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

FORM 10-QSB



|[X]   | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR 
|----- | --------------------------------------------------------------------------------------------
|      | QUARTERLY REPORT ENDED September 30, 2004                                                   
|     
|OR   
|     
|[   ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for
|      | transition period from                                                                      

Commission file number: 000-30995

PHAGE GENOMICS, INC.



|Nevada                                                       | 98-0232244                       
|------------------------------------------------------------ | ---------------------------------
|State or other jurisdiction of incorporation or organization | (IRS Employer Identification No.)

4861 Cambridge St. 
Burnaby, British Columbia
Canada V5C 1H9
(Address of principal executive offices, including zip code.)

(604) 622-6209 
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:     None

Securities registered pursuant to Section 12(g) of the Act:       Common Stock, $0.001 par value

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 [   ]

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Check if no disclosure of delinquent filers pursuant to Item 405 of Regulation S-B is contained herein, and no disclosure will be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-QSB or any amendment to this Form 10-QSB. [   ]

State Issuer's revenues for its most recent fiscal year. December 31, 2003  -  $-0-.

The current market value of the common stock held by non-affiliates on September 30, 2004 was $1,242,092. There are approximately 5,914,723 shares of common voting stock of the Registrant held by non-affiliates.

Issuers involved in Bankruptcy Proceedings during the past Five Years. Not Applicable.

The number of shares outstanding of the issuer's common stock as of September 30, 2004: 54,150,000





























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PART I.

ITEM 1.     Financial Statements.

Phage Genomics Inc.
(A Development Stage Company)
September 30, 2004



|                                  | Index
|--------------------------------- | -----
|                                 
|Balance Sheets                    | F-2  
|                                 
|Statement of Operations           | F-3  
|                                 
|Statement of Cash Flows           | F-4  
|                                 
|Notes to the Financial Statements | F-5  

























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|Phage Genomics Inc.                                          
|-------------------------------------------------------------
|(A Development Stage Company)                                
|Balance Sheets                                               
|(Expressed in U.S. Dollars)                                  
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|ASSETS                                                       
|                                                             
|Current Assets                                               
|                                                             
|Cash and cash equivalents                                    
|Sales tax receivable                                         
|Other current assets                                         
|                                                             
|Total Current Assets                                         
|                                                             
|Property and Equipment, net                                  
|                                                             
|Intangible Assets                                            
|                                                             
|Total Assets                                                 
|                                                             
|LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)               
|                                                             
|Current Liabilities                                          
|                                                             
|Accounts payable                                             
|Accrued liabilities                                          
|Loans payable to related parties                             
|Convertible debt - related party                             
|Other current liabilities                                    
|                                                             
|Total Current Liabilities                                    
|                                                             
|Contingencies and Commitments (Note 1)                       
|                                                             
|Stockholders' Deficit                                        
|                                                             
|Common stock $0.001 par value, 200,000,000 shares authorized;
|54,150,000 shares issued and outstanding, respectively       
|Additional Paid-in Capital                                   
|Deferred Stock Compensation                                  
|Accumulated other comprehensive loss                         
|                                                             
|Deficit Accumulated During the Development Stage             
|                                                             
|Total Stockholders' Deficit                                  
|                                                             
|Total Liabilities and Stockholders' Deficit                  
|                                                             

(The Accompanying Notes are an Integral Part of these Financial Statements)
F-2

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|Phage Genomics Inc.                   
|--------------------------------------
|(A Development Stage Company)         
|Statements of Operations              
|(Expressed in U.S. Dollars)           
|(unaudited)                           
|                                      
|                                      
|                                      
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|                                      
|Revenue                               
|                                      
|                                      
|Selling, General and Administrative   
|                                      
|Research and Development              
|                                      
|Depreciation                          
|                                      
|Impairment Loss on Assets             
|                                      
|Stock Based Compensation              
|                                      
|Loss from Operations                  
|                                      
|Other Income                          
|                                      
|Interest Expense                      
|                                      
|Loss Before Income tax                
|                                      
|Income Tax Benefit                    
|                                      
|Net Loss                              
|                                      
|                                      
|Comprehensive Loss (Note 9)           
|                                      
|                                      
|Net Loss Per Share - Basic and Diluted
|                                      
|                                      
|Weighted Average Shares Outstanding   
|                                      







