UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB


           [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

                           Commission file No. 0-30641

                          L.A.M. PHARMACEUTICAL, CORP.
             (Exact name of registrant as specified in its charter)

              Delaware                              52-2278236
        -------------------                --------------------------
     (State of incorporation)        (I.R.S. Employer Identification Number)


                            800 Sheppard Avenue West,
                                Commercial Unit 1
                        Toronto, Ontario, Canada M3H 6B4
               (Address of principal executive offices) (Zip Code)


                                 (877) 526-7717
              (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 proceeding 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 [ ]


As of May 12, 2003, the Company had 29,583,146 issued and outstanding shares of
common stock.


<PAGE>




                          L.A.M. PHARMACEUTICAL, CORP.

                            (A DELAWARE CORPORATION)
                               Lewiston, New York

                      -------------------------------------
                                FINANCIAL REPORTS
                                       AT
                                 March 31, 2003
                      -------------------------------------


<PAGE>





L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York


TABLE OF CONTENTS
-----------------------------------------------------------------------------


Independent Accountants' Report on Interim Financial Information       F-2

Balance Sheets at March 31, 2003 (Unaudited) and December 31, 2002     F-3

Statements of Changes in Stockholders' Equity (Deficit) for the
Three Months Ended March 31, 2003 and 2002 (Unaudited)                 F-4

Statements of Operations for the Three Months Ended March 31, 2003
and 2002 (Unaudited)                                                   F-5

Statements of Cash Flows for the Three Months Ended March 31, 2003
and 2002 (Unaudited)                                               F-6 to F-7

Notes to Financial Statements                                      F-8 to F-9



<PAGE>

                         INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors and Stockholders
L.A.M. Pharmaceutical, Corp.
 (A Delaware Corporation)
Lewiston, New York

      We have reviewed the accompanying balance sheet of L.A.M. Pharmaceutical,
Corp. as of March 31, 2003, and the related statements of changes in
stockholders' equity (deficit), operations, and cash flows for the three months
ended March 31, 2003 and 2002. These financial statements are the responsibility
of the Company's management.

      We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and of making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

      Based on our review, we are not aware of any material modifications that
should be made to such financial statements for them to be in conformity with
accounting principles generally accepted in the United States of America.

      We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the balance sheet of L.A.M.
Pharmaceutical, Corp. as of December 31, 2002 (presented herein), and the
related statements of changes in stockholders' equity (deficit) (presented
herein), operations, and cash flows (not presented herein) for the year then
ended; and in our report dated February 27, 2003, except for Note O, as to which
the date is March 27, 2003, we expressed an unqualified opinion on those
financial statements. In our opinion, the information set forth in the
accompanying balance sheet as of December 31, 2002 and the related statement of
stockholders' equity (deficit) for the year then ended is fairly stated, in all
material respects. No auditing procedures have been performed subsequent to the
date of our report.



/s/ Rotenberg & Co., LLP

Rotenberg & Co., LLP
Rochester, New York
  May  6, 2003

<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

BALANCE SHEETS
--------------------------------------------------------------------------------

                                                       (Unaudited)
                                                         March 31,  December 31,
                                                           2003        2002
--------------------------------------------------------------------------------
ASSETS

Current Assets
Cash and Cash Equivalents                               $  117,992   $  210,214
Accounts Receivable                                          9,577       13,643
Inventory                                                  533,615      550,085
Prepaid Expenses                                             9,731        6,686
--------------------------------------------------------------------------------
Total Current Assets                                       670,915      780,628

Property and Equipment - Net of Accumulated Depreciation   119,288      124,958

Other Assets
Patents and Trademarks - Net of Accumulated Amortization   564,042      546,631
--------------------------------------------------------------------------------
Total Assets                                            $1,354,245   $1,452,217
--------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities
Accounts Payable and Accrued Expenses                   $  997,470   $  866,164
Due to Stockholders - due within one year                  139,390            -
Accrued Arbitration Settlement                             600,000            -
Convertible Notes                                          160,400      671,000
--------------------------------------------------------------------------------
Total Current Liabilities                                1,897,260    1,537,164

