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                           SCHEDULE 13G

               Under the Securities Exchange Act of 1934

                             (Amendment No. 1)



                      ADVANCED POLYMER SYSTEMS, INC.
- -------------------------------------------------------------------------------
                            (Name of Issuer)


                        Common Stock, no par value
- -------------------------------------------------------------------------------
                      (Title of Class of Securities)

                               00754G-10-2
            --------------------------------------------------
                             (CUSIP Number)



Check the following box if a fee is being paid with this statement |_|. (A fee
is not required only if the reporting  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.)
















                             Page 1 of 8 pages



  3100                                              Schedule 13G
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

CUSIP No. 00754G-10-2         13G                 Page   2    of    8   Pages
- ---------------------                                  ------    -------
- -------------------------------------------------------------------------------
1    NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     ORTELIUS TRADING L.P.;    13-3512778
- -------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP            (a)  |_|
                                                                 (b)  |_|
- -------------------------------------------------------------------------------
3    SEC USE ONLY
- -------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION
        Delaware
- -------------------------------------------------------------------------------
NUMBER OF    5      SOLE VOTING POWER  0
 SHARES
BENEFICIALLY ------------------------------------------------------------------
 OWNED BY    6      SHARED VOTING POWER 0
  EACH
REPORTING    ------------------------------------------------------------------
             7      SOLE DISPOSITIVE POWER  0
PERSON WITH
             ------------------------------------------------------------------
             8      SHARED DISPOSITIVE POWER 0
- -------------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
     PERSON   0    shares of Common Stock
- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
- -------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
      0
- -------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
      BD
- -------------------------------------------------------------------------------
                    *SEE INSTRUCTIONS BEFORE FILLING OUT!


  3100                                              Schedule 13G
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CUSIP No. 00754G-10-2            13G          Page   3    of    8   Pages
          -----------                              ------    -------
- -------------------------------------------------------------------------------
1    NAME OF REPORTING PERSONS
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     GDK, Inc.
- -------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP     (a)     |_|
                                                          (b)     |_|
- -------------------------------------------------------------------------------
3    SEC USE ONLY
- -------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION
       British Virgin Islands
- -------------------------------------------------------------------------------
  NUMBER OF    5    SOLE VOTING POWER  617,718
   SHARES
BENEFICIALLY   ----------------------------------------------------------------
  OWNED BY     6    SHARED VOTING POWER 0
   EACH        ----------------------------------------------------------------
 REPORTING     7    SOLE DISPOSITIVE POWER  617,718
               ----------------------------------------------------------------
PERSON WITH    8    SHARED DISPOSITIVE POWER 0
- -------------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
     PERSON  617,718 shares of Common Stock
- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
- -------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
       3.6%
- -------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
       BD
- -------------------------------------------------------------------------------
                        *SEE INSTRUCTIONS BEFORE FILLING OUT!


Item 1(a).     Name of Issuer:

     Advanced Polymer Systems, Inc.


Item 1(b).     Address of Issuer's Principal Executive Offices:

     3696 Haven Avenue
     Redwood City, California 94063


Item 2(a).     Name of Person Filing:

     This Amendment 1 to Form 13G is being filed by (i) GDK, Inc., a corporation
formed under the laws of the British  Virgin  Islands  ("GDK"),  with respect to
shares of common stock of the issuer ("Common Stock")  beneficially  owned by it
as of December 31, 1995,  and (ii)  Ortelius  Trading  L.P., a Delaware  limited
partnership ("Ortelius").

     As of December 31, 1995,  Ortelius no longer  beneficially owned any shares
of Common Stock.

     Pursuant  to Rule  13d-3(d)(1),  the  aggregate  number of shares of Common
Stock beneficially owned by GDK as of December 31, 1995, is 617,718.  This total
is  comprised  of 617,718  shares of Common  Stock  underlying  warrants.  As of
December  31,  1995,  GDK also had a short  position of 17,432  shares of Common
Stock. Caxton Corporation,  a Delaware corporation ("Caxton"),  is GDK's trading
advisor.  Subject to termination of its contractual  relationship  with GDK by a
vote of its Board of  Directors,  Caxton  acts on  behalf of GDK as its  trading
advisor.  In such capacity,  Caxton directs GDK's securities  investments and is
vested with  authority  over the voting and  disposition of the shares of Common
Stock.


