SECURITIES AND EXCHANGE COMMISSIONWashington, 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
Quarter ended March 31, 2006  o

TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.  For the transition period from
____________________ to _____________________ Commission File No. 0-15862
                    GVC
                                                            VENTURE CORP.(Exact name of small business issuer as
                                                  specified in its charter)Delaware
                                        
                                        13-3018466(State or other jurisdiction of
                                                            incorporation or organization)
                                        
                                        (I.R.S. EmployerIdentification No.)The Chrysler Building, 405 Lexington
                                                  Avenue, Suite 2600, New York, NY
                                        
                                        10174(Address of principal
                                                            executive offices)
                                        
                                        (Zip Code)Registrant's telephone number, including area code:
                               (212) 907-6610

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 o



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


State
the number of shares outstanding of each of the issuers classes of common equity, as
of latest practicable date: As of April 20, 2006, there were 14,194,516 shares of Common
Stock, $.01 par value per share outstanding.

                    Transitional Small Business Disclosure Format: Yes o 
                              No x




                    
                    Item 1.   Financial Statements


GVC VENTURE CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
          
          (Dollars in thousands)

                    March 31,
                                                  2006
                                                  (Unaudited)
                                        
                                        June 30,
                                                  2005
                                                  (Audited)ASSETSCurrent assets:Cash
                                                  and cash equivalents
                                        
                                        
                                        $
                                        88
                                        
                                        $
                                        44Total
                                                  current assets
                                        
                                        
                                        
                                        88
                                        
                                        
                                        44Other
                                                  assets
                                        
                                        
                                        
                                        1
                                        
                                        
                                        1TOTAL ASSETS
                                        
                                        
                                        $
                                        89
                                        
                                        $
                                        45LIABILITIES
                                                  AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts
                                                  payable and other accrued expenses
                                        
                                        
                                        $
                                        90
                                        
                                        $
                                        90Total
                                                  current liabilities
                                        
                                        
                                        
                                        90
                                        
                                        
                                        90Commitments and contingencies
                                        
                                        
                                        
                                        –
                                        
                                        
                                        –TOTAL LIABILITIES
                                        
                                        
                                        
                                        90
                                        
                                        
                                        90Stockholders'
                                                  equity:Common
                                                  stock, $.01 par value, authorized 50,000,000 shares, issued and
                                                        outstanding 14,194,516 shares
                                        
                                        
                                        
                                        142
                                        
                                        
                                        142Preferred
                                                  stock, $.01 par value, authorized
                                                        1,000,000 shares, none issued or outstanding
                                        
                                        
                                        
                                        –
                                        
                                        
                                        –Additional
                                                  paid-in capital
                                        
                                        
                                        
                                        2,266
                                        
                                        
                                        2,266Accumulated
                                                  deficit
                                        
                                        
                                        
                                        (2,409
                                        )
                                        
                                        (2,453
                                        )Total
                                                  stockholders' deficit
                                        
                                        
                                        
                                        (1
                                        )
                                        
                                        (45
                                        )TOTAL LIABILITIES
                                                  AND STOCKHOLDERS' EQUITY
                                        
                                        
                                        $
                                        89
                                        
                                        $
                                        45See notes to consolidated financial statements.


2




GVC VENTURE CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
          (Unaudited)
          (Dollars in thousands, except share data)

                    Three Months
                                                  Ended March 31,2006
                                        
                                        2005Fee Income
                                        
                                        
                                        
                                        20
                                        
                                        
                                        –Expense:Corporate
                                                  office and administrative expenses
                                        
                                        
                                        
                                        4
                                        
                                        
                                        8Total
                                                  expense
                                        
                                        
                                        
                                        4
                                        
                                        
                                        8Income (loss)
                                                  from operations
                                        
                                        
                                        
                                        16
                                        
                                        
                                        (8
                                        )Income tax expense
                                        
                                        
                                        
                                        –
                                        
                                        
                                        –Net income
                                                  (loss)
                                        
                                        
                                        $
                                        16
                                        
                                        $
                                        (8
                                        )Basic and diluted income
                                                            (loss) per share
                                        
                                        
                                        $
                                        –
                                        
                                        $
                                        –Weighted average
                                                  common shares outstanding:Basic
                                                  and diluted
                                        
                                        
                                        
                                        14,194,516
                                        
                                        
                                        14,194,516See notes to
consolidated financial statements.