Other Liabilities
Due to Stockholders - due after one year                   164,037      164,037
Deferred Royalty Revenue                                   207,360      207,360
--------------------------------------------------------------------------------
Total Liabilities                                        2,268,657    1,908,561
--------------------------------------------------------------------------------
Stockholders' Equity (Deficit)
Common Stock - $.0001 Par; 50,000,000 Shares Authorized;
               29,583,146 and 27,511,412 Shares
               Issued and Outstanding, Respectively          2,958        2,751
Additional Paid-In Capital                              24,513,619   24,054,187
Deficit Accumulated During Development Stage           (25,430,989) (24,513,282)
--------------------------------------------------------------------------------
Total Stockholders' Deficit                               (914,412)    (456,344)
--------------------------------------------------------------------------------

Total Liabilities and Stockholders' Deficit             $1,354,245   $1,452,217
--------------------------------------------------------------------------------



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

<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>

<S>                                              <C>          <C>        <C>           <C>            <C>          <C>


----------------------------------------------------------------------------------------------------------------------------
                                                                                                     Deficit
                                                                                                   Accumulated    Total
                                                                      Additional       Loan          During    Stockholders'
                                                Number       Common    Paid-In      Receivable -   Development    Equity
                                              of Shares      Stock     Capital    Director/Officer    Stage      (Deficit)
----------------------------------------------------------------------------------------------------------------------------

Balance - December 31, 2001                  19,784,520      $1,978   $17,964,009   $ (640,000) $(18,214,065)  $ (888,078)

Capital Contribution - Interest Expense              --          --        10,070           --            --       10,070
Stock Options Granted -
  Compensation for Services Rendered                 --          --       948,600           --            --       948,600
Stock Options Exercised                       2,055,000         206     1,191,744           --            --     1,191,950
Sale of Shares Under the Equity Line of
Credit Agreement                                143,185          14        91,986           --            --        92,000
Receivable on Option Exercise                        --          --      (104,000)          --            --      (104,000)
Loan Repayments from Director/Officer                --          --            --      640,000            --       640,000
Net Loss for the Period (Unaudited)                  --          --            --           --    (1,475,298)   (1,475,298)
--------------------------------------------------------------------------------------------------------------------------

Balance - March 31, 2002 (Unaudited)         21,982,705      $2,198  $ 20,102,409    $      --  $(19,689,363)  $  415,244
--------------------------------------------------------------------------------------------------------------------------

Balance - December 31, 2002                  27,511,412      $2,751  $ 24,054,187    $      --  $(24,513,282)  $ (456,344)

Capital Contribution - Interest Expense              --          --         2,153           --            --         2,153
Stock Options Granted -
  Compensation for Services Rendered                 --          --        10,440           --            --        10,440
Common Shares Issued -
  Compensation for Services Rendered            335,000          33      (79,295)           --            --      (79,262)
Receivable on Option Exercise                        --          --        15,708           --            --         15,708
Conversion of Convertible Notes               1,736,734         174       510,426           --            --       510,600
Net Loss for the Period (Unaudited)                  --          --            --           --      (917,707)     (917,707)
--------------------------------------------------------------------------------------------------------------------------

Balance - March 31, 2003 (Unaudited)         29,583,146     $ 2,958  $ 24,513,619     $     --  $(25,430,989)   $ (914,412)
--------------------------------------------------------------------------------------------------------------------------

</TABLE>


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


<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York



STATEMENTS OF OPERATIONS (UNAUDITED)
---------------------------------------------------------------
                                         Three Months Ended
                                             March 31,
                                      -------------------------

                                            2003        2002
---------------------------------------------------------------
Revenues

Net Sales                             $   30,844        $  --
---------------------------------------------------------------
                                          30,844           --

