FORM 3



                   U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

   Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
      Section 17(a) of the Public Utility Holding Company Act of 1935 or
             Section 30(f) of the Investment Company Act of 1940

_______________________________________________________________________________
1. Name and Address of Reporting Person

   Aries Financial Services, Inc.
- -----------------------------------------------------
   (Last)            (First)            (Middle)

   375 Park Avenue, Suite 1501
- -----------------------------------------------------
                     (Street)

   New York, NY 10152
- -----------------------------------------------------
   (City)               (State)         (Zip)

_______________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)


        6/13/96

_______________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)

   XXX-XX-XXXX

_______________________________________________________________________________
4. Issuer Name and Ticker of Trading Symbol

   IMMUNOTHERAPEUTICS, INC. (IMNP)

_______________________________________________________________________________
5. Relationship of Reporting Person to Issuer
   (Check all applicable)

   [X] 10% Owner
   [ ] Director
   [ ] Officer (give title below)
   [ ] Other (specify below)


   --------------------------------------------------

   --------------------------------------------------


_______________________________________________________________________________
6. If Amendment, Date of Original (Month/Year)

_______________________________________________________________________________



                                                                         Page 1



     



FORM 3 (continued)



                    TABLE I--Non-Derivative Securities Beneficially Owned
- ----------------------------------------------------------------------------

          1.                2.             3.                   4.
- ---------------------    --------      ----------     ----------------------
 Title of                Amount of     Ownership       Nature of Indirect
 Security                Securities    Form:Direct     Beneficial
 (Instr. 4)              Beneficially  (D) or          Ownership
                         Owned         Indirect        (Instr.4)
                         (Instr. 4)    (I)(Instr. 5)
- ---------------------    --------      ----------     ----------------------
                                               
Common Stock, par value  3,000,000       I            Investment Manager of a Trust
 $.001 per share         1,000,000       I            General Partner of Partnership








Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.  (Print or Type Responses)



                                                                         Page 2



     



FORM 3 (continued)



                     TABLE II--Derivative Securities Beneficially Owned
                             (e.g. puts, calls, warrants, options, convertible securities)
- ------------------------------------------------------------------------------------------------------------------------------

     1.          2.                 3.             4.           5.         6.
- ----------  --------------    --------------    --------    ---------  ---------
                               Title and                    Ownership
            Date Exer-         Amount of                    Form of
            cisable and        Underlying                   Deriv-
            Expiration         Securities                   ative
            Date (Month/       (Instr. 4)       Conver-     Security:
             Day/Year)                          sion or     Direct
            --------------    --------------    Exercise    (D) or     Nature of
Title of    Date                      Amount    Price of    Indirect   Indirect
Derivative  Exer-    Expir-           or Num-   Deri-       (I)        Beneficial
Security    cis-     ation            ber of    vative      (Instr.    Ownership
(Instr. 4)  able     Date     Title   Shares    Security    5)         (Instr. 5)
- ----------  -------  -----    -----   ------    --------    ---------  ---------
                                                  











Explanation of Responses:

Aries Financial Services, Inc. serves as investment manager of the Aries Trust,
a Cayman Islands Trust and general partner of Aries Domestic, L.P., a Delaware
limited partnership which own the equity securities of the Company as set forth
above.

                  Aries Financial Services, Inc.

          By: /s/ Dr. Lindsay Rosenwald                          6/21/96
              ----------------------------------------     --------------------
               ** Signature of Reporting Person                    Date
                  President


** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations.  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).



Note: File three copies of this Form, one of which must be manually signed.
      If space provided is insufficient, see Instruction 6 for procedure.



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