SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC  20549

                              FORM 10-Q

     (X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES  EXCHANGE ACT OF 1934

        For the quarterly period ended September 30, 2007, 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 0-17272
                              __________________


                              TECHNE CORPORATION
              (Exact name of registrant as specified in its charter)


        MINNESOTA                                      41-427402
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                     Identification No.)

614 MCKINLEY PLACE N.E.                             (612) 379-8854
MINNEAPOLIS, MN           55413               (Registrant's telephone number,
(Address of principal                              including area code)
executive offices)     (Zip Code)

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 by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the
Securities Exchange Act.

Large accelerated filer (X)  Accelerated filer ( ) Non-accelerated filer (  )

Indicate by check mark whether the Registrant is a shell company (as defined
in Exchange Act Rule 12b-2). (   ) Yes    (X) No

At November 5, 2007, 39,511,745 shares of the Company's Common Stock (par
value $.01) were outstanding.


                            TECHNE CORPORATION
                                FORM 10-Q
                            SEPTEMBER 30, 2007

                                   INDEX

                                                                PAGE NO.
                    PART I. FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS (unaudited)

          Condensed Consolidated Balance Sheets as of
            September 30, 2007 and June 30, 2007                    3

          Condensed Consolidated Statements of Earnings for
            the Quarter Ended September 30, 2007 and 2006           4

          Condensed Consolidated Statements of Cash Flows
            for the Quarter Ended September 30, 2007 and 2006       5

          Notes to Condensed Consolidated Financial Statements      6

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS            10

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
          MARKET RISK                                              15

ITEM 4.   CONTROLS AND PROCEDURES                                  16

                    PART II. OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS                                        16

ITEN 1A.  RISK FACTORS                                             16

ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND
          USE OF PROCEEDS                                          16

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES                          17

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS          17

ITEM 5.   OTHER INFORMATION                                        17

ITEM 6.   EXHIBITS                                                 17

SIGNATURES                                                         18


                                 2



                      PART I. FINANCIAL INFORMATION

                      ITEM 1 - FINANCIAL STATEMENTS

                   TECHNE CORPORATION AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
              (in thousands, except share and per share data)
                              (unaudited)

                                                   9/30/07    6/30/07
                                                  --------   --------
ASSETS
  Cash and cash equivalents                       $144,745   $135,485
  Short-term available-for-sale investments         36,249     29,289
  Trade accounts receivable, net                    30,673     29,559
  Other receivables                                  1,362      1,407
  Inventories                                        9,281      8,757
  Deferred income taxes                              7,746      7,446
  Prepaid expenses                                   1,153        895
                                                  --------   --------
    Total current assets                           231,209    212,838

  Available-for-sale investments                    97,851     91,433
  Property and equipment, net                       93,385     91,535
  Goodwill, net                                     25,068     25,068
  Intangible assets, net                             4,811      5,099
  Deferred income taxes                              4,257      4,362
  Investments in unconsolidated entities            23,909     24,165
  Other assets                                         566        344
                                                  --------   --------
                                                  $481,056   $454,844
                                                  ========   ========
LIABILITIES AND STOCKHOLDERS' EQUITY
  Trade accounts payable                          $  5,447   $  5,098
  Salaries, wages and related accruals               3,397      6,013
  Other accounts payable and accrued expenses        1,932      1,836
  Income taxes payable                               4,024      4,246
                                                  --------   --------
    Total current liabilities                       14,800     17,193
                                                  --------   --------

  Common stock, par value $.01 per share;
    authorized 100,000,000; issued and
    outstanding 39,524,378 and 39,455,677,
    respectively                                       395        395
  Additional paid-in capital                       112,904    109,993
  Retained earnings                                337,411    314,339
  Accumulated other comprehensive income            15,546     12,924
                                                  --------   --------
    Total stockholders' equity                     466,256    437,651
                                                  --------   --------
                                                  $481,056   $454,844
                                                  ========   ========

        See notes to condensed consolidated financial statements.

                                     3



                      TECHNE CORPORATION AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                      (in thousands, except per share data)
                                   (unaudited)

                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Net sales                                            $ 57,987   $ 52,351
Cost of sales                                          12,104     11,237
                                                     --------   --------
Gross margin                                           45,883     41,114
                                                     --------   --------
Operating expenses:
  Selling, general and administrative                   8,090      7,067
  Research and development                              5,181      4,855
  Amortization of intangible assets                       288        403
                                                     --------   --------
     Total operating expenses                          13,559     12,325
                                                     --------   --------
Operating income                                       32,324     28,789
                                                     --------   --------
Other expense (income):
  Interest expense                                         --        268
  Interest income                                      (2,998)    (1,676)
  Other non-operating expense, net                        569        485
                                                     --------   --------
     Total other income                                (2,429)      (923)
                                                     --------   --------
Earnings before income taxes                           34,753     29,712
Income taxes                                           11,681     10,081
                                                     --------   --------
Net earnings                                         $ 23,072   $ 19,631
                                                     ========   ========

Earnings per share:
  Basic                                              $   0.58   $   0.50
  Diluted                                            $   0.58   $   0.50

Weighted average common shares outstanding:
  Basic                                                39,489     39,379
  Diluted                                              39,587     39,469

        See notes to condensed consolidated financial statements.

