FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                   Quarterly Report Under Section 13 or 15 (d)
                     Of the Securities Exchange Act of 1934

                      For Quarter Ended September 30, 2005

                        Commission File Number 0001082562

                                 INNCARDIO, INC

             (Exact name of registrant as specified in its charter)



             UTAH                                              87-0624752
(State or other jurisdiction of                              (IRS Employer
 incorporation or organization)                            Identification No.)

                                712 Fifth Avenue
                               New York, NY, 10019
                   --------------------------------------
                  (Address of principal executive offices)


     Registrant's telephone number
     including area code                          (646) 723-8940
                                                  --------------

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


                  Former Address, if changed since last report

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or such shorter period that the registrant was
required to file such reports)

Yes [X] No [ ]

and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]


                                   18,010,000
                                   ----------

     (Number of shares of common stock the registrant had outstanding as of
                               November 10, 2005)

<PAGE>

                                     PART 1

ITEM 1 - FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to
make the information presented not misleading.

In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of the
Company as of September 30, 2005 and the results of its operations and changes
in its financial position from December 31, 2004 through September 30, 2005 have
been made. The results of its operations for such interim period are not
necessarily indicative of the results to be expected for the entire year.

                              FINANCIAL INFORMATION
                                  INNCARDIO INC
                          (A Development Stage Company)
               Consolidated Balance Sheet as of September 30, 2005
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                     September 30,   September 30,
                                                                                         2005            2004
<S>                                                                                  <C>             <C>
ASSETS

Intangible asset                                                                          274,167              --

                                                                                     ------------    ------------
TOTAL ASSETS                                                                         $    274,167              --
                                                                                     ============    ============


LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities

Accounts payable and accrued expenses                                                     625,581              --
Amounts due to related parties
                                                                                           60,000              --
Note payable to related party
                                                                                        3,617,629              --

                                                                                     ------------    ------------
Total liabilities
                                                                                        4,303,210              --
                                                                                     ------------    ------------


STOCKHOLDERS' EQUITY
Common Stock, par value $.001; 50,000,000 shares authorized,
18,010,000 issued and outstanding                                                          18,010             400

Additional paid in capital                                                                (18,010)           (400)

Accumulated (deficit) during development stage
                                                                                       (4,029,043)             --

                                                                                     ------------    ------------
Total Stockholders' Deficit
                                                                                       (4,029,043)             --
                                                                                     ------------    ------------

                                                                                     ------------    ------------
Total Liabilities and Stockholders' Deficit                                          $    274,167              --
                                                                                     ============    ============
</TABLE>


See accompanying notes to financial statements.


                                       1
<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                      Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                           Nine months     Nine months      Quarter        Quarter     From inception
                                             ended            ended          ended          ended      August 2, 2004
                                          September 30,     September    September 30,   September 30,   to September
                                              2005          30, 2004         2005            2004         30, 2005
                                          ------------    ------------   ------------    ------------   ------------
<S>                                       <C>             <C>            <C>             <C>            <C>
Revenues                                  $         --    $         --   $         --    $         --   $         --
                                          ------------    ------------   ------------    ------------   ------------

Operating expenses

Research and development                     3,233,315              --      1,065,899              --      3,571,734

General and administrative                     442,859              --        311,702              --        457,309
                                          ------------    ------------   ------------    ------------   ------------
Total expenses
                                             3,676,174              --      1,377,601              --      4,029,043

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

Net (loss) from operations                  (3,676,174)             --     (1,377,601)             --     (4,029,043)
                                          ------------    ------------   ------------    ------------   ------------

Other income (expenses)

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

Total other income (expense)                        --              --             --              --             --
                                          ------------    ------------   ------------    ------------   ------------


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

Net (loss)                                $ (3,676,174)   $         --   $ (1,377,601)   $         --   $ (4,029,043)
                                          ------------    ------------   ------------    ------------   ------------


Net (loss) per share, basic and diluted         (0.204)             --         (0.076)             --

Weighted average number of shares
outstanding, basic and diluted              18,010,000             400     18,010,000             400
</TABLE>


See accompanying notes to financial statements.


                                       2
<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                      Consolidated Statements of Cash Flows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                       From inception August
                                                                    Nine months ended  2, 2004 to September
                                                                    September 30, 2005    30, 2005
<S>                                                                      <C>             <C>
Cash flows from operating activities
Net (loss)                                                               $ (3,676,174)   $ (4,029,043)
Adjustments to reconcile net loss to cash used in operating activities
Increase (decrease) in accrued expenses                                       625,581         625,581

                                                                         ------------    ------------
Net cash provided (used) in operating activities                         $ (3,050,593)   $ (3,403,462)
                                                                         ------------    ------------

Cash flows from investing activities
Investment in Drug Compounds                                             $   (274,167)   $   (274,167)
                                                                         ------------    ------------

Cash flows provided by financing activities
Proceeds from notes payable                                                 3,264,760       3,617,629
Amounts due to Related Parties                                                 60,000
                                                                                               60,000

                                                                         ------------    ------------
                                                                            3,324,760       3,677,629
                                                                         ------------    ------------

Net increase in cash and cash equivalents                                $         --    $         --
                                                                         ------------    ------------

Cash and cash equivalents at beginning of the period                               --              --
                                                                         ------------    ------------

Cash and cash equivalents at end of the period                           $         --    $         --
                                                                         ============    ============
</TABLE>

Supplemental information
No cash was paid for interest and taxes


The accompanying notes are an integral part of these financial statements.