3


GVC VENTURE CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
          (Unaudited)
          (Dollars in thousands, except share data)

                    Nine Months Ended March 31,2006
                                        
                                        2005Fee Income
                                        
                                        
                                        
                                        60
                                        
                                        
                                        -Expense:Corporate
                                                  office and administrative expenses
                                        
                                        
                                        
                                        16
                                        
                                        
                                        18Total
                                                            expense
                                        
                                        
                                        
                                        16
                                        
                                        
                                        18Income (loss) from operations
                                        
                                        
                                        
                                        44
                                        
                                        
                                        (18
                                        )Income tax expense
                                        
                                        
                                        
                                        –
                                        
                                        
                                        –Net income (loss)
                                        
                                        
                                        $
                                        44
                                        
                                        $
                                        (18
                                        )Basic and diluted income (loss)
                                                  per share
                                        
                                        
                                        $
                                        –
                                        
                                        $
                                        –Weighted average common shares
                                                  outstanding:Basic
                                                  and diluted
                                        
                                        
                                        
                                        14,194,516
                                        
                                        
                                        14,194,516See notes to
consolidated financial statements.


4






GVC VENTURE CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)

                    Nine Months Ended March 31,2006
                                        
                                        
                                        2005Cash
                                                  Flows from Operating Activities:Net income (loss)
                                        
                                        
                                        $
                                        44
                                        
                                        $
                                        (18
                                        )Adjustments to
                                                  reconcile net income (loss) to 
                                                     cash provided byoperating
                                                  activities:Increase
                                                  in other assets
                                        
                                        
                                        –
                                        
                                        
                                        (1
                                        )Decrease
                                                  in accounts payable and accrued expenses
                                        
                                        –
                                        
                                        
                                        (18
                                        )Net
                                                  cash used by operating activities
                                        
                                        –
                                        
                                        
                                        (37
                                        )Cash
                                                  Flows from Investing Activities:
                                        
                                        –
                                        
                                        
                                        –Cash Flows from
                                                  Financing Activities:Net increase (decrease) in cash and cash equivalents
                                        
                                        44
                                        
                                        
                                        (37
                                        )Cash
                                                  and cash equivalents, beginning of period
                                        
                                        44
                                        
                                        
                                        89Cash
                                                  and cash equivalents, end of period
                                        $
                                        88
                                        
                                        $
                                        52Supplemental cash
                                                  flow disclosures:Cash
                                                  payments of interest
                                        $
                                        –
                                        
                                        $
                                        –Cash
                                                  payments of income taxes
                                        $
                                        2
                                        
                                        $
                                        1See notes to
consolidated financial statements.


5



GVC VENTURE CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
For the nine months ended March 31, 2006
(Dollars in thousands)

                    Common Stock
     Paid-in
     AccumulatedShares
     Amount
     Capital
     Deficit
     TotalBalance, June 30, 2005 (audited)
                                        
                                        
                                        
                                        14,194,516
                                        
                                        $
                                        142
                                        
                                        $
                                        2,266
                                        
                                        $
                                        (2,453
                                        )
                                        $
                                        (45
                                        )Net income (unaudited)
                                        
     
                                        –
        
     
                                        –
        
     
                                        –
        
     44
        
     44Balance, March 31, 2006 (unaudited)
                                        
                                        
                                        
                                        14,194,516
                                        
                                        $
                                        142
                                        
                                        $
                                        2,266
                                        
                                        $
                                        (2,409
                                        )
                                        $
                                        (1
                                        )See notes to
consolidated
          financial statements.



