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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10QSB

|[X]   | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003
|----- | --------------------------------------------------------------------------------------------------------------------------------------
|      | OR                                                                                                                                    
|[   ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934                                              
|      | For the transition period from to                                                                                                     

COMMISSION FILE NUMBER 000-30995

REGMA BIO TECHNOLOGIES LIMITED(Exact name of registrant as specified in its charter)



|Nevada                                                         | 98-0232244                          
|-------------------------------------------------------------- | ------------------------------------
|(State of other jurisdiction
of incorporation or organization) | (IRS Employer Identification
Number)

217 Plaza,  535 Kings Road
London, England
United Kingdom SW10 0SZ(Address of principal executive offices)

011 44 20 7351 0005(Registrant's telephone number, including area code)

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 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 [   ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 2003:    30,150,000

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PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)

Consolidated Balance Sheets



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|                         | March 31,
2003
(unaudited)                     | December 31,
2002
(audited)
|------------------------ | ---------------------------------------------- | ---------------------------
|ASSETS                   |                                                |                            
|Current assets           |                                                |                            
|                         | Cash and cash equivalents                      | $                          
|                         | Research and development tax credit receivable |                            
|                         | Sales tax receivable                           |                            
|                         | Other current assets                           |                            
|Total current assets     |                                                | 31,789                     
|                         |                                                |                            
|Non current assets       |                                                |                            
|                         | Tangible fixed assets, net of accumulation     |                            
|                         | depreciation of $79,403                        |                            
|                         | and $63,678 respectively                       |                            
|                         | Intangible assets                              |                            
|Total non current assets |                                                | 172,106                    
|TOTAL ASSETS             | $                                              | 203,895                    



See accompanying notes to the consolidated financial statements.



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REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)

Consolidated Balance Sheets



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|                                            | March 31,
2003 
(unaudited)                          | December 31,
2002
(audited)
|------------------------------------------- | ---------------------------------------------------- | ---------------------------
|                                            |                                                      |                            
|LIABILITIES AND STOCKHOLDERS' DEFICIT       |                                                      |                            
|Current liabilities                         |                                                      |                            
|                                            |                                                      |                            
|                                            | Accounts payable                                     | $                          
|                                            | Loans payable to related parties                     |                            
|                                            | Convertible debt - related party                     |                            
|                                            | Other current liabilities                            |                            
|Total current liabilities                   |                                                      | 1,168,839                  
|Stockholders' deficit                       |                                                      |                            
|                                            | Common stock $0.001 par value, 200,000,000 shares    |                            
|                                            | authorized; 30,150,000 shares issued and outstanding |                            
|                                            | Additional Paid in Capital                           |                            
|                                            | Deficit accumulated in the development stage         |                            
|                                            | Accumulated other comprehensive loss                 |                            
|Total stockholders' deficit                 |                                                      | (964,944)                  
|                                            |                                                      |                            
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $                                                    | 203,895                    



See accompanying notes to the consolidated financial statements.



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REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)

Consolidated Statements of Operations



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|                                      | Three Months
Ended
March 31,
2003
(unaudited) | Three Months 
Ended
March 31,
2002
(unaudited) | Period from
January 14, 2000 (inception)
to March 31,
2003
(unaudited)
|------------------------------------- | --------------------------------------------- | ---------------------------------------------- | ----------------------------------------------------------------------
|Revenue                               | $                                             | -                                              | $                                                                     
|Operating costs                       |                                               | (68,737)                                       |                                                                       
|Loss from operations                  |                                               | (68,737)                                       |                                                                       
|Other Income                          |                                               | -                                              |                                                                       
|Interest income                       |                                               | -                                              |                                                                       
|Interest expense                      |                                               | -                                              |                                                                       
|Loss before income tax                |                                               | (68,737)                                       |                                                                       
|Income tax benefit/(expense)          |                                               | 322                                            |                                                                       
|Net loss                              | $                                             | (68,415)                                       | $                                                                     
|Net loss per common share,            |                                               |                                                |                                                                       
|Basic and diluted                     | $                                             | (0.002)                                        | $                                                                     
|Weighted average number of common     |                                               |                                                |                                                                       
|shares outstanding, basic and diluted |                                               | 30,150,000                                     |                                                                       



See accompanying notes to the consolidated financial statements.



