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                                                                    EXHIBIT 23.1




                       CONSENT OF INDEPENDENT ACCOUNTANTS


         We consent to the reference to our firm under the caption "Independent
Accountants" in the Registration Statement on Form S-2 and related prospectus of
Ampersand Medical Corporation and Subsidiaries for the registration of
37,503,259 shares of its common stock and to the incorporation by reference
therein of our report dated March 9, 2001, with respect to the consolidated
financial statements and schedule of Ampersand Medical Corporation and
Subsidiaries included in its Annual Report on Form 10-K, as amended, for the
year ended December 31, 2000, filed with the Securities and Exchange Commission.


                                                 /s/ Ernst & Young, LLP



Chicago, Illinois

July 12, 2001