                                       3
<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                        Notes to the Financial Statements
                               September 30, 2005


NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Re-organization and Basis of Presentation

Pursuant to an acquisition agreement dated February 22, 2005 between Inncardio,
Inc., ("Inncardio") a privately held Delaware corporation, and Softwall
Equipment Corporation., ("Softwall") a Utah corporation, in exchange for 100% of
the outstanding shares of Inncardio, Softwall issued shares of its common stock
to capitalize certain debts within the company which had the effect of leaving
the Softwall shareholders with 1,510,000 shares of common stock and issued
16,500,000 shares to the shareholders of Inncardio. Because Inncardio's
management and Board of Directors assumed control of the combined entity., the
acquisition has been treated as a recapitalization of Inncardio and accordingly,
the accompanying consolidated financial statements include the historical
operations of Inncardio and the capital structure of Softwall. Softwall
immediately changed its name to Inncardio, Inc.

Principles of Consolidation

The consolidated financial statements include the accounts of Inncardio, Inc.
and its wholly owned subsidiaries: Inncardio, Inc. (a Delaware Corporation) and
Inncardio Limited. (a United Kingdom Corporation) (collectively, the "Company").
All significant inter-company accounts and transactions have been eliminated.

Going Concern

The accompanying consolidated financial statements have been prepared on the
basis of accounting principles applicable to a going concern, which assume that
the Company will continue in operation for at least one year and will be able to
realize its assets and discharge its liabilities in the normal course of
operations. However, as of September 30, 2005, the Company did not have
significant cash or other material assets, nor did it have an established source
of revenues sufficient to cover its operating costs and allow it to continue as
a going concern. The Company is presently entirely dependent for its capital
requirements on a credit facility of $12 million advanced by its major
shareholder, Bioaccelerate Holdings, Inc. (Bioaccelerate). The Company's future
capital requirements will depend upon numerous factors including, but not
limited to, continued progress in developing its products, market penetration
and profitable operations from the sale of its products. These financial
statements do not reflect adjustments that would be necessary if the Company
were unable to continue as a going concern. While members of the Company's
management have been successful in raising capital for other ventures in the
past, and plan to raise equity capital for the Company, there can be no
assurance that these plans will be achieved on acceptable terms.

Nature of Business

The Company's business strategy is to develop its existing pharmaceutical
products, acquire additional pharmaceutical early-mid stage product candidates
predominantly in the oncology sector, selectively license its technology and
establish strategic collaborations to advance its product pipeline.

Concentrations of Credit Risk

The Company has no significant off-balance-sheet concentrations of credit risk
such as foreign exchange contracts, options contracts or other foreign hedging
arrangements.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchased with a maturity of three months or less to be
cash equivalents to the extent the funds are not being held for investment
purposes.

Research and Development

Costs and expenses that can be clearly identified as research and development
are charged to expense as incurred in accordance with FASB statement No. 2,
"Accounting for Research and Development Costs."

Foreign Currency Translation

The Company's primary functional currency is the British Pound. Assets and
liabilities are translated using the exchange rates in effect at the balance
sheet date. Expenses are translated at the average exchange rates in effect
during the year. Translation gains and losses not reflected in earnings are
reported in accumulated other comprehensive losses in stockholders' deficit.


                                       4
<PAGE>

Significance of Estimates

The preparation of these consolidated financial statements in conformity with
accounting principles generally accepted in the United States of America require
management to make estimates and assumptions that affect the reported amounts
and disclosures contained in these financial statements. Actual results could
differ from those estimates.

Loss per Share

In accordance with SFAS No. 128, Earnings per Share, and SEC Staff Accounting
Bulletin (SAB) No. 98, basic net loss per common share is computed by dividing
net loss for the period by the weighted average number of common shares
outstanding during the period. Under SFAS No. 128, diluted net income (loss) per
share is computed by dividing the net income (loss) for the period by the
weighted average number of common and common equivalent shares, such as stock
options and warrants, outstanding during the period. Such common equivalent
shares have not been included in the computation of net loss per share as their
effect would be anti-dilutive.

Numerator - Net loss                                              $  (3,676,174)
Denominator - Weighted average shares outstanding                    18,010,000

Net loss per share                                                $       (0.20)

Incremental common shares (excluded from denominator because they are
anti-dilutive)


Income Taxes

Income taxes are recorded in accordance with SFAS No. 109, "Accounting for
Income Taxes". This statement requires the recognition of deferred tax assets
and liabilities to reflect the future tax consequences of events that have been
recognized in the financial statements or tax returns. Measurement of the
deferred items is based on enacted tax laws. In the event the future
consequences of differences between financial reporting bases and tax bases of
the Company's assets and liabilities result in a deferred tax asset, SFAS No.
109 requires an evaluation of the probability of being able to realize the
future benefits indicated by such assets. A valuation allowance related to a
deferred tax asset is recorded when it is more likely than not that some portion
or all of the deferred tax asset will not be realized.

The Company is subject to income taxes in the United States of America and the
United Kingdom. As of September 30, 2005 the Company had net operating loss
carry forwards for income tax reporting purposes of approximately $4,029,043
that may be offset against future taxable income through 2024. Current tax laws
limit the amount of loss available to be offset against future taxable income
when a substantial change in ownership occurs. Therefore, the amount available
to offset future taxable income may be limited. No tax benefit has been reported
in the financial statements because the Company believes there is a 50% or
greater chance the carry-forwards will expire unused. Accordingly, the potential
tax benefits of the loss carry-forward are offset by a valuation allowance of
the same amount.