Expenses
Cost of Sales                              6,788           --
General and Administrative               159,997      215,755
Marketing and Business Development       152,105      161,540
Research and Development                  79,323      124,624
---------------------------------------------------------------
                                         398,213      501,919
Financial Accounting Expenses
  Not Requiring the Use of Cash During the
Period:
Depreciation and Amortization             16,867       14,145
Interest Expense                           2,293       10,634
Share and Option Grants to Officers,
Directors
   Investors and Consultants             (68,822)     948,600
---------------------------------------------------------------
Total Expenses                           348,551    1,475,298

Other Expenses
Provision for Arbitration Settlement     600,000           --
---------------------------------------------------------------
Total Other Expenses                     600,000           --

Net Loss for the Period              $  (917,707) $(1,475,298)
---------------------------------------------------------------
Loss per Common Share - Basic and
Diluted                              $     (0.03) $     (0.07)
---------------------------------------------------------------
Weighted Average Number
  of Common Shares Outstanding -
       Basic and Diluted              29,267,371   21,148,294
---------------------------------------------------------------


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

<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

STATEMENTS OF CASH FLOWS (UNAUDITED)
---------------------------------------------------------------------

                                             Three Months Ended
                                                  March 31,
                                          ---------------------------

                                             2003          2002
---------------------------------------------------------------------

Cash Flows from Operating Activities

Net Loss for the Period                    $ (917,707)  $(1,475,298)

Adjustments to Reconcile Net Loss for
the Period
  to Net Cash Flows from Operating
Activities:
Depreciation and Amortization                  16,867        14,145
Capital Contributions:
Deemed Interest Expense on
    Loans from Stockholders                     2,153        10,070
Share and Option Grants - Officers,
    Directors, Investors, and
Consultants                                   (68,822)      948,600

Changes in Assets and Liabilities:
Accounts Receivable                             4,066            --
Inventory                                      16,470         4,250
Prepaid Expenses                               (3,045)     (191,193)
Accounts Payable and Accrued Expenses         131,306         8,791
Accrual for Arbitration Settlement            600,000             -
---------------------------------------------------------------------
Net Cash Flows from Operating Activities     (218,712)     (680,635)
---------------------------------------------------------------------
Cash Flows from Investing Activities
Purchases of Property and Equipment            (1,495)       (1,682)
Purchases of Patents and Trademarks -
Net                                           (27,113)      (66,100)
---------------------------------------------------------------------
Net Cash Flows from Investing Activities      (28,608)      (67,782)
---------------------------------------------------------------------
Cash Flows from Financing Activities
Proceeds from Exercise of Stock Options        15,708       912,950
Proceeds from Sale of Shares Under the
  Equity Line of Credit Agreement                   -        92,000
Advances from  Stockholders                   139,390           433
---------------------------------------------------------------------
Net Cash Flows from Financing Activities      155,098     1,005,383
---------------------------------------------------------------------
Net Change in
  Cash and Cash Equivalents                   (92,222)      256,966
Cash and Cash Equivalents - Beginning
of Period                                     210,214        11,284
---------------------------------------------------------------------
Cash and Cash Equivalents - End of          $ 117,992     $ 268,250
Period
---------------------------------------------------------------------

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


<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

STATEMENTS OF CASH FLOWS (UNAUDITED) - continued
---------------------------------------------------------------------

                                             Three Months Ended
                                                  March 31,
                                          ---------------------------

                                             2003          2002
---------------------------------------------------------------------

Non-Cash Investing and Financing Activities
--------------------------------------------------------------------
Exercise of Stock Options                  $       --     $ 279,000
Offsetting of Stockholders Receivable
and Payables                               $       --     $ 728,000
Debentures Converted to Common Stock       $  510,600     $       -
--------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE
--------------------------------------------------------------------
Interest Paid                              $       --     $      --
Income Taxes Paid                          $       --     $      --
--------------------------------------------------------------------



<PAGE>

L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

NOTES TO FINANCIAL STATEMENTS
------------------------------------------------------------------------------

Note A - Basis of Presentation
        The condensed financial statements of L.A.M. Pharmaceutical, Corp. (the
        "Company") included herein have been prepared by the Company, without
        audit, pursuant to the rules and regulations of the Securities and
        Exchange Commission (the "SEC"). Certain information and footnote
        disclosures normally included in financial statements prepared in
        conjunction with generally accepted accounting principles have been
        condensed or omitted pursuant to such rules and regulations, although
        the Company believes that the disclosures are adequate to make the
        information presented not misleading. These condensed financial
        statements should be read in conjunction with the annual audited
        financial statements and the notes thereto included in the Company's
        Form 10-KSB, and other reports filed with the SEC.