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REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)

Consolidated Statements of Comprehensive Loss



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|                                        | Three Months
Ended
March 31,
2003 (unaudited) | Three Months
Ended 
March 31,
2002 (unaudited) | Period from
Inception, January14, 2000
to March 31,
2003 (unaudited)
|--------------------------------------- | --------------------------------------------- | ---------------------------------------------- | --------------------------------------------------------------------
|Net loss                                | $                                             | (68,415)                                       | $                                                                   
|Foreign currency translation adjustment |                                               | 15,755                                         |                                                                     
|                                        |                                               |                                                |                                                                     
|Comprehensive loss                      | $                                             | (52,660)                                       |                                                                     















See accompanying notes to the consolidated financial statements.



- 5 -

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REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)
Consolidated Statements of Cash Flows



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|                                                                           | Three
Months Ended
March 31, 2003
(unaudited) | Three
Months Ended
March 31, 2002 
(unaudited) | Period from
January 14, 2000
(inception)
to March 31, 2003
(unaudited)
|-------------------------------------------------------------------------- | --------------------------------------------- | ---------------------------------------------- | ----------------------------------------------------------------------
|Cash flows from operating activities                                       |                                               |                                                |                                                                       
|                                                                           | Net loss                                      | $                                              | (68,415)                                                              
|Adjustments to reconcile net loss to net cash used in operating activities |                                               |                                                |                                                                       
|                                                                           | Gain on extinguishment of debt                |                                                | --                                                                    
|                                                                           | Fair value of consultants' stock options      |                                                | --                                                                    
|                                                                           | Amortization of debt discount                 |                                                | --                                                                    
|                                                                           | Depreciation                                  |                                                | 15,725                                                                
|                                                                           | Changes in assets and liabilities:            |                                                |                                                                       
|                                                                           | Accounts payable and accrued liabilities      |                                                | (21,026)                                                              
|                                                                           | Other current assets                          |                                                | 23,272                                                                
|Net cash used in operating activities                                      | $                                             | (50,444)                                       | $                                                                     
|Cash flows from investing activities                                       |                                               |                                                |                                                                       
|                                                                           | Cash paid for tangible fixed assets           |                                                | --                                                                    
|                                                                           | Cash paid for intangible assets               |                                                | (12,334)                                                              
|Net cash used in investing activities                                      | $                                             | (12,334)                                       | $                                                                     
|Cash flows from financing activities                                       |                                               |                                                |                                                                       
|                                                                           | Issuance of stock for cash                    |                                                | --                                                                    
|                                                                           | Loan received from related party              |                                                | 28,456                                                                
|                                                                           | Loan received from third party                |                                                | --                                                                    
|                                                                           | Loan repaid to related party                  |                                                | --                                                                    
|                                                                           | Loan repaid to third party                    |                                                | --                                                                    
|Net cash provided by/(used in) financing activities                        | $                                             | 28,456                                         | $                                                                     
|Effect of foreign currency exchange rate changes on cash                   |                                               | (573)                                          |                                                                       
|Net change in cash and cash equivalents                                    |                                               | (34,895)                                       |                                                                       
|Cash and cash equivalents at beginning of period                           |                                               | 48,873                                         |                                                                       
|Cash and cash equivalents at end of period                                 |                                               | 13,978                                         |                                                                       
|Supplemental disclosures of cash flow information                          |                                               |                                                |                                                                       
|Cash received during the period for:                                       |                                               |                                                |                                                                       
|                                                                           | Interest                                      |                                                | --                                                                    
|                                                                           | Research and development tax credit           |                                                | --                                                                    



See accompanying notes to the consolidated financial statements.





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REGMA BIO TECHNOLOGIES LIMITED (A Development Stage Company)

Notes to the financial statements

1     The company

Regma Bio Technologies Limited ("Regma") was incorporated under the laws of England and Wales on January 14, 2000 and commenced operations in the UK in May 2000.

On November 2, 2001, Regma entered into an acquisition agreement ("the Agreement") with L.C.M. Equity, Inc. ("L.C.M.").  It was agreed that L.C.M. would issue to the owner of Regma 25,000,000 shares of common stock of LCM in exchange for 100% of the registered and fully paid up capital of Regma. The closing date of the Agreement was November 5, 2001 and resulted in the former owner of Regma holding a majority interest in the combined entity.

