8-K

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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



       Date of report (Date of earliest event reported): November 25, 1997
                                                         -----------------

                              ESCALON MEDICAL CORP.
                 -----------------------------------------------
                 (Exact Name of Registrant Specified in Charter)

      California                0-20127              33-0272839      
   -----------------      ------------------    ---------------------
    (State or Other        (Commission File       (I.R.S. Employer   
    Jurisdiction of             Number)          Identification No.) 
    Incorporation)         

             182 Tamarack Circle
             Skillman, New Jersey                             08558
- ----------------------------------------------     ------------------------
  (Address of Principal Executive Offices)                (Zip Code)



Registrant's telephone number, including area code:    (609) 497-9141
                                                     -------------------


          -------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)




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ITEM 5.        OTHER EVENTS.

           On November 20, 1997, the Company held its annual meeting of
shareholders at which time the shareholders approved a one-for-four reverse
stock split (the "Reverse Split") of the Company's Common Stock (the "Common
Stock"). As a result of the Reverse Split, each shareholder now has one share of
Common Stock for every four shares owned before the Reverse Split. As a result
of the Reverse Split, there were adjustments made to the Company's Class A
Redeemable Common Stock Purchase Warrant, Class B Redeemable Common Stock
Purchase Warrant and Class C Common Stock Purchase Warrant. Specifically, as a
result of the Reverse Split, the exercise price of the warrants and the number
of warrants that must be delivered to the Company in order to purchase a share
of Common Stock increased by a factor of four.

           Finally, the Reverse Split necessitated an amendment (the "Third
Amendment") to the Registrant's Warrant Agreement with American Stock Transfer &
Trust Company dated as of November 17, 1993, as amended on June 1, 1994 and
September 1, 1994. The Third Amendment is annexed hereto as Exhibit 4.6(d).



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ITEM 7.      FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

             (c)    Exhibits

         Exhibit Number          Description

             4.6(d)              Third Amendment to the Warrant Agreement
                                 between Registrant and American Stock Transfer
                                 & Trust Company, dated as of November 25, 1997


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                                    SIGNATURE

           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 hereunto duly authorized.

                                               ESCALON MEDICAL CORP.
                                                   (Registrant)

                                               By  /s/ John T. Rich
                                                   ---------------------
                                                   John T. Rich
                                                   Vice President, Finance and
                                                   Administration, Secretary


Dated:  November 26, 1997

EX-4.6(D)

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                                                                 Exhibit 4.6(d)

                      THIRD AMENDMENT TO WARRANT AGREEMENT

        THIS THIRD AMENDMENT TO THE WARRANT AGREEMENT is dated as of the 25th
day of November, 1997 between ESCALON MEDICAL CORP., a California corporation
(the "Company"), and AMERICAN STOCK TRANSFER & TRUST COMPANY (the "Warrant
Agent").

        WHEREAS, the Company and U.S. Stock Transfer Corporation, a California
corporation (the "Former Warrant Agent"), entered into a certain Warrant
Agreement, dated as of November 17, 1993 (the "Warrant Agreement") pursuant to
which the Warrant Agent undertook to act on behalf of the Company in connection
with the issuance, transfer, exchange, replacement, redemption and surrender of
certain warrants;

        WHEREAS, on June 1, 1994, the Warrant Agreement was amended to clarify
that certain warrants received by a shareholder of Intelligent Surgical Lasers,
Inc., a California corporation which was renamed Escalon Medical Corp., were
subject to the terms of the Warrant Agreement;

        WHEREAS, on September 1, 1994, the Warrant Agreement was amended to
replace the Former Warrant Agent with American Stock Transfer & Trust Company;

        WHEREAS, on November 20, 1997, the Company held its annual meeting of
shareholders at which time the shareholders approved a one-for-four reverse
stock split of the Company's Common Stock (the "Reverse Split");

        WHEREAS, pursuant to the terms of the Warrant Agreement as a result of
the Reverse Split, certain adjustments must be made to the terms of the warrants
governed by the Warrant Agreement; and

        WHEREAS, the Company and the Warrant Agent desire to amend the Warrant
Agreement to clarify the number of shares issuable under the warrants following
the Reverse Split.

        NOW, THEREFORE, in consideration of the premises herein contained and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

1.      Amendment.

        a.     The Warrant Agreement is hereby amended by changing all reference
to the name of the (i) Company within the Warrant Agreement from Intelligent
Surgical Lasers, Inc. to Escalon Medical Corp. and (ii) Warrant Agent within the
Warrant Agreement from U.S. Stock Transfer Corporation to American Stock
Transfer & Trust Company.

        b.      The first sentence of Section 2.1 is hereby amended to read in
its entirety as follows:


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                Each Warrant Certificate shall, when signed by the Chairman,
                Chief Executive Officer or President or any Vice President, and
                by the Chief Financial Officer or Treasurer or any Assistant
                Treasurer, or Secretary or any Assistant Secretary, of the
                Company and countersigned by the Warrant Agent, entitle the
                registered holder thereof, subject to the provisions of Article
                III hereof, to purchase from the Company one-quarter of a share
                of Common Stock for each Warrant evidenced thereby, at the
                purchase price of $6.25 per share in the case of the Class A
                Warrants and the Underwriter's Class A Warrants, at a purchase
                price of $7.50 per share in the case of the Class B Warrants and
                the Underwriter's Class B Warrants, and at the purchase price
                equal to the public offering price of the Units in the Offering
                or, in the event that the offering does not close by December
                31, 1993, at the purchase price of $5.00 per share in the case
                of the Class C Warrants (collectively, the "Initial Exercise
                Prices"), or such adjusted number of shares at such adjusted
                purchase price as may be established from time to time pursuant
                to the provisions of Article IV hereof, payable in full at the
                time of exercise of the Warrant.

Note:  For convenience, the amended language has been underlined.

2.      Effect of Amendment.  The parties hereto agree that, except as expressly
set forth herein, all other provisions of the Warrant Agreement shall continue
in full force and effect without amendment.

3.      Counterparts.  This Third Amendment may be executed in two counterparts,
each of which shall be an original but which together constitutes one and the
same instrument.

        IN WITNESS WHEREOF, the parties have duly executed this Third Amendment
as of the date first above written.

                                          ESCALON MEDICAL CORP.

                                          By:/s/ John T. Rich
                                             ---------------------------
                                          Name:  John T. Rich
                                          Title:  Vice President, Finance and
                                                   Administration, Secretary

                                          AMERICAN STOCK TRANSFER &
                                          TRUST COMPANY

                                          By: /s/ Herbert J. Lemmer
                                             ---------------------------
                                          Name:  Herbert J. Lemmer
                                          Title:Vice President