        The accompanying unaudited interim financial statements reflect all
        adjustments of a normal and recurring nature, which are, in the opinion
        of management, necessary to present fairly the financial position,
        results of operations and cash flows of the Company for the interim
        periods presented. The results of operations for these periods are not
        necessarily comparable to, or indicative of, results of any other
        interim period or for the fiscal year as a whole. Factors that affect
        the comparability of financial data from year to year and for comparable
        interim periods include non-recurring expenses associated with market
        launch of new products, costs incurred to raise capital, acquisitions of
        patents and trademarks, and stock options and awards.

Note B - Accounting Policies

        Revenue Recognition
        The Company recognizes revenue when it is realized or realizable and
        earned. The Company considers revenue realized or realizable when the
        product has been shipped to the customer, the sales price is fixed or
        determinable and collectibility is reasonably assured. The Company
        reduces revenue for estimated customer returns.

        Method of Accounting
        The Company maintains its books and prepares its financial statements on
        the accrual basis of accounting.

Note C - Inventory
        Inventories at March 31, 2003 consisted of the following:

        -------------------------------------------------------------------
        IPM Wound Gel(TM)                                       $ 522,990
        Raw Materials                                              10,625
        -------------------------------------------------------------------

        Inventories                                             $ 533,615
        -------------------------------------------------------------------

------------------------------------------------------------------------------
Note    D - Share and Option Grants The Company has stock option plans under
        which employees, non-employee directors, consultants and investors may
        be granted options to purchase shares of the Company's common stock.
        Options have varying vesting and expiration dates.

        The Company applies Accounting Principles Board Opinion No. 25,
        "Accounting for Stock Issued to Employees", and related interpretations
        in accounting for its stock option plans. Accordingly, no compensation
        expense has been recognized for its stock option plans. During the
        second quarter of fiscal 2003, the Company adopted the disclosure
        provisions of SFAS No. 148, "Accounting for Stock-Based Compensation -
        Transition and Disclosure".

                                                                     -continued-



<PAGE>



L.A.M. PHARMACEUTICAL, CORP.
(A DELAWARE CORPORATION)
Lewiston, New York

NOTES TO FINANCIAL STATEMENTS
------------------------------------------------------------------------------

Note D - Share and Option Grants - continued

        The following table illustrates the effect on net earnings and earnings
        per share had the Company adopted the fair value based method of
        accounting for stock-based employee compensation for all periods
        presented:

                                          For the three months
                                            ended March 31,
                                            2003       2002
                                         -----------------------

                      Net loss
                         As reported     $  917,707   $1,475,298
                         Pro forma       $  909,708   $1,475,298
                      Earnings per share
                         As reported     $     0.03   $     0.07
                         Pro forma       $     0.03   $     0.07


Note E -    Subsequent Events

        In May 2003, the Company learned that the American Arbitration
        Association awarded damages in the amount of approximately $600,000 to
        an investor relations firm formerly used by the Company due to an
        alleged breach of contract. The arbitration decision did not specify a
        due date for the award. The investor relations company has contacted the
        Company indicating that they would like to reach a negotiated settlement
        that would not result in any damage to the Company's prospects. The
        Company believes that the settlement may be made through the issuance of
        shares rather than a cash payment or possibly a reduced amount of cash
        and or shares. In addition, payment may be delayed to a future date or
        may be structured to occur over time. At present, the outcome of this
        settlement is not determinable and accordingly the Company has accrued
        the entire amount as an expense and liability in the financial
        statements for the quarter ended March 31, 2003.