The acquisition 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 data prior to the acquisition have been restated to reflect the stock issuance as a recapitalization of Regma. The year end of the registrant was changed to December 31.

On February 1, 2002, L.C.M. Equity, Inc. changed its name to Regma Bio Technologies Limited. ("the Company"). From this date, both the parent company in the USA, and the UK subsidiary company were called Regma Bio Technologies Limited. On April 16, 2002, the UK subsidiary changed its name to THRIP Ltd.

On May 7, 2002, THRIP Ltd. entered into creditors' voluntary liquidation. The trade and non-liquid assets of THRIP Ltd. (comprising all tangible fixed assets, patents and leases) 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.  The expenses incurred by THRIP Ltd. I the period from January 1, 2002 to the date of liquidation have been consolidated in the statement of operations for the year ended December 31, 2002.

The Company has been in the development stage since it commenced operations.  It is primarily engaged in scientific research and development in the field of biotechnology. Regma was formed to expedite the development of new bacteriophage and other pharmaceutical products for the treatment of tuberculosis (TB), anthrax and other infectious diseases. The Company will develop platform technologies, apply these technologies to commercial target pathogens, and license the resulting products to pharmaceutical companies.





- 7 -

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2     Significant accounting policies

(a)   Office furniture, machinery and equipment

These items are stated at cost less accumulated depreciation.  Depreciation is calculated using the straight line method.  For all fixed assets, with the exception of leasehold improvements, this is calculated at 25% per annum and a full year of depreciation is charged in the year of acquisition. For all fixed assets held at June 30, 2002, with the exception of leasehold improvements, the useful lives were shortened to a period of 2 years ended June 30, 2004. The depreciation charge for the 3 months to March 31, 2003 reflects this change in estimate.

For leasehold improvements, depreciation is calculated on a straight line basis over the term of the lease, being the shorter of the lease term and the useful life of the assets. The total depreciation charge for the periods ending March 31, 2003 and March 31, 2002 was $15,725 and $13,268 respectively.

(b)   Intangible 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. No amortization is provided on capitalized patent costs until such time as the patent has been granted. To date no patents have been granted, hence no amortization costs have been recorded during the three months ended March 31, 2003 and 2002.  Additions to patent costs of $12,334 were made in the three months ended March 31, 2003.  There were no disposals of patents during either period.

(c)   Long-lived assets

Long-lived assets, such as furniture, machinery and equipment and intangible assets such as patents are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of these assets.  When any such impairment exists, the related assets will be written down to fair value.

(d)   Revenue recognition

Revenues will be recognised in accordance with the principles of SAB101 when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable and collectibility is reasonably assured.  As of March 31, 2003 no revenue had been generated by the Company.

(e)   Foreign currency translation and transactions

The functional currency of the Company is the UK pound sterling and the reporting currency is the US Dollar. 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.



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Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction.  Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the statement of operations.

(f)   Use of Estimates

In preparing the financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and revenues and expenses during the reported period.  Actual results could differ from these estimates.

(g)   Research and development

All research and development expenditures have been incurred internally and are expensed as incurred.  Within operating costs are amounts relating to internal research and development, which can be analyzed as follows:



|                                  | Three months ended
March  31, 2003
(unaudited) | Three months ended March 31, 2002 (unaudited) | Period from January 14, 2000 (inception) to March 31, 2003 (unaudited)
|--------------------------------- | ---------------------------------------------- | --------------------------------------------- | ----------------------------------------------------------------------
|Rent                              | $                                              | 11,279                                        | $                                                                     
|Payroll                           |                                                | 4,781                                         |                                                                       
|Consultancy                       |                                                | 2,603                                         |                                                                       
|Laboratory supplies & maintenance |                                                | --                                            |                                                                       
|Recruitment expenses              |                                                | --                                            |                                                                       
|General                           |                                                | 3,131                                         |                                                                       
|Research Books                    |                                                | --                                            |                                                                       
|                                  | $                                              | 21,794                                        | $                                                                     

(h)   Going concern

The accompanying financial statements have been prepared assuming the company will continue as a going concern.  As shown in the accompanying financial statements, the Company has generated no revenues since  inception.  The company recorded losses of $68,415 and $274,811 for the periods ended March 31, 2003 and March 31, 2002 respectively and has an accumulated deficit of $2,278,167 and $2,209,752 at March 31, 2003 and December 31, 2002, respectively.  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 the ability of the Company to raise additional capital in the future.  The Company, being a development stage enterprise, is currently undertaking research that 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 relating to the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  Management are fully aware of the risks relating to going concern, as identified above. Mr C Harlingten has stated that he has no current intention of withdrawing his financial support from the Company.



