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

                                   Form 10-QSB

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

               For the quarterly period ended September 30, 2003

      _    TRANSITION  REPORT  UNDER  SECTION  13 OR  15(d)  OF THE  SECURITIES
           EXCHANGE ACT OF 1934
                     For the transition period from           to
                        Commission File Number 000-24541

                         CORGENIX MEDICAL CORPORATION
                (Name of Small Business Issuer in its Charter)


              Nevada                           93-1223466
  (State or other jurisdiction of    (I.R.S. Employer Identification
  incorporation or organization)                  No.)


                12061 Tejon Street, Westminster, Colorado 80234

         (Address of principal executive offices, including zip code)

                                 (303) 457-4345

               (Issuer's telephone number, including area code)

      (Former  name,  former  address and former  fiscal year, if changed since
      last report)

Check  whether  the  issuer:  (1) filed  all  reports  required  to be filed by
Section  13 or 15(d) of the  Exchange  Act  during  the past 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  ___
              -

The number of shares of Common Stock outstanding was 5,299,671 as of November
12, 2003.

Transitional Small Business Disclosure Format.     Yes _   No X
                                                              -

<PAGE>




                          CORGENIX MEDICAL CORPORATION


                               September 30, 2003





                                TABLE OF CONTENTS


                                                                       Page


                                     Part I


                              Financial Information


      Item 1.   Consolidated Financial Statements                       3


      Item 2.   Management's  Discussion  and Analysis of
                Financial  Condition and Results of
                Operations                                             12



      Item 3.   Controls and Procedures                                16




                                     Part II


                                Other Information


      Item 1.   Legal Proceedings                                      21


      Item 2.   Changes in Securities and Use of Proceeds              21


      Item 3.   Defaults Upon Senior Securities                        21


      Item 4.   Submission of Matters to a Vote of Security Holders    21


      Item 5.   Other Information                                      21


      Item 6.   Exhibits and Reports on Form 8-K                       21


      Certifications                                                   24




<PAGE>


                                     PART I
                   Item 1. Consolidated Financial Statements
                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
Consolidated Balance Sheets
-------------------------------------------------------------------------------


                                       September 30,  2003       June 30, 2003
                                        (Unaudited)
                Assets
Current assets:
  Cash and cash equivalents            $  206,656                   342,377
  Accounts receivable, less allowance
    for doubtful accounts of $13,410      728,114                   628,717
  Inventories                             889,306                   815,222
  Prepaid expenses                         45,630                    42,788
                  Total current assets  1,869,706                 1,829,104
Equipment:

  Capitalized software costs              122,855                   122,855
  Machinery and laboratory equipment      585,935                   585,935
  Furniture, fixtures, leaseholds  &
     office equipment                     507,482                   503,787
                                        ----------                ----------
                                        1,216,272                 1,212,577

  Accumulated depreciation and
amortization                             (820,489)                 (789,564)
                  Net equipment           395,783                   423,013
                                        ----------                ----------

Intangible assets:
  Patents, net of accumulated
       amortization of  $963,602  and
       $944,978                           153,942                   172,566
  Goodwill                                 13,677                    13,677
                   Net intangible assets  167,619                   186,243
                                          -------                  ---------

  Due from officer                         12,000                    12,000
  Other assets                            107,870                   105,356
               Total assets            $2,552,978                 2,555,716
                                       ==========                 ==========

                 Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
  Current portion of  notes payable
                                         $459,006                   378,683
  Current portion of capital
        lease obligations                  95,610                    95,881
  Accounts payable                        685,193                   618,934
  Accrued payroll and related liabilities 165,765                   180,630
  Accrued interest                        108,913                    99,660
  Accrued liabilities                      77,715                   105,392
                                         ---------                 ---------

          Total current liabilities     1,592,202                 1,479,180

Notes payable, excluding current
    portion                               340,363                   373,167
Capital lease obligations, excluding
    current portion                        39,242                    61,504
                                         ---------                  -------

                  Total liabilities     1,971,807                 1,913,851

Redeemable common stock, 880,282 shares
   issued and outstanding, aggregate
   redemption value of $500,000, net of
   unaccreted discount and issuance
   costs of $129,836 and $151,474 at September
   30, 2003 and June 30, 2003,
   respectively                           370,164                   348,526
Stockholders' equity (deficit):
  Preferred stock, $0.001 par value.
  Authorized 5,000,000 shares, none
  issued or outstanding                     -                          -
  Common stock, $0.001 par value.
   Authorized 40,000,000 shares; issued and
   outstanding and 5,294,477 and 5,271,192
   on September 30 and June 30,
   respectively                             4,414                      4,391
Additional paid-in capital              4,935,674                  4,930,576
Accumulated deficit                    (4,729,316)                (4,642,297)
Accumulated other comprehensive income        235                        669
                                        ----------                 ---------

      Total stockholders' equity          211,007                    293,339

 Total liabilities and stockholders'
      equity                           $2,552,978                  2,555,716
See accompanying notes to consolidated financial statements.


<PAGE>



                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES

Consolidated Statements of Operations

-------------------------------------------------------------------------------

                                       Three Months Ended

                                       September30,  September 30,
                                          2003           2002
                                      ---------------------------
                                       (Unaudited)   (Unaudited)
-------------------------------------------------------------------------------


Net sales                          $1,202,330        1,410,040
Cost of sales                         471,676          411,820

          Gross profit             $  730,654          998,220


Operating expenses:
  Selling and marketing               313,712          309,016

  Research and development            187,887          209,982

  General and administrative          269,560          300,419

  Total expenses                      771,159          819,417
                                    ----------       ----------


          Operating income (loss)   $ (40,505)         178,803


Interest expense, net                  24,875           30,058
                                   -----------        ---------


Net income (loss)                   $ (65,380)         148,745

Accretion of discount on redeemable
common stock                           21,639           20,728
                                       ------         ----------

Net income (loss) to common
stockholders                        $ (87,019)         128,017
                                     ===========      ==========

 Net income (loss) per common share,
basic                               $   (0.02)            0.02


 Net income (loss) per common share,
diluted                             $   (0.02)            0.02


Weighted average shares outstanding,
  basic                              5,294,477       5,209,322
                                     =========       =========
Weighted average shares outstanding,
diluted                              5,294,477       5,209,322
                                     =========       =========
          Net income (loss)         $  (65,380)        148,745


 Other comprehensive loss-foreign
 currency translation loss                (437)        (23,946)
                                       ---------     ----------

 Total comprehensive income (loss)  $  (65,817)        124,799
                                       ========      ==========

See accompanying notes to consolidated financial statements.




<PAGE>


                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
                 Consolidated Statement of Stockholders' Equity
                  For the three months ended September 30, 2003

                     Common                      Accumulated
                     Stock, Additional             other             Total
                     $0.001  paid-in  Accumulated comprehensive   stockholders'
                      par    capital   deficit     income           equity

Balance at June 30,
  2003             $ 4,391  4,930,576 (4,642,297)    669            293,339


Issuance of common
  stock and stock
  options for
  services             23      5,098                                  5,121
Foreign currency
translation                                         (437)             (437)
Accretion of discount
  on redeemable
  common stock                           (21,639)                  (21,639)
Miscellaneous                                          3                 3
Net loss                                 (65,380)                  (65,380)
                       -----------------------------------------------------
                       -----------------------------------------------------

Balance at
September          $ 4,414 4,935,674   (4,729,316)   235           211,007
30, 2003           =========================================================

<PAGE>



                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES



Consolidated Statements of Cash Flows
-------------------------------------------------------------------------------

                                                          Three Months
                                                             Ended
                                               September 30,    September 30,
                                                   2003             2002
                                               ------------------------------
                                                (Unaudited)      (Unaudited)

Cash flows from operating activities:
  Net income (loss)                          $   (65,380)          148,745
  Adjustments to reconcile net income to
 net cash used in operating
 activities:
             Depreciation and amortization        49,549            46,385