Item 2(b).     Address of Principal Business Office, or, if None,
Residence.

     The address of the principal office of Ortelius Trading L.P.
is 667 Madison Avenue, 10th floor, New York, New York 10021.  The
address of the principal office of GDK, Inc. is c/o its Manager,
Leeds Management Limited, 129 Front Street, Penthouse, Hamilton
HM12 Bermuda.


Item 2(c).     Citizenship:

  Ortelius:  Delaware
  GDK:     British Virgin Islands

                         Page 4 of 8 pages


Item 2(d).     Title of Class of Securities:

  Common Stock, no par value


Item 2(e).     CUSIP NUMBER:  00754G-10-2


Item 3. The reporting  persons  originally  filed as a group, in accordance with
Rule  13d-1(b)(1)(ii)(H).  Each of the  reporting  persons is a broker or dealer
registered under Section 15 of the Securities  Exchange Act of 1934.  Subsequent
to the disposition of the Common Stock beneficially owned by Ortelius,  Ortelius
filed Form BDW in order to withdraw its broker-dealer registration.


Item 4.   Ownership.

     (a) Amount beneficially owned: The amount of securities  beneficially owned
by  Ortelius  as of  December  31,  1995,  is zero.  The  amount  of  securities
beneficially  owned by GDK as of December  31,  1995,  is  617,718,  consisting,
pursuant  to Rule  13d-3(d)(1),  of 617,718  shares of Common  Stock  underlying
warrants.  As of  December  31,  1995,  GDK also had a short  position of 17,432
shares of Common Stock.

     (b) Percent of class: As of December 31, 1995, Ortelius  beneficially owned
0.0% of the class of Common  Stock.  As of December 31, 1995,  GDK  beneficially
owned 3.6% of the class of Common Stock.

     (c)  Number of shares as to which Ortelius has:
     (i) Sole power to vote or to direct the vote:  0
     (ii) Shared power to vote or to direct the vote:  0
     (iii) Sole power to dispose or to direct the disposition:  0
     (iv) Shared power to dispose or to direct the disposition
     of:  0

     Number of shares as to which GDK has:
     (i) Sole power to vote or to direct the vote:  617,718
     (ii) Shared power to vote or to direct the vote:  0
     (iii) Sole power to dispose or to direct the disposition of:
     617,718
     (iv) Shared power to dispose or to direct the disposition
     of:  0


Item 5.  Ownership of Five Percent or Less of a Class.  Each of Ortelius and GDK
has ceased to be the  beneficial  owner of more than five  percent of the Common
Stock.

                              Page 5 of 8 pages

Item 6.   Ownership of More than Five Percent on Behalf of
Another Person.  NA


Item 7.   Identification and Classification of the Subsidiary
Which Acquired the Security Reported on the Parent Holding
Company.  NA


Item 8.   Identification and Classification of members of the
Group.  NA


Item 9.   Notice of Dissolution of Group.  NA


Item 10.  Certification.

     By signing below,  each of the reporting  persons hereby certifies that, to
the best of its  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 of such  securities and were not acquired in connection  with or as a
participant in any transaction having such purpose or effect.

                         Page 6 of 8 pages

                            SIGNATURE

  After reasonable  inquiry and to the best of the  undersigned's  knowledge and
belief,  the  undersigned  certifies  that  the  information  set  forth in this
statement is true, complete, and correct.


February    , 1996
- ------------------
Date

GDK, INC.



  By:___________________________
     Maxwell Quin
     Secretary



  By:____________________________
     Nitin Aggarwal
     President


                              Page 7 of 8 pages


                            SIGNATURE

  After reasonable  inquiry and to the best of the  undersigned's  knowledge and
belief,  the  undersigned  certifies  that  the  information  set  forth in this
statement is true, complete, and correct.



February    , 1996
- -------------------
Date

ORTELIUS TRADING L.P.

  By:  Caxton Corporation



     By:_________________________
          Peter D'Angelo
          President