Fair Value of Financial Instruments

The Company's financial instruments include cash equivalents and accounts
payable. Because of the short-term nature of these instruments, their fair value
approximates their recorded value. The Company does not have material financial
instruments with off-balance sheet risk.

Recent Accounting Pronouncements

The Financial Accounting Standards Board (FASB) issues various accounting
standards and interpretations that could have an impact on the Company's
consolidated financial statements. Recent pronouncements include: FASB Statement
144 - Accounting for the impairment or disposal of long-lived assets; FASB 145 -
Rescission of FASB Statements 4, 44 and 64 and amendment of FASB 13; FASB 146 -
Costs associated with exit or disposal activities; FASB 148 - Accounting for
stock based compensation and FASB 150 - Accounting for certain financial
instruments with characteristics of both liabilities and equity. FIN 46 -
Consolidation of Variable Interest Entities, an interpretation of ARB 51.
Adoption of these standards and interpretations has not had a material effect on
the Company's financial condition, results of operations or liquidity.

On December 16, 2004 the FASB issued SFAS No. 123R, "Share-Based Payment," which
is an amendment to SFAS No. 123, "Accounting for Stock-Based Compensation." This
new standard eliminates the ability to account for share-based compensation
transactions using Accounting Principles Board, or APB, Opinion No. 25,
"Accounting for Stock Issued to Employees," and generally requires such
transactions be accounted for using a fair-value-based method and the resulting
cost recognized in our financial statements. This new standard is effective for
awards that are granted, modified or settled in cash in interim and annual
periods beginning after June 15, 2005, December 15, 2005 for small business
issuers. In addition, this statement will apply to unvested options granted
prior to the effective date. The Company will adopt this new standard effective
for the first fiscal quarter of 2006 and it has not yet determined what impact
this standard will have on its financial position or results of operations.

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs: an amendment
of ARB No. 43, Chapter 4," to clarify the accounting for abnormal amounts of
idle facility expense, freight, handling costs and wasted material. SFAS No. 151
is effective for inventory costs incurred during fiscal years beginning after
June 15, 2005. We do not believe the provisions of SFAS No. 151, when applied,
will have a material impact on our financial position or results of operations."


                                       5
<PAGE>

NOTE 2- EQUITY TRANSACTIONS

Pursuant to an acquisition agreement dated February 22, 2005 between Inncardio,
Inc., ("Inncardio") a privately held Delaware corporation, and Softwall
Equipment Corporation., ("Softwall") a Utah corporation, Softwall issued
16,500,000 shares of its common stock to the shareholders of Inncardio Inc. This
was to capitalize certain debts within the company after effecting a 7.388:1
reverse stock split. This had the effect of leaving the Softwall shareholders
with 1,510,000 shares of common stock, (in exchange for 100% of the outstanding
shares of Inncardio, Inc), and 16,500,000 shares with the shareholders of
Inncardio. Inncardio's management and Board of Directors, therefore, assumed
control of the combined entity. The acquisition has been treated as a
recapitalization of Inncardio and, accordingly, the accompanying consolidated
financial statements include the historical operations of Inncardio and the
capital structure of Softwall. Softwall immediately changed its name to
Inncardio, Inc.

NOTE 3- NOTE DUE TO RELATED PARTY

On March 9, 2005, the Company entered into a secured line of credit for $12.0
million with a related party Corporation who is a shareholder of the Company,
which bears interest at 3.625%. The Company intends to use these funds to
accelerate the development of its lead products. The line of credit is drawn on
an as needed basis. The facility is secured by all of the Company's assets.

At September 30, 2005, the Company has an outstanding balance of $3,617,629 to
the related Company under the $12.0 million secured credit line agreement. There
has been no accrued interest associated with the note at September 30, 2005.

NOTE 4 INTANGIBLE ASSET

Intangible assets are stated at cost and consist of a licence fee purchase in
the period ended September 2005. The licence fee is for the use of intellectual
property re the prevention of In-stent Restenosis. The cost of this licence fee
was USD293,750. It was capitalised in the company's accounts as an intangible
asset. It is being amortised at a rate of 10% per annum on a straight line
basis.

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS. FORWARD LOOKING STATEMENTS: NO ASSURANCES INTENDED

This Form 10-QSB contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. This filing includes statements regarding our plans,
goals, strategies, intent, beliefs or current expectations. These statements are
expressed in good faith and based upon a reasonable basis when made, but there
can be no assurance that these expectations will be achieved or accomplished.
Sentences in this document containing verbs such as "believe," "plan," "intend,"
"anticipate," "target," "estimate," "expect," and the like, and/or future-tense
or conditional constructions ("will," "may," "could," "should," etc.) constitute
forward-looking statements that involve risks and uncertainties. Items
contemplating or making assumptions about, actual or potential future sales,
market size, collaborations, and trends or operating results also constitute
such forward-looking statements.

Although forward-looking statements in this Report on Form 10-QSB reflect the
good faith judgment of management, such statements can only be based on facts
and factors currently known by management. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and actual results
and outcomes may differ materially from the results and outcomes discussed in,
or anticipated by, the forward-looking statements. Factors that could cause or
contribute to such differences in results and outcomes, include without
limitation, those discussed in our Annual Report on Form 10-KSB for the year
ended December 31, 2004. Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this Report. We
undertake no obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the date of this
Report. Readers are urged to carefully review and consider the various
disclosures made by us in our Annual Report on Form 10-KSB for the year ended
December 31, 2004, which attempt to advise interested parties of the risks and
factors that may affect our business, financial condition, results of operation
and cash flows.