             Equity instruments issued
             for services                          5,121             3,419
 Changes in operating assets
 and liabilities:
              Accounts receivable, net           (99,397)          (54,702)
              Inventories                        (74,084)          (32,336)
              Prepaid expenses, due
              from officer and other assets       (5,356)          (22,492)
                 Accounts payable                 66,259          (259,360)
                 Accrued payroll and
                   related liabilities           (14,865)           21,843
                 Accrued liabilities,
                   including accrued interest    (18,424)           26,118
                                               ===========       ===========

  Net cash used in operating activities         (156,577)         (122,380)
                                              ============       ===========
Cash flows used by investing activities:
   Additions to equipment                         (3,695)          (13,545)
                                              ============       ===========

Cash flows from financing activities:
  Proceeds from issuance of redeemable
  common stock and warrants                          -             500,000
  Proceeds from issuance of notes payable          90,936           19,100
  Payments on notes payable                       (43,418)        (120,592)
  Payments on capital lease obligations           (22,530)         (18,385)
  Payments for costs of issuance of
   redeemable common stock                           -              (5,207)

  Net cash provided by financing activities        24,988          374,916

  Net increase (decrease) in cash and
      cash equivalents                           (135,284)         238,991

Impact of foreign currency translation
adjustment on cash                                   (437)         (23,946)

Cash and cash equivalents at beginning of
period                                            342,377          164,378
                                               -----------         ---------
Cash and cash equivalents at end of period     $  206,656          379,423

Supplemental cash flow disclosures:

  Cash paid for interest                       $   12,541           16,425
See accompanying notes to consolidated financial statements.




<PAGE>



                 CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.    DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

 Corgenix Medical Corporation ("Corgenix" or the "Company") is engaged in the
research, development, manufacture, and marketing of in vitro (outside the body)
diagnostic products for use in disease detection and prevention (the
"Diagnostics Products Business"). The Company currently sells 142 Diagnostic
Products (the "Diagnostic Products") on a worldwide basis to hospitals, clinical
laboratories, commercial reference laboratories, and research institutions.

The Company's corporate headquarters is located in Westminster, Colorado. We
have two wholly owned operating subsidiaries:

o     Corgenix, Inc., ("Corgenix, Inc.") (formerly REAADS), established in
           1990 and located in Westminster, Colorado. Corgenix, Inc. is
           responsible for sales and marketing activities for North America
           and Japan, and also conducts product development, product support,
           regulatory affairs and product manufacturing of the Diagnostic
           Products.

o          Corgenix (UK) Ltd., ("Corgenix UK"), formerly incorporated in 1996 as
           REAADS Bio-Medical Products (UK) Limited, and is located in
           Peterborough, England. Corgenix UK manages the Diagnostic Business'
           international sales and marketing activities except for distribution
           in North America and Japan which is under the responsibility of
           Corgenix, Inc.

On August 5, 2003, the Company entered into a letter of intent to merge with
Genesis Bioventures, Inc. ("Genesis" or "GBI") a biomedical development company
focused on the development of diagnostic tests. Under the terms of the letter of
intent, Genesis will issue 14,000,000 Genesis shares in exchange for 100% of
Corgenix's outstanding shares. The terms of the letter of intent also provide
that Corgenix's current management team will assume the responsibility of
managing the combined entity, which will be known as Genesis Bioventures, Inc.
The letter of intent was amended on October 21, 2003 and as a result, the
parties are seeking to complete a definitive agreement on or about December 15,
2003 and to close the transaction on or about March 31, 2004.

The proposed merger is subject to the satisfaction of a number of contingencies,
including satisfactory due diligence investigations by each company, negotiation
and execution of mutually acceptable definitive merger documentation, approval
by both company's boards of directors and stockholders, and customary closing
conditions. Based on the terms of the October 21, 2003 amended letter of intent,
the merger is subject to GBI advancing to Corgenix $500,000 out of a capital
raise of at least $2,000,000 on or about November 30, 2003 as a condition to
signing a definitive merger agreement. Under further terms of the amended letter
of intent, GBI and Corgenix have agreed to raise a minimum of $6,000,000 of
capital on or about March 31, 2004 to provide the combined companies with
sufficient funding with which to continue to develop and further commercialize
their respective technologies and product lines. The foregoing amounts of these
provisions may be waived at the discretion of Corgenix or GBI. Pursuant to the
above, the Company recently announced that a fund raising effort, led by a full
service investment bank specializing in the biotech industry, is in progress,
and both the Company and GBI are confident that it will be successfully
completed in the near future and both companies are proceeding with the intent
to complete the proposed merger on or about March 31, 2004. The accompanying
consolidated financial statements have been prepared without audit and in
accordance with accounting principles generally accepted in the United States
for interim financial information and with the instructions to Form 10-QSB and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements. In the opinion of the
Company, the financial statements include all adjustments (consisting of normal
recurring accruals and adjustments) required to present fairly the Company's
financial position at September 30, 2003 and June 30, 2003 and the results of
operations for each of the three month periods ended September 30, 2003 and
2002, and the cash flows for each of the three month periods then ended. The
operating results for the three months ended September 30, 2003 are not
necessarily indicative of the results that may be expected for the year ended
June 30, 2004. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's annual report on Form
10-KSB for the fiscal year ended June 30, 2003.Management of the Company has
made a number of estimates and assumptions relating to the reporting of assets
and liabilities and the disclosure of contingent assets and liabilities to
prepare these financial statements in conformity with accounting principles
generally accepted in the United States of America. Significant assumptions
inherent in the preparation of the accompanying financial statements include,
but are not limited to, revenue recognition and allowances for doubtful
accounts, the provision for excess and obsolete inventories, and commitments and
contingencies. Actual results could differ from those estimates. 2. SOFTWAREThe
Company accounts for its internally developed software in compliance with
Statement of Position 98-1 ("SOP 98-1"), Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use. SOP 98-1 defines the types of
computer software project costs that may be capitalized. All other costs are
expensed in the period incurred. In order for costs to be capitalized, the
computer software project must be intended to create a new system or add
identifiable functionality to an existing system.In the quarter ended December
31, 2001, the Company began development of a business-to-business web site
(Corgenix On Line) for its core business reference laboratory and hospital
customers and potential customers worldwide. The website, when completed, is
intended to allow customers to place orders for the Company's diagnostic
products, pay for said orders, and track the status of such orders. It will also
give full specification and details on all of the Company's diagnostic test
kits. To date, all products and enhancements thereto have utilized proven
technology. The direct internal and external costs of developing the related
software, other than initial design and other costs incurred during the
preliminary project stage, were capitalized until the software was completed at
the end of September 2002. Through September 2002, all products and enhancements
thereto utilized proven technology. Such capitalized amounts, which amounted to
$122,855, began to be amortized on a straight-line basis over a three-year
period commencing in October 2002. No further additions to this project are
anticipated.
3. EARNINGS PER SHAREBasic earnings (loss) per share is computed by dividing net
income (loss) by the weighted average number of common shares outstanding.
Diluted earnings (loss) per share is computed by dividing net income (loss) by
the weighted average number of common shares outstanding increased for
potentially dilutive common shares outstanding during the period. The dilutive
effect of stock options and their equivalents is calculated using the treasury
stock method. For the quarters ended September 30, 2003 and 2002, options and
warrants to purchase common stock totaling 1,391,219 and 1,006,719 shares
respectively, are not included in the calculation of weighted average common
shares-diluted below as their effect is anti-dilutive.