                                     4



                      TECHNE CORPORATION AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)
                                (unaudited)

                                                         THREE MONTHS ENDED
                                                         -------------------
                                                          9/30/07    9/30/06
                                                         --------   --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net earnings                                           $ 23,072   $ 19,631
  Adjustments to reconcile net earnings to
   net cash provided by operating activities:
    Depreciation and amortization                           1,692      1,665
    Deferred income taxes                                    (192)       (95)
    Stock-based compensation expense                          170        165
    Excess tax benefit from stock option exercises           (328)       (24)
    Losses by equity method investees                         257        127
    Other                                                      19          2
    Change in operating assets and operating
     liabilities, net of acquisitions:
      Trade accounts and other receivables                   (670)      (443)
      Inventories                                            (490)      (132)
      Prepaid expenses                                       (250)       (94)
      Trade, other accounts payable and accrued expenses      397         88
      Salaries, wages and related accruals                 (1,139)    (1,019)
      Income taxes payable                                     99       (484)
                                                         --------   --------
        Net cash provided by operating activities          22,637     19,387
                                                         --------   --------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property and equipment                      (3,230)    (1,899)
  Purchase of available-for-sale investments              (19,190)    (4,275)
  Proceeds from sales of available-for-sale investments     1,235      1,234
  Proceeds from maturities of available-for-sale
    investments                                             4,900      1,320
  Increase in other assets                                   (243)        --
  Increase in investments in unconsolidated entities           --     (7,200)
                                                         --------   --------
        Net cash used in investing activities             (16,528)   (10,820)
                                                         --------   --------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Issuance of common stock                                  2,319        146
  Excess tax benefit from stock option exercises              328         24
  Purchase of common stock for stock bonus plans           (1,494)    (1,222)
  Payments on long-term debt                                   --       (292)
                                                         --------   --------
        Net cash provided (used) by financing activities     1,153    (1,344)
                                                         --------   --------

Effect of exchange rate changes on cash                     1,998        970
                                                         --------   --------
Net increase in cash and cash equivalents                   9,260      8,193
Cash and cash equivalents at beginning of period          135,485     89,634
                                                         --------   --------
Cash and cash equivalents at end of period               $144,745   $ 97,827
                                                         ========   ========

              See notes to condensed consolidated financial statements.

                                       5


                      TECHNE CORPORATION & SUBSIDIARIES
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

A.   BASIS OF PRESENTATION:

The unaudited condensed consolidated financial statements of Techne
Corporation and subsidiaries (the Company) have been prepared in accordance
with accounting principles generally accepted in the United States of America
and with instructions to Form 10-Q and Article 10 of Regulation S-X. The
accompanying unaudited condensed consolidated financial statements reflect
all adjustments which are, in the opinion of management, necessary to a fair
presentation of the results for the interim periods presented. All such
adjustments are of a normal recurring nature.

A summary of significant accounting policies followed by the Company is
detailed in the Company's Annual Report on Form 10-K for fiscal 2007. The
Company follows these policies in preparation of the interim unaudited
condensed consolidated financial statements. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with accounting principles generally accepted in the United States of America
have been condensed or omitted. These unaudited condensed consolidated
financial statements should be read in conjunction with the Company's
Consolidated Financial Statements and Notes thereto for the fiscal year ended
June 30, 2007 included in the Company's Annual Report to Shareholders for
fiscal 2007.

Recent Accounting Pronouncements:

In June 2006, the FASB issued Interpretation No. 48 (FIN 48), Accounting for
Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109.
Effective July 1, 2007, the Company adopted FIN 48.   FIN 48 requires that a
position taken or expected to be taken in a tax return be recognized in the
financial statements when it is more likely than not that the position would
be sustained upon examination by tax authorities. A recognized tax position
is then measured at the largest amount of benefit that is greater than fifty
percent likely of being realized upon ultimate settlement. Adoption of FIN 48
did not materially impact the consolidated financials statements for the
quarter ended September 30, 2007.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The
Statement establishes a single authoritative definition of fair value, sets
out a framework for measuring fair value, and requires additional disclosures
about fair value measurements. SFAS No. 157 applies only to fair value
measurements that are already required or permitted by other accounting
standards and is effective for the Company in fiscal 2009. The Company is
currently evaluating the impact of adopting SFAS No. 157.

