U.S. SECURITIES AND EXCHANGE COMMISSION
FORM 3 Washington, DC 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* 2. Date of Event
Requiring
BEAVER JEFFREY T. (Month/Day/Year)
(Last) (First) (Middle) 10/21/96
C/O AQUILA BIOPHARMACEUTICALS, INC.
365 PLANTATION STREET 3. IRS or Social
Security
(Street) Number of
Person (Voluntary)
WORCESTER MA 01605
(City) (State) (Zip)
4. Issuer Name and Ticker or Trading Symbol
AQUILA BIOPHARMACEUTICALS, INC. (AQLA)
5. Relationship of Reporting Person 6. If Amendment, Date of
to Issuer (Check all applicable) Original
_X_Director ___10% Owner (Month/Day/Year)
___Officer (give ___Other (specify
title below) 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 Beneficially Owned
1. Title of Security 2. Amount of Securities
(Instr. 4) Beneficially Owned
(Instr. 4)
COMMON STOCK 374
3. Ownership 4. Nature of Indirect Beneficial Ownership
Form: Direct (Instr. 4)
(D) or Indirect
(I) (Instr. 5)
D**
*If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v). Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
**MR. BEAVER DISCLAIMS BENEFICIAL OWNERSHIP OF 264 SHARES OF COMMON STOCK
(Over) (Print or Type Responses)
FORM 3 (continued) Table II - Derivative Securities Beneficially
Owned
(e.g. puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Date Exercisa- 3. Title and Amount
(Instr. 4) ble and Expi- of Securities
ration Date Underlying
(Month/Day/ Derivative
Year) Security
(Instr. 4)
Date Expira- Amount
Exercis- tion Title or Num.
able Date of
shares
STOCK OPTION* 12/15 12/15 COMMON 34,681
RIGHT TO BUY 1995 2005 STOCK
4. Conver- 5. Owner- 6. Nature of Indirect
sion or ship Beneficial Ownership
Exercise Form of (Instr. 5)
Price of Deriva-
Deriva- tive
tive Security:
Security: Direct
(D) or
Indirect
(I)
(Instr. 5)
$2.80 D
Explanation of Responses: *OPTION TO PURCHASE CAMBRIDGE BIOTECH
CORPORATION COMMON STOCK, CONVERTED TO AN OPTION TO PURCHASE AQUILA
BIOPHARMACEUTICALS, INC. COMMON STOCK AT AN EXCHANGE RATE OF 7.569 SHARES
OF CAMBRIDGE BIOTECH CORPORATION COMMON STOCK FOR 1 SHARE OF AQUILA
BIOPHARMACEUTICALS, INC. COMMON STOCK.
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S. C. 1001 and 15 U.S.C. 78ff(a)
/s/ Jeffrey T. Beaver Oct. 30, 1996
_______________________________________ ___________________
**Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Page 2
(Print or Type Responses)