The components of basic and diluted income (loss) per share are as follows:

                                             3 months ended  3 months ended
                                          September 30, 2003 September 30, 2002
                                          -------------------------------------
                                                        (unaudited)
Net income (loss) available to common
stockholders                           $     (87,019)               128,017
                                       ----------------------------------------

Common and common equivalent shares outstanding:
 Historical common shares outstanding at
 beginning of period                       5,271,192              4,333,095
 Weighted average common shares issued
 during the period                            23,285                876,227
                                        ---------------------------------------
 Weighted average common shares--basic and
 diluted                                   5,294,477              5,209,322

Net income (loss) per share--basic
and diluted                            $       (0.02)                  0.02

4. INCOME TAXESA
valuation allowance was provided for deferred tax assets, as the Company is
unable to conclude under relevant accounting standards that it is more likely
than not that deferred tax assets will be realizable.

 5.   SEGMENT INFORMATION
The Company has two segments of business: domestic and international operations.
International operations primarily transact sales with customers in Europe and
continents other than North America, while domestic operations transact sales
primarily in North America. Sales to Chugai, emanating from the United States,
have historically also been included in the domestic business segment. The
following table sets forth selected financial data for these segments for the
three-month periods ended September 30, 2003 and 2002.

                                   Three Months Ended September 30

                      Domestic           International            Total

Net sales  2003    $   930,195              272,135             1,202,330
           2002    $ 1,131,518              278,522             1,410,040
                     -------------------------------------------------------


Net income
(loss)     2003    $  (131,570)              66,190               (65,380)
           2002    $    83,568               65,177               148,745
                     ------------------------------------------------------

Depreciation
and
amortization 2003  $   40,759                  513                 40,759
             2002  $   45,904                  481                 46,385
                     ------------------------------------------------------
 Interest expense,
 net          2003  $   21,595                3,280                 24,875
             2002  $   22,032                8,026                 30,058
                     --------------------------------------------------------


Segment assets
September 30, 2003         $2,157,074       395,904              2,552,978
June 30, 2003              $2,097,844       457,872              2,555,716

6.   REDEEMABLE COMMON STOCK

On July 1, 2002, the Company entered into an agreement ("MBL Agreement") with
Medical & Biological Laboratories Co., Ltd. ("MBL"), a strategic partner and
manufacturer of autoimmune diagnostic kits located in Nagoya, Japan, under which
the Company sold 880,282 shares of its $.001 par value common stock to MBL for
gross proceeds of $500,000. Net proceeds to the Company after issuance costs
were $494,793. Under the MBL Agreement, MBL was also granted a put option which
could cause the Company to repurchase, at a future date, the common stock sold
to MBL under the MBL Agreement. Thus, the common stock sold has been designated
"redeemable common stock." The put option requires the stock to be repurchased
at the original purchase price, payable in either a lump-sum purchase or
financed over a six-month period. The put option is exercisable by MBL any time
after the termination or expiration of the distribution agreement between the
Company and RhiGene, MBL's U.S. subsidiary, upon any merger or consolidation of
the Company with another corporation wherein the Company's stockholders own less
than 50% of the surviving corporation or upon any sale or other disposition of
all or substantially all of the Company's assets. The present distribution
agreement with RhiGene expires on March 31, 2005, though the distribution
agreement may be renewed or extended prior to that time.

Pursuant to the agreement with MBL, as long as MBL holds at least 50% of the
common stock purchased under the MBL agreement, MBL must give its written
consent with respect to the payment of any dividend, the repurchase of any of
the Company's equity securities, the liquidation or dissolution of the Company
or the amendment of any provision of the Company's Articles of Incorporation or
Bylaws which would adversely affect the rights of MBL under the stock purchase
transaction documents. MBL was granted standard anti-dilution rights with
respect to stock issuances not registered under the Securities Act. MBL also
received standard piggyback registration rights along with certain demand
registration rights.

In addition, as part of the MBL Agreement and for no additional consideration,
MBL was issued warrants to purchase an additional 880,282 shares of Common Stock
at a price of $.568 per share, which is equal to an aggregate amount of
$500,000. These warrants expire on July 3, 2007 and may be exercised in whole or
in part at any time prior to their expiration. The estimated fair value of the
warrant upon issuance was calculated as $401,809 using the Black-Scholes model
with the following assumptions: no expected dividend yield, 143% volatility,
risk free interest rate of 4.2% and an expected life of five years. The gross
proceeds of $500,000 were allocated $277,221 to redeemable common stock and
$222,779 to the related warrants based on the relative fair values of the
respective instruments to the fair value of the aggregate transaction. Issuance
costs and the discount attributed to the warrants upon issuance are being
accreted on the interest method over the 33-month period prior to the presently
expected first date on which the put option may be exercised, which is the
present expiration date of the distribution agreement between the Company and
RhiGene.



7.  STOCK PLANS


Effective January 1, 1999, the Company adopted an Employee Stock Purchase Plan
("ESPP") to provide eligible employees an opportunity to purchase shares of its
common stock through payroll deductions, up to 10% of eligible compensation. The
ESPP is registered under Section 423 of the Internal Revenue Code of 1986. Each
quarter, participant account balances are used to purchase shares of stock at
the lesser of 85% of the fair value of shares on the first business day (grant
date) and last business day (exercise date) of each quarter. No right to
purchase shares shall be granted if, immediately after the grant, the employee
would own stock aggregating 5% or more of the total combined voting power or
value of all classes of stock. A total of 60,000 common shares were registered
with the Securities and Exchange Commission (SEC) for purchase under the ESPP.
During September 2002, the Company determined that it had inadvertently issued
and registered more common stock under the ESPP than had heretofore been
authorized by stockholders of the Company. On December 11, 2002, the Company's
stockholders approved the Amended and Restated Employee Stock Purchase Plan
("AR-ESPP"). 200,000 shares of Corgenix common stock are reserved for issuance
under the AR-ESPP. Compensation expense is recognized for the fair value of the
employee's purchase rights. Compensation expense recognized for the 15% discount
on shares purchased under the AR-ESPP amounted to $5,123 and $3,419 for the
three months ended September 30, 2003 and 2002, respectively. There were 5,194
and 12,637 shares issued under the AR-ESPP during the three months ended
September 30, 2003 and 2002, respectively.

In October 1999 and July 2000 the Company reserved a total of 200,000 shares of
its common stock for an Incentive Stock Option Plan ("1999 ISP") for employees,
directors and consultants. Options are granted at the discretion of the board of
directors with an exercise price equal to or greater than the market value of
the Company's common stock on the grant date. On December 11, 2002, the
Company's stockholders approved the Amended and Restated 1999 Incentive Stock
Plan ("AR-1999-ISP"). 800,000 shares of Corgenix common stock are reserved for
issuance under the AR-1999-ISP.

Had the Company determined compensation cost based on the fair value at the date
of grant for its stock options under SFAS No. 123, the Company's net income
(loss) would have been increased to the pro forma amounts indicated as follows:










                                     Three     Three
                                     Months    Months
                                      Ended    Ended
                                    -------------------
                                    September September
                                       30,      30,
                                    -------------------
                                      2003      2002
                                    -------------------
                                    -------------------

  Net income (loss)  available to
    common     stockholders    as
    reported                      $  (87,019)  128,017
  Net income (loss)  available to
    common    stockholders    pro
    forma                           (102,126)  114,802
  Net income (loss) per share as
    reported                           (0.02)     0.02
  Net income (loss) per share
    pro forma                          (0.02)     0.02

    Fair value was determined using the Black Scholes option - pricing model.
    There were no stock options granted during the three months ended September
    30, 2003.