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(i)   Stock-based Compensation

The Company applies APB Opinion No. 25 and related Interpretations in accounting for stock options issued to employees.  Accordingly, no compensation cost has been recognized in respect of these stock options.  For these options, the Company has adopted the disclosure only provisions of SFAS No. 123, "Accounting for Stock-Based Compensation" and SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure", which was released in December 2002 as an amendment to SFAS No. 123.

The Company applies the recognition provisions of SFAS No. 123, "Accounting for Stock-Based Compensation", in accounting for stock options issued to non employees.  The Company has issued non forfeitable stock options to non employees in exchange for consulting services rendered.

The following table illustrates the effect on net loss and earnings per share if the fair value based method had been applied to all awards:



|                                                  | Three months ended March 31, 2003 (unaudited) | Three months ended March 31, 2002 (unaudited)
|------------------------------------------------- | --------------------------------------------- | ---------------------------------------------
|Reported net loss                                 | $                                             | (68,415)                                     
|Stock-based employee compensation expense         |                                               |                                              
|included in reported net loss, net of related tax |                                               |                                              
|effects                                           |                                               | -                                            
|Stock-based employee compensation determined      |                                               |                                              
|under the fair value based method, net of related |                                               |                                              
|tax effects                                       |                                               | 3,844                                        
|Pro forma net loss                                | $                                             | (64,571)                                     
|Loss per share (basic and diluted)                |                                               |                                              
|As reported                                       | $                                             | (0.002)                                      
|Pro forma                                         | $                                             | (0.002)                                      

3   Research and development tax credit receivable

Regma Bio Technologies Limited  operates its trade from a permanent base in the UK. As a result, the Company is able to claim a research and development tax credit . The tax credit receivable for the period from January 1, 2003 to March 31, 2003 is $322 and has been recognized in the statement of operations.

4   Related party transactions and convertible debt

Mr C Harlingten, Chairman of the Company has made advances to the Company in the form of loans, of which the balance owed to Mr Harlingten at March 31, 2003 was $544,345.  The loans are interest free and without any fixed repayment date, based on a verbal agreement between the parties.



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In addition, on July 23, 2002, the Company issued $300,000 of convertible debt to the Company's Chairman, Mr C Harlingten.  The convertible debt bears interest at 8% per annum and is payable on demand of the holder.  Accordingly, this debt has been included as a current liability.  The debt is convertible into common stock at $0.25 per share for a total of 1,200,000 shares.  In connection with the debt, Mr C Harlingten was granted warrants to purchase 1,200,000 shares of common stock at an exercise price of $0.35 per share.  The warrants have a life of two years.

5   Contingent liabilities

In connection with the liquidation of THRIP Ltd on May 7, 2002, there remains ongoing investigations by the liquidators into the affairs of THRIP Ltd.  The directors are unable to quantify any additional amounts which may become payable as a result of the aforementioned investigations. All amounts recognized as payable to THRIP Ltd in the financial statements for the year ending December 31, 2002 and at March 31, 2003 are in dispute and the Company intends to defend vigorously any claims against Regma by the liquidators of THRIP Ltd for these liabilities.  The directors are of the opinion that the likelihood of any additional amounts becoming payable to THRIP Ltd is remote.

