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
__________
June 27, 1996
Date of Report (Date of earliest event reported)
AQUILA BIOPHARMACEUTICALS, INC.
(Exact name of registrant as specified in charter)
Delaware 0-12081 04-3307818
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification Number)
incorporation)
365 Plantation Street
Worcester, Massachusetts 01605
(Address of principal executive offices and zip code)
(508) 797-5777
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
Odd Lot Selling Program
The Company has made available a voluntary small shareholder
selling program under which shareholders owning less than 100
shares may sell their shares without incurring commissions or odd
lot fees. The program commences on June 27, 1997, and expires on
August 15, 1997, subject to the right of the Company to extend
the period of the program. Shares remitted under the program
will be bundled and sold from time to time in the open market by
a broker as agent for the selling shareholders. All shareholders
who participate will receive the same price for their shares;
that is, the weighted average selling price for all shares
submitted. The program is strictly voluntary, and the Company
has not made nor does it make any recommendation to shareholders
as to participation in the program.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on behalf by the undersigned thereunto duly authorized.
AQUILA BIOPHARMACEUTICALS, INC.
By:/s/Stephen J. DiPalma
Vice President and Chief
Financial Officer
Date: June 27, 1997