  Item 2.CORGENIX MEDICAL CORPORATIONManagement's Discussion and Analysis Of
                 Financial Condition and Results of Operations
                          The following discussion should be read in
conjunction with the consolidated financial statements and accompanying notes
included elsewhere herein.
      General Since the Company's inception, we have been primarily involved in
the research, development, manufacturing and marketing/distribution of
diagnostic tests for sale to hospitals, clinical laboratories, commercial
reference laboratories and research institutions. We currently market 142
products covering autoimmune disorders, vascular diseases, infectious diseases,
liver disease and laboratory instrumentation. Our products are sold in the
United States, the UK and other countries through our marketing and sales
organization that includes contract sales representatives, internationally
through an extensive distributor network, and to several significant OEM
partners. We manufacture products for inventory based upon expected sales
demand, shipping products to customers, usually within 24 hours of receipt of
orders. Accordingly, we do not operate with a customer order backlog. Except for
the fiscal year ended June 30, 1997, we have experienced annual revenue growth
since our inception, primarily from sales of products and contract revenues from
strategic partners. Contract revenues consist of licensing fees and milestone
payments from research and development agreements with strategic partners.

      In fiscal year 1996, we began adding third-party OEM licensed products to
our diagnostic product line. Currently we sell 128 products licensed from or
manufactured by third party manufacturers. We expect to expand our relationships
with other companies in the future to gain access to additional products.

      Although we have experienced growth in revenues every year except 1997,
there can be no assurance that, in the future, we will sustain revenue growth,
current revenue levels, or achieve or maintain profitability. Our results of
operations may fluctuate significantly from period-to-period as the result of
several factors, including: (i) whether and when new products are successfully
developed and introduced, (ii) market acceptance of current or new products,
(iii) seasonal customer demand, (iv) whether and when we receive R&D milestone
payments and license fees from strategic partners, (v) changes in reimbursement
policies for the products that we sell, (vi) competitive pressures on average
selling prices for the products that we sell, and (vii) changes in the mix of
products that we sell.

      Critical Accounting Policies

      The Company's consolidated financial statements are prepared in accordance
with accounting principles generally accepted in the United States of America
("GAAP"). We believe that the policies identified below are critical to the
understanding of our results of operations. The preparation of financial
statements in conformity with GAAP requires our management to make estimates and
assumptions that affect reported amounts of assets, liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the reporting period.
Management has made estimates and assumptions based on these policies. We do not
believe that there is a great likelihood that materially different amounts would
be reported if different assumptions were used. However, the application of
these policies involves judgments and assumptions as to future events and, as a
result, actual results could differ significantly from those estimates.

      Revenue Recognition

      Revenue is recognized upon shipment of products. Revenue from research and
development contracts represents amounts earned pursuant to agreements to
perform research and development activities for third parties and is recognized
as earned as it becomes billable under the respective agreement.

      Equipment and Software

      Equipment and software are recorded at cost. Equipment under capital
leases is recorded initially at the present value of the minimum lease payments.
Depreciation and amortization is calculated primarily using the straight-line
method over the estimated useful lives of the respective assets which range from
3 to 7 years. The internal and external costs of developing and enhancing
software costs related to website development, other than initial design and
other costs incurred during the preliminary project stage, are capitalized until
the software has been completed. Such capitalized amounts are amortized
commencing when the website was placed in service on a straight-line basis over
a three-year period. When assets are sold, retired or otherwise disposed of, the
cost and related accumulated depreciation are eliminated from the accounts and a
gain or loss is recognized. Repair and maintenance costs are expensed as
incurred. We evaluate the realizability of our long-lived assets, including
property and equipment, whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.

Results of Operations


      Three Months Ended September 30, 2003 compared to 2002

      Net sales. Net sales for the quarter ended September 30, 2003 were
$1,202,330, a $207,710 or 14.7% decrease from $1,410,040 in the prior year.
Domestic sales decreased 17.8% while sales to international distributors
decreased 2.3% from period to period. The principal reason for the decrease was
a decline of $156,710 or 65.6% in sales of Hyaluronic Acid Test Kits ("HA"). The
decrease in HA sales was in turn a result of the loss of Fujirebio (formerly
Chugai) in November 2002 as the principal HA customer for distribution in Japan.
Sales to Chugai amounted to $146,250 for the quarter ended September 30, 2002.
No sales were recorded to Fujirebio for the current quarter. Fujirebio has not
placed nor forecasted any orders for HA product since November 2002 and we are
not projecting any future orders by Fujirebio of HA. The Company expects that
the loss of HA sales to Fujirebio will eventually be made up via international
sales of HA in other areas of the world.

      Cost of sales. Gross profit, as a percentage of sales, decreased to 60.8%
for the quarter ended September 30, 2003 from 70.8% in 2002 primarily due to
higher raw material costs associated with the new manufacturing format of the
Company's main product line offset somewhat by higher margins on sales of HA to
customers other than Fujirebio and lower production to absorb fixed costs. Said
sales of HA were made at a higher margin then the HA formerly sold to Fujirebio.

      Selling and marketing. Selling and marketing expenses increased 1.5% or
$4,696 to $313,712 for the quarter ended September 30, 2003 from $309,016 in
2002. The slight change resulted from individually minor changes in the various
selling and marketing expenses.

      Research and development. Research and development expenses decreased
$22,095 or 10.5% to $187,887 for the quarter ended September 30, 2003 from
$209,982 in 2002. Most of this decrease came as a result of cost controls and
reductions which were recently put in place. In addition, there were reductions
in labor-related costs and purchases and development costs related to a recently
ended development project.

      General and administrative. General and administrative expenses decreased
$30,859 or 10.3% to $269,560 for the quarter ended September 30, 2003 from
$300,419 in 2002, primarily due, as stated above, to cost controls and
reductions which were recently put in place.

      Interest expense. Interest expense decreased $5,183 or 17.2% to $24,875
for the quarter ended September 30, 2003 from $30,058 in 2002 due primarily to a
decrease in interest-bearing debt in addition to lower interest rates.

      Accretion of discount on redeemable common stock. This item represents the
accretion of the discount on redeemable common stock over the 33 month period
from the date the stock was issued to the presently expected first date on which
the related embedded put option may be exercised. The redeemable common stock
was issued in July 2002.

      Net Income (Loss) to Common Stockholders. This amount represents net
income (loss) after the accretion of discount on the redeemable common stock and
is the amount used to calculate net income (loss) per common share. Net income
(loss) to common stockholders decreased from $128,017 to a loss of $(87,019).
Net income (loss) per common share decreased from a profit of $0.02 to a loss of
($0.02) per share.

      Liquidity and Capital Resources

      Cash used in operating activities was $156,577 for the quarter ended
September 30, 2003 compared to cash used in operating activities of $122,380
during the prior fiscal year's first quarter. The cash used in operations
resulted primarily from increases in accounts receivable and inventories plus
decreases in accrued payroll and related liabilities and other accrued
liabilities. The Company believes that uncollectible accounts receivable will
not have a significant effect on future liquidity, as a significant portion of
its accounts receivable are due from enterprises with substantial financial
resources.

      Net cash used by investing activities, the purchase of equipment, was
$3,695 for the quarter ended September 30, 2003 compared to $13,545 for the
prior fiscal year's first quarter. The decrease was mainly attributable to
reduced spending on internally developed software.

      Net cash provided by financing activities amounted to $24,988 for the
quarter ended September 30, 2003 compared to $374,916 in the prior fiscal year.
This decrease in cash provided over the comparable prior year was primarily due
to there not being any proceeds from the issuance of redeemable common stock and
warrants in the current period. This was partially offset by increased proceeds
from the issuance of notes payable during the current quarter.

      Historically, we have financed our operations primarily through long-term
debt and by sales of redeemable common, and common stock. In fiscal 2003 we
raised $500,000 before offering costs (see "Stock Issuance" above) before
offering expenses through a private sale of redeemable common stock and
warrants.

      We have also received financing for operations from sales of diagnostic
products and agreements with strategic partners. Accounts receivable increased
$99,397 or 16% to $728,114 at September 30, 2003 from $628,717 at June 30, 2003
primarily because of two larger than normal billings in September 2003. At
September 30, 2003, our accounts payable increased $66,259 or 11% to $685,193
from $618,934 at September 30, 2002 primarily as a result of slightly slower
payment to vendors due to overall cash-flow constraints.