<PAGE>

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

This Quarterly Report on Form 10-QSB contains certain statements of a
forward-looking nature relating to future events or the future financial
performance of L.A.M. Such statements are only predictions and the actual events
or results may differ materially from the results discussed in the
forward-looking statements. Factors that could cause or contribute to such
differences include those discussed below as well as those discussed in other
filings made by L.A.M. with the Securities and Exchange Commission, including
L.A.M.'s Annual Report included in its annual filing on Form 10-KSB.

Overview

To date, L.A.M.'s principal business activities have comprised:

o    Development of  proprietary  wound healing and  trans-dermal  drug delivery
     systems; and

o    Conducting related pre-clinical studies and clinical trials.

In August 2002, L.A.M. commenced  commercial sales of L.A.M. IPM Wound Gel(TM),
which  received   Section  510(k)   approval  from  the  U.S.  Food  and  Drug
Administration in April 2002.

All of L.A.M.'s  other  products are in the  development  stage.  As a result,
L.A.M.   has  not  generated  any  significant   revenues  from  the  sale  of
pharmaceutical products.

Due to the previous lack of any significant revenues, to date L.A.M. has relied
upon proceeds realized from the public and private sale of its common stock and
convertible debentures to meet its funding requirements. Funds raised by L.A.M.
have been expended primarily in connection with research, development, clinical
studies and administrative costs. Until significant revenues commence from
commercial sale of its products, L.A.M. will be required to fund its operations
through the sale of securities, debt financing or other arrangements. However,
there can be no assurance that such financing will be available or be available
on favorable terms.

Summary Financial Data

Income Statement Data:
                                    Quarter Ended        Quarter Ended
                                    March 31, 2003       March 31, 2002

Sales                                $   30,844          $         --
Operating Expenses                     (398,213)             (501,919)
Financial Accounting Expenses
    Not Requiring Use of Cash            49,662              (973,379)
Provision for Arbitration Settlement   (600,000)                   --
                                    ------------    -----------------
Net Loss                             $ (917,707)         $ (1,475,298)
                                     ===========         =============

<PAGE>



Balance Sheet Data:
                                 March 31, 2003         December 31, 2002

Current Assets                    $   670,915          $    780,628
Total Assets                        1,354,245             1,452,217
Current Liabilities                 1,897,260             1,537,164
Total Liabilities                   2,268,657             1,908,561
Working Capital Deficiency         (1,226,345)             (756,536)
Stockholders' Deficit                (914,412)             (456,344)

Results of Operations

Three months ended March 31, 2003 compared with three months ended March 31,
2002

Net Sales

In August 2002, L.A.M. commenced commercial sales of its L.A.M. IPM Wound
Gel(TM). The Company is at an early stage of its sales and marketing efforts and
accordingly revenues to date are limited. Revenue during the quarter ended March
31, 2003 was $30,000 compared to $18,000 recorded in the prior quarter. During
the three months ended March 31, 2003, L.A.M. retained two external sales and
marketing organizations, Pharm Force and SRI, to accelerate the sales and
marketing efforts. Product familiarization and training was completed late in
the quarter and L.A.M. expects that these organizations will have a significant
positive effect on L.A.M.'s revenue over the next few quarters.

Research and Development Expense

Research and development expenses for the three months ended March 31, 2003
decreased 36% to $79,000 from $125,000 for the three months ended March 31,
2002. The decrease is due to costs incurred in 2002 to obtain regulatory
approval (now received) for L.A.M. IPM Wound Gel(TM) that did not recur in 2003.
Research and development expenses tend to fluctuate from period to period
depending on the status and timing of the individual projects in process.

General and Administrative Expenses

General and administrative expenses for the three months ended March 31, 2003
decreased 26% to $160,000 from $216,000 for the three months ended March 31,
2002. The decrease is partially due to the non-recurrence of the Investor
relations costs incurred as a result of the exceptional level of activity during
the first quarter of 2002. In addition, there was a reduction in financial
banking and consulting expenses and a reduction in executive salaries due to
reduced headcount. This was partially offset by increased costs of insurance and
other expenses.