          6
GVC VENTURE CORP. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A  BASIS OF PRESENTATION:
The accompanying unaudited consolidated financial statements of GVC Venture
Corp. (the "Company") have been prepared
          in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial
information
          and with the instructions to Form 10-QSB and Article 10 of Regulation S-X promulgated by the Securities and Exchange
Commission.
          Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In
the
          opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair
presentation
          have been included herein. The consolidated balance sheet presented herein as of June 30, 2005 was derived from the
Company's
          audited consolidated financial statements as of and for the year ended June 30, 2005. Operating results are not
necessarily
          indicative of the results that may be expected for the year ending June 30, 2006 or other future periods. For further
information,
          refer to the financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the fiscal
year
          ended June 30, 2005.
NOTE B - NATURE OF OPERATIONS:
For several years, the Company has been engaged in no operating activities
other than seeking potential opportunities
          for an acquisition, sale, reverse merger or other business combination with operating businesses and other appropriate
financial
          transactions, including a transaction with a privately held company seeking to operate as a publicly-held company. On June
27,
          2005, the Company entered into an agreement with a development stage biopharmaceutical company that in-licenses and
develops
          novel therapeutics for the treatment of cancer, principally prostate cancer. The agreement contemplated a subsidiary of
the
          Company merging with and into the biopharmaceutical company. On January 30, 2006, the Company notified the
biopharmaceutical
          company that the Company was terminating the Merger Agreement effective on February 1, 2006. (See "Management's Discussion
and
          Analysis or Plan of Operation  Recent Developments," on page 10.)
NOTE C - ESTIMATES:
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires
          management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual
results
          could differ from those estimates.
7
NOTE D  ACCOUNTS PAYABLE AND ACCRUED EXPENSES:
Accounts payable and accrued expenses consisted of the following at March 31,
2006 and June 30, 2005:
                    December
                                                  31,
                                        
                                        
                                        
                                        June
                                                            30,2005
                                        
                                        
                                        
                                        2005Administrative
                                                  expenses
                                        $
                                        4,000
                                        
                                        $
                                        
                                        5,000Professional
                                                  fees
                                        
                                        84,000
                                        
                                        
                                        
                                        83,000State and local
                                                  taxes
                                        
                                        2,000
                                        
                                        
                                        
                                        2,000Total
                                        $
                                        90,000
                                        
                                        $
                                        
                                        90,000Item 2.Management's Discussion and Analysis or Plan of Operation
General
For several years, including the quarter and nine months ended March 31, 2006
and 2005, the Company has engaged
          in no operating activities, while seeking potential opportunities for an acquisition, sale, merger, including a reverse
merger,
          or other business or financial transaction.
                    On June 27, 2005, the Company entered into a merger
                              agreement with CougarBiotechnology, Inc. ("Cougar"),
                              a development stage biopharmaceutical company that in-licenses and develops novel therapeutics for the treatment
                              of cancer, principally prostate cancer. The agreement contemplated a subsidiary of the Company merging with
                              and into Cougar, with the Company remaining as a publicly-held company. On January 30, 2006, the Company
                              notified Cougar that it was terminating the merger agreement effective on February 1, 2006. (See "Recent
                              Developments," on page 10).
The Company plans to continue as a public entity and to actively seek other
merger (including a reverse merger),
          acquisition and business combination opportunities with operating businesses or other business or financial transactions,
including
          with a privately-held company seeking to operate as a publicly-held company. However, there can be no assurance that this
plan
          will be successfully implemented. The Company believes it has sufficient working capital to continue its efforts for more
than
          one year. At this time, the Company has no other arrangements, commitments or understandings with respect to any potential
merger,
          acquisition or business combination candidate. The Company has not, to date, set any specific criteria or models for any
such
          other transaction.
                    Under the merger agreement with Cougar, as discussed under "Recent
                              Developments" on page 10, the Company was receiving monthly payments that have been sufficient to offset
                              its limited operating expenses. However, with the termination of the merger agreement, since the Company
                              does not expect to have active operations, unless and until another transaction is effectuated, the Company
                              does not expect to achieve sufficient income to offset its
8

