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                                 FORM 10-QSB/A-1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                For the quarterly period ended September 30, 1997

                                       OR

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
             For the transition period from             to          

                         Commission File Number 0-28782
            --------------------------------------------------------

                             NEOTHERAPEUTICS, INC.
             (Exact name of Registrant as specified in its charter)

            DELAWARE                                              93-0979187
  (State or other jurisdiction                                (I.R.S. Employer
of incorporation or organization)                            Identification No.)

        157 TECHNOLOGY DRIVE
         IRVINE, CALIFORNIA                                         92618
(Address of principal executive offices)                          (Zip Code)

Registrant's telephone number, including area code:            (714) 788-6700

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

             Yes       X                            No
                 -------------                          -------------

Indicate the number of shares outstanding of each of the issuer's classes of
Common stock as of the latest practicable date:

           Class                                 Outstanding at October 27, 1997
           -----                                 -------------------------------
Common Stock, $.001 par value                               5,465,807

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                           PART II. OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8K

(a)     Exhibits
- ----------------

             27.  Financial Data Schedule (filed as Exhibit 27, to Form 10-QSB
                  dated November 14, 1997 (No. 000-28782), and incorporated
                  herein by reference).

(b)     Reports on Form 8-K.
- ----------------------------

             A current report on Form 8-K was filed on August 1, 1997 regarding
             additional interim results of Phase I/II Canadian clinical trials
             of the Company's AIT-082 compound for Alzheimer's disease patients.


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                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             NEOTHERAPEUTICS, INC.

Date:  November 26, 1997                     By /s/ Alvin J. Glasky
                                                -------------------------------
                                                Alvin J. Glasky, PhD., President

Date:  November 26, 1997                     By /s/ Samuel Gulko
                                                -------------------------------
                                                Samuel Gulko, 
                                                Chief Financial Officer