The following discussion should be read along with the Consolidated Financial
Statements and Notes to our audited financial statements for the fiscal year
ended December 31, 2004, as well as the other interim unaudited financial
information for the current fiscal year.

OVERVIEW

Description of Business

Inncardio acquires, develops and seeks to commercialize drugs to treat
cardiovascular disease and metabolic conditions that pose significant risk
factors for cardiovascular disease. In 2003, the global market for
cardiovascular products was $78 billion, according to Reuters Business Insight,
and analysts expect it to rise to $103 billion by 2009. Demographic trends,
including a large aging population and increasing incidence of obesity, support
forecasts of continued strong growth. Cardiovascular disease accounts for 17
million deaths worldwide each year, according to the World Health Organization.
Our objective is to develop and market safe and effective therapeutics that may
save or prolong the lives of patients living with chronic cardiovascular disease
and conditions considered risk factors for strokes, heart attacks and other
potentially devastating cardiac events.

Our development pipeline can be divided into two complementary treatment
profiles: products to treat cardiovascular disease and products to control the
metabolic risk factors associated with cardiovascular disease. Our lead
candidate is a treatment intended to reduce the incidence and severity of
neurological damage in certain stroke patients. In cardiovascular disease, we
are developing compounds for delivery via a drug-eluting stent to prevent an
artery from reblocking (restenosis) after angioplasty and plain metal stenting.
Other products aim to control or reduce the incidence of common metabolic
conditions as such as high cholesterol, diabetes, dyslipidemia, hypertension,
and pulmonary hypertension that put patients at greater risk for cardiovascular
disease. We are in the final stages of licensing in the product to treat
pulmonary hypertension, which may also have application in treatment of
atherosclerosis and diabetes.


                                       6
<PAGE>

We have three products we are preparing for bioequivalence studies with the
intention of filing abbreviated new drug applications (ANDA) and three products
in pre-clinical development. The three products in pre-clinical development are
New Chemical Entities ("NCE"), which may have the greatest commercial potential,
but also carry the highest risk precisely because of their novelty. We believe
our diversified pipeline balances the risks and rewards inherent in each drug
candidate and fits our business strategy.

Business Strategy

Large pharmaceutical companies need additional drugs of substantial market
potential to fill development pipelines, particularly since many of their
products will soon be losing patent protection and internal development may fail
to keep up with commercial demand for innovation. Increasingly those companies
seek to fill that gap by in-licensing drugs at the middle to late stages of
development rather than acquiring compounds at an earlier stage. In-licensed
Phase III products accounted for more 30% of the in-licensing agreements made by
large pharmaceutical companies in 2002, according to Reuters Business Insight.

Inncardio uses a broad network of relationships it has forged in academia,
medical research centers and industry to in-license or acquire promising
early-stage compounds and existing compounds that can be reformulated, used for
new indications or used with new dosing regimens. We rely upon these
relationships and a product development network to develop new compounds to
reach the critical Phase III clinical trial level when a drug is most attractive
to large pharmaceutical companies.

Our strategy is to enter into development, commercialization, marketing and
partnership agreements with contract research laboratories, industry experts and
pharmaceutical companies to develop, test and seek regulatory approval for our
drug candidates. By relying primarily upon contracts with third parties for
research, clinical development and project management rather than doing that
work in-house, we are able to maintain a limited and less costly infrastructure,
particularly as compared with large pharmaceutical companies. Our management
believes that this streamlined operating strategy has created an efficient and
cost-effective route from early-stage clinical development to a commercial
product.

Product Development

A major element of our product development strategy is the use of third-parties
or Contract Research Organizations ("CRO") for drug development at all stages
along the path to market. CROs conduct safety and efficacy tests and clinical
studies and assist us in guiding products through the Food and Drug
Administration ("FDA") and the European Medicines Agency ("EMEA") regulatory
review and approval processes. The Company also uses the contract manufacturing,
formulation and chemistry skills of external providers.

We believe the use of third-parties to develop and manufacture our products has
several advantages over building a comprehensive infrastructure to handle all
such functions in-house. This approach generally gives us more choice and
greater selectivity in the dedicated resources we will concentrate on a
developing product than if those functions were performed by internal personnel
who were required to support the full range of our product development
activities. We believe that maintaining a limited infrastructure, particularly
focused upon early-stage processes in the drug development path will enable us
to develop products efficiently and cost effectively. Although this approach
will allow us to avoid the expense associated with developing a large internal
infrastructure to support our product development efforts, it also means that we
will continue to be dependent on the ability of outside parties to perform
critical functions for us.

The contract approach to product development requires project management by
professionals with substantial industry experience. We plan to evaluate
prospective additions to our in-house expertise as well as opportunities for
contract and advisory services in areas of critical importance to all of our
proposed products, including the management of current pipeline development
teams. The product development process is designed to define a product's safety
and effectiveness. We also attempt to reduce the risk that a proposed product
will not be accepted in the marketplace by conducting market research and
defining a commercial strategy for each product candidate. Still, a drug
development portfolio can not be completely insulated from potential clinical
and market failures. It is likely that some proposed products we select for
development will not produce the clinical or revenue results expected.
Additionally, we may choose to license at an early stage or divest product
candidates from our portfolio if they produce clinical results outside our
target sector and/or require financial, development and management resources
better met by larger or more specialized pharmaceutical or biopharmaceutical
companies.

