UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (AMENDMENT NO. 8)*


                         Advanced Polymer Systems, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

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

                                March 31, 1998
- --------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)
                                          

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

   /X/       Rule 13d-1(b)
   / /       Rule 13d-1(c)
   / /       Rule 13d-1(d)


*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 9 Pages
                                       


                                 SCHEDULE 13G

CUSIP No. 00754G-10-2                                         Page 2 of 9 Pages


- -------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Mutual Management Corp.
     13-2616913

- -------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC USE ONLY



- -------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION


                                                                      Delaware
- -------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER

        SHARES                                                               0
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER

       OWNED BY                                                      1,599,500
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER

      REPORTING                                                              0
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER

        WITH:                                                        1,599,500
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


                                                                     1,599,500
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


                                                                          8.2%
- -------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)


                                                                            IA
- -------------------------------------------------------------------------------



                                     SCHEDULE 13G

CUSIP No. 00754G-10-2                                         Page 3 of 9 Pages


- -------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Smith Barney Inc.
     13-1912900

- -------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC USE ONLY



- -------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION


                                                                      Delaware
- -------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER

        SHARES                                                               0
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER

       OWNED BY                                                      3,358,393
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER

      REPORTING                                                              0
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER

        WITH:                                                        3,358,393
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


                                                                     3,358,393
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


                                                                         17.3%
- -------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)


                                                                            BD
- -------------------------------------------------------------------------------



                                     SCHEDULE 13G

CUSIP No. 00754G-10-2                                        Page 4 of 9 Pages


- -------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Salomon Smith Barney Holdings Inc.
     22-1660266

- -------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC USE ONLY



- -------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION


                                                                      Delaware
- -------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER

        SHARES                                                               0
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER

       OWNED BY                                                      4,957,893
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER

      REPORTING                                                              0
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER

        WITH:                                                        4,957,893
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


                                                                     4,957,893
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


                                                                         25.5%
- -------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)


                                                                            HC
- -------------------------------------------------------------------------------



                                     SCHEDULE 13G

CUSIP No. 00754G-10-2                                        Page 5 of 9 Pages


- -------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Travelers Group Inc.
     52-1568099

- -------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
- -------------------------------------------------------------------------------
 (3) SEC USE ONLY



- -------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION


                                                                      Delaware
- -------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER

        SHARES                                                               0
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER

       OWNED BY                                                      4,957,893
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER

      REPORTING                                                              0
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER

        WITH:                                                        4,957,893
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


                                                                     4,957,893
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


                                                                         25.5%
- -------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)


                                                                            HC
- -------------------------------------------------------------------------------




Item 1(a).     Name of Issuer:

               Advanced Polymer Systems, Inc.

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

               123 Saginaw Drive
               Redwood City, CA 94063

Item 2(a).     Name of Person Filing:

               Mutual Management Corp. ("MMC")
               Smith Barney Inc. ("SB")
               Salomon Smith Barney Holdings Inc. ("SSB Holdings")
               Travelers Group Inc. ("TRV")

Item 2(b).     Address or Principal Office or, if none, Residence:

               The address of the principal business office of each of MMC, 
               SB, SSB Holdings and TRV is:
               
               388 Greenwich Street
               New York, NY 10013

Item 2(c).     Citizenship or Place of Organization:

               MMC, SB, SSB Holdings and TRV are Delaware corporations.

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

               Common Stock

Item 2(e).     Cusip Number:

               00754G-10-2

                                        Page 6
                                      of 9 Pages


Item 3.      If this Statement is Filed Pursuant to Sections 240.13d-1(b) or
             240.13d-2(b) or (c), Check Whether the Person Filing is a(n):

             (a)  [x ] Broker or dealer registered under section 15 of the 
                  Act (15 U.S.C. 78o);

             (b)  [  ] Bank as defined in section 3(a)(6) of the Act 
                  (15 U.S.C. 78c);

             (c)  [  ] Insurance company as defined in section 3(a)(19) of 
                  the Act (15 U.S.C. 78c);

             (d)  [  ] Investment company registered under Section 8 of the 
                  Investment Company Act of 1940 (15 U.S.C. 80a-8);

             (e)  [x ] Investment adviser in accordance with 
                       Section 240.13d-1(b)(1)(ii)(E);

             (f)  [  ] Employee benefit plan or endowment fund in accordance 
                  with Section 240.13d-1(b)(1)(ii)(F);

             (g)  [x ] Parent holding company or control person in accordance
                  with Section  240.13d-1(b)(1)(ii)(G);

             (h)  [  ] Savings association as defined in Section 3(b) of the 
                  Federal Deposit Insurance Act (12 U.S.C. 1813);

             (i)  [  ] Church plan that is excluded from the definition of an 
                  investment company under Section 3(c)(14) of the Investment
                  Company Act of 1940 (15 U.S.C. 80a-3)

             (j)  [  ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).