In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities. The Statement permits entities to
choose to measure certain financial instruments at fair value.  Unrealized
gains and losses on items for which the fair value option has been elected
are reported in earnings at each subsequent reporting date.  SFAS No. 159 is
effective for the Company in fiscal 2009. The Company is currently evaluating
the impact of adopting SFAS No. 159.

                                    6


Certain consolidated balance sheet captions appearing in this interim report
are as follows (in thousands):
                                                          9/30/07    6/30/07
                                                         --------   --------
TRADE ACCOUNTS RECEIVABLE
  Trade accounts receivable                              $ 30,817   $ 29,700
    Less allowance for doubtful accounts                      144        141
                                                         --------   --------
      NET TRADE ACCOUNTS RECEIVABLE                      $ 30,673   $ 29,559
                                                         ========   ========
INVENTORIES
  Raw materials                                          $  3,712   $  3,821
  Supplies                                                    108        125
  Finished goods                                            5,461      4,811
                                                         --------   --------
      TOTAL INVENTORIES                                  $  9,281   $  8,757
                                                         ========   ========
PROPERTY AND EQUIPMENT
  Land                                                   $  4,214   $  4,214
  Buildings and improvements                              100,946    100,617
  Building construction in progress                         5,660      3,205
  Laboratory equipment                                     20,950     20,657
  Office equipment                                          4,580      4,407
  Leasehold improvements                                      978        975
                                                         --------   --------
                                                          137,328    134,075
    Less accumulated depreciation and amortization         43,943     42,540
                                                         --------   --------
      NET PROPERTY AND EQUIPMENT                         $ 93,385   $ 91,535
                                                         ========   ========
INTANGIBLE ASSETS
  Customer relationships                                 $ 20,200   $ 20,200
  Technology                                                4,213      4,213
  Trade names and trademarks                                1,396      1,396
  Supplier relationships                                       14         14
                                                         --------   --------
                                                           25,823     25,823
    Less accumulated amortization                          21,012     20,724
                                                         --------   --------
      NET INTANGIBLE ASSETS                              $  4,811   $  5,099
                                                         ========   ========
ACCUMULATED OTHER COMPREHENSIVE INCOME:
  Foreign currency translation adjustments               $ 15,617   $ 13,400
  Unrealized losses on available-for-sale investments         (71)      (476)
                                                         --------   --------
      TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME       $ 15,546   $ 12,924
                                                         ========   ========


B.  EARNINGS PER SHARE:

Shares used in the earnings per share computations are as follows (in
thousands):
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Weighted average common shares outstanding-basic       39,489     39,379
Dilutive effect of stock options and warrants              98         90
                                                     --------   --------
Weighted average common shares outstanding-diluted     39,587     39,469
                                                     ========   ========

                                    7


The dilutive effect of stock options and warrants in the above table excludes
all options for which the aggregate exercise proceeds exceeded the average
market price for the period.  The number of potentially dilutive option
shares excluded from the calculation was 46,000 and 37,000 for the quarters
ended September 30, 2007, and 2006, respectively.


C. SEGMENT INFORMATION:

The Company has three reportable operating segments based on the nature of
products and geographic location: biotechnology, R&D Systems Europe and
hematology. The biotechnology segment consists of R&D Systems' Biotechnology
Division, Fortron (through June 30, 2007 when it was merged into R&D Systems'
Biotechnology Division), BiosPacific and R&D China, which develop,
manufacture and sell biotechnology research and diagnostic products world-
wide. R&D Systems Europe distributes Biotechnology Division products
throughout Europe. The hematology segment develops and manufactures
hematology controls and calibrators for sale world-wide.

Following is financial information relating to the Company's operating
segments (in thousands):
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
External sales
  Biotechnology                                      $ 38,881   $ 35,922
  R&D Systems Europe                                   15,449     12,927
  Hematology                                            3,657      3,502
                                                     --------   --------
Total consolidated net sales                         $ 57,987   $ 52,351
                                                     ========   ========
Earnings before income taxes
  Biotechnology                                      $ 27,367   $ 24,468
  R&D Systems Europe                                    7,752      5,350
  Hematology                                              870        907
  Corporate and equity method investees                (1,236)    (1,013)
                                                     --------   --------
Total earnings before income taxes                   $ 34,753   $ 29,712
                                                     ========   ========


D.  STOCK OPTIONS:

Option activity under the Company's stock option plans during the three
months ended September 30, 2007 was as follows:

                                         WEIGHTED    WEIGHTED
                                            AVG.        AVG        AGGREGATE
                               SHARES    EXERCISE   CONTRACTUAL    INTRINSIC
                             (in 000's)    PRICE    LIFE (Yrs.)      VALUE
                             ----------  --------   -----------  ------------
Outstanding at June 30, 2007     423      $43.29
Granted                            3       56.83
Exercised                        (70)      34.01
Forfeited or expired              (1)      36.50
                                ----
Outstanding at September
  30, 2007                       355      $45.23        5.50     $6.3 million
                                ====
Exercisable at September
  30, 2007                       297      $43.08        5.25     $5.9 million
                                ====

                                     8


The fair value of options granted under the Company's stock option plans were
estimated on the date of grant using the Black-Scholes option-pricing model
with the following assumptions used:
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Dividend yield                                             --         --
Expected annualized volatility                        24%-30%    31%-35%
Risk free interest rate                             4.5%-4.6%  4.9%-5.1%
Expected life                                       4-5 years  4-5 years
Weighted average fair value of options granted         $18.37     $18.29

The Company has not paid cash dividends and does not have any plans to do so,
therefore an expected dividend yield of zero was used to estimate fair value
of options granted. The expected annualized volatility is based on the
Company's historical stock price over a period equivalent to the expected
life of the option granted. The risk-free interest rate is based on U.S.
Treasury constant maturity interest rate with a term consistent with the
expected life of the options granted.  Separate groups of employees that have
similar historical exercise behavior with regard to option exercise timing
and forfeiture rates are considered separately in determining option fair
value.

The total intrinsic value of options exercised during the quarters ended
September 30, 2007 and 2006 were $1.9 million and $55,000, respectively.
Stock option exercises are satisfied through the issuance of new shares.  The
total fair value of options vested during the quarters ended September 30,
2007 and 2006 were $51,000 and $57,000, respectively.

Stock-based compensation cost of $170,000 and $165,000 was included in
selling, general and administrative expense for the quarters ended September
30, 2007 and 2006, respectively.  Compensation cost is recognized using a
straight-line method over the vesting period and is net of estimated
forfeitures.  As of September 30, 2007, there was $694,000 of total
unrecognized compensation cost related to nonvested stock options that will
be expensed over fiscal years 2008 through 2010.


E.	 COMPREHENSIVE INCOME:

Comprehensive income and the components of other comprehensive income were as
follows (in thousands):
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Net earnings                                         $ 23,072   $ 19,631
  Other comprehensive gain, net of tax effect:
    Foreign currency translation adjustments            2,217        806
    Unrealized gain on available-for-sale investments     405        576
                                                     --------   --------
Comprehensive income                                 $ 25,694   $ 21,013
                                                     ========   ========

                                      9


F.  INCOME TAXES:

The Company adopted FIN 48 on July 1, 2007.  The adoption of FIN 48 did not
result in a cumulative effect adjustment to retained earnings upon adoption.
FIN 48 did not materially impact the consolidated financials statements for
the quarter ended September 30, 2007.   At September 30, 2007, unrecognized
tax benefits were $126,000, including $53,000 of unrecognized tax benefits
that, if recognized, would affect the effective tax rate. Accrued interest
and penalties were not material at September 30, 2007.

The Company does not believe it is reasonably possible that the total amounts
of unrecognized tax benefits will significantly increase or decrease in the
next twelve months. The Company recognizes interest and penalties related to
unrecognized tax benefits in income tax expense.  The Company files income
tax returns in the U.S federal tax jurisdiction, the states of Minnesota and
California, and several jurisdictions outside the U.S.  U.S. tax returns for
2004 and subsequent years remain open to examination by the tax authorities.
The Company's major non-U.S. tax jurisdictions are the United Kingdom, France
and Germany, which have tax years open to exam for 2004 and subsequent years.



        ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS

         Results of Operations for the Quarter Ended September 30, 2007
              and the Quarter Ended September 30, 2006

Overview

TECHNE Corporation and Subsidiaries (the Company) are engaged in the
development, manufacture and sale of biotechnology products and hematology
calibrators and controls. These activities are conducted domestically through
its wholly-owned subsidiary, Research and Diagnostic Systems, Inc (R&D
Systems).  The Company's wholly-owned U.K. subsidiary, R&D Systems Europe
Ltd. (R&D Europe) distributes R&D Systems' biotechnology products throughout
Europe. R&D Europe has a sales subsidiary, R&D Systems GmbH, in Germany and a
sales office in France.

Through June 30, 2007, R&D Systems operated a subsidiary, Fortron Bio
Science, Inc. (Fortron), a developer and manufacturer of monoclonal and
polyclonal antibodies, antigens and other biological reagents. Subsequent to
June 30, 2007, Fortron was merged into R&D Systems.  A second R&D Systems
subsidiary, BiosPacific, Inc. (BiosPacific), located in Emeryville,
California, is a worldwide supplier of biologics to manufacturers of in vitro
diagnostic systems and immunodiagnostic kits. In late fiscal 2007, R&D
Systems established a subsidiary, R&D Systems China Co. Ltd. (R&D China), in
Shanghai, China, to distribute biotechnology products throughout China. The
Company began fulfilling orders for its third-party Chinese distributors from
R&D China in August 2007.