The primary components of general and administrative expenses for the three
months ended March 31, 2003 and 2002 were as follows:


<PAGE>



                                                2003          2002
                                       ---------------------------

Officers' salaries                         $    9,375    $   40,250
Employee salaries and benefits                 28,332        23,819
Investor Relations                             16,578        47,903
Financial banking and consulting                    -        27,620
Legal and auditing (including SEC filings)     46,008        47,048
Insurance                                      15,479         2,907
Other expenses                                 44,225        26,208
                                               ------        ------
             Total                          $ 159,997     $ 215,755
                                            =========     =========

Interest Expense

Interest expense for the three months ended March 31, 2003 decreased 78% to
$2,000 from $11,000 for three months ended March 31, 2002 following the partial
repayment of loans received from Stockholders.

Share and Option Grants

L.A.M. is required to recognize non-cash expenses which represent the deemed
fair value of grants of stock options and of stock for services, calculated in
accordance with US generally accepted accounting principles. These deemed
non-cash costs, which are accounted for by correspondingly increasing L.A.M.'s
paid in capital, totaled $(69,000) for the three months ended March 31, 2003 as
compared to $949,000 during the three months ended March 31, 2002.

The reduction in expense during the first quarter of 2003 was attributable to
the successful renegotiation of a contract by L.A.M. and a third party. The
renegotiation resulted in a reduction in the number of common shares to be
issued to the third party.

The majority of these costs were attributable to options granted to a director
for services performed, and to the repricing and extension of a number of
existing options.

Other Expenses

As previously disclosed in L.A.M.'s Form 10-KSB filed on April 1, 2003, a
hearing was held on March 26, 2003 before an arbitrator with the American
Arbitration Association relating to an alleged breach of the terms of an
agreement between L.A.M. and an investor relations firm formerly used by L.A.M.
In May 2003, L.A.M. learned that the American Arbitration Association awarded
damages in the amount of approximately $600,000 to the investor relations firm.
The arbitration decision did not specify a due date for the award. The investor
relations company has contacted L.A.M. indicating that they would like to reach
a negotiated settlement that would not result in any damage to L.A.M.'s
prospects. We believe that the settlement may be made through the issuance of
shares rather than a cash payment or possibly a reduced amount of cash and or
shares. In addition, payment may be delayed to a future date or may be
structured to occur over time. At present, the outcome of this settlement is not

<PAGE>

determinable and accordingly L.A.M. has accrued the entire amount as an expense
and liability in the financial statements for the quarter ended March 31, 2003.

Liquidity and Sources of Capital

Three Months Ended March 31, 2003

L.A.M.'s cash and cash equivalents as of March 31, 2003 were approximately
$118,000 compared with approximately $210,000 at December 31, 2002. Working
capital deficiency increased from approximately $(756,536) as of December 31,
2002 to $(1,226,345) as of March 31, 2003 primarily as a result of the accrual
of $600,000 related to the arbitration settlement.

L.A.M.'s operations used approximately $219,000 in cash during the three months
ended March 31, 2003 compared to $681,000 used in the same period in the prior
year. During the current year, changes in L.A.M.'s working capital balances
resulted in a source of cash in the amount of $749,000 compared to a use of cash
of $178,000 in the same period in the prior year. Reduced operating expenses and
increased revenue contributed to the remainder of the change in cash
requirements for the three months ended March 31, 2003 compared to the same
period in the prior year.

During this period L.A.M. also spent $29,000 for patents, trademarks, and
equipment purchases.

Sources of cash during the three months ended March 31, 2003 came principally
from proceeds from the exercise of stock options amounting to $16,000, advances
from Stockholders amounting to $139,000 and collection of receivables from
sales.

Application of Critical Accounting Policies

L.A.M.'s financial statements and accompanying notes are prepared in accordance
with generally accepted accounting principles in the United States. Preparing
financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenue, and expenses. These
estimates and assumptions are affected by management's application of accounting
policies. Critical accounting policies for L.A.M. include revenue recognition,
inventory valuation and accounting for income taxes.

L.A.M. recognizes revenue in accordance with Staff Accounting Bulletin No. 101,
"