(The Accompanying Notes are an Integral Part of these Financial Statements)
F-3

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|Phage Genomics Inc.                                                      
|-------------------------------------------------------------------------
|(A Development Stage Company)                                            
|Statements of Cash Flows                                                 
|(Expressed in U.S. Dollars)                                              
|(unaudited)                                                              
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|                                                                         
|Cash Flows From Operating Activities                                     
|                                                                         
|Net loss                                                                 
|                                                                         
|Adjustments reconciling net loss to net cash used in operating activities
|Depreciation                                                             
|Stock based compensation                                                 
|Impairment Loss                                                          
|                                                                         
|Changes in operating assets and liabilities                              
|Accounts payable and accrued liabilities                                 
|Other current assets                                                     
|                                                                         
|Net Cash Used In Operating Activities                                    
|                                                                         
|Cash Flows From Investing Activities                                     
|                                                                         
|Cash paid for property and equipment                                     
|Cash paid for intangible assets                                          
|                                                                         
|Net Cash Used in Investing Activities                                    
|                                                                         
|Cash Flows From Financing Activities                                     
|                                                                         
|Loan received from related party                                         
|                                                                         
|Net Cash Provided By Financing Activities                                
|                                                                         
|Effect of foreign currency exchange rate changes on cash                 
|                                                                         
|Decrease in cash and cash equivalents                                    
|                                                                         
|Cash and cash equivalents at beginning of period                         
|                                                                         
|Cash and cash equivalents at end of period                               
|                                                                         
|                                                                         
|Non-Cash Financing Activities:                                           
|                                                                         
|Supplemental Disclosures                                                 
|Interest paid                                                            
|Income taxes paid                                                        
|                                                                         

(The Accompanying Notes are an Integral Part of these Financial Statements)
F-4

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
|                                 
|1.                               
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|                                 
|                                 
|                                 
|                                 

F-5

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
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|2.                               
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F-6

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
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|2.                               
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F-7

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
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|2.                               
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F-8

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
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|2.                               
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F-9

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
|                                 
|4.                               
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|5.                               
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|6.                               
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|7.                               
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F-10

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|Phage Genomics Inc.              
|---------------------------------
|(A Development Stage Company)    
|Notes to the Financial Statements
|September 30, 2004               
|(Expressed in U.S. Dollars)      
|(unaudited)                      
|                                 
|8.                               
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|9.                               
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|10.                              
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F-11

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ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Phage Genomics, Inc. ("Phage") is a biotechnology research and development company. Phage was formed to expedite the development of new bacteriophage and other pharmaceutical products for the treatment of tuberculosis (TB), anthrax and other infectious diseases. Phage was formed to develop platform technologies, apply these technologies to commercial target pathogens, and license the resulting products to pharmaceutical companies.

The company was formerly known as Regma Bio Technologies Ltd ("Regma") and was incorporated under the laws of England and Wales on January 14, 2000, and commenced operations in the UK in May 2000. Regma subsequently completed a share exchange agreement with L.C.M. Equity Inc. ("L.C.M."), a Nevada Corporation, on November 2, 2001 to become a reporting company with the Securities and Exchange Commission.

L.C.M. Equity, Inc. was incorporated under the laws of the state of Nevada on January 12, 1999. L.C.M. disposed of its remaining operations as a condition of, and prior to, the reverse merger between Regma and L.C.M. Equity Inc., on November 2, 2001.

The share exchange agreement has been accounted for as a reverse acquisition of L.C.M. by Regma. As a result, the historical financial statements of Regma prior to the acquisition have become the financial statements of the registrant, being L.C.M. All shares and per share date prior to the acquisition have been restated to reflect the stock issuance as a recapitalization of Regma.

On February 1, 2002, L.C.M changed its name to Regma Bio Technologies Limited ("the Company"). On April 16, 2002, Regma Bio Technologies Limited, as incorporated in England and Wales, and being the 100% subsidiary of Regma Bio Technologies Limited incorporated in Nevada, USA, changed its name to THRIP Ltd.

On May 7, 2002, THRIP Ltd, the 100% subsidiary undertaking of Regma Bio Technologies Limited, entered into creditors voluntary liquidation. The trade and assets of THRIP Ltd were transferred to Regma Bio Technologies Limited prior to the liquidation, in order that the trade of the group could be continued as normal and without interruption. No material assets remained within THRIP Ltd at the date of liquidation other than an intercompany debtor from Regma of approximately $30,000. The balance outstanding on the loans from Mr C Harlingten and the third party investor to the Company, remained on the balance sheet of THRIP Ltd at the date of liquidation.

The Company is considered to be in the development stage as defined by the Statement of Financial Accounting Standard No. 7. There have been no revenues from operations since inception of the Company.





