We demonstrate quenching of pump noise by two-photon resonant absorpti
on in a cavity under competition with the one-photon process. This que
nching leads to strong squeezing of photon number fluctuation, thus co
nverting a largely super-Poissonian field into a sub-Poissonian one. A
strong candidate as an appropriate medium in the microcavity is Anthr
acene-PMDA or CuCl. These crystals exhibit giant two-photon absorption
due to the formation of excitonic 2-strings or biexcitons. We also pr
esent results for the spectral content of the cavity field which confi
rm the complementary nature of the amplitude and phase fluctuations.