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

                                  FORM 10-QSB

               Quarterly Report pursuant to Section 13 or 15(d)
                   of the Securities Exchange Act of 1934

                     For the period ended: May 31, 2001

                         Commission File No. 0-26057

                         GREATBIO TECHNOLOGIES, INC.
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

                 Nevada                                        82-0507874
     ---------------------------------                     ------------------
     (State or other jurisdiction of                        (I.R.S. Employer
      incorporation or organization                         Identification No.)


    150 Lucius Gordon Drive,  Suite 203
         West Henrietta, New York                                 14586
    ---------------------------------                           ---------
 (Address of principal executive offices)                      (Zip code)



                                 (716) 214-2441
                            -----------------------
                           Issuer's telephone number

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.

                              [ X ] Yes    [   ] No

As of May 31, 2001, the Company had 25,565,532 shares of common stock
outstanding.

Title of Class

Common



                                   INDEX
                                                                  Page
                                                                  Number

PART I.   FINANCIAL INFORMATION

ITEM I.   Financial Statements

  Consolidated Balance Sheets, May 31, 2001 (Unaudited)
   and February 28, 2001                                               3

  Consolidated Statements of Operations, Three Months Ended
   May 31 2001 and 2000(Unaudited) and from August 1, 1968
   (Date of Inception) through May 31, 2001  (Unaudited)               4

  Consolidated Statements of Cash Flows, Three Months ended
   May 31, 2001 and 2000 (Unaudited) and from August 1, 1968
   (Date of Inception) through May 31, 2001 (Unaudited)                5

  Notes to Consolidated Financial Statements                           6

ITEM 2.  Plan of Operation                                             7

PART II. OTHER INFORMATION

ITEM 1.  Index to Exhibits
         a.     Reports on Form 8-K                                    8
         b.     Signatures                                             8



PART I.   FINANCIAL INFORMATION

ITEM I.   Financial Statements
<PAGE>

<TABLE>
                                 GREATBIO TECHNOLOGIES, INC. AND SUBSIDIARIES
                                                (A DEVELOPMENT STAGE COMPANY)

                                                  CONSOLIDATED BALANCE SHEETS


                                             May 31, 2001    February 28, 2001
                                              (Unaudited)
                                             ------------    -----------------
ASSETS

<S>                                           <C>                  <C>
Current assets - cash and cash equivalents     $ 10,549             $172,092

Fixed Asset - at cost, net                        4,583                4,833

Other Assets:
  Intellectual property rights                  110,000              110,000
  Deferred private equity placement costs        75,000               56,827
  Deferred tax asset, net of valuation allowance
    of $201,000 and $115,000 respectively            -                    -
                                              ----------           ----------

    Total Assets                               $200,132             $343,752
                                              ==========           ==========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current Liabilities:
  Accounts payable and accrued expenses        $163,870             $110,856
  Due to related parties                        210,698              170,136
                                              ----------           ----------

    Total current liabilities                   374,568              280,992

Long-term obligation - payable to related
  party, less unamortized discount of
  $46,500 and $62,000 respectively, based
  on imputed interest rate of 12.48%            453,500              438,000
                                              ----------           ----------

 Stockholders' Deficiency:
  Common stock - $.005 par value; authorized
   60,000,000 shares, issued and outstanding
   25,565,532 shares                            127,828              127,828
  Additional paid-in capital                    325,920              325,920
  Deficit accumulated during the
   development stage                         (1,081,685)            (828,988)
                                              ----------           ----------

    Stockholders' deficiency                   (627,937)            (375,240)
                                              ----------           ----------

    Total Liabilities and Stockholders'
     Deficiency                                $200,132             $343,752
                                              ==========           ==========

</TABLE>


                               See Notes to Consolidated Financial Statements
<PAGE>

                                 GREATBIO TECHNOLOGIES, INC. AND SUBSIDIARIES
                                                (A DEVELOPMENT STAGE COMPANY)