Research and Development

Our primary research and development efforts have focused on identifying
promising compounds and developing them into products. We engage in research,
pre-clinical studies and clinical development with third-party laboratories and
researchers, including Sigmoid Biotechnologies Ltd. in Ireland, Innovative
Pharma Developments Ltd. in the UK, The University of Strathclyde in Scotland,
and Queen Mary and Westfield College, University of London in the UK. Our
research and development structure is designed to enable us to evaluate and make
the best choices for where and how projects are run and resourced. Each is
managed as a discrete project with its own budget and project management. When
it's practical and desirable, different projects will use common resources and
contracted facilities.

Our budget projections for research and development are based primarily upon
those established and set out in or pursuant to our agreements with research and
co-development partners. Projects may meet development and regulatory barriers,
however that require additional work or a change in approach, which can lead to
changes in both timing and budget requirements to maintain a product's path to
market. When this situation arises, we tend to be in a more flexible position to
meet such demands than a fully internally resourced pharmaceutical company that
relies on existing internal capabilities to progress.


                                       7
<PAGE>

Description of Portfolio

CLINICAL CANDIDATES

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

Approximately 700,000 people in the U.S. will suffer a stroke in 2005 and about
160,000 will die from stroke, according to the Centers for Disease Control.
Between 15 percent and 30 percent of stroke survivors suffer permanent
disability.

INC 101 - Cerebral Ischemia related to Hemorrhagic Stroke

INC 101 is a new oral formulation of an existing marketed product. Our lead
product candidate uses proprietary formulation technology to create a sustained
release capsule that we believe improves solubility and bioavailability. INC 101
is intended to be taken once or twice a day for 21 days in a single capsule or
alternatively by releasing the sustained release minicapsules inside to use as
sprinkles. We expect this novel delivery method will make it easier to
administer the drug to traumatized patients who frequently have trouble
swallowing and thereby increase compliance and improve disease management. It
may also reduce the cost of therapy. Timely compliance is critical to managing
the disease's progression. We expect INC 101's delivery method to overcome the
existing product's primary limitation: its delivery as a standard oral tablet
that must be administered every 4 hours for 21 days.

INC 101 is being developed to minimize brain damage caused by a type of stroke
in which a blood vessel on the brain's surface ruptures and bleeds into the
space between the brain and the skull (a subarachnoid hemorrhage). This pooling
of blood compresses nearby brain tissue and prevents adequate supplies of fresh
blood and oxygen from reaching the area, disrupting brain function and
potentially causing long-term neurological damage. INC 101 aims to keep the
arteries from constricting and allows the blood supply to flow to the compressed
brain tissue. INC 101 may have additional cardiovascular indications.

Marketing Opportunity. Each year, approximately 30,000 Americans suffer a
subarachnoid hemorrhage (SAH), the target patient population for this treatment.
The highest incidence of disability and death occurs within the first 2 weeks
following the initial hemorrhage. The current product on the market has had
steady sales of up to $200 million annually. To date, it has had limited
competition, although the currently marketed product will lose its U.S. patent
protection in 2006. While the number of patients who experience this type of
stroke is relatively small, the need for effective treatment remains largely
unmet.

Partnerships. On April 4, 2005, Bioaccelerate Holdings, Inc. signed a
co-development agreement with Sigmoid Biotechnologies Ltd. ("Sigmoid") to
develop and commercialize INC 101 for all potential uses in humans. Pursuant to
the co-development agreement, Bioaccelerate Holdings has the option to an
exclusive global license to market and sell INC 101. As part of the agreement,
Bioaccelerate Holdings has provided a loan facility for up to 2 million Euros to
Sigmoid to finance the development of INC 101 and INC 102 as specified in the
co-development agreement. The loan facility is evidenced by a convertible
promissory note dated April 4, 2005. Bioaccelerate may assign the rights and
obligations in any part or the whole agreement to an affiliate on notice to
Sigmoid. Bioaccelerate Holdings has assigned all of its rights and obligations
under the Co-Development Agreement to Inncardio effective as of September 9,
2005, except the obligation to provide the loan facility, which obligation, and
Bioaccelerate Holdings' rights as lender in respect of such loan facility, shall
continue to be Bioaccelerate Holdings'.

Status. A bioequivalence study is scheduled for the second quarter of 2006. If
the study is successful, it may lead directly to an ANDA.

Patents: A U.S. and a WIPO patent on the proprietary formulation technology were
filed in October 2004. Ownership, maintenance and upkeep of those patents are
the responsibility of Sigmoid.

INC 102 - Hypercholesterolemia

INC 102 is an oral reformulation of the first "super statin" to lose its patent
protection in the UK and Europe. It will soon lose patent protection in the U.S.
market also. Statins are a class of drugs used to treat hypercholesterolemia.
Early studies indicate that INC 102 overcomes several clinical limitations
presented by the existing product, which generated $5 billion in sales in 2003.
The reformulation provides extended release through a minicapsule emulsion
delivery technology that specifically reduces peak plasma levels, reduces the
risk of muscle aches or more severe types of muscle damage and increases
efficacy by sustaining consistent plasma levels. INC 102 can also be targeted
directly to the liver. We believe this delivery method will increase
bioavailability.