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The Company has inadequate cash to maintain operations during the next twelve months. For the twelve month period subsequent to September 30, 2004, the Company anticipates that its minimum cash requirements to continue as a going concern will be $360,000. This is to cover contracted costs of  Company staff and all expenses necessary to complete the research and development work in which the Company is currently engaged. In order to meet the foregoing cash requirements, the Company will have to sell securities to, or obtain a loan from, potential investors in the Company. There is no assurance, however, that the Company will be able to sell any securities or obtain adequate loans. The Company also intends to establish a collaborative relationship with either a pharmaceutical or biotechnological company which could result in the generation of royalty payments to the Company. As of the date hereof, the Company has not initiated any discussions with or entered into agreements with any pharmaceutical or biotechnological companies. In the event that the Company does not raise additional capital from any of the foregoing sources, it may have to cease or curtail operations.

The Company recorded a Net Loss of $140,574 and $15,363 for the three month periods ending September 30, 2003 and September 30, 2004, respectively, and has an accumulated deficit of $2,981,924 and $3,718,612 at these respective dates. The Company is currently reliant on the financial support of Mr C Harlingten, the chairman and majority stockholder of the Company. The ability of the Company to continue as a going concern depends on this continued financial support and on the ability of the Company to raise additional capital in the future. The Company, being a development stage enterprise, is currently undertaking research which will, if successful, mitigate these factors which raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary in the event that the Company cannot continue to exist.

As at September 30, 2004 loans advanced to the Company by Mr C Harlingten,totalled $679,622. This amount is stated net of amounts written off in the liquidation of THRIP Ltd. The loans are interest free without any fixed repayment date, based on a verbal agreement between the parties, with the exception of a convertible loan in the amount of $300,000   (see note 7 to the financial statements). As of the date of this filing, Mr C Harlingten has stated that he has no current intention of withdrawing his financial support from the Company. Loans advanced by Mr Harlingten prior to May 7, 2002, formed part of the extinguishment of debt on the liquidation of THRIP Ltd.

The Company's research and development goal is to produce a range of novel treatments for infectious diseases. It is anticipated that the Company will have a range of new products at an advanced stage of development by the end of 2006. The Company does not expect significant capital expenditures or Sales Revenue in the foreseeable future.

The services of the scientists and administration staff who were previously employed are only to be used on a contract basis. There are no contracts currently in existence for these former scientists. There is one contract in place for administration staff.





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Critical accounting policies

We have identified the policies below as critical to our business operations and the understanding of our results of operations. The impact and any associated risks related to these policies on our business operations is discussed throughout Management's Discussion and Analysis of Financial Condition and Results of Operations where such policies affect our reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see Note 2 in the Notes to the Financial Statements in Item 7 of the Annual Report on Form 10-KSB as at December 31, 2003. Note that our preparation of this Quarterly Report on Form 10-QSB requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.

(1)      Functional currency and treatment of foreign currency translation.

Due to the majority of the Company's operations being based in the United Kingdom, the British Pound has been selected as the Company's functional currency. In converting from the functional currency to the reporting currency, assets and liabilities of the Company are translated into US dollars at the exchange rate in effect at the year end. Income and expense items are translated at the average exchange rate for the year. The resulting translation adjustments are recorded within other comprehensive income.

(2)      Research and development expenditure.

All research and development expenditure incurred has been generated internally and is written off to the income statement.

(3)      Capitalization of intangible fixed assets.

Intangible assets represent legal costs incurred in establishing patents. These costs are amortized over the useful life of the patent, as determined by management, not to exceed the legal life.

Convertible Loan

On July 23, 2002 the Company received additional financing from Mr C Harlingten in the amount of $300,000. The form of financing is a convertible debenture whereby Mr C Harlingten has the option of calling the debt in the future with interest of 8% per annum, or converting the debt into shares of the Company at $0.25  per share ( 1,200,000 shares ) , with a 2 year warrant for the same number of shares exercisable at $0.35  per share. The interest is to be payable in cash. The issue of the convertible debenture creates a beneficial conversion feature to be accounted for in line with EITF 98-5 and EITF 00-27. The amount of the beneficial conversion feature will be recognised as interest expense over the life of the debt.