operating expenses, resulting in operating losses that are
                              expected to require the Company to use, and thereby reduce, its cash balance.
Results of Operations
Quarter and Nine Months Ended March 31, 2006Compared to the Quarter and Nine Months Ended March 31, 2005
The Company received fees of $20,000 and $60,000 during the quarter and nine
months ended March 31, 2006, respectively,
          under provisions of the merger agreement discussed under "Recent Developments," on page 10, enabling Cougar to extend the
merger
          agreement on a month by month basis through January 31, 2006 by paying a monthly fee of $5,000 from August 1, 2005 through
September
          30, 2005 and $10,000 per month thereafter, and, in addition, a fee of $10,000 related to the termination of the merger
agreement.
          The Company had no revenues in the quarter ended March 31, 2005 and nine months ended March 31, 2005.
Corporate office and administrative expenses in the three and nine months
ended March 31, 2006 were $4,000 and
          $16,000, respectively, compared to $8,000 and $18,000 for the respective same periods in 2005, primarily for rent,
accounting,
          legal, reporting and stockholder expenses. The decrease in each of the 2006 reported periods from the comparable 2005
periods
          was due to lower costs resulting from the termination of the merger agreement with Cougar.
As a result of the fees received, the Company had net income of $16,000 in the
quarter ended March 31, 2006 and
          $44,000
for the nine months then ended, compared to losses of $8,000
          and $18,000
in the quarter and nine months ended March 31, 2005,
          respectively. The net income in each fiscal 2006 reported period was the result of the fees received under the merger
agreement
          with Cougar, which has been terminated effective February 1, 2006.
Liquidity and Capital Resources
The Company had cash on hand at March 31, 2006 of $88,000 compared to $44,000
at June 30, 2005 and $55,000 at March
          31, 2005. The increase since June 30, 2005 was due primarily to the net income earned by the Company as a result of
monthly
          and termination fees received under the merger agreement with Cougar.
The Company has no commitment for any capital expenditure. The Company's cash
requirements for the next twelve
          months are relatively modest, consisting principally of rent, legal, accounting and other expenses relating to filings
required
          under the Securities Exchange Act of 1934, stockholder expenses and other expenses that are expected to be incurred in its
search
          for an acquisition, candidate or other business or financial transaction.
The Company believes it has sufficient working capital to continue its efforts
for more than one year. The Company
          does not have any arrangements with banks or other financial institutions with respect to the availability of financing in
the
          future.
                    9
Off-Balance Sheet Arrangements
The Company has no off-balance sheet financing arrangements within the meaning
of Item 303(c) of Regulation S-B.
Recent Developments
On January 30, 2006, the Company notified Cougar Biotechnology, Inc.
("Cougar") that, pursuant to the terms of
          the Agreement and Plan of Merger, dated as of June 27, 2005, by and among the Company, GVC Acquisition Corp. ("MergerCo")
and
          Cougar (the "Merger Agreement"), the Company was terminating the Merger Agreement effective on February 1, 2006.
Either party had the right to terminate the Merger Agreement if a closing did
not occur by July 31, 2005, with
          Cougar having the right to extend the Merger Agreement for up to a maximum of five months by paying the Company $5,000 for
each
          month such termination date was extended. Pursuant to a First Amendment to the Merger Agreement, on October 7, 2005, the
parties
          agreed to increase the cash payment to $10,000 for each month beyond September 30, 2005 that Cougar elected to extend the
Merger
          Agreement, with Cougar's right to extend the Merger Agreement expiring on December 31, 2005. On December 30, 2005, the
parties
          entered into a Second Amendment to the Merger Agreement under which, among other things, the Company agreed to extend the
date
          after which the Company was entitled to terminate the Merger Agreement to January 31, 2006 and Cougar paid the Company
$20,000,
          of which $10,000 represented the fee payable for extending the Merger Agreement through January 31, 2006 and $10,000
represented
          an advance by Cougar of the fee payable by it in the event the Company terminated the Merger Agreement under the
circumstances
          in which the Company terminated the Merger Agreement. The Company is not obligated to make any payments to Cougar in
connection
          with the termination of the Merger Agreement.
10