Market Opportunity. High cholesterol is the most common cardiovascular risk
factor, affecting 307 million people in 2003 across the seven major markets,
according to Reuters Business Insight. In 2003, the global anti-dyslipidemics
market, which includes treatment for high cholesterol, generated sales of $21
billion and is expected to increase to $33 billion in 2009. Market penetration
from competitive generic products in Europe will create an increasingly
cost-sensitive marketplace. Products that can differentiate themselves through
reduced risks of side effects, particularly with higher risk patients, may be
able to grab market share and command a premium.


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Partnerships. On April 4, 2005, Bioaccelerate Holdings, Inc. signed a
co-development agreement with Sigmoid to develop and commercialize INC 102 for
all potential uses in humans. Pursuant to the co-development agreement,
Bioaccelerate Holdings has the option to an exclusive global license to market
and sell INC 102. As part of the agreement, Bioaccelerate Holdings has provided
a loan facility for up to 2 million Euros to Sigmoid to finance development of
INC 101 and INC 102 as specified in the co-development agreement. The loan
facility is evidenced by a convertible promissory note dated April 4, 2005.
Bioaccelerate Holdings may assign the rights and obligations in any part or the
whole agreement to an affiliate on notice to Sigmoid. Bioaccelerate Holdings has
assigned all of its rights and obligations under the Co-Development Agreement to
Inncardio effective as of September 9, 2005, except the obligation to provide
the loan facility, which obligation, and Bioaccelerate Holdings' rights as
lender in respect of such loan facility, shall continue to be Bioaccelerate
Holdings'.

Status. A bioequivalence study is scheduled for the second quarter of 2006. If
the study is successful, it may lead directly to an ANDA.

Patents: A U.S. and a WIPO patent on the proprietary formulation technology were
filed in October 2004. Ownership, maintenance and upkeep of those patents are
the responsibility of Sigmoid.

INC 103 - Hypertension & Hypercholseterolemia

INC 103 is a combination therapy of a market-leading statin to lower LDL
cholesterol and an angiotensin converting enzyme (ACE) inhibitor to lower blood
pressure. This product candidate also uses an innovative proprietary drug
delivery technology to provide a controlled release formulation to treat the two
most common risk factor conditions at the same time. We believe INC 103 could
increase patient compliance and reduce the cost of treatment.

Market Opportunity. Reuters Business Insight estimates that 43.6 million people
in the seven major markets have been diagnosed with both hypertension and
hypercholesterolemia. Hypertensive therapies continue to be the largest single
class of drugs by sales globally, generating $40 billion in 2003. Analysts
anticipate sales will reach $48 billion in 2009. Reuters forecasts that some of
the demand in statin therapies will give way to combination therapies entering
the market.

Partnerships. On January 10, 2005, the Company signed a co-development and
co-commercialization agreement with Innovative Pharma Developments Ltd in
England in which Inncardio has an exclusive global license to market and sell
INC 103. Development work will be undertaken by Sigmoid Biotechnologies Ltd. on
a contract basis.

Status. Development work is scheduled to begin the fourth quarter of 2005.

Patents. There is a published patent application covering the formulation
technology dated October 2004. Ownership, maintenance and upkeep of the patents
relating to formulation technology are the responsibility of our partner. A
patent application is being prepared specifically for the fixed dosed
combination for which ownership, maintenance and upkeep of the patents relating
to the formulation technology are the responsibility of Innovative Pharma.


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

PRE-CLINICAL PROJECTS

INC 104 - Pulmonary Hypertension, Atherosclerosis and Diabetes

Description. INC 104 is the first in a new class of oral drugs to treat
abnormally high blood pressure in the lungs. The disease is linked to changes in
the small blood vessels in the lungs. These changes increase resistance to blood
flowing through the vessels. As that resistance increases, it puts a strain on
the right ventricle which has to work harder to move enough blood through the
lungs. INC 104 increases nitric oxide (a naturally occurring vasodilator)
production in cells inside blood vessels that fail to produce enough nitric
oxide on their own. The action of this NCE has been shown to be highly selective
and has lower risk of side effects than currently available treatments. We
believe INC 104 may improve cardiovascular performance in patients with
pulmonary hypertension, diabetes or atherosclerosis.


Market Opportunity. There are 10 million patients with pulmonary hypertension in
the U.S. and only three treatment options available. Current therapies cost
between $70,000 and $100,000 per patient per year. The American Heart
Association estimates that between 500 and 1,000 new cases of primary pulmonary
hypertension are diagnosed each year in the U.S. We believe this product
candidate may fill a critical unmet need.

Partnerships. The Company has agreed on principal terms with a co-development
partner for this product candidate and is in the final stages of licensing in
this product candidate.

Status. Pre-clinical development work is scheduled to begin in the third quarter
of 2005. We may have an opportunity to get FDA fast-track status for this
candidate.

Patents. A U.S. patent application was filed in January 2005. The Company
expects to file additional composition of matter patents to cover individual
compounds that arise as the development program progresses.


                                       9
<PAGE>

INC 105 - Restenosis

Description. INC 105 is an NCE to prevent an artery from reblocking (restenosis)
after a percutaneous transluminal coronary angioplasty (PCTA) is performed to
clear a blocked artery. This compound has demonstrated a novel method of action
that involves stopping smooth muscle cells from proliferating and gathering in
the artery. We believe the improved, short-release profile of INC 105 will mean
that patients have low exposure to the compound and a lower risk of side
effects. The compound has shown efficacy in diabetics for whom existing products
provide poor treatment. INC 105 will be delivered from a drug-eluting stent
using a proprietary polymer technology.

