CUSIP No. 00023282E1 Page 1 of 5 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
Cytel Corporation
________________________________________________________________
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
_________________________________________________________________
00023282E1
_________________________________________________________________
(CUSIP Number)
Jeremy L. Curnock Cook John C. MacMurray, Esq.
Rothschild Asset Management Ltd. Reboul, MacMurray, Hewitt,
Five Arrows House Maynard & Kristol
St. Swithin's Lane 45 Rockefeller Plaza
London, EC4N 8NR, England New York, New York 10111
Tel. 071-280-5000 Tel. (212) 841-5700
_________________________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 6, 1998
___________________________________
(Date of Event Which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box [ ].
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CUSIP No. 00023282E1 Page 2 of 5 Pages
_______________________________________________________________
1) Name of Reporting Person International
I.R.S. Identification Biotechnology
No. of Above Person Trust plc
_________________________________________________________________
2) Check the Appropriate Box (a) [ ]
if a Member of a Group (b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Source of Funds WC
_________________________________________________________________
5) Check if Disclosure of
Legal Proceedings is Not Applicable
Required Pursuant to
Items 2(d) or 2(e)
_________________________________________________________________
6) Citizenship or Place
of Organization United Kingdom
_________________________________________________________________
Number of 7) Sole Voting 3,275,949 shares of
Shares Beneficially Power Common Stock,
Owned by $.01 par value
Reporting Person: ("Common Stock")
________________________________________
8) Shared Voting
Power -0-
________________________________________
9) Sole Disposi- 3,275,949 shares of
tive Power Common Stock
________________________________________
10) Shared Dis-
positive Power -0-
________________________________________
11) Aggregate Amount Beneficially 3,275,949 shares of
Owned by Reporting Person Common Stock
_________________________________________________________________
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CUSIP No. 00023282E1 Page 3 of 5 Pages
12) Check if the Aggregate
Amount in Row (11)
Excludes Certain Shares
_________________________________________________________________
13) Percent of Class
Represented by 10.2%
Amount in Row (11)
_________________________________________________________________
14) Type of Reporting
Person CO
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CUSIP No. 00023282E1 Page 4 of 5 Pages
Amendment No. 2 to Schedule 13D
_______________________________
Reference is hereby made to the statement on Schedule 13D
originally filed with the Securities and Exchange Commission on April 3,
1995 and Amendment No. 1 thereto filed on December 11, 1997 (as so amended,
the "Schedule 13D"). Terms defined in the Schedule 13D are used herein as
so defined.
The Schedule 13D is hereby amended as follows:
Item 3. Source and Amount of Funds or Other Consideration.
_________________________________________________
Item 3 is hereby amended by adding the following thereto:
On February 6, 1998 IBT purchased 483,092 shares of Common Stock
registered under the Securities Act of 1933, as amended, on the open market
at a purchase price of $1.375 per share. The source of such funds was
IBT's working capital, or funds available for investment.
Item 5. Interest in Securities of the Issuer.
____________________________________
Item 5 is hereby amended and restated to read in its entirety as
follows:
(a) Based on a total of 32,222,497 shares of Common Stock
outstanding as of December 31, 1997, IBT owns 3,275,949 shares of Common
Stock, or approximately 10.2% of the Common Stock outstanding.
(b) IBT has sole power to vote or direct the voting of and to
dispose or to direct the disposition of the shares of Common Stock referred
to in paragraph (a) above.
(c) Except as described in this statement, neither IBT nor any
of the persons identified in Item 2 above has effected any transaction in
the Common Stock in the past 60 days.
(d) No other person has the power to direct the receipt of
dividends on, or the proceeds from sales of, the shares of Common Stock
owned by IBT.
(e) Not applicable.
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CUSIP No. 00023282E1 Page 5 of 5 Pages
Signature
_________
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: March 2, 1998
INTERNATIONAL BIOTECHNOLOGY
TRUST PLC
By: /s/ Jeremy L. Curnock Cook
Director