Forward Looking Statements
Certain statements in this Report are "forward-looking statements" within the
meaning of the Private Securities
          Litigation Reform Act of 1995. When used in this Report, words such as "may," "should," "seek," "believe," "expect,"
"anticipate,"
          "estimate," "project," "plan," "goal," "intend," "strategy" and similar expressions are intended to identify
forward-looking
          statements regarding events, conditions and financial trends that may affect the Company's future plans, operations,
business
          strategies, operating results and financial position.  Forward-looking statements are subject to a number of
known and unknown risks and uncertainties that could cause
          the Company's actual results, performance or achievements to differ materially from those described or implied in the
forward-looking
          statements and its goals and strategies to not be achieved.
These risks and uncertainties, many of which are not within the Company's
control, include, but are not limited
          to:

                    
                    The
Company's ability to find a candidate
                              for, enter into an agreement with respectto, and
consummate a merger, acquisition or
                              business combination or other financialtransaction that is acceptable, both as to
                              the candidate and as to transaction terms andconditions;
                    
                    competition for transactions of the nature
                              the Company is seeking;
                    
                    potential
future regulatory restrictions that
                              could limit or pose restrictions on, or makeless
advantageous to potential candidates,
                              transactions of the nature the Company isseeking;
                    
                    the
availability of additional financing on
                              satisfactory terms if a delay is encounteredin
consummating a transaction that the Company
                              is seeking; and
                    
                    general economic and business conditions.You are cautioned not to place undue reliance on forward-looking statements,
which speak only as of the date of
          this Report. The Company does not undertake any responsibility to publicly update or revise any forward-looking statement
or
          report.
11

Item 3.Controls and Procedures
                    As of the end of
                              the period covered by this Report, the Company's President, who is its principal executive officer and is
                              also its Treasurer and principal financial officer, evaluated the effectiveness of the Company's "disclosure
                              controls and procedures," as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based
                              on that evaluation, this officer concluded that, as of the date of his evaluation, the Company's disclosure
                              controls and procedures were effective to provide reasonable assurance that information required to be disclosed
                              in the Company's periodic filings under the Securities Exchange Act of 1934 is accumulated and communicated
                              to management, including that officer, to allow timely decisions regarding required disclosure. It should
                              be noted that a control system, no matter how well designed and operated, can provide only reasonable, not
                              absolute, assurance that it will detect or uncover failures within the Company to disclose material information
                              otherwise required to be set forth in the Company's periodic reports.
                    During the period
                              covered by this Report, there were no changes in the Company's internal control over financial reporting
                              that have materially affected, or are reasonably likely to materially affect, the Company's internal control
                              over financial reporting.
                    PART II. OTHER INFORMATION
                    Item 6. ExhibitsExhibitNumber
                                        
                                        Description31
                                        
                                        Certificate
                                                  of the Principal Executive Officer and Principal FinancialOfficer
                                                  pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32
                                        
                                        Certificate
                                                  of the Principal Executive Officer and Principal FinancialOfficer
                                                  pursuant to 18 U.S.C. Section 1350 as adopted pursuant toSection
                                                  906 of the Sarbanes-Oxley Act of 2002.12
                    
                    Signatures
                    Pursuant to the requirements of the Securities
                              Exchange Act of 1934, this Report has been signed below on its behalf by the undersigned thereunto duly
                              authorized.
                    
                    GVC VENTURE CORP.Date: May 2,
                                                  2006
                                        By: /s/ Bernard ZimmermanBernard
                                                  Zimmerman, President
                                                         (Principal Executive Officer) and
                                                         Treasurer (Principal Financial and
                                                         Accounting Officer)13
                    
                    EXHIBIT INDEX
                    ExhibitNumber
                                        
                                        Description31
                                        
                                        Certificate
                                                  of the Principal Executive Officer and Principal FinancialOfficer
                                                  pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32
                                        
                                        Certificate
                                                  of the Principal Executive Officer and Principal FinancialOfficer
                                                  pursuant to 18 U.S.C. Section 1350 as adopted pursuant toSection
                                                  906 of the Sarbanes-Oxley Act of 2002.