Item 4.   Ownership. (as of March 31, 1998)

          (a)  Amount beneficially owned: See Item 9 of cover pages

          (b)  Percent of Class: See Item 11 of cover pages

          (c)  Number of shares as to which the person has:

                  (i)   sole power to vote or to direct the vote:

                  (ii)  shared power to vote or to direct the vote:

                  (iii) sole power to dispose or to direct the disposition of:

                  (iv)  shared power to dispose or to direct the disposition of:


         See Items 5-8 of cover pages


                                        Page 7
                                      of 9 Pages


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.

          Not Applicable.

Item 7.   Identification and Classification of the Subsidiary which Acquired 
          the Security being Reported on by the Parent Holding Company.

          SSB Holdings is the sole stockholder of MMC and the sole common 
          stockholder of SB.  TRV is the sole stockholder of SSB Holdings.

Item 8.   Identification and Classification of Members of the Group.

          Not Applicable.

Item 9.   Notice of Dissolution of Group. 

          Not Applicable.

                                        Page 8
                                      of 9 Pages



Item 10.  Certification.

          By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were acquired and are held in the 
ordinary course of business and 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.


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.

Dated: April 8, 1998




                       MUTUAL MANAGEMENT CORP.


                       By: /s/ Christina T. Sydor
                         ---------------------------
                         Name:  Christina T. Sydor
                         Title:   Secretary


                       SMITH BARNEY INC.


                       By: /s/ Howard M. Darmstadter
                         ---------------------------
                         Name:  Howard M. Darmstadter
                         Title:   Assistant Secretary



                       SALOMON SMITH BARNEY HOLDINGS INC.


                       By: /s/ Howard M. Darmstadter
                         ---------------------------
                         Name:  Howard M. Darmstadter
                         Title:   Assistant Secretary



                        TRAVELERS GROUP INC.


                      By: /s/ Stephanie B. Mudick
                         ---------------------------
                         Name:  Stephanie B. Mudick
                         Title:   Assistant Secretary


                                 Page 9
                               of 9 Pages



                         EXHIBIT INDEX TO SCHEDULE 13G
                         -----------------------------


EXHIBIT 1
- ---------

Agreement among MMC, SB, SSB Holdings
and TRV as to joint filing of
Schedule 13G


EXHIBIT 2
- ---------

Disclaimer of beneficial ownership by
SSB Holdings and TRV





                                   EXHIBIT 1
                                   ---------


                  AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G
                  --------------------------------------------





Each of the undersigned hereby affirms that it is individually eligible to use
Schedule 13G, and agrees that this Schedule 13G is filed on its behalf.


Date: April 8, 1998





                      MUTUAL MANAGEMENT CORP.




                      By: /s/ Christina T. Sydor
                         ---------------------------
                         Name:  Christina T. Sydor
                         Title:   Secretary




                      SMITH BARNEY INC.




                      By: /s/ Howard M. Darmstadter
                         ---------------------------
                         Name:  Howard M. Darmstadter
                         Title:   Assistant Secretary



                      SALOMON SMITH BARNEY HOLDINGS INC.




                      By: /s/ Howard M. Darmstadter
                         ---------------------------
                         Name:  Howard M. Darmstadter
                         Title:   Assistant Secretary




                      TRAVELERS GROUP INC.




                      By: /s/ Stephanie B. Mudick
                         ---------------------------
                         Name:  Stephanie B. Mudick
                         Title:   Assistant Secretary







                                   EXHIBIT 2
                                   ---------


                       DISCLAIMER OF BENEFICIAL OWNERSHIP
                       ----------------------------------


Each of the undersigned disclaims beneficial ownership of the securities
referred to in the Schedule 13G to which this exhibit is attached, and the
filing of this Schedule 13G shall not be construed as an admission that any of
the undersigned is, for the purpose of Section 13(d) or 13(g) of the Securities
Exchange Act of 1934,  as amended, the beneficial owner of any securities
covered by this Schedule 13G.





Date: April 8, 1998





                      SALOMON SMITH BARNEY HOLDINGS INC.




                      By: /s/ Howard M. Darmstadter
                         ---------------------------
                         Name:  Howard M. Darmstadter
                         Title:   Assistant Secretary




                      TRAVELERS GROUP INC.




                      By: /s/ Stephanie B. Mudick
                         ---------------------------
                         Name:  Stephanie B. Mudick
                         Title:   Assistant Secretary