10-Q/A

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC.  20549

FORM 10-Q

	[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
		THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended 	September 30, 1995	

                  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  	0-15070

		Alpha 1 Biomedicals, Inc.		
(Exact name of registrant as specified in its charter)

	Delaware                              52-1253406			
 (State or other jurisdiction of	     	(I.R.S. Employer
  incorporation or organization)		      Identification Number)


Two Democracy Center
6903 Rockledge Drive, Suite 1200
Bethesda, MD  20817
(Address of principal executive offices, including zip code)

	(301) 564-4400			
 (Registrants telephone number, including area code)


	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 past 90 days.

			Yes  	X		No		

 As of October 31, 1995, 8,977,429 shares of the registrant's
 common stock, par value $.001 per share, were issued and outstanding.



PAGE 2


EXHIBIT 27        SELECTED FINANCIAL STATEMENTS     FILED WITH THIS DOCUMENT



PAGE 3



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
 by the undersigned thereunto duly authorized.



						Alpha 1 Biomedicals, Inc.
							(Registrant)





Date: December 28, 1995		  	By:	/s/  R.J. Lanham		
						                         	R.J. Lanham
						                         	Vice President and
						                         	Chief Financial Officer

EX-27

 

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE INTERIM
CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
AND THE CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1995 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                         405,987
<SECURITIES>                                   805,419
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,382,396
<PP&E>                                         212,083
<DEPRECIATION>                                (145,787)
<TOTAL-ASSETS>                               1,598,645
<CURRENT-LIABILITIES>                          300,578
<BONDS>                                              0
<COMMON>                                    35,587,266
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                 (34,289,199)
<TOTAL-LIABILITY-AND-EQUITY>                 1,598,645
<SALES>                                          5,589
<TOTAL-REVENUES>                                 5,589
<CGS>                                                0
<TOTAL-COSTS>                                1,005,713
<OTHER-EXPENSES>                               (2,030)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              (998,094)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (998,094)
<EPS-PRIMARY>                                    (.11)
<EPS-DILUTED>                                        0 

<F1>  LOSS PER SHARE ON A FULLY DILUTED BASIS IS NOT CALCULATED SINCE THE 
      EFFECT IS ANTIDILUTIVE.