<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)
ESCALON MEDICAL CORP.
(Name of Issuer)
Common Stock, No Par Value
(Title of Class of Securities)
296074305
(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d)
<PAGE>
CUSIP No. 296074305 SCHEDULE 13G
1. Name of Reporting Person
Combination, Inc.
I.R.S. Identification No. of Above Person (entities only) N/A
2. Check the Appropriate Box if a Member of a Group
(a) / /
(b) / /
3. SEC Use Only
4. Citizenship or Place of Organization
Turks & Caicos Island
Number of Shares 5. Sole Voting Power
903,614
Beneficially
6. Shared Voting Power
Owned by Each N/A
Reporting Person 7. Sole Dispositive Power
903,614
With
8. Shared Dispositive Power
N/A
<PAGE>
9. Aggregate Amount Beneficially Owned by Each Reporting Person
903,614
10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares
/ /
11. Percent of Class Represented by Amount in Row 9
25.5% - See Note A attached
12. Type of Reporting Person
Co
ITEM 1 (a) NAME OF ISSUER
ESCALON MEDICAL CORP.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
351 East Conestoga Road
Wayne, Pennsylvania 19087
ITEM 2 (a) NAME OF PERSON FILING
COMBINATION, INC.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
Arawak House
Box 106
Grand Turk
Turks & Caicos Island
BWI
(c) CITIZENSHIP
BWI
<PAGE>
(d) TITLE OF CLASS OF SECURITIES
Common Stock, No Par Value
(e) CUSIP NUMBER
296074305
ITEM 3 If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or
(c), check whether the person is a:
(a) [ ] Broker or dealer registered under section 15 of the Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance company as defined in section 3(a)(19) of
the Act
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E)
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F)
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G)
<PAGE>
(h) [ ] A savings association as defined in section 3(b) of
the Federal Deposit Insurance Act
(i) [ ] A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the Investment
Company Act of 1940
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J)
If this statement is filed pursuant to Rule 13d-1(c), check this box
[X]
ITEM 4 OWNERSHIP
(a) Amount beneficially owned:
903,614 - See Note A attached
(b) Percent of class:
25.5% - See Note A attached
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
903,614 - See Note A attached
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of:
903,614 - See Note A attached
<PAGE>
(iv) Share power to dispose or to direct the disposition of:
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following
[ ]
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
N/A
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
ITEM 9 NOTICE OF DISSOLUTION OF GROUP
<PAGE>
ITEM 10 CERTIFICATION
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
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.
April 16, 1998
--------------------------------
(Date)
/s/
--------------------------------
(Signature)
David Freund, President
--------------------------------
(Name/Title)
<PAGE>
NOTE A: Combination, Inc. is filing this Form 13-G at the express direction of
the Commission's staff. The number of shares set forth herein is based on an
average closing bid price of $1.80 less the applicable conversion percentage.
Said price reflects the closing bid price for the five trading days ending on
April 15, 1998.
Pursuant to Paragraph 4(i) of that certain Securities Purchase
Agreement dated as of December 31, 1997 between Combination, Inc. and the
Company, Combination will not, at any time, be the holder of in excess of 4.99%
of the outstanding shares of common stock of the Company (other than common
stock which may be deemed beneficially owned through the ownership of the
unconverted portion of Preferred Stock). Said Securities Purchase Agreement is
filed as Exhibit 4.2 to the Registration Statement on Form S-3 filed by the
Company on January 20, 1998. See also BankBoston Capital Corp. (No action letter
available August 10, 1987).
