UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No.  1)*

ADVANSOURCE BIOMATERIALS CORPORATION

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00767T109 

(CUSIP Number)

December 31, 2009

(Date of Event Which Requires Filing of this Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[X]	Rule 13d-1(b)
[   ]	Rule 13d-1(c)
[   ]	Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following page(s))
Page 1 of 6 Pages

CUSIP No. 00767T109

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Perritt Capital Management, Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) Not Applicable			(a)   [  ] (b)   [  ]
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Illinois
NUMBER OF SHARES		5	SOLE VOTING POWER 32,000
BENEFICIALLY OWNED		6	SHARED VOTING POWER 1,032,500
BY EACH REPORTING		7	SOLE DISPOSITIVE POWER 32,000
PERSON WITH:		8	SHARED DISPOSITIVE POWER 1,032,500
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,064,500
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) Not Applicable			[  ]
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.0%(1)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA

(1) The percent ownership calculated is based upon an aggregate of 21,168,071 shares outstanding as of October 30, 2009.

Page 2 of 6 Pages

CUSIP No.  00767T109

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Perritt Funds, Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) Not Applicable			(a)   [  ] (b)   [  ]
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION Maryland
NUMBER OF SHARES		5	SOLE VOTING POWER -0-
BENEFICIALLY OWNED		6	SHARED VOTING POWER 1,032,500
BY EACH REPORTING		7	SOLE DISPOSITIVE POWER -0-
PERSON WITH:		8	SHARED DISPOSITIVE POWER 1,032,500
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,032,500
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) Not Applicable			[  ]
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.9%(1)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IV

(1) The percent ownership calculated is based upon an aggregate of 21,168,071 shares outstanding as of October 30, 2009.

Page 3 of 6 Pages

CUSIP No. 00767T109

Item 1(a). Name of Issuer:

AdvanSource Biomaterials Corporation

Item 1(b). Address of Issuer’s Principal Executive Offices:

229 Andover Street
Wilmington, MA 01887

Item 2(a). Name of Person Filing:

The persons filing this Schedule 13G are (i) Perritt Capital Management, Inc., an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 and (ii) Perritt Funds, Inc., an investment company registered under the Investment Company Act of 1940. Perritt Capital Management, Inc. is the investment adviser to Perritt Funds, Inc. and its sole series, Perritt Emerging Opportunities Fund. Attached as Exhibit 1 hereto, which is incorporated by reference herein, is an agreement between Perritt Capital Management, Inc. and Perritt Funds, Inc. that this Schedule 13G is filed on behalf of each of them.

Item 2(b). Address of Principal Business Office or, if none, Residence:

300 South Wacker Drive, Suite 2880
Chicago, IL 60606

Item 2(c). Citizenship:

Perritt Capital Management, Inc. is an Illinois corporation.

Perritt Funds, Inc. is a Maryland corporation.

Item 2(d). Title of Class of Securities:

Common Stock

Item 2(e). CUSIP Number:

00767T109 

 Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filings is a:

|X| Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C.80a-8).

|X| An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E).

Page 4 of 6 Pages

CUSIP No. 00767T109

Item 4. Ownership:

Perritt Capital Management, Inc.

(a) Amount Beneficially Owned: 1,064,500

(b) Percent of Class: 5.0%

(c) Number of shares as to which such person has:

(i) sole power to vote or to direct the vote: 32,000

(ii) shared power to vote or to direct the vote: 1,032,500

(iii) sole power to dispose or to direct the disposition of: 32,000

(iv) shared power to dispose or to direct the disposition of: 1,032,500

Perritt Funds, Inc.

(a) Amount Beneficially Owned: 1,032,500

(b) Percent of Class: 4.9%

(c) Number of shares as to which such person has:

(i) sole power to vote or to direct the vote: -0-

(ii) shared power to vote or to direct the vote: 1,032,500

(iii) sole power to dispose or to direct the disposition of: -0-

(iv) shared power to dispose or to direct the disposition of: 1,032,500

Item 5. Ownership of Five Percent of Less of a Class.

N/A

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

N/A

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

N/A

Item 8. Identification and Classification of Members of the Group.

N/A

Item 9. Notice of Dissolution of Group.

N/A

Page 5 of 6 Pages

CUSIP No. 00767T109

Item 10. Certification. 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 Exhibits. 1.    Agreement to file Schedule 13G jointly.  (Previously filed as Exhibit 1 to the reporting parties' Schedule 13G filed January 27, 2009.)

SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 14, 2010

PERRITT CAPITAL MANAGEMENT, INC.


By:     /s/ Michael J. Corbett
          Michael J. Corbett, Vice President

PERRITT FUNDS, INC.


By:     /s/ Michael J. Corbett
          Michael J. Corbett, President

Page 6 of 6 Pages