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Stock Options

The Company has two equity compensation plan. One is the Regma Bio Technologies Limited  Nonqualified Stock Option Plan (the "Regma Plan").  The Plan provides for the issuance of stock options for services rendered to the Company.  The board of directors is vested with the power to determine the terms and conditions of the options.  The Regma Plan includes 7,500,000 shares.  As of September 30, 2004, options to purchase 4,833,000 shares had been granted of which zero options had been exercised and 3,953,771 options had vested but had not been exercised by their holders. Of the total amount of options already granted by the company, 110,833 will become exercisable within one year. Under the Regma Plan, we still have 2,667,000 options available for issuance.

The other plan  is the 2003 Regma Bio Technologies Limited  Nonqualified Stock Option Plan (the "2003 Plan").  The 2003 Plan provides for the issuance of stock options for services rendered to the Company.  The board of directors is vested with the power to determine the terms and conditions of the options.  The 2003 Plan includes 50,000,000 shares.  As of September 30, 2004, options to purchase 24,000,000 shares had been granted and all 24,000,000 options had been exercised . Under the 2003 Plan, we still have 26,000,000 options available for issuance.

Recent Accounting Pronouncements

In December 2003, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 104, "Revenue Recognition" (SAB 104), which supersedes SAB 101, "Revenue Recognition in Financial Statements." The primary purpose of SAB 104 is to rescind accounting guidance contained in SAB 101 related to multiple element revenue arrangements, which was superseded as a result of the issuance of EITF 00-21, "Accounting for Revenue Arrangements with Multiple Deliverables." While the wording of SAB 104 has changed to reflect the issuance of EITF 00-21, the revenue recognition principles of SAB 101 remain largely unchanged by the issuance of SAB 104. The adoption of SAB 104 did not have a material impact on the Company's financial statements.

In May 2003, the Financial Accounting Standards Board ("FASB") issued SFAS No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity". SFAS No. 150 establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. It requires that an issuer classify a financial instrument that is within its scope as a liability (or an asset in some circumstances). The requirements of SFAS No. 150 apply to issuers' classification and measurement of freestanding financial instruments, including those that comprise more than one option or forward contract. SFAS No. 150 does not apply to features that are embedded in a financial instrument that is not a derivative in its entirety. SFAS No. 150 is effective for financial instruments entered into or modified after May 31, 2003, and otherwise is effective at the beginning of the first interim period beginning after June 15, 2003, except for mandatory redeemable financial instruments of non-public entities. It is to be implemented by reporting the cumulative effect of a change in an accounting principle for financial instruments created before the issuance date of SFAS No. 150 and still existing at the beginning of the interim period of adoption. Restatement is not permitted. The adoption of this standard did not have a material effect on the Company's results of operations or financial position.





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ITEM 3.     CONTROLS AND PROCEDURES

(a)     Evaluation of Disclosure Controls and Procedures: Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports filed under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, 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 Chief Financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon and as of the date of that evaluation, the Chief executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports the Company files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required.

(b)     Changes in Internal Control over Financial Reporting: There were no changes in the Company's internal control over financial reporting identified in connection with the Company evaluation of these controls as of the end of the period covered by this report that could have significantly affected those controls subsequent to the date of the evaluation referred to in the previous paragraph, including any correction action with regard to significant deficiencies and material weakness.

PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

The Company knows of no litigation present, threatened or contemplated or unsatisfied judgements against the Company, its officers or directors or any proceedings in which the Company, its officers or directors are a party.

ITEM 2.     CHANGES IN SECURITIES AND USE OF PROCEEDS

The rights of the holders of the Company's securities have not been modified nor have the rights evidenced by the securities been limited or qualified by the issuance or modification of any other class of securities.

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

There are no senior securities issued by the Company.





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ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no matters presented to the shareholders for vote during the three months ended September 30, 2004.

ITEM 5.     OTHER INFORMATION      -      None

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K



|(a)  | Exhibits.                                                                                                                                         
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------
|    
|31.1 | Certification of Principal Executive Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a),                                                       
|     | promulgated under the securities Exchange Act of 1934, as amended                                                                                 
|    
|31.2 | Certification of Principal Financial Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a),                                                       
|     | promulgated under the securities Exchange Act of 1934, as amended                                                                                 
|    
|32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|    
|32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|    
|(b)  | Report on Form 8-K                                                                                                                                
|    
|     | There were no reports on Form 8-K filed in the three months ended September 30, 2004.                                                             

















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SIGNATURES

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

Dated this 6th day of November, 2004.



| | PHAGE GENOMICS, INC
| | -------------------
| | the "Registrant"   
| |                    
| | BY:                
| |                    
| |                    
| | BY:                
| |                    



























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