                                        CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>

                                                                              Period from
                                                                          August 1, 1968
                                        Three Months    Three Months            (Date of
                                        Ended May 31,   Ended May 31,   Inception) to May
                                                2001            2000             31, 2001
                                        ------------    ------------    -----------------
<S>                                     <C>             <C>             <C>
General and administrative expenses:
  Salaries and related                      $ 73,873       $      -              $133,734
  Research and development                   125,099              -               238,243
  Professional fees                           13,658           2,000               52,343
  Write-down of intellectual property rights      -               -               490,000
  Other                                       22,391              -                48,951
                                           ----------      ----------          ----------

Operating loss                              (235,021)         (2,000)           (963,271)

Interest expense                             (18,713)             -              (31,713)

Interest income                                1,037              -                2,656
                                           ----------      ----------          ----------

Loss from continuing operations             (252,697)         (2,000)           (992,328)

Loss from discontinued operations                 -               -              (89,357)
                                           ----------      ----------          ----------

Net loss                                   $(252,697)        $(2,000)        $(1,081,685)
                                            =========      ==========          ==========
Loss per common share                      $    (.01)        $    -
                                           ==========      ==========

Weighted average shares outstanding        25,565,532       9,166,887
                                           ==========      ==========

</TABLE>
                                See Notes to Consolidated Financial Statements
<PAGE>
<TABLE>
                                 GREATBIO TECHNOLOGIES, INC. AND SUBSIDIARIES
                                                (A DEVELOPMENT STAGE COMPANY)

                                        CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                              Period from
                                                                          August 1, 1968
                                        Three Months    Three Months            (Date of
                                        Ended May 31,   Ended May 31,   Inception) to May
                                                2001            2000             31, 2001
                                        ------------    ------------    -----------------
<S>                                     <C>             <C>             <C>
Cash flows from operating activities:
  Net loss                                 $(252,697)      $  (2,000)        $(1,081,686)
  Adjustments to reconcile net loss to
    net cash provided by operating activities:
  Depreciation                                  250               -                  417
  Write-down of intellectual property rights     -                -              490,000
  Amortization of discount on payable to
    related party                            15,500               -               28,500
  Issuance of common stock for services
    rendered                                     -                -              101,108
  Expenses paid by stockholder                   -                -                2,640
  Changes in operating assets and liabilities:
      Increase in accounts payable and accrued
       expenses                              34,842             2,000            132,367
      Increase in due to related parties     40,562                -             167,203
                                          ----------        ----------         ----------
      Net cash provided by operating
        activities                         (161,543)               -            (159,451)
                                          ----------        ----------         ----------

Net cash used in investing activities-
  purchases of fixed assets                      -                 -              (5,000)
                                          ----------        ----------         ----------

Net cash provided by financing activities-
  proceeds from issuance of capital stock        -                 -              175,000
                                          ----------        ----------         ----------

Net increase (decrease) in cash and
  cash equivalents                         (161,543)               -               10,549

Cash and cash equivalents at beginning
  of period                                 172,092                -                   -
                                          ----------        ----------         ----------

Cash and cash equivalents at end of
  period                                  $ 10,549          $      -            $  10,549
                                          ==========        ==========         ==========

Supplemental schedule of noncash investing and financing activities:

  Intellectual property acquired through
    issuance of common stock and assumption
    of related party payable              $      -          $      -             $175,000
                                          ==========        ==========         ==========

  Acquisition of intellectual property    $      -          $      -             $425,000
                                          ==========        ==========         ==========
</TABLE>
                                See Notes to Consolidated Financial Statements
<PAGE>

                                 GREATBIO TECHNOLOGIES, INC. AND SUBSIDIARIES
                                                (A DEVELOPMENT STAGE COMPANY)

                                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                                                May 31, 2001


INTERIM FINANCIAL STATEMENTS:

The consolidated financial statements as of May 31, 2001 and for the three
months ended May 31, 2001 and 2000 are unaudited.  However, in the opinion of
managment of the Company, these financial statements reflect all adjustments,
consisting solely of normal recurring adjustments, necessary to present fairly
the financial position and results of operations for such interim periods.
The results of  operations for the interim periods presented are not
necessarily indicative of the results to be obtained for a full year.


