have control and
responsibility to monitor the movement of their individuals or assets. Utilizing
the  Company's  GPS  tracking  products,  customers,  through a secure  Internet
connection,  will access  their  information  via the  Company's  host  website,
iSecureTrackTM.   This  product   changeover  will  allow   customers'   greater
flexibility,  ease of use and  reduced  operating  costs  when  compared  to the
Company's and  competitors  current product  offerings and pricing.  At the same
time,  it will  allow the  Company  to partner  with  industry-specific  service
providers,  wherein they will provide the staffing and end-user interaction, and
the Company will supply the tracking technology and information reporting.

ABS is a  developmental  stage  company.  As  such,  the  financial  results  of
operations  reflect  the  primary  activities  of the  Company  directed  toward
development and testing of its GPS products, principally for offender monitoring
in the criminal justice  marketplace.  The following table sets forth the number
of tracking  units  monitored  or leased for the period  indicated.  The Company
monitored  and  leased  310 units in the  first  quarter  of 2001.  In the first
quarter of 2000,  the Company  monitored and leased 468 units.  The remainder of
159 units in the first quarter 2000 were monitored units only.

               Year         1st Quarter        Year-to-date
         -------------------------------------------------------
               2000             627                627
               2001             310                310

Revenues

The  Company  derives  revenue  from sale of  products,  billable  services  for
monitoring,  software license fees,  equipment and software leasing, and charges
for  maintenance  and repair of equipment.  For the three months ended March 31,
2001,  Revenues  decreased  53% to $29,234  compared to $61,914  during the same
period in 2000.  The reason for the  decrease in the  comparable  period is less
units being  monitored  and leased in the three months ended March 31, 2001 (310
units), as compared to (468 units) in the same period in 2000.
<PAGE>

Cost of Sales

Cost of Sales  represents  the direct costs  associated  with the  generation of
revenue, and includes cost of goods for products which are sold, direct costs of
distribution  of software  and  equipment,  maintenance  expenses  on  equipment
repaired  under  service  agreements,  and the  direct  variable  communications
expenses  associated with the monitoring  services provided by the Company.  For
the three months ended March 31, 2001,  Cost of Sales  increased 107% to $88,671
compared to $42,810  during the same period in 2000.  The primary reason for the
higher cost of sales was increased  amortization of the monitoring  units in the
field.

Gross Profit (Loss)

For the three  months  ended  March 31,  2001,  Gross Loss for the  Company  was
$(59,437)  compared to a Gross Profit of $19,104 during the same period of 2000.
The reasons for this  decrease  were lower  revenues and higher Cost of Sales in
the 2001 period, as discussed above.

Research and Development

Research  and  Development  expenses are the direct  costs  associated  with the
Company's  development of its  proprietary  products.  Expenses in this category
include the cost of outside contracted engineering and design, staffing expenses
for the Company's own engineers and software developers, and the actual costs of
components,  prototypes,  and testing equipment and services used in the product
development  functions.  The  Research  and  Development  expenses  increased to
$185,858 for the three months ended March 31, 2001, from $52,236 during the same
period  in 2000.  The  primary  reason  for this  increase  was the write off of
$131,831 of  capitalized  product  development  costs due to the  business  plan
change discussed herein.

Sales and Marketing

Sales and Marketing  expenses  represent  the costs of the  Company's  sales and
marketing  staff,  travel  and  related  expenses  associated  with sales to the
Company's  customers and  prospects,  the costs of  advertising in magazines and
periodicals,  attendance at trade shows, and production of marketing and related
collateral  material.  Sales and  Marketing  expenses were $24,997 for the three
months ending March 31, 2001 compared to $58,146 during the same period in 2000.
The decrease is the result of less advertising and trade show expenses,  as well
as a decrease in Sales and Marketing staff incurred in the first quarter of 2001
when compared to the first quarter of 2000.

