UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                          Washington, D.C. 20549

                               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ]  Check  box if no  longer  subject  to  Section  16.  Form 4 or  Form 5
obligations may continue. See Instruction 1(b)

                                                  FORM 4

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

       Elliott International, L.P.
       c/o HSBC Financial Services (Cayman) Limited
       P.O. Box 1109, Mary Street
       Grand Cayman, Cayman Islands, British West Indies

2.     Issuer Name and Ticker Trading Symbol

       ISCO International, Inc. (ISCO)

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

4.     Statement for (Month/Day/Year)

       10/01

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

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

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

7.     Individual or Joint/Group Filing (Check applicable line)

       [x] Form filed by one Reporting Person
       [ ] Form filed by more than one Reporting Person







Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.     Title of Security (Instr. 3)

             Common Stock

2.     Transaction Date (Month/Day/Year)

             10/19/01

3.     Transaction Code (Inst. 8)

             P

       V

4.     Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

             Amount:

             926,482

             (A) or (D):

             A

             Price:

             $1.11

5.     Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)

             20,827,456


6.     Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

             D

7.     Nature of Indirect Beneficial Ownership (Instr. 4)

             Not applicable.


Reminder:   Report  on  a  separate  line  for  each  class  of  securities
beneficially owned directly or indirectly.





Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
           (e.g. puts, calls, warrants, options, convertible securities)

1.     Title of Derivative Security (Instr. 3)


2.     Conversion or Exercisable Price of Derivative Security


3.     Transaction Date (Month/Day/Year)


4.     Transaction Code (Instr. 8)

             Code

             V


5.     Number of Derivative Securities Acquired (A) or Disposed of (D)
       (Instr. 3, 4 and 5)

             (A)

             (D)


6.     Date Exercisable and Expiration Date (Month/Day/Year)

             Date Exercisable:

             Expiration Date:


7.     Title and Amount of Underlying Securities (Instr. 3 and 4)

             Title:

             Amount or Number of Shares:


8.     Price of Derivative Security (Inst. 5)


9.     Number of Derivative Securities Beneficially Owned at End of Month
       (Instr. 4)


10.    Ownership Form of Derivative Security:  Direct (D) or Indirect (I)
       (Instr. 4)







11.    Nature of Indirect Beneficial Ownership (Instr. 4)



Explanation of Responses:



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

Dated: November 12, 2001


             ELLIOTT INTERNATIONAL, L.P.
             By: Elliott International Capital Advisors, Inc.,
                    as Attorney-in-Fact


                 By: /s/ Elliot Greenberg
                                Elliot Greenberg
                           Vice President

                 *Signature of Reporting Person