The Company has three reportable operating segments based on the nature of
products and geographic location: biotechnology, R&D Systems Europe and
hematology. The biotechnology segment consists of R&D Systems' Biotechnology
Division, Fortron (through June 30, 2007), BiosPacific and R&D China, which
develop, manufacture and sell biotechnology research and diagnostic products
world-wide. R&D Systems Europe distributes Biotechnology Division products
throughout Europe. The hematology segment develops and manufactures
hematology controls and calibrators for sale world-wide.

                                   10


Overall Results

Consolidated net earnings increased 17.5% for the quarter ended September 30,
2007 compared to the quarter ended September 30, 2006. The primary reason for
the increase in consolidated net earnings was increased consolidated net
sales.  Consolidated net sales for the quarter ended September 30, 2007,
increased 10.8% from the same period in the prior year.  The favorable impact
on consolidated net sales of the change from the prior year in exchange rates
used to convert R&D Europe results from British pound sterling to U.S.
dollars was $1.1 million for the quarter ended September 30, 2007.  The
favorable impact on consolidated net earnings of the change from the prior
year in exchange rates was $403,000 for the quarter ended September 30, 2007.
The Company generated cash of $22.6 million from operating activities in the
first quarter of fiscal 2008 and cash, cash equivalents and available-for-
sale investments were $279 million at September 30, 2007 compared to $256
million at June 30, 2007.

Net Sales

Consolidated net sales for the quarter ended September 30, 2007 were $58.0
million, an increase of $5.6 million (10.8%) from the quarter ended September
30, 2006.  Biotechnology net sales increased $3.0 million (8.2%) for the
quarter ended September 30, 2007 primarily due to $2.9 million in increased
U.S. sales volume by the Biotechnology Division.  Sales for the quarter to
pharmaceutical/biotechnology customers and academic customers, the two
largest end-user groups of the Biotechnology Division U.S. market, showed the
greatest revenue growth over the prior year.

R&D Europe net sales increased $2.5 million (19.5%) for the quarter ended
September 30, 2007. The effect of changes from the prior year in foreign
currency exchange rates used to convert British pounds to U.S. dollars
increased R&D Europe net sales approximately $1.1 million for the quarter
ended September 30, 2007.  In British pounds, R&D Europe net sales increased
10.7% for the quarter ended September 30, 2007, mainly as a result of
increased sales volume.

The Company has target annual sales growth rates for each of its business
segments.  The target sales growth rates, which are based on historical sales
growth, are 10%-11% for biotechnology, 7%-8% for R&D Europe (in constant
currency) and 1%-2% for hematology.  Based on the relative size of each
segment, the consolidated target annual growth rate is 8%-10% excluding the
effect of changes in exchange rates.

Gross Margins

Gross margins, as a percentage of net sales, were as follows:

                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Biotechnology                                           80.2%      79.6%
R&D Europe                                              54.6%      52.2%
Hematology                                              38.2%      40.1%
Consolidated gross margin                               79.1%      78.5%

Consolidated gross margins, as a percentage of net sales, increased primarily
due to an increase in R&D Europe gross margins and a change in sales mix from
lower margin hematology sales to higher margin biotechnology sales as a
result of different sales growth rates.  R&D Europe's gross margin
percentages for the quarter ended September 30, 2007 were greater than the
comparable prior-year period as a result of favorable exchange rates.

The Company values its manufactured protein and antibody inventory based on a
two-year forecast.  Quantities in excess of the two-year forecast are
considered impaired and not included in the inventory value. Sales of
previously impaired protein and antibody inventory for the quarters ended
September 30, 2007 and 2006 were not material.

                                  11


Selling, General and Administrative Expenses

Selling, general and administrative expenses for the quarter ended September
30, 2007, increased $1.0 million (14.5%) from the same period of last year.
Selling, general and administrative expenses are composed of the following
(in thousands):
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Biotechnology                                        $  4,624   $  4,013
R&D Europe                                              2,262      2,020
Hematology                                                467        398
Corporate                                                 737        636
                                                     --------   --------
Total selling, general and administrative expenses   $  8,090   $  7,067
                                                     ========   ========

Biotechnology selling, general and administrative expenses increased $611,000
(15.2%) for the quarter ended September 30, 2007.  The increase for the
quarter was due to a $205,000 increase in profit sharing expense from the
same prior-year quarter and R&D China selling, general and administrative
expenses of $99,000 for the quarter ended September 30, 2007.  The remainder
of the increase was mainly the result of annual wage and salary increases and
the hiring of two additional marketing and administrative personnel.