6   Stock options

The Company operates a non qualified stock option plan under which options are granted to consultants, officers and employees of the Company.  Under this stock option plan, 7,500,000 options are available for grant.  In total, 3,210,000 stock options have been granted to consultants, officers and employees of the company.  All of these options have an exercise price of $1.01.  1,100,000 options were granted on July 1, 2002 and became exercisable immediately.  Of these, 100,000 were granted to a consultant and 1,000,000 to Mr C Harlingten, an officer and employee.  All other granted options vest on a straight line basis over a three-year period on a quarterly basis, as follows:



|Number of options | Date on which first options vest | Date on which last options vest | Number of options vesting each quarter
|----------------- | -------------------------------- | ------------------------------- | --------------------------------------
|                  |                                  |                                 |                                       
|500,000           | September 1, 2002                | August 31, 2003                 | 54,167                                
|250,000           | August 1, 2002                   | October 31, 2003                | 20,750                                
|500,000           | August 1, 2002                   | December 31, 2003               | 41500                                 
|200,000           | August 1, 2002                   | March 31, 2004                  | 16600                                 
|50,000            | July 1, 2002                     | June 30, 2004                   | 4200                                  
|110,000           | August 1, 2002                   | October 31, 2004                | 13200                                 
|500,000           | August 1, 2002                   | April 30, 2005                  | 41,500                                

3,050,000 stock options have been granted to employees of the Company, with the remaining 160,000 to non-employees.  Options to employees are accounted for under APB Opinion No. 25.



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6   Stock options (continued)

As the exercise price of the options was equal to the market price at the date of grant, there is no impact on the statement of operations as a result of granting these options.  All stock options have an exercise price of $1.01.  No options were exercised and no options lapsed in the period from the date of grant to March 31, 2003.

The Company applies the provisions of SFAS No 123 "Accounting for Stock-Based Compensation", in accounting for stock options issued to non-employees.  The Company has issued 160,000 stock options in exchange for consulting services rendered.  The value of these options has been determined using a Black Scholes option pricing model, at $xxx.  All consultancy arrangements have been fulfilled by the consultants and as a result, the full value of these options has been expensed to the statement of operations.

The parameters used in the calculation of the fair value using the Black Scholes Model were as follows:



|Risk free interest rate | 3.84% | Expected life       | 5 years
|----------------------- | ----- | ------------------- | -------
|Expected dividend yield | 0.0%  | Expected volatility | 80%    

7   Loss per Share calculation

The stock options were not included in the calculation of earnings per share because their affect would be antidilutive. The total number of stock options granted is 3,210,000. There are an additional 1,200,000 shares that could be realized from the convertible loan (see note 4) and a 2 year warrant for a further 1,200,000 shares.

8   Segment Reporting

The company has adopted SFAS No 131 "Disclosures About Segments of an Enterprise and Related Information".

The company has only one segment, based geographically in the UK and engaged in scientific research and development in the field of biotechnology.  All information presented in these financial statements relates to this one segment.

9   Contractual commitments

The company leases facilities under operating leases. The Company's commitments under the non-cancellable portion of all operating leases for the next five years and thereafter as of March 31, 2003 are as follows:



|2003 | $ | 53,435
|---- | - | ------
|2004 |   | 25,000
|     | $ | 78,435



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ITEM 2.   MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

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

Regma was founded in January 2000, under the laws of England and Wales.  On November 2, 2001, Regma entered into an acquisition agreement ("the Agreement) with L.C.M. Equity, Inc. ("L.C.M.", a Nevada Corporation).  It was agreed that L.C.M. would issue to the owner of Regma 25,000,000 shares of common stock of L.C.M. in exchange for 100% of the registered and fully paid up capital of Regma.  The closing date of the Agreement was November 5, 2001 and resulted in the former owner of Regma holding a majority interest in the combined entity.

The acquisition 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 data prior to the acquisition have been restated to reflect the stock issuance as a recapitalization of Regma.  The year-end of the registrant was changed to December 31.

On February 1, 2002, L.C.M. Equity, Inc. changed its name to Regma Bio Technologies Limited ("the Company").  From this date, both the parent company in the USA, and the UK subsidiary company were called Regma Bio Technologies Limited.  On April 16, 2002, the UK subsidiary 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, as discussed in more detail below.  The trade and assets of THRIP Ltd were transferred to Regma prior to the liquidation, in order that the trade of the group could be continued as normal and without interruption.  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.	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 has no expected purchases or sales of significant equipment in the foreseeable future.