Market Opportunity. Analysts at IMS predict the DES market will triple in value
from around $2 billion in 2003 to more than $6 billion in 2008, as the existing
"first generation" drug-eluting stents are likely to be superseded by stents
that use drugs with improved safety, efficacy and shorter delivery profiles
specifically designed for delivery on a DES. We believe INC 105 is poised to
take advantage of that opportunity.

Partnerships. On September 28, 2004, Bioaccelerate Ltd. entered into an
agreement with The University of Strathclyde that granted exclusive global
rights to jointly develop and commercialize INC 105. Under the terms of the
agreement, Bioaccelerate Ltd. can sublicense to a third party. Bioaccelerate has
sublicensed all of its rights under the agreement, subject to all of its
obligations under the agreement, to Inncardio effective as of September 9, 2005.

Status. INC 105 previously underwent Phase I and Phase II clinical trials for a
prior indication. As a result, limited bridging toxicology studies are needed to
complete Phase I. The Company plans to file an IND in the first quarter of 2006
and Phase I clinical trials are expected to begin in the second quarter of 2006.

Patents: Two U.S. patents and one European patent have been granted. Two patent
applications are pending--one in Japan and another in Europe. The ownership,
maintenance and upkeep of the patents are the responsibility of The University
of Strathclyde.

INC106 - ANGIOTENSIN II MONOCLONAL ANTIBODY - RESTENOSIS

Description. INC 106 is an NCE being developed to treat the proliferation of
vascular smooth muscle cells and certain other cardiovascular diseases using a
monoclonal antibody to the angiotensin II type I receptor. The antibody binds to
the receptor and blocks signals for cell growth and migration within arteries
that have experienced reblocking (restenosis) following angioplasty and
stenting. We expect this NCE to be delivered by a drug-eluting stent.

Market Opportunity. Monoclonal antibody (MAb) therapies had sales of $5.1
billion in 2003, according to Reuters Business Insight. Analysts estimate that
by 2008, MAbs may account for 32 percent of all revenue in the biotech market as
new MABs enter the market and MAbs already on the market gain approval for new
indications.

Partnerships. On September 25, 2003, Innathera, Inc., a company affiliated with
Bioaccelerate Holdings, Inc., entered into an agreement with Queen Mary and
Westfield College, University of London for the exclusive sales marketing and
development rights to INC 106. Under the terms of the agreement, Innathera can
sublicense to a third party. Innathera sublicensed its rights to develop
therapeutic uses of the angiotensin-II type 1 receptor for cardiovascular
applications under the agreement, subject to all of its obligations under the
agreement, to Inncardio effective as of September 9, 2005.

Status. Development work will begin in the third quarter of 2005.

Patents. Twelve patent applications related to use of the angiotensin II type I
monoclonal antibody in the control, reduction and prevention of vascular smooth
muscle cell proliferation have been filed in countries including the U.S.,
Japan, the UK and WIPO. Ownership, maintenance and upkeep of the patents are the
responsibility of Queen Mary/University of London.

Cengent Merger
On March 24, 2005, the Registrant entered into an Agreement and Plan of Merger
among the Registrant, Cengent Acquisition Corp. (CAC), a wholly-owned subsidiary
of the Registrant, and Cengent Therapeutics, Inc., a privately held company.
Pursuant to the Merger Agreement, CAC will merge with and into Cengent, and as a
consequence of the merger; Cengent will become a wholly owned subsidiary of the
Registrant. Except for certain adjustments, the company expects to issue
approximately 14,405,000 shares of common stock, par value $0.001 per share, and
upon the conclusion of the Merger, on a fully diluted basis, the Registrant's
shareholders will own approximately fifty- five percent (55%) and the former
Cengent securities holders will own approximately forty- five percent (45%) of
the Registrant. The Agreement and Plan of Merger has been filed with the
Securities and Exchange Commission on Form 8-K.The Merger is expected to be
consummated in the fall of 2005.

Company Status
The Company has made significant progress in completing the formation of the
initial development portfolio through the completion of licensing and
co-development negotiations with academic institutions and biotechnology
companies. The development of our initial pipeline is now underway and provides
a combination of near market reformulations of well know and well understood
compounds together with new chemical entities that require a longer term
development time frame, and need to be regarded as higher risk-higher return
possible blockbuster opportunities. We have continued to incur losses as


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<PAGE>

expected during this emerging stage. We anticipate that the success of our
immediate product development strategy will permit us to further develop other
products and other potential products not currently in our portfolio. A major
element of the Company's product development strategy is to use third-party or
contract research organizations ("CROs") to assist in the conduct of safety and
efficacy testing and clinical studies, to assist the Company in guiding products
through the FDA and EMEA regulatory review and approval processes, and to
manufacture and distribute any FDA and EMEA approved products. The Company
believes that maintaining a limited infrastructure will enable it to develop
products efficiently and cost effectively. However consideration will be given
to opportunities to strengthen the resources and portfolio in certain areas that
may prove viable commercially and add value to the overall business in the
future.

The reader should consider the likelihood of our future success to be highly
speculative in light of our limited operating history, as well as the limited
resources, problems, expenses, risks and complications frequently encountered by
similarly situated companies. To address these risks, we must, among other
things:

o     advance our lead product candidates;

o     obtain required government and other public and private approvals on a
      timely basis;

o     enter into corporate partnerships;

o     license additional technology;

o     maintain a proprietary position in our technologies and products; and

o     attract and retain key personnel.