The increase in R&D Europe selling, general and administrative expenses of
$242,000 (12.0%) for the quarter ended September 30, 2007 was primarily due
to the change in exchange rates from the prior year used to convert from
British pound sterling to U.S. dollars.  In British pound sterling, R&D
Europe selling, general and administrative expenses increased 3.7% for the
quarter ended September 30, 2007.

Research and Development Expenses

Research and development expenses are composed of the following (in
thousands):
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Biotechnology                                        $  5,002   $  4,675
Hematology                                                179        180
                                                     --------   --------
Total research and development expenses              $  5,181   $  4,855
                                                    ========   =======

Other Non-operating Expense and Income

Other non-operating expense and income consists mainly of foreign currency
transaction gains and losses, rental income, building expenses related to
rental property, and the Company's share of losses by equity method
investees.
                                                        QUARTER ENDED
                                                     -------------------
                                                      9/30/07    9/30/06
                                                     --------   --------
Foreign currency (gains) losses                      $   (164)  $    147
Rental income                                             (67)      (299)
Real estate taxes, depreciation and utilities             544        510
Hemerus Medical, LLC losses                               131        127
Nephromics, LLC losses                                    125         --
                                                     --------   --------
Total other non-operating expense                    $    569   $    485
                                                     ========   ========

                                   12


The Company currently holds an 18% equity interest in Hemerus Medical, LLC
(Hemerus) and at September 30, 2007, the Company's net investment in Hemerus
was $3.0 million. The Company accounts for its investment in Hemerus using
the equity method of accounting because Hemerus is a limited liability
company. The Company has financial exposure to the losses of Hemerus to the
extent of its net investment in that entity.  Hemerus' success is dependent,
in part, upon its ability to raise financing and to receiving Federal Drug
Administration (FDA) clearance to market its products.  If such financing or
FDA clearance is not received, the Company would potentially recognize an
impairment loss to the extent of its remaining net investment.

In September 2006, the Company invested $7.2 million for an 18% equity
interest in Nephromics, LLC (Nephromics). The Company accounts for its
investment in Nephromics using the equity method of accounting because
Nephromics is a limited liability company.  At September 30, 2007, the
Company's net investment in Nephromics was $6.6 million. The Company has
financial exposure to any losses of Nephromics to the extent of its net
investment in that entity.

Income Taxes

Income taxes for the quarters ended September 30, 2007 and 2006 were provided
at rates of 33.6% and 33.9%, respectively, of consolidated earnings before
income taxes.  U.S. federal taxes have been reduced by the credit for
research and development expenditures, the benefit for extraterritorial
income through December 2006 and the manufacturer's deduction available under
the American Jobs Creation Act of 2004.  Foreign income taxes have been
provided at rates that approximate the tax rates in the countries in which
R&D Europe and R&D China operate. Without significant business developments,
the Company expects income tax rates for the remainder of fiscal 2008 to
range from approximately 33.5% to 34.5%.

Liquidity and Capital Resources

At September 30, 2007, cash and cash equivalents and available-for-sale
investments were $279 million compared to $256 million at June 30, 2007.  The
Company believes it can meet its future cash, working capital and capital
addition requirements through currently available funds, cash generated from
operations and maturities of available-for-sale investments.  The Company has
an unsecured line of credit of $750,000.  The interest rate on the line of
credit is at prime.  There were no borrowings on the line in the prior or
current fiscal year.

Cash Flows From Operating Activities

The Company generated cash of $22.6 million from operating activities in the
first quarter of fiscal 2008 compared to $19.4 million in the first quarter
of fiscal 2007.  The increase from the prior year was primarily due to an
increase in net earnings in the current year of $3.4 million.

Cash Flows From Investing Activities

Capital expenditures for fixed assets for the first quarter of fiscal 2008
and 2007 were $3.2 million and $1.9 million, respectively.  Included in
capital expenditures for the first quarter of fiscal 2008 and 2007 were $2.7
million and $1.6 million, respectively, for building renovation and
construction.  The remaining capital additions in the first quarter of fiscal
2008 and 2007 were for laboratory and computer equipment.  Expenditures for
laboratory and computer equipment in the remainder of fiscal 2008 are
expected to be approximately $2.5 million.  The Company is currently
constructing additional laboratory space and renovating laboratory space at
its Minneapolis facility.  Additional construction costs are estimated at
$1.0 million and are expected to be completed in fiscal 2008.  These
expenditures are expected to be financed through currently available funds
and cash generated from operating activities.

                                13


During the quarter ended September 30, 2007, the Company purchased $19.2
million and had sales or maturities of $6.1 million of available-for-sale
investments. During the quarter ended September 30, 2006, the Company
purchased $4.3 million and had sales or maturities of $2.6 million of
available-for-sale investment.  The Company's investment policy is to place
excess cash in bonds and other investments with maturities of less than three
years.  The objective of this policy is to obtain the highest possible return
with minimal risk, while keeping the funds accessible.