Liquidation of THRIP Ltd

In connection with the liquidation of THRIP Ltd on May 7, 2002, there remains ongoing investigations by the liquidators into the affairs of THRIP Ltd.  The directors are unable to quantify any additional amounts which may become payable as a result of the aforementioned investigations. All amounts recognized as payable to THRIP Ltd in the financial statements for the year ending December 31, 2002 and at March 31, 2003 are in dispute and the Company intends to defend vigorously any claims against Regma by the liquidators of THRIP Ltd for these liabilities.  The directors are of the opinion that the likelihood of any additional amounts becoming payable to THRIP Ltd is remote.



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Taxation

Regma Bio Technologies Limited  operates its trade from a permanent base in the UK. As a result, the Company is able to claim a research and development tax credit . The tax credit receivable for the period from January 1, 2003 to March 31, 2003 is $322 and has been recognized in the statement of operations.

Cash Requirements

The Company has inadequate cash to maintain operations during the next twelve months.  For the twelve-month period subsequent to March 31, 2003, the Company anticipates that its minimum cash requirements to continue as a going concern will be $900,000.  This is to cover salaries of the employees and officers of the Company, including payments to consultants, 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 financing.  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 any agreements with, 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 loss of $68,415 and $274,811 for the three months ending March 31, 2003 and March 31, 2002 respectively, and has an accumulated deficit of $2,278,167 and $2,209,752 at March 31, 2003 and December 31, 2002 respectively.  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 and development 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.

Related Party Loans and Convertible Debt

Mr C Harlingten, Chairman of the Company has made advances to the Company in the form of loans, of which the balance owed to Mr Harlingten at March 31, 2003 was $544,345.  The loans are interest free and without any fixed repayment date, based on a verbal agreement between the parties.

In addition, on July 23, 2002, the Company issued $300,000 of convertible debt to the Company's Chairman, Mr C Harlingten.  The convertible debt bears interest at 8% per annum and is payable on demand of the holder.  Accordingly, this debt has been included as a current liability.  The debt is convertible into common stock at $0.25 per share for a total of 1,200,000 shares.  In connection with the debt, Mr C Harlingten was granted warrants to purchase 1,200,000 shares of common stock at an exercise price of $0.35 per share.  The warrants have a life of two years.



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Employees

On March 31, 2003, the Company had only one employee, functioning as a research scientist.  The services of the other 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 former scientists.  There is one contract in place for administration staff.

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 Plan 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 Consolidated Financial Statements in Item 7 of the Annual Report on Form 10-KSB as of December 31, 2002. The 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.

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction.  Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the statements of operations.

2)     Research and development expenditure.

All research and development expenditures have been incurred internally and are expensed to the statement of operations as incurred.

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. No amortization is provided on capitalized patent costs until such time as the patent has been granted.



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Stock options

The Company operates a non qualified stock option plan under which options are granted to consultants, officers and employees of the Company.  Under this stock option plan, 7,500,000 options are available for grant.  In total, 3,210,000 stock options have been granted to consultants, officers and employees of the company.  All of these options have an exercise price of $1.01.  1,100,000 options were granted on July 1, 2002 and became exercisable immediately.  Of these, 100,000 were granted to a consultant and 1,000,000 to Mr C Harlingten, an officer and employee.  All other granted options vest on a straight line basis over a three-year period on a quarterly basis, as follows:



|Number of options | Date on which first options vest | Date on which last options vest | Number of options vesting each quarter
|----------------- | -------------------------------- | ------------------------------- | --------------------------------------
|500,000           | September 1, 2002                | August 31, 2003                 | 54,167                                
|250,000           | August 1, 2002                   | October 31, 2003                | 20,750                                
|500,000           | August 1, 2002                   | December 31, 2003               | 41,500                                
|200,000           | August 1, 2002                   | March 31, 2004                  | 16,600                                
|50,000            | July 1, 2002                     | June 30, 2004                   | 4,200                                 
|110,000           | August 1, 2002                   | October 31, 2004                | 13,200                                
|500,000           | August 1, 2002                   | April 30, 2005                  | 41,500                                

3,050,000 stock options have been granted to employees of the Company, with the remaining 160,000 to non-employees.  Options to employees are accounted for under APB Opinion No. 25.

As the exercise price of the options was equal to the market price at the date of grant, there is no impact on the income statement as a result of granting these options.  All stock options have an exercise price of $1.01.  No options were exercised and no options lapsed in the period from the date of grant to March 31, 2003.