The Company may not be successful in addressing these risks. If we are unable to
do so, our business prospects, financial condition and results of operations
would be materially adversely affected. The likelihood of our success must be
considered in light of the development cycles of pharmaceutical and
biopharmaceutical products and technologies and the competitive and regulatory
environment in which we operate.

Results of Operations

During the first quarter ended September 30, 2005, work continued on the product
development programs as planned and the individual items are detailed above.

General and administrative expenses were $311,702 in the three months ended
September 30, 2005. The main reason for the increase was the increasing of scale
in certain development activities within the Company's infrastructure to support
its planned growth.

Research & Development expenses for the three months ended September 30, 2005,
were $1,065,899. The majority of these expenses were in connection with the
development of our product candidates.

As a result of the continuing expenditure on research and development of the
company and its products, the cumulative loss from operations since inception
increased to $4,029,043.

Liquidity & Capital Resources - A $12 million credit facility was agreed with
Bioaccelerate, Inc on March 9, 2005. The Company will be using these funds to
maintain the pace of development of its lead products. Management believes that
this investment will enable the Company to achieve significant milestones in its
lead development programs over the next twelve months. We believe this further
funding will be sufficient to support our business plan until longer term
finance can be arranged.

Should we come up against any unforeseen problems, the Company will revisit its
budget and adjust the scheduling and costs of the development programs
accordingly to allow the Company to operate until sufficient long term funding
is achieved. However, a key element of our business strategy is to continue to
acquire, obtain licenses for, and develop new technologies and products that we
believe offer unique market opportunities and/or complement our existing product
lines.

ITEM 3 - CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures
As of the end of June 2005, the Company carried out an evaluation, under the
supervision and with the participation of the Company's management, including
the Company's Chief Executive Officer and the Company's Chief Financial Officer,
of the effectiveness of the design and operation of the Company's disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended). Based on this evaluation, the
Company's Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures were effective in timely ensuring


                                       11
<PAGE>

that (i) information required to be disclosed in the reports that the Company
files or submits under the Securities Exchange Act of 1934, as amended, is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms of the Securities and Exchange Commission and (ii)
information required to be disclosed in the reports that the Company files or
submits under the Securities Exchange Act of 1934, as amended, is accumulated
and communicated to management, including the Company's Chief Executive Officer
and Chief Financial Officer, or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure. It should
be noted that, in designing and evaluating the disclosure controls and
procedures, management recognizes that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives, and management necessarily will apply
its judgment in evaluating the cost-benefit relationship of possible controls
and procedures.

Changes in Internal Controls Over Financial Reporting
There have been no significant changes in the Company's internal controls over
financial reporting that occurred during the quarter ended September 30, 2005,
that have materially affected, or are reasonably likely to materially affect our
internal control over financial reporting.

                                     PART II
                                OTHER INFORMATION

Item 1.
Legal Proceedings From time to time, we may be involved in litigation relating
to claims arising out of our operations in the normal course of business. We
currently are not a party to any legal proceedings, the adverse outcome of
which, in management's opinion, individually or in the aggregate, would have a
material adverse effect on our results of operations or financial position.

Item 2. Changes in Securities
The Registrant entered into an Acquisition Agreement effective 22nd day of
February, wherein it agreed, subject to certain conditions, to acquire all of
the outstanding common stock of Inncardio, Inc., a Delaware Corporation, in
exchange for 16,500,000 common shares of the Registrant. After the issuance of
the 16,500,000 shares in the Acquisition, the Registrant has approximately
18,000,000 shares of its common stock issued and outstanding. The Registrant has
also effected a change its corporate name from Softwall Equipment Corporation to
Inncardio, Inc.

Item 3. Defaults Upon Senior Securities
None

Item 4. Submission of Matters to a Vote of Security Holders
On February 22nd, 2005, security shareholders consented to acquire Inncardio
Inc, a Delaware corporation, and changed the name of the company to Inncardio
Inc.

Item 5. Other Information.
On March 24, 2005, the Registrant entered into an Agreement and Plan of Merger
(the "Agreement and Plan of Merger") among the Registrant, Cengent Acquisition
Corp. ("CAC"), a wholly-owned subsidiary of the Registrant, and Cengent
Therapeutics Inc. ("Cengent"), a privately held company. Pursuant to the Merger
Agreement, CAC will merge with and into Cengent, and as a consequence of the
merger (the "Merger") Cengent will become a wholly owned subsidiary of the
Registrant. It is envisaged that after the merger that the Registrants'
shareholders will hold approximately fifty-five percent of CAC with former
shareholders of Cengent holding approximately forty-five percent.

Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibits are filed with this report.

31. Written Statement of Chief Executive Officer and Chief Financial Officer
with respect to compliance with Section 13(a) or 15 (d) of the Securities
Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002.

32. Written Statement of Chief Executive Officer and Chief Financial Officer
with respect to compliance with Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and pursuant to 18 U.S.C. 1350, as adopted pursuant to ss.
906 of the Sarbanes-Oxley Act of 2002.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned authorized officer.

                          Dated: November 10, 2005

                                              /s/ Bernard Ross
                                              ----------------------------------
                                              Bernard Ross
                                              CEO, President and Director



                          Dated: November 10, 2005

                                              /S/ Alan Bowen
                                              ----------------------------------
                                              Alan Bowen
                                              CFO

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