In September 2006, the Company invested $7.2 million for an 18% equity
interest in Nephromics, LLC.  The investment was financed through cash and
equivalents on hand.

Cash Flows From Financing Activities

Cash of $2.3 million and $146,000 was received during the quarters ended
September 30, 2007 and 2006, respectively, from the exercise of stock
options.  The Company also recognized excess tax benefits from stock option
exercises of $328,000 and $24,000 for the quarters ended September 30, 2007
and 2006, respectively.

In the first quarter of fiscal 2008 and 2007, the Company purchased 23,641
shares and 22,400 shares of common stock, respectively, for its employee
stock bonus plans at a cost of $ 1.5 millions and $1.2 million, respectively.

The Company has never paid cash dividends and has no plans to do so in fiscal
2008.

Critical Accounting Policies

The Company's significant accounting policies  are  discussed in the
Company's Annual Report on Form 10-K for fiscal 2007. The application of
certain of these policies require judgments and estimates that can affect the
results of operations and financial position of the Company.  Judgements and
estimates are used for, but not limited to, accounting for the allowance for
doubtful accounts, inventory valuation and allowances, impairment of
goodwill, intangibles and other long-lived assets, accounting for investments
and income taxes.  There have been no significant changes in estimates in
fiscal 2008 which would require disclosure.  There have been no changes to
the Company's policies in fiscal 2008.

Recent Accounting Pronouncements

In June 2006, the FASB issued Interpretation No. 48 (FIN 48), Accounting for
Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109.
Effective July 1, 2007, the Company adopted FIN 48.  FIN 48 requires that a
position taken or expected to be taken in a tax return be recognized in the
financial statements when it is more likely than not that the position would
be sustained upon examination by tax authorities. A recognized tax position
is then measured at the largest amount of benefit that is greater than fifty
percent likely of being realized upon ultimate settlement.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The
Statement establishes a single authoritative definition of fair value, sets
out a framework for measuring fair value, and requires additional disclosures
about fair value measurements. SFAS No. 157 applies only to fair value
measurements that are already required or permitted by other accounting
standards and is effective for the Company in fiscal 2009. The Company is
currently evaluating the impact of adopting SFAS No. 157.

In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities. The Statement permits entities to
choose to measure certain financial instruments at fair value.  Unrealized
gains and losses on items for which the fair value option has been elected
are reported in earnings at each subsequent reporting date.  SFAS No. 159 is
effective for the Company in fiscal 2009. The Company is currently evaluating
the impact of adopting SFAS No. 159.

                                 14


Forward Looking Information and Cautionary Statements

This filing contains forward-looking statements within the meaning of the
Private Litigation Reform Act.  Forward-looking statements include those
regarding the Company's expectations as to target sales growth rates,
compensation expense resulting from stock option expensing, the effective tax
rate, the sufficiency of currently available funds for meeting the Company's
needs and capital expenditures.  These statements involve risks and
uncertainties that may affect the actual results of operations.  The
following important factors, among others, have affected and, in the future,
could affect the Company's actual results:  the introduction and acceptance
of new biotechnology and hematology products, the levels and particular
directions of research by the Company's customers, the impact of the growing
number of producers of biotechnology research products and related price
competition, the retention of hematology OEM (private label) and proficiency
survey business, the impact of currency exchange rate fluctuations, the costs
and results of research and product development efforts of the Company and of
companies in which the Company has invested or with which it has formed
strategic relationships, and the success of financing efforts by companies in
which the Company has invested.  For additional information concerning such
factors, see the Company's Annual Report on Form 10-K as filed with the
Securities and Exchange Commission.


  ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At September 30, 2007, the Company had a professionally managed investment
portfolio of fixed income securities, excluding those classified as cash and
cash equivalents, of $103 million.  These securities, like all fixed income
instruments, are subject to interest rate risk and will decline in value if
market interest rates increase.

The Company operates internationally, and thus is subject to potentially
adverse movements in foreign currency rate changes. The Company is exposed to
market risk from foreign exchange rate fluctuations of the euro, the British
pound sterling and the Chinese yuan to the U.S. dollar as the financial
position and operating results of the Company's U.K. subsidiary, European
operations and Chinese subsidiary are translated into U.S. dollars for
consolidation. At the current level of R&D Europe operating results, a 10%
increase or decrease in the average exchange rate used to translate operating
results into U.S. dollars would have an approximate $2.0 million effect on
consolidated operating income annually.

