10QSB/A

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                       SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON DC 10549

                           ---------------------------
                              FORM 10-QSB Amendment
                           ---------------------------

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


For the Quarterly Period Ended                       Commission File No. 0-27282
JUNE 30, 1996



                         ATLANTIC PHARMACEUTICALS, INC.

                             142 Cypress Point Road
                        Half Moon Bay, California  94019
                             Telephone (415)726-1327



Incorporated in Delaware                               IRS ID #       36-3898269



              Indicate by check mark whether the registrant (1) has filed
          all reports required to be filed by section 13 or 15(d) of
          the Securities Exchange Act of 1934 during the preceding 12
          months (or for such shorter period that the registrant was
          required to file such reports), and (2) has been subject to
          such filing requirements for the last 90 days:

                       Yes   [x]                 No   [ ]

          2,913,720 shares of common stock $.001 par value are
          outstanding on June 30, 1996


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SIGNATURES
- ----------


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


ATLANTIC PHARMACEUTICAL, INC.

October 9, 1996





                    Jon D. Lindjord

                    -------------------------------------
                    Jon D. Lindjord
                    Chief Executive Officer and President



                    Shimshon Mizrachi

                    -------------------------------------
                    Shimshon Mizrachi
                    Chief Financial Officer
                    Principal Accounting and Financial Officer







                                   8

EX-27

 

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMRARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE PERIOD ENDED JUNE 30,1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS

<MULTIPLIER>                    1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>               DEC-31-1996
<PERIOD-START>                  JAN-01-1996
<PERIOD-END>                    JUN-30-1996
<CASH>                            2,795,311
<SECURITIES>                              0
<RECEIVABLES>                             0
<ALLOWANCES>                              0
<INVENTORY>                               0
<CURRENT-ASSETS>                  2,831,311
<PP&E>                              133,903
<DEPRECIATION>                       48,271
<TOTAL-ASSETS>                    2,916,943
<CURRENT-LIABILITIES>               377,195
<BONDS>                                   0
<PREFERRED-MANDATORY>                     0
<PREFERRED>                               0
<COMMON>                              2,664
<OTHER-SE>                        2,537,084
<TOTAL-LIABILITY-AND-EQUITY>      2,916,943
<SALES>                                   0
<TOTAL-REVENUES>                          0
<CGS>                                     0
<TOTAL-COSTS>                             0
<OTHER-EXPENSES>                  1,597,182
<LOSS-PROVISION>                          0
<INTEREST-EXPENSE>                 (89,501)
<INCOME-PRETAX>                 (1,507,681)
<INCOME-TAX>                              0
<INCOME-CONTINUING>             (1,507,681)
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                    (1,507,681)
<EPS-PRIMARY>                        (0.57)
<EPS-DILUTED>                        (0.57)

<F1>Amounts inapplicable or not disclosed as a separate line on the Statement of
Financial or Results of Operations are reported as 0 herein.