The Company applies the provisions of SFAS No 123 "Accounting for Stock-Based Compensation", in accounting for stock options issued to non-employees.  The Company has issued 160,000 stock options in exchange for consulting services rendered.  The value of these options has been determined using a Black Scholes option pricing model, at $xxx.  All consultancy arrangements have been fulfilled by the consultants and as a result, the full value of these options has been expensed to the income statement.

The parameters used in the calculation of the fair value using the Black Scholes Model were as follows:

|Risk free interest rate | 3.84% |  | Expected life       | 5 years
|----------------------- | ----- |  | ------------------- | -------
|Expected dividend yield | 0.0%  |  | Expected volatility | 80%    



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Contractual commitments

The Company leases facilities under operating leases.  The Company's commitments under the non-cancellable portion of all operating leases for the next five years and thereafter as of December 31, 2002 are as follows:



|2003 | $ | 53,435
|---- | - | ------
|2004 |   | 25,000
|     | $ | 78,435

ITEM 3.  CONTROLS AND PROCEDURES

Within the 90 days prior to the date of 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 pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic SEC filings.  There have been no significant changes in the Company's internal controls or in other factors that could significantly affect the Company's controls subsequent to the date of that evaluation, and no corrective actions with regard to significant deficiencies and material weaknesses.















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PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

The Company knows of no litigation present, threatened or contemplated or unsatisfied judgement 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.

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 March 31, 2003.

ITEM 5.     OTHER INFORMATION
None

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

There were no reports on form 8-K filed in the three months ended 31 March 2003.











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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  13th day of  May, 2003.

| | REGMA BIO TECHNOLOGIES LIMITED
the "Registrant"
| | -----------------------------------------------
| | BY:                                            

| | BY: | /s/ Graham R. Hughes
Graham R. Hughes, Secretary/Treasurer, Chief Financial Officer and a member of the Board of Directors
| | --- | --------------------------------------------------------------------------------------------------------------------------



















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|Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|-----------------------------------------------------------------------

I, David Rooke, certify that:

| | 1. | I have reviewed this quarterly report on Form 10-QSB of Regma Bio Technologies Limited;
| | -- | ---------------------------------------------------------------------------------------

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

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

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



| | (a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



| | (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------



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



|Dated: May 13, 2003
/s/ David Rooke
David Rooke, CEO
|----------------------------------------------------



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|Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Graham Hughes, certify that:
|-------------------------------------------------------------------------------------------------------



| | 1. | I have reviewed this quarterly report on Form 10-QSB of Regma Bio Technologies Limited;
| | -- | ---------------------------------------------------------------------------------------



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



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



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



| | (a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------



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



|Dated: May 13, 2003
/s/ Graham Hughes
Graham Hughes, CFO
|--------------------------------------------------------



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CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of  Regma Bio Technologies Limited ( the "Company" ) on Form 10-QSB for the period ending March 31, 2003 as filed with the Securities and Exchange Commission ( the "Report" ), I , Dr. David D. Rooke, President, Chief Executive officer of the Company and a member of the Board of Directors, certify, pursuant to s.906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

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

2. 	The information contained in the Report fairly represents, the financial condition and result of operations of the Company.

/s/ Dr. David J. Rooke
Dr. David J. Rooke
Chief Executive Officer
May 13, 2003

A signed original of the written statement required by Section 906 has been provided to Regma Bio Technologies Limited and will be retained by Regma Bio Technologies Limited and furnished to the Securities and Exchange Commission or its staff upon request.

















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CERTIFICATION PURSUANT TO 
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of  Regma Bio Technologies Limited ( the "Company" ) on Form 10-QSB for the period ending March 31, 2003 as filed with the Securities and Exchange Commission ( the "Report" ), I , Graham R. Hughes, Chief Financial officer of the Company, certify, pursuant to s.906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that:

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

2.	The information contained in the Report fairly represents, the financial condition and result of operations of the Company.

/s/ Graham R. Hughes
Graham R Hughes
Chief Financial Officer
May 13, 2003

A signed original of the written statement required by Section 906 has been provided to Regma Bio Technologies Limited and will be retained by Regma Bio Technologies Limited and furnished to the Securities and Exchange Commission or its staff upon request.

















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