      Our future capital requirements will depend on a number of factors,
including the proposed merger with GBI, our profitability or lack thereof, the
rate at which we grow our business and our investment in proprietary research
activities, the ability of our current and future strategic partners to fund
outside research and development activities, our success in increasing sales of
both existing and new products and collaborations, expenses associated with
unforeseen litigation, regulatory changes, competition, technological
developments, general economic conditions and potential other future merger and
acquisition activity. Our principal sources of liquidity have been cash provided
from operating and financing activities, cash raised from the private sale of
redeemable common and common stock mentioned above, and long- term debt
financing. We believe that we will continue investigating new debt agreements
and may sell additional equity securities in fiscal year 2004 to develop the
markets and obtain the regulatory approvals for the HA products (see above), and
to pursue all of our strategic objectives. We believe that our current
availability of cash, working capital, future proceeds from the issuance of
common stock, debt financing and expected cash flows from operations will be
adequate to meet our ongoing needs for at least the next twelve months. At
September 30, 2003, cash on hand amounted to $206,656 compared to $342,377 at
June 30, 2003. At September 30, 2003, the Company had available borrowings under
its $400,000 bank line of credit of approximately $347,000 of which $255,000 had
already been borrowed by the Company. The available borrowings at June 30, 2003
were limited to a maximum of $279,500 based upon the calculation of the
borrowing base. In addition, and as part of the letter of intent with GBI, the
Company expects proceeds of $500,000 in convertible debt financing from GBI to
occur in December 2003. Additionally, the Company expects the merger with GBI
and the commensurate approximately $6 million equity raise to occur before the
end of fiscal 2004. This estimate of our future capital requirements is a
forward-looking statement that is based on assumptions that involve varying
risks and uncertainties. Actual results may differ significantly from our
estimates.

Recently Issued Accounting Pronouncements

      In November 2002, the FASB issued Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others (the Interpretation), which addresses the
disclosure to be made by a guarantor in its interim and annual financial
statements about its obligations under guarantees. The Interpretation also
requires the recognition of a liability by a guarantor at the inception of
certain guarantees. The Interpretation requires the guarantor to recognize a
liability for the non-contingent component of the guarantee, this is the
obligation to stand ready to perform in the event that specified triggering
events or conditions occur. The initial measurement of this liability is the
fair value of the guarantee at inception. The recognition of the liability is
required even if it is not probable that payments will be required under the
guarantee or if the guarantee was issued with a premium payment or as part of a
transaction with multiple elements. The Company is required to adopt the
disclosure provisions of the Interpretation beginning with its fiscal 2003
consolidated financial statements, and will apply the recognition and
measurement provisions for all guarantees entered into or modified after
December 31, 2002. As the Company has not guaranteed any indebtedness of others,
the impact of the adoption is not expected to have any impact on the Company's
consolidated financial statements for the fiscal quarters ended September 30
2003 and 2002.

      In December 2002, the FASB issued SFAS No. 148, "Accounting for
Stock-Based Compensation--Transition and Disclosure." This statement amends FASB
Statement No. 123 "Accounting for Stock-Based Compensation," to provide
alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. This statement also
amends the disclosure requirements of Statement 123 to require prominent
disclosures in both annual and interim financial statements about the method of
accounting for stock-based employee compensation and the effect of the method
used on reported results. The provisions of this statement relating to
alternative transition methods and annual disclosure requirements are effective
for the year ending June 30, 2003. The provisions of this statement relating to
interim financial information were effective for the quarter ending December 31,
2002. The transitional provisions will not have an impact on the Company's
financial statements unless it elects to change from the intrinsic value method
to the fair value method. The provisions relating to annual and interim
disclosures changed the manner in which we disclose information regarding
stock-based compensation.

      In January 2003, the Financial Accounting Standards Board issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" (FIN No.
46). This interpretation clarifies existing accounting principles related to the
preparation of consolidated financial statements when the equity investors in an
entity do not have the characteristics of a controlling financial interest or
when the equity at risk is not sufficient for the entity to finance its
activities without additional subordinated financial support from other parties.
FIN No. 46 requires a company to evaluate all existing arrangements to identify
situations where a company has a "variable interest" (commonly evidenced by a
guarantee arrangement or other commitment to provide financial support) in a
"variable interest entity" (commonly a thinly capitalized entity) and further
determine when such variable interests require a company to consolidate the
variable interest entities' financial statement with its own. The Company is
required to perform this assessment by December 31, 2003 and consolidate any
variable interest entities for which it will absorb a majority of the entities'
expected losses or receive a majority of the expected residual gains. The
Company does not have variable interest entities that it may be required to
consolidate.

      In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and Equity" (SFAS
No. 150). This statement establishes standards for how an entity classifies and
measures certain financial instruments with characteristics of both liabilities
and equity. This statement applies specifically to a number of financial
instruments that companies have historically presented within their financial
statements either as equity or between the liabilities section and the equity
section, rather than as liabilities. This statement is effective for financial
instruments entered into or modified after May 31, 2003, and is otherwise
effective at the beginning of the first interim period beginning after June 15,
2003. Management does not expect the adoption of SFAS 150 to have a material
impact on its financial condition, results of operations or cash flows for the
quarter ended September 30, 2003.

                                       Item 3.

                               Controls and Procedures

      Evaluation of disclosure controls and procedures. The Company, under the
supervision and with the participation of the Company's management, including
its Chief Executive Officer and Chief Financial Officer, carried out an
evaluation of the effectiveness of the design and operation of the Company's
disclosure controls and procedures (as defined in Rules 240.13a-14(c) and
15d-14(c) under the Securities Exchange Act of 1934 (the "Exchange Act") as of a
date within ninety days before the filing date of this quarterly report (the
"Evaluation Date"). Based upon this evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that, as of the Evaluation Date, the Company's
disclosure controls and procedures were effective for the purposes of recording,
processing, summarizing and timely reporting information required to be
disclosed by the Company in the reports that it files under the Securities
Exchange Act of 1934 and that such information is accumulated and communicated
to the Company's management in order to allow timely decisions regarding
required disclosure.

      Changes in internal controls. There have been no significant changes in
the Company's internal controls or in other factors that could significantly
affect the Company's disclosure controls and procedures subsequent to the
Evaluation Date, nor were there any significant deficiencies or material
weaknesses in the Company's internal controls.

      Forward-Looking Statements and Risk Factors

      This 10-QSB includes statements that are not purely historical and are
"forward-looking statements" within the meaning of Section 21E of the Securities
Act of 1934, as amended, including statements regarding our expectations,
beliefs, intentions or strategies regarding the future. All statements other
than historical fact contained in this 10-QSB, including, without limitation,
statements regarding future product developments, acquisition strategies,
strategic partnership expectations, technological developments, the development,
the availability of necessary components, research and development programs and
distribution plans, are forward-looking statements. All forward-looking
statements included in this 10-QSB are based on information available to us on
the date hereof, and we assume no obligation to update such forward-looking
statements. Although we believe that the assumptions and expectations reflected
in such forward-looking statements are reasonable, we can give no assurance that
such expectations will prove to have been correct or that we will take any
actions that may presently be planned.

      Certain factors that could cause actual results to differ materially from
those expected include the following:

      Losses   Incurred;   Future   Capital   Needs;   Risks  Relating  to  the
Professional Products Business; Uncertainty of Additional Funding

      We have incurred operating losses and negative cash flow from operations
for most of our history. Losses incurred since our inception have aggregated
$4,741,316, and there can be no assurance that we will be able to generate
positive cash flows to fund our operations in the future or to pursue our
strategic objectives. Assuming no significant uses of cash in acquisition
activities or other significant changes, we believe that we will have sufficient
cash to satisfy our needs for at least the next twelve months. If we are not
able to operate profitably and generate positive cash flows sufficient for both
the diagnostic business and the consumer products business, we may need to raise
additional capital to fund our operations. If we need additional financing to
meet our requirements, there can be no assurance that we will be able to obtain
such financing on terms satisfactory to us, if at all. Alternatively, any
additional equity financing may be dilutive to existing stockholders, and debt
financing, if available, may include restrictive covenants. If adequate funds
are not available, we might be required to limit our research and development
activities or our selling and marketing activities any of which could have a
material adverse effect on the future of the business.