The Company's exposure to foreign exchange rate fluctuations also arises from
transferring funds from the U.K. and Chinese subsidiaries to the U.S.
subsidiary and from transferring funds from the German subsidiary and French
sales office to the U.K. subsidiary. At September 30, 2007 and 2006, the
Company had $3.2 million and $540,000, respectively, of dollar denominated
intercompany debt at its U.K. subsidiary and at September 30, 2007, the
Company had $119,000 dollar denominated intercompany debt at its Chinese
subsidiary.  At September 30, 2007 and 2006, the U.K. subsidiary had $481,000
and $345,000, respectively, of dollar denominated intercompany debt from its
European operations. These intercompany balances are revolving in nature and
are not deemed to be long-term balances. The Company's U.K. subsidiary
recognized net foreign currency gains of 96,000 British pound sterling
($198,000) for the quarter ended September 30, 2007 and net foreign currency
losses of 78,000 British pound sterling ($147,000) for the quarter ended
September 30, 2006.  The Company's Chinese subsidiary recognized net foreign
currency loss of 255,000 Chinese yuan ($34,000) for the quarter ended
September 30, 2007.  The Company does not enter into foreign exchange forward
contracts to reduce its exposure to foreign currency rate changes on
intercompany foreign currency denominated balance sheet positions.

                                    15



                       ITEM 4 - CONTROLS AND PROCEDURES

As of the end of the period covered by this report, the Company conducted an
evaluation, under the supervision and with the participation of the principal
executive officer and principal financial officer, of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-
15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")).  Based
on this evaluation, the principal executive officer and principal financial
officer concluded that the Company's disclosure controls and procedures are
effective to ensure that information required to be disclosed by the Company
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission rules and forms. There was no change in
the Company's internal control over financial reporting during the Company's
most recently completed fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the Company's internal control over
financial reporting.




                        PART II. OTHER INFORMATION


                        ITEM 1 - LEGAL PROCEEDINGS

None.

                          ITEM 1A. - RISK FACTORS

There have been no material changes from the risk factors previously
disclosed in Part I, Item 1A, "Risk Factors," of the Company's Annual Report
on Form 10-K for the year ended June 30, 2007.


   ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth the repurchases of Company common stock for
the quarter ended September 30, 2007:

                                         Total Number of  Maximum Approximate
                                         Shares Purchased Dollar Value of
                                         as Part of       Shares that May Yet
                 Total Number Average    Publicly         Be Purchased Under
                 Of Shares    Price Paid Announced Plans  the Plans or
Period           Purchased    Per Share  or Programs      Programs
--------------   ------------ ---------- ---------------- -------------------
7/1/07-7/31/07       0            --           0            $6.8 million
8/1/07-8/31/07       0            --           0            $6.8 million
9/1/07-9/30/07     23,641       $63.17         0            $6.8 million

In May 1995, the Company announced a plan to purchase and retire its common
stock.  Repurchases of $40 million were authorized as follows:  May 1995 - $5
million; April 1997 - $5 million; January 2001 - $10 million; October 2002 -
$20 million.  The plan does not have an expiration date.



                     ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

None.

                                  16



             ITEM 4 - SUBMISSION OF MATTERS TO VOTE OF SHAREHOLDERS

a.  The Annual Meeting of the Registrant's shareholders was held on Thursday,
    October 25, 2007.

b.  A proposal to set the number of directors at eight was adopted by a vote
    of 37,741,059 in favor with 31,683 shares against, and 12,980 shares
    abstaining.

c.  Proxies for the Annual Meeting were solicited pursuant to Regulation 14A
    under the Securities Exchange Act of 1934.  There was no solicitation in
    opposition to management's nominees as listed in the Proxy Statement, and
    all such nominees were elected as follows:

     Nominee                                For           Withheld
    ----------------                    ----------        --------
    Thomas E. Oland                     37,553,591         232,135
    Roger C. Lucas                      37,360,051         425,675
    Howard V. O'Connell                 35,339,570       2,446,156
    G. Arthur Herbert                   37,243,798         541,928
    Randolph C. Steer                   37,229,939         555,787
    Robert V. Baumgartner               37,251,609         534,117
    Charles A. Dinarello                37,592,929         192,797
    Karen A. Holbrook                   37,589,407         196,319




                          ITEM 5 - OTHER INFORMATION


None.

                                ITEM 6 - EXHIBITS

See exhibit index following.


                                     17


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.

                                       TECHNE CORPORATION
                                      (Company)


Date:  November 8, 2007              /s/ Thomas E. Oland
                                     ----------------------------------
                                     President, Chief Executive Officer


       November 8, 2007              /s/ Gregory J. Melsen
                                     ----------------------------------
                                     Chief Financial Officer



                                 EXHIBIT INDEX
                                      TO
                                  FORM 10-Q

                                TECHNE CORPORATION

Exhibit #   Description
---------   -----------

31.1	    Section 302 Certification

31.2        Section 302 Certification

32.1	    Section 906 Certification

32.2	    Section 906 Certification