General and Administrative

General and  Administrative  expenses are all the indirect and overhead expenses
associated  with the  operations  of the  Company,  outside  of  those  expenses
described above. These expenses include executive, administrative and accounting
staff payroll, taxes and benefits,  rent on property, all travel not included in
the Sales and Marketing  expense,  fixed telephone  expenses,  office leases and
supplies,  and recruiting and training expense. For the three months ended March
31, 2001,  General and  Administrative  expense increased  $493,584 to $885,347,
from  $391,763  in the  comparable  period  of 2000.  The main  reasons  for the
increase was due to losses incurred of $296,052 from disposal of parts inventory
and leased equipment  related to the business plan change discussed  herein,  as
well as $117,868 of compensation costs incurred related to employee agreements.

Operating (Loss)

For the three months ended March 31, 2001,  operating  (loss) was  $(1,155,639),
compared to  $(483,041)  for the same  period in 2000.  The main reason for this
decrease was higher expenses in the period, as explained above.

Interest Expense

For the three months ended March 31, 2001, Interest expense increased $97,252 to
$187,712,  compared to Interest  expense of $90,460 in the comparable  period of
2000. This interest expense increase was due to larger  outstanding  balances in
Company borrowings in 2001 over 2000.

Loan Acquisition Expense

For the three months  ended March 31, 2001,  loan  acquisition  expense  totaled
$655,812  compared to $0 for the comparable period of 2000. This expense was due
to stock  warrants and common stock issued to various  stockholders  for lending
the Company money and personally guaranteeing the notes payable from banks.
<PAGE>

Net (Loss)

For the  three  months  ended  March 31,  2001,  the  Company  had a Net Loss of
$(1,999,139)  or $(0.11)  per share,  compared  to a Net Loss of  $(573,408)  or
$(0.04) per share, in the comparable  period of 2000, for the reasons  described
above.

Liquidity and Capital Resources

For the three months ended March 31, 2001,  the Company used  $(545,996) of cash
in operating  activities  and another  $(158,793)  in investing  activities.  It
generated $715,445 in cash from financing activities. The total of all cash flow
activities  resulted in an increase in the balance of cash and cash  equivalents
for the three month period of $10,656.  For the same period of 2000, the Company
used  $(471,714)  of cash in  operating  activities  and  another  $(14,924)  in
investing  activities.  It generated $479,187 in cash from financing activities.
The total of all cash flow  activities  resulted in a decrease in the balance of
cash and cash equivalents of $(7,451).

As of March 31, 2001,  the Company had the  following  borrowing  facilities  in
place, all of which are guaranteed by various directors of the Company:

The Company has a $750,000 note payable from U.S. Bank N.A. of Omaha,  Nebraska.
The Company shall repay this loan in 35 monthly payments of $16,557 and one last
payment estimated at $369,376 beginning on July 15, 2000. The interest rate is a
variable rate based on the U.S. Bank N.A. Reference Rate (the "Index Rate") plus
two (2) percent. As of March 31, 2001, the Index Rate was currently eight (8.00)
percent.  This loan is secured by a security interest in the Company's  tangible
and intangible assets.

The Company has a $999,767 note payable from Commercial Savings Bank of Carroll,
Iowa.  The interest rate is eight and one-half  (8.50)% per annum.  This loan is
secured by a security interest in the Company's  tangible and intangible assets.
The Company renewed this note on April 5, 2001. The Company shall make 5 monthly
payments of  $12,399.43  beginning  May 5, 2001,  with a final payment of unpaid
principal and accrued interest due on October 5, 2001.

The  Company  has a note  payable of  $499,021  through  Firstar  Bank from Mary
Collison,  a director of the Company,  and $327,224 from Martin  Halbur,  also a
director  of  the  Company.   Principal   on  both  notes,   $8,320  and  $5,457
respectively,  along with  interest  of 0.250%  plus  prime  (8.00% at March 31,
2001), are payable on a monthly basis.

The Company has a  $1,000,000  note payable from United Bank of Iowa of Carroll,
Iowa. The loan had an original  maturity date of December 30, 1999 and has since
been  extended  until June 10, 2001.  The interest  rate is nine and  one-fourth
(9.25)% per annum.

The  Company  has a  $500,000  note  payable  from  Templeton  Savings  Bank  of
Templeton, Iowa. The loan is due August 16, 2001 and carries an interest rate of
nine and three-fourths (9.75)% per annum.