      Dependence on Collaborative  Relationships  and Third Parties for Product
Development and Commercialization

      We have historically entered into licensing and research and development
agreements with collaborative partners, from which we derived a significant
percentage of our revenues in past years. Pursuant to these agreements, our
collaborative partners have specific responsibilities for the costs of
development, promotion, regulatory approval and/or sale of our products. We will
continue to rely on future collaborative partners for the development of
products and technologies. There can be no assurance that we will be able to
negotiate such collaborative arrangements on acceptable terms, if at all, or
that current or future collaborative arrangements will be successful. To the
extent that we are not able to establish such arrangements, we could experience
increased capital requirements or be forced to undertake such activities at our
own expense. The amount and timing of resources that any of these partners
devotes to these activities will generally be based on progress by us in our
product development efforts. Usually, collaborative arrangements may be
terminated by the partner upon prior notice without cause and there can be no
assurance that any of these partners will perform its contractual obligations or
that it will not terminate its agreement. With respect to any products
manufactured by third parties, there can be no assurance that any third-party
manufacturer will perform acceptably or that failures by third parties will not
delay clinical trials or the submission of products for regulatory approval or
impair our ability to deliver products on a timely basis.

      No Assurance of Successful or Timely Development of Additional Products

      Our business strategy includes the development of additional diagnostic
products. Our success in developing new products will depend on our ability to
achieve scientific and technological advances and to translate these advances
into commercially competitive products on a timely basis. Development of new
products requires significant research, development and testing efforts. We have
limited resources to devote to the development of products and, consequently, a
delay in the development of one product or the use of resources for product
development efforts that prove unsuccessful may delay or jeopardize the
development of other products. Any delay in the development, introduction and
marketing of future products could result in such products being marketed at a
time when their cost and performance characteristics would not enable them to
compete effectively in their respective markets. If we are unable, for
technological or other reasons, to complete the development and introduction of
any new product or if any new product is not approved or cleared for marketing
or does not achieve a significant level of market acceptance, our results of
operations could be materially and adversely affected.

      Competition in the Diagnostics Industry

      Competition in the human medical diagnostics industry is, and is expected
to remain, significant. Our competitors range from development stage diagnostics
companies to major domestic and international pharmaceutical companies. Many of
these companies have financial, technical, marketing, sales, manufacturing,
distribution and other resources significantly greater than ours. In addition,
many of these companies have name recognition, established positions in the
market and long standing relationships with customers and distributors.
Moreover, the diagnostics industry has recently experienced a period of
consolidation, during which many of the large domestic and international
pharmaceutical companies have been acquiring mid-sized diagnostics companies,
further increasing the concentration of resources. There can be no assurance
that technologies will not be introduced that could be directly competitive with
or superior to our technologies.


      Governmental Regulation of Diagnostics Products

      The testing, manufacture and sale of our products is subject to regulation
by numerous governmental authorities, principally the FDA and certain foreign
regulatory agencies. Pursuant to the Federal Food, Drug, and Cosmetic Act, and
the regulations promulgated there under, the FDA regulates the preclinical and
clinical testing, manufacture, labeling, distribution and promotion of medical
devices. We are not able to commence marketing or commercial sales in the United
States of new products under development until we receive clearance from the
FDA. The testing for, preparation of and subsequent FDA regulatory review of
required filings can be a lengthy, expensive and uncertain process.
Noncompliance with applicable requirements can result in, among other
consequences, fines, injunctions, civil penalties, recall or seizure of
products, repair, replacement or refund of the cost of products, total or
partial suspension of production, failure of the government to grant premarket
clearance or pre-market approval for devices, withdrawal of marketing clearances
or approvals, and criminal prosecution.

      There can be no assurance that we will be able to obtain necessary
regulatory approvals or clearances for our products on a timely basis, if at
all, and delays in receipt of or failure to receive such approvals or
clearances, the loss of previously received approvals or clearances, limitations
on intended use imposed as a condition of such approvals or clearances or
failure to comply with existing or future regulatory requirements could have a
material adverse effect on our business.

      Dependence on Distribution  Partners for Sales of Diagnostic  Products in
International Markets

      We have entered into distribution agreements with collaborative partners
in which we have granted distribution rights for certain of our products to
these partners within specific international geographic areas. Pursuant to these
agreements, our collaborative partners have certain responsibilities for market
development, promotion, and sales of the products. If any of these partners
fails to perform its contractual obligations or terminates its agreement, this
could have a material adverse effect on our business, financial condition and
results of operations.

      Governmental Regulation of Manufacturing and Other Activities

      As a manufacturer of medical devices for marketing in the United States,
we are required to adhere to applicable regulations setting forth detailed good
manufacturing practice requirements, which include testing, control and
documentation requirements. We must also comply with Medical Device Report
("MDR") requirements, which require that a manufacturer report to the FDA any
incident in which its product may have caused or contributed to a death or
serious injury, or in which its product malfunctioned and, if the malfunction
were to recur, it would be likely to cause or contribute to a death or serious
injury. We are also subject to routine inspection by the FDA for compliance with
QSR requirements, MDR requirements and other applicable regulations. The FDA has
recently implemented new QSR requirements, including the addition of design
controls that will likely increase the cost of compliance. Labeling and
promotional activities are subject to scrutiny by the FDA and, in certain
circumstances, by the Federal Trade Commission. We may incur significant costs
to comply with laws and regulations in the future, which may have a material
adverse effect upon our business, financial condition and results of operations.

      Regulation Related to Foreign Markets

      Distribution of diagnostic products outside the United States is subject
to extensive government regulation. These regulations, including the
requirements for approvals or clearance to market, the time required for
regulatory review and the sanctions imposed for violations, vary from country to
country. We may be required to incur significant costs in obtaining or
maintaining foreign regulatory approvals. In addition, the export of certain of
our products that have not yet been cleared for domestic commercial distribution
may be subject to FDA export restrictions. Failure to obtain necessary
regulatory approval or the failure to comply with regulatory requirements could
have a material adverse effect on our business, financial condition and results
of operations.

      Uncertain  Availability  of  Third  Party  Reimbursement  for  Diagnostic
      Products

      In the United States, health care providers that purchase diagnostic
products, such as hospitals and physicians, generally rely on third party
payers, principally private health insurance plans, federal Medicare and state
Medicaid, to reimburse all or part of the cost of the procedure. Third party
payers are increasingly scrutinizing and challenging the prices charged for
medical products and services and they can affect the pricing or the relative
attractiveness of the product. Decreases in reimbursement amounts for tests
performed using our diagnostic products, failure by physicians and other users
to obtain reimbursement from third party payers, or changes in government and
private third party payers' policies regarding reimbursement of tests utilizing
diagnostic products, may affect our ability to sell our diagnostic products
profitably. Market acceptance of our products in international markets is also
dependent, in part, upon the availability of reimbursement within prevailing
health care payment systems.

      Uncertainty of Protection of Patents, Trade Secrets and Trademarks

      Our success depends, in part, on our ability to obtain patents and license
patent rights, to maintain trade secret protection and to operate without
infringing on the proprietary rights of others. There can be no assurance that
our issued patents will afford meaningful protection against a competitor, or
that patents issued to us will not be infringed upon or designed around by
others, or that others will not obtain patents that we would need to license or
design around. We could incur substantial costs in defending the Company or our
licensees in litigation brought by others. Our business could be adversely
affected.

