SCHEDULE 13D

                                 (RULE 13D-101)

Information to be included in statements filed pursuant to Rule 13d-1(a) and
amendments thereto filed pursuant to Rule 13d-2(a).

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 3 )

                                  Oxygene, Inc
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    691828107
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                                 (CUSIP Number)

         Oxygene, Inc, 110 E.59th Street, New York 10022, United States
                              Phone #212 421 0001
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               (Name, Address, Telephone No of Person Authorised
                      to Receive Notices & Communications)

                                 02 October 1996
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             (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 [ ].

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 less than five percent of such class.
See Rule 13d-7).


Note. Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1 (a) for other parties to whom copies are to be
sent.

* 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
disclosures provided in a prior cover page.

The information required on 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).





CUSIP No.                                                              691828107
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1)    Names of Reporting Persons/S. S. or I.R.S. Identification Nos. of Above
      Persons Morgan Grenfell Asset Management Limited, [parent holding company]
      on behalf of susbdiary companies: Morgan Grenfell International Funds
      Management Limited

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2)    Check the Appropriate Row if a Member of a Group 
      (a) See 1) above 
      (b) n/a

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3)    SEC Use Only _____________________________________________________________

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4)    Source of Funds                  OO - Discretionary Funds under Management

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5)    Check if Disclosure of Legal Porceedings is Required Pursuant to Item 2(d)
      or 2(e) n/a

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6)    Place of Organisation                                              England

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      Number of               (7) Sole Voting Power                      616,600
      Shares Bene-                                                 
      ficially Owned by       (8) Shared Voting Power                        n/a
      Each                                                         
      Reporting               (9) Sole Dispositive Power                 638,000
      Person With                                                  
                              (10) Shared Dispositive Power                  n/a

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11)   Aggregate Amount Beneficially Owned by Each Reporting Person

      Morgan Grenfell Investment Management Limited                      
        [ineligible institution]                                         638,000
      Aggregated holding                                                 638,000

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12)   Check if the Aggregate Amount in Row (11) Excludes Certain Shares      n/a

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13)   Percent of Class Represented by Amount in Row (11) 
      Morgan Grenfell Investment Management Limited                         8.77
      Aggregated                                                            8.77

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14)   Type of Reporting Person HC [of IAs]

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                                    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.

                                                                 04 October 1996
                                       -----------------------------------------
                                                                          (Date)

                                                                   /s/LB Hacking
                                       -----------------------------------------
                                                                     (Signature)

                                                  LB Hacking, Compliance Officer
                                       -----------------------------------------
                                                                (Name and Title)

The original statement shall be signed by each person on whose behalf the
statement is filed or his authorised representative. If the statement is signed
on behalf of a person by his authorised representative (other than an executive
officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be field with
the statement; provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.


            ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
          CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).