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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
EquiMed, Inc.
_____________________________________________
(Name of Issuer)
Common Stock
_____________________________________________
(Title of Class of Securities)
293988-30-9
______________________________________
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ] .
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 5 Pages
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13 G Page 2 of 5
CUSIP No. 293988-30-9
1 Name of reporting person
SS. or IRS Identification No. of above person
Joanne Russell
SS ####-##-####
2 Check the appropriate box if a member of a group
(a) [ ]
(b) [X]
3 SEC Use Only
4 Citizenship or place of organization
U.S.A.
5 Sole Voting Power
450,075
6 Shared Voting Power
0
7 Sole Dispositive Power
450,075
8 Shared Dispositive Power
0
9 Aggregate amount beneficially owned by each reporting person
450,075
10 Check box if the aggregate amount in row (9) excludes certain shares
[X]
11 Percent of class represented by amount in row 9
9.6%
12 Type of reporting person
IN
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13 G Page 3 of 5
Item 1(a). Name of Issuer:
EquiMed, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
2171 Sandy Drive
State College, PA 16803
Item 2(a). Name of Person Filing:
Joanne Russell
Item 2(b). Address of Principal Business Office or, if None, Residence:
2604 Sleepy Hollow Drive
State College, PA 16803
Item 2(c). Citizenship:
U.S.A.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number
293988-30-9
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing 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,
(e) [ ] Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund, see 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G);
see Item 7,
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item 4. Ownership.
If the percent of the class owned, as of December 31 of the year covered by
the statement, or as of the last day of any month described in Rule 13d-1
(b)(2), if applicable, exceeds five percent, provide the following
information as of that date and identify those shares which there is a right
to acquire.
(a) Amount beneficially owned:
450,075
This amount does not include any of the shares beneficially owned
by the reporting person's spouse, Douglas R. Colkitt, M.D., of which
the reporting person disclaims beneficial ownership.
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13 G Page 4 of 5
(b) Percent of class:
9.6%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
450,075
This amount does not include any of the shares beneficially owned
by the reporting person's spouse, Douglas R. Colkitt, M.D., of which
the reporting person disclaims beneficial ownership.
(ii) Shared power to vote or to direct the vote
0
(iii) Sole power to dispose or to direct the disposition of
450,075
This amount does not include any of the shares beneficially owned
by the reporting person's spouse, Douglas R. Colkitt, M.D., of which
the reporting person disclaims beneficial ownership.
(iv) Shared power to dispose or to direct the disposition of
0
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.
If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class,
such person should be identified. A listing of the shareholders of an
investment company registered under the Investment Company Act of 1940 or the
beneficiaries of an employee benefit plan, pension fund or endowment fund is
not required.
Inapplicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company.
Inapplicable
Item 8. Identification and Classification of Members of the Group.
Inapplicable
Item 9. Notice of Dissolution of Group.
Inapplicable
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13 G Page 5 of 5
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer or such securities and
were not acquired in connection with or as a participant in any transaction
having such purpose or effect.
This schedule is being filed with respect to beneficial ownership as of
March 15, 1998.
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.
/S/ JOANNE RUSSELL
--------------------
Joanne Russell
March 15, 1998