      Risks Regarding Potential Future Acquisitions

      Our growth strategy includes the desire to acquire complementary
companies, products or technologies. There is no assurance that we will be able
to identify appropriate companies or technologies to be acquired, to negotiate
satisfactory terms for such an acquisition, or to obtain sufficient capital to
make such acquisitions. Moreover, because of limited cash resources, we will be
unable to acquire any significant companies or technologies for cash and our
ability to effect acquisitions in exchange for our capital stock may depend upon
the market prices for our Common Stock. If we do complete one or more
acquisitions, a number of risks arise, such as short-term negative effects on
our reported operating results, diversion of management's attention,
unanticipated problems or legal liabilities, and difficulties in the integration
of potentially dissimilar operations. The occurrence of some or all of these
risks could have a material adverse effect on our business, financial condition
and results of operations.

      Dependence on Suppliers

      The components of our products include chemical and packaging supplies
that are generally available from several suppliers, except certain antibodies,
which we purchases from single suppliers. We mitigate the risk of a loss of
supply by maintaining a sufficient supply of such antibodies to ensure an
uninterrupted supply for at least three months. We have also qualified second
vendors for all critical raw materials and believe that we can substitute a new
supplier with respect to any of these components in a timely manner. However,
there can be no assurances that we will be able to substitute a new supplier in
a timely manner and failure to do so could have a material adverse effect on our
business, financial condition and results of operations.

      Limited Manufacturing Experience with Certain Products

      Although we have manufactured over twelve million diagnostic tests based
on our proprietary applications of ELISA (enzyme linked immuno-absorbent assay)
technology, certain of our diagnostic products in consideration for future
development, incorporate technologies with which we have little manufacturing
experience. Assuming successful development and receipt of required regulatory
approvals, significant work may be required to scale up production for each new
product prior to such product's commercialization. There can be no assurance
that such work can be completed in a timely manner and that such new products
can be manufactured cost-effectively, to regulatory standards or in sufficient
volume.

      Seasonality of Products; Quarterly Fluctuations in Results of Operations

      Our revenue and operating results have historically been minimally subject
to quarterly fluctuations. There can be no assurance that such seasonality in
our results of operations will not have a material adverse effect on our
business.

      Dependence on Key Personnel

      Because of the specialized nature of our business, our success will be
highly dependent upon our ability to attract and retain qualified scientific and
executive personnel. In particular, we believe our success will depend to a
significant extent on the efforts and abilities of Dr. Luis R. Lopez and
Douglass T. Simpson, who would be difficult to replace. There can be no
assurance that we will be successful in attracting and retaining such skilled
personnel, who are generally in high demand by other companies. The loss of,
inability to attract, or poor performance by key scientific and executive
personnel may have a material adverse effect on our business, financial
condition and results of operations.

      Product Liability Exposure and Limited Insurance

      The testing, manufacturing and marketing of medical diagnostic devices
entails an inherent risk of product liability claims. To date, we have
experienced no product liability claims, but any such claims arising in the
future could have a material adverse effect on our business, financial condition
and results of operations. Our product liability insurance coverage is currently
limited to $2 million. Potential product liability claims may exceed the amount
of our insurance coverage or may be excluded from coverage under the terms of
our policy or limited by other claims under our umbrella insurance policy.
Additionally, there can be no assurance that our existing insurance can be
renewed by us at a cost and level of coverage comparable to that presently in
effect, if at all. In the event that we are held liable for a claim against
which we are not insured or for damages exceeding the limits of our insurance
coverage, such claim could have a material adverse effect on our business,
financial condition and results of operations.

      Limited Public Market;  Possible Volatility in Stock Prices;  Penny Stock
      Rules

      There has, to date, been no active public market for our Common Stock, and
there can be no assurance that an active public market will develop or be
sustained. Although our Common Stock has been traded on the OTC Bulletin
Board(R) since February 1998, the trading has been sporadic with generally
insignificant volume.

      Moreover, the over-the-counter markets for securities of very small
companies historically have experienced extreme price and volume fluctuations
during certain periods. These broad market fluctuations and other factors, such
as new product developments and trends in our industry and the investment
markets and economic conditions generally, as well as quarterly variation in our
results of operations, may adversely affect the market price of our Common
Stock. In addition, our Common Stock is subject to rules adopted by the
Securities and Exchange Commission regulating broker-dealer practices in
connection with transactions in "penny stocks." As a result, many brokers are
unwilling to engage in transactions in our Common Stock because of the added
disclosure requirements.

      Risks Associated with Exchange Rates

      Our financial statements are presented in US dollars. At the end of each
fiscal quarter and the fiscal year, we convert the financial statements of
Corgenix UK, which operates in pounds sterling, into US dollars, and consolidate
them with results from Corgenix, Inc. We may, from time to time, also need to
exchange currency from income generated by Corgenix UK. Foreign exchange rates
are volatile and can change in an unknown and unpredictable fashion. Should the
foreign exchange rates change to levels different than anticipated by us, our
business, financial condition and results of operations may be materially
adversely affected.



                          CORGENIX MEDICAL CORPORATION


                                     PART II


                                Other Information


Item 1.    Legal Proceedings


      Corgenix is not a party to any material litigation or legal proceedings.


Item 2.    Changes in Securities and Use of Proceeds


      None

Item 3.    Defaults Upon Senior Securities


      None


Item 4.    Submission of Matters to a Vote of Security Holders


      None


Item 5.    Other Information


      None

Item 6.  Exhibits and Reports on Form 8-K.

a.      Press release dated August 5, 2003 entitled "Corgenix Medical
        Corporation to merge with Genesis Bioventures".


Exhibit
Number   Description of Exhibit

2.1      Agreement  and Plan of Merger  dated as of May 12,  1998 by
         and  among  Gray  Wolf   Technologies,   Inc.,   Gray  Wolf
         Acquisition Corp. and REAADS Medical Products,  Inc. (filed
         with the Company's Registration Statement on Form 10-SB filed June 29,
         1998, and incorporated herein by reference).
2.2      First Amendment to Agreement and Plan of Merger dated as
         of May 22, 1998 by and among Gray Wolf Technologies, Inc.,
         Gray Wolf Acquisition Corp. and REAADS Medical Products,
         Inc. (filed  with the Company's Registration Statement on
         Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
2.3      Second Amendment to Agreement and Plan of Merger dated as of June 17,
         1998 by and among the Company and TransGlobal Financial Corporation
         (filed with the Company's Registration Statement on Form 10-SB filed
         June 29, 1998, and incorporated herein by reference).
3.1      Articles of Incorporation, as amended (filed with the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
3.2      Bylaws (filed with the Company's Registration Statement on Form 10-SB
         filed June 29, 1998, and incorporated herein by reference).

10.1     Manufacturing Agreement dated September 1, 1994 between
         Chugai Pharmaceutical Co., Ltd. and REAADS Medical
         Products, Inc. (filed  with the Company's Registration
         Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).

10.2     Amendment to the Manufacturing Agreement dated as of
         January 17, 1995 between Chugai Pharmaceutical Co., Ltd.
         and REAADS Medical Products, Inc. (filed  with the
         Company's Registration Statement on Form 10-SB filed June
         29, 1998, and incorporated herein by reference).
10.3     Amendment to Agreement dated November 17, 1997 between
         Chugai Diagnostic Science, Co., Ltd. and REAADS Medical
         Products, Inc. (filed  with the Company's Registration
         Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.4     License Agreement dated June 30, 2001 between Chugai
         Diagnostic Science Co., Ltd. and Corgenix Medical
         Corporation (filed with the Company's Form 10-KSB, and
         incorporated herein by reference).

10.5     Office Lease dated May 5, 2001 between Crossroads West
         LLC/Decook Metrotech LLC and Corgenix, Inc. (filed with
         the Company's Form-10KSB, and incorporated herein by
         reference).
10.6     Guarantee dated November 1, 1997 between William George Fleming,
         Douglass Simpson and Geoffrey Vernon Callen (filed with the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.7     Employment Agreement dated April 1, 2001 between Luis R. Lopez and the
         Company filed with the Company's Form 10-KSB, and incorporated herein
         by reference.

