10KSB/A

                SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549                     

                           FORM 10-KSB/A

Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

     For the fiscal year ended August 31, 1995

Commission file number  0-9065

                   Golden Pharmaceuticals, Inc. 
          (Name of small business issuer in its charter)

           Colorado                                     84-0645174
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                         Identification No.)

1313 Washington Avenue  Golden, Colorado                 80401  
(Address of principal executive office)                (Zip Code)

Issuer's telephone number  (303) 279-9375

Securities registered under Section 12(b) of the Exchange Act:  None

Securities registered under Section 12(g) of the Exchange Act:

                    Common Stock, no par value
                         (Title of Class)
     Check whether the issuer (1) filed all reports required 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 bensubject to such filing requirements for the past 90 days. 
   Yes       No     

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B not contained in this form, and no disclosure will be 
contained to the best of registrant's knowledge, in definitive proxy or 
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.     

     State issuer's revenues for its most recent fiscal year. $4,412,377

     Aggregate market value of the voting stock held by non-affiliates of the
registrant as of  November 21, 1995 was $5,479,895.  This calculation is 
based upon the average of the bid ($.085) and asked ($.12) prices of the
voting stock on November 21, 1995.

     The number of shares of common stock outstanding as of November 21,
1995 was 93,963,919.

     Transitional Small Business Disclosure Format:  Yes       No       Item

EX-27

 

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
registrants financial statements for the year ended August 31, 1995 contained in
its annual report on Form 10-KSB and is qualified in it's entirety by
reference to such financial statements.

       
                                                  
<PERIOD-TYPE>                   YEAR                   YEAR
<FISCAL-YEAR-END>                          AUG-31-1995             AUG-31-1994
<PERIOD-END>                               AUG-31-1995             AUG-31-1994
<CASH>                                          49,557                  94,792
<SECURITIES>                                         0                       0
<RECEIVABLES>                                1,484,175                 310,307
<ALLOWANCES>                                  (63,700)                 (1,063)
<INVENTORY>                                    674,955                  52,356
<CURRENT-ASSETS>                             2,656,600                 952,584
<PP&E>                                       2,736,714               2,052,181
<DEPRECIATION>                             (1,659,768)             (1,555,033)
<TOTAL-ASSETS>                               8,079,905               1,515,489
<CURRENT-LIABILITIES>                        2,040,931                 428,703
<BONDS>                                              0                       0
<COMMON>                                    21,288,851              21,246,351
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                    292,558                 292,558
<OTHER-SE>                                (20,469,509)            (21,359,368)
<TOTAL-LIABILITY-AND-EQUITY>                 8,079,905               1,515,489
<SALES>                                      4,412,377               3,451,020
<TOTAL-REVENUES>                             4,412,377               3,451,020
<CGS>                                        2,245,230               1,584,864
<TOTAL-COSTS>                                2,245,230               1,584,864
<OTHER-EXPENSES>                             1,255,645               1,037,502
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                             140,330                  83,949
<INCOME-PRETAX>                                787,303                 752,552
<INCOME-TAX>                                  (91,594)               (500,000)
<INCOME-CONTINUING>                            878,897               1,252,552
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                 99,677                  76,560
<CHANGES>                                            0                       0
<NET-INCOME>                                   978,574               1,329,112
<EPS-PRIMARY>                                      .01                     .01
<EPS-DILUTED>                                      .01                     .01