The Company has a $1,000,000  note  payable  from  Carroll  County State Bank of
Carroll, Iowa. The loan has a maturity date of September 6, 2001 and an interest
rate of ten  and  one-half  (10.50)  percent.  Interest  only  payments  are due
beginning June 6, 2001 and continue on a quarterly basis.

The Company has a $37,326 note payable from  Nebraska  State Bank of Omaha.  The
loan matures on August 24, 2001 and carries an interest rate of ten and one-half
(10.50)  percent.  Payments of $1,245 for principal and interest are due monthly
with the unpaid balance due at maturity.

The Company  obtained a $1,000,000 line of credit with Wells Fargo Bank in April
2001 and has drawn  $450,000  against the note as of May 1, 2001.  Interest only
payments due monthly  beginning May 23, 2001. The note matures on April 23, 2002
and carries an interest  rate per annum equal to the prime rate. As of April 19,
2001, the prime rate is seven and one-half (7.50)%.

The Company is a development stage business and has not yet achieved  profitable
operations.  The Company lacks sufficient operating capital, and intends to fund
its ongoing  development  and  operations  through a  combination  of additional
equity capital and further borrowings. As of March 31, 2001, the Company did not
have  commitments  for either debt or share  purchases  to meet its planned 2001
operating capital requirements.
<PAGE>

The  Company  entered  into an  agreement  on March  27,  2001  with  Telemarket
Resources   International   to  provide   the   Company   new   Internet   based
iSecureTrack(TM) enterprise software. ISecureTrack(TM) will facilitate satellite
tracking  and  monitoring  of  people  and  assets,   worldwide,   using  global
positioning system (GPS) and Internet technology.

The Company  entered into an  agreement  on February  04, 2001 with  Electronics
Manufacturing  Technology  for the final design and  production of the Company's
global  positioning system (GPS) Personal Tracking Unit (PTU) and asset tracking
unit.

The Company  announced that it was awarded its second patent,  6,100,806,  which
issued  8/8/2000.  The patent  compliments  the previous patent  6,072,396.  The
patent covers the Company's  proprietary GPS based tracking product.  The patent
was written broadly enough to allow ABS to aggressively  protect its position in
the criminal  justice market,  as well as cover AVL,  asset,  and other tracking
markets.
<PAGE>

PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

On December 20, 2000, ABS, A Nebraska  corporation,  filed a patent infringement
lawsuit against the Defendant, Pro Tech Monitoring,  Inc, (Pro Tech), a Delaware
corporation located  in Palm  Harbor,  Florida.  The  case was  filed in  Omaha,
Nebraska in the United States Federal District Court, Case No. 8:00-CV-624.  ABS
contends that Pro Tech, who provides product to the criminal  justice  industry,
is infringing on the ABS patents  covering the Company's  proprietary  GPS based
tracking  system.  On January 31, 2001,  Pro Tech filed a declaratory  judgement
action ABS in the United States Federal  District Court for the Middle  District
of Florida,  Tampa Division,  Case No.  8:01-CV-216-T-17MSS.  Pro Tech claims in
this action that its product and methods do not  infringe  upon the ABS patents.
ABS and Pro Tech  dispute the proper  venue between Nebraska and Florida for
purposes of determining  infringement  of the ABS patents.  ABS will  vigorously
defend against the complaint filed by Pro Tech and will aggressively protect its
Intellectual Property.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(A)  EXHIBITS

     10.09 Employment Agreement by and between the Company and Michael P. May
     10.10 Employment Agreement by and between the Company and James E. Stark

     11 - Computation of Earnings Per Share

(B)  REPORTS ON FORM 8-K

     The Company filed no reports on Form 8-K during the First Quarter of 2001.

Items 2, 3, 4 and 5 are not applicable and have been omitted.
<PAGE>

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       ADVANCED BUSINESS SCIENCES, INC.


Date:  May 14, 2001              By:  /s/ James E. Stark
                                      --------------------------------------
                                      James E. Stark
                                      Vice President and Chief Financial Officer