10.8     Employment Agreement dated April 1, 2001 between Douglass T. Simpson
         and the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.9     Employment Agreement dated April 1, 2001 between Ann L. Steinbarger and
         the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.10    Employment Agreement dated April 1, 2001 between Taryn G. Reynolds and
         the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.11    Employment Agreement dated April 1, 2001 between Catherine (O'Sullivan)
         Fink and the Company filed with the Company's Form 10-KSB, and
         incorporated herein by reference.
10.12    Consulting Contract dated May 22, 1998 between Wm. George Fleming, Bond
         Bio-Tech, Ltd. and the Company (filed as Exhibit 10.16 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.13    Stock Purchase Agreement dated September 1, 1993 between
         Chugai Pharmaceutical Co., Ltd. and REAADS Medical
         Products, Inc. (filed as Exhibit 10.17 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.14    Note dated January 6, 1997 between REAADS Medical Products, Inc. and
         Eagle Bank (filed with the Company's Registration Statement on Form
         10-SB filed June 29, 1998, and incorporated herein by reference).
10.15    Form of Indemnification Agreement between the Company and its directors
         and officers (filed with the Company's Registration Statement on Form
         10-SB/A-1 filed September 24, 1998 and incorporated herein by
         reference).
10.16    Warrant agreement dated June 1, 2000 between the Company and Taryn G.
         Reynolds filed with the Company's Form 10-KSB, and incorporated herein
         by reference.
10.17    Employment Agreement dated March 1, 2001 between William H. Critchfield
         and the Company (filed with the Company's filing on Form 10-QSB for the
         fiscal quarter ended March 31, 2001).
10.18    Business Development and Consulting Agreement dated August 27, 2002
         between Ascendiant Capital Group, Inc. and the Company filed with the
         Company's Form 10-QSB, and incorporated herein by reference.
10.19    Consulting Agreement dated September 29, 2002 between Eiji Matsuura,
         Ph.D and the Company filed with the Company's Form 10-QSB, and
         incorporated herein by reference.
10.20    License Agreement dated September 29, 2002 between Eiji Matsuura, Ph.D
         and the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
10.21    Extension to Business Development & Consulting Services Agreement dated
         November 27, 2002 by and between Ascendiant capital Group, LLC and the
         Company filed with the Company's Form 10-QSB, and incorporated herein
         by reference.
10.23    Amended and Restated 1999 Incentive Stock Plan.
10.24    Amended and Restated Employee Stock Purchase Plan.
21.1     Amended Subsidiaries of the Registrant (filed as Exhibit
         21.1 to the Company's Registration Statement on Form 10-SB filed June
         29, 1998).
21.2     Promissory note dated October 1, 2001 between W.G. Fleming
         and Corgenix UK, Ltd. filed with the Company's Form
         10-QSB, and incorporated herein by reference.
21.3     Promissory note dated October 1, 2001 between W.G. Fleming
         and Corgenix UK, Ltd. filed with the Company's Form
         10-QSB, and incorporated herein by reference.
21.4     Warrant Agreement dated October 11, 2001 between Phillips V. Bradford
         and the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
21.5     Warrant Agreement dated October 11, 2001 between Charles F. Ferris and
         the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
21.6     Underlease Agreement dated October 3, 2001 between G.V. Callen, A.G.
         Pirmohamed and Corgenix UK, Ltd. filed with the Company's Form 10-QSB,
         and incorporated herein by reference.
21.7     Distribution Agreement and OEM Agreement dated March 14, 2002 between
         RhiGene, Inc. and the Company filed with the Company's Form 10-QSB, and
         incorporated herein by reference.
21.8     Distribution and OEM Agreement dated March 14, 2002 dated March 14,
         2002 between RhiGene, Inc., and the Company filed with the Company's
         Form 10-QSB, and incorporated herein by reference.
99.1*    Certificate of Corgenix Medical Corporation's Chief Executive Officer,
         President and Chief Financial Officer pursuant to section 906 of the
         Sarbanes-Oxley Act of 2002.

* Filed Herewith
---------------------------------------
      (b)  Reports on Form 8-K.
           None



CERTIFICATIONS

I, Luis R. Lopez, Chief Executive Officer, certify that:

1.    I have reviewed this quarterly report on Form 10-QSB of Corgenix Medical
      Corporation.

2.    Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report.

3.    Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
      have:

(a)   designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made know to us by others within those entities,
      particularly during the period in which this quarterly report is being
      prepared;
(b)   evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      quarterly report (the "Evaluation Date"); and
(c)   presented in this quarterly report our conclusions about the effectiveness
      of the disclosure controls and procedures based on our evaluation as of
      the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors:

(a)   all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal control; and
(b)   any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

   Date:  November 12, 2003


         /S/Luis R. Lopez
         Chief Executive Officer












I, William H. Critchfield, Chief Financial Officer, certify that:

1.    I have reviewed this quarterly report on Form 10-QSB of Corgenix Medical
      Corporation.

2.    Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report.

3.    Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
      have:

        (a) designed such disclosure controls and procedures to ensure that
           material information relating to the registrant, including its
           consolidated subsidiaries, is made know to us by others within those
           entities, particularly during the period in which this quarterly
           report is being prepared;
        (b) evaluated the effectiveness of the registrant's disclosure controls
           and procedures as of a date within 90 days prior to the filing date
           of this quarterly report (the "Evaluation Date"); and
(c)        presented in this quarterly report our conclusions about the
           effectiveness of the disclosure controls and procedures based on our
           evaluation as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors:

(a)   all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal control; and
(b)   any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

   Date:  November 12, 2003


         /S/William H. Critchfield
         Chief Financial Officer














I, Douglass T. Simpson, President, certify that:

   1. I have reviewed this quarterly report on Form 10-QSB of Corgenix Medical
   Corporation.

2.    Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report.

3.    Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
      have:

        (a) designed such disclosure controls and procedures to ensure that
           material information relating to the registrant, including its
           consolidated subsidiaries, is made know to us by others within those
           entities, particularly during the period in which this quarterly
           report is being prepared;
        (b) evaluated the effectiveness of the registrant's disclosure controls
           and procedures as of a date within 90 days prior to the filing date
           of this quarterly report (the "Evaluation Date"); and
(d)        presented in this quarterly report our conclusions about the
           effectiveness of the disclosure controls and procedures based on our
           evaluation as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors:

(a)   all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal control; and
(b)   any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

   Date:  November 12, 2003


          /S/Douglass T. Simpson
          President













                                  CERTIFICATION
             PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
          SUBSECTIONS (a) AND (b) OF SECTION 1350, CHAPTER 63 OF TITLE 18,
                                UNITED STATES CODE

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and
(b) of section 1350, chapter 63 of Title 18, United States Code), each of the
undersigned officers of Corgenix Medical Corporation, a Nevada corporation (the
"Company"), does hereby certify with respect to the Quarterly Report of the
Company on Form 10-QSB for the quarter ended September 30, 2003 as filed with
the Securities an Exchange Commission (the "10-QSB Report") that:

(1)        the 10-QSB Report fully complies with the requirements of section
           13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        the information contained in the 10-QSB Report fairly presents, in
           all material respects, the financial condition and results of
           operations of the Company.


           Dated:    November 12, 2003



/S/Luis R. Lopez
Chief Executive Officer


/S/William H. Critchfield
Chief Financial Officer


/S/Douglass T. Simpson
President



                                   SIGNATURES


      In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                    CORGENIX MEDICAL CORPORATION



November 12, 2003                   By:  /s/ Luis R. Lopez
                                         Luis R.Lopez, M.D.
                                         Chairman and Chief Executive Officer