PRINCIPAL BUSINESS ACTIVITIES:

The consolidated financial statements include the accounts of GreatBio
Technologies, Inc. and its wholly owned subsidiaries, LTR Antisense
Technology, Inc., MRIC Drug Delivery Systems, LLC (collectively referred to as
the "Company").  All significant intercompany accounts and transactions have
been eliminated in consolidation.

The Company is in the development stage and is expected to remain so for at
least the next twelve months.  The Company was formed in 1968 and obtained
certain mining claims and rights.  Those rights were subsequently abandoned
and the Company has conducted no business since 1993.

The Company has not generated any revenue to date.  The Company's ability
to continue in business is dependent upon obtaining sufficient financing or
attaining future profitable operations.

On December 1, 2000 the Company amended its Articles of Incorporation to
change its name from Idaho Technical, Inc. to GreatBio Technologies, Inc.
and entered into an Exchange Agreement with Biophan, LLC and Antisense as more
fully described below.

In accordance with the terms of an Exchange Agreement ("the Agreement") dated
December 1, 2000 (as amended), the Company acquired from Biophan, LLC
("Biophan") all of the issued and outstanding common stock of its wholly-owned
subsidiary, LTR Antisense Technology, Inc. in exchange for 10,759,101 shares
of authorized but previously unissued common stock, par value $.005.


Additionally, on December 1, 2000, in exchange for cash consideration of
$175,000, the Company issued and delivered to certain parties, an additional
10,759,101 shares of authorized but previously unissued common stock, par
value $.005.

Also on December 1, 2000, the Company acquired certain intellectual property
rights relating to the magnetic resonance imaging (MRI) technology from
Biophan for the future consideration of $500,000.  The transfer was
consummated pursuant to and in accordance with the Transfer Agreement
(as amended), dated December 1, 2000 between the Company and Biophan.

Upon securing the necessary funding, the principal business activity of the
Company will be research and development of patent rights in two primary
areas: (1) an MRI compatible implantable cardiac pacemaker and (2) the use
of antisense technology to block the HIV virus.


GOING CONCERN:

The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business.  The Company has not established revenues sufficient to cover its
operating costs which raises substantial doubt regarding its ability to
continue as a going concern.  In the interim, management is committed to
covering all operating and other costs.
<PAGE>

DEFERRED PRIVATE EQUITY PLACEMENT COSTS:

In connection with a proposed private equity placement, the Company has
incurred costs aggregating $75,000 as of May 31, 2001.  These costs will
be netted against the expected proceeds from the private placement.


SUBSEQUENT EVENTS:

In June 2001, the Company entered into bridge loan agreements providing
gross proceeds of $986,500.  Loans of $400,000 from one lender provide for
a maturity date of December 15, 2001 and interest payable by issuance of
100,000 shares of Company stock on the due date.  As additional
consideration, the noteholder  receives 100,000 shares of stock and warrants
to purchase an additional  100,000 shares at $1.00 per share.  The
noteholder has the right to convert the principal amounts into stock at
$.75 per share at any time prior to maturity.   The Company also received a
series of bridge loans aggregating $586,500 upon the same proportionate
terms as above except that, among other things, the loans are for a term
of three months.


ITEM 2. PLAN OF OPERATION

The following information should be read in conjunction with the consolidated
financial statements and notes thereto appearing elsewhere in this Form
10-QSB.  This Quarterly Report on Form 10-QSB contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.  Actual events or results
may differ materially from those projected in the forward-looking statements
as a result of a number of factors including those identified herein and in
the Company's Annual report on Form 10-KSB and other periodic reports and
filings with the SEC.

Overview

The Company continues in the development stage of its operations and is
expected to be in that mode for the foreseeable future.  The Company's current
mission is to develop and commercially exploit potentially significant
technologies in the following areas:

 *  The use of new proprietary technology to prevent implantable cardiac
    pacemakers and other critical and life sustaining medical devices from
    being affected by magnetic resonance imaging (MRI) and other equipment
    that uses magnetic fields, radio waves and similar forms of
    electromagnetic interference.

 *  The use of proprietary antisense gene therapy technology to inhibit the
    spread of human immunodeficiency virus (HIV-1) infection in conjunction
    with the use of lentiviral  vectors.

The Company is in the early stages of development of these two technologies.

Results of Operations

    During the quarter ended May 31, 2000, the Company was inactive, earned no
revenues and incurred expenses of $2,000 in connection with filing all
required periodic reports under the Securities Exchange Act of 1934.  On
December 1, 2000, the Company entered into agreements for the acquisition of
the MRI resistant cardiac pacemaker technology, the antisense gene therapy
technology and a subsidiary corporation and embarked on a new program for
development and eventual commercial exploitation of such technologies.  The
Company remained in the development stage from that time through the quarter
ended May 31, 2001, earning no revenues except interest income. During the
quarter ended May 31, 2001, the Company pursued the development of it's
proprietary technology, incurring research and development expenses of
$125,099 and other general and administrative expenses of $109,922 plus
interest expense of $18,713. The net loss for the current quarter amounted to
$252,697.

Liquidity and Capital Resources

    On December 1, 2000, in exchange for common stock, the Company received
cash of $175,000 to assist in financing initial administrative costs in
connection with re-forming the Company as a research and development
enterprise and to continue the prosecution of proprietary technology.  In
addition, financing was provided by Biophan, LLC and another related party
paying costs and expenses such as payroll, office expenses and attorney fees.
Through May 31, 2001, the related parties had advanced a total of $327,985 of
such expenses and Biophan was repaid $120,500, leaving a combined balance due
of $206,698 including accrued interest of $3,213.
<PAGE>
    In order to obtain sufficient cash for its next twelve months of
operations and beyond, in June 2001 the Company negotiated bridge loans that
will provide $986,500 in funding, expected to be received in the second
quarter.  Generally, the loans have maturities of three to six months and
interest is payable by issuance of Company common shares and warrants. The
Company is also currently seeking to obtain equity financing through a private
placement offering that is planned to raise a maximum of $3,000,000.  The
proceeds will be applied to reimbursement of expenses paid on the Company's
behalf by related parties, to funding of the CRADA  project, to repayment of
the bridge loans, and to ongoing research and development of the proprietary
technology.  Both of these funding sources will enable the Company to pursue
research and development of it's current proprietary technologies.

    Currently, the Company does not have a need for material capital
expenditures in the conduct of its research and development activities.




PART II.  OTHER INFORMATION

Item     1.     Exhibits and reports on Form 8-K

           a.     Reports on Form 8-K
           b.     Signatures



*   (a)  The Company filed a Form 8-K on May 7, 2001 listing Item 4 (change in
registrant's certifying accountants).


*    Exhibits so marked have heretofore been filed with the Securities and
Exchange Commission as part of the filing indicated and are incorporated
herein by reference.




     (b)  Signatures

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

GREATBIO TECHNOLOGIES,  INC.
(Registrant)

Date:  July 16, 2001


                    By: /s/ Michael L. Weiner
                    ------------------------------
                    Name:  Michael L. Weiner,
                    Title:  Chief Executive Officer


                    By: \s\ Robert J. Wood
                    ------------------------------
                    Name:  Robert J. Wood
                    Title:  Vice President and Treasurer


                    By: \s\ David A. Miller
                    ------------------------------
                    Name:  David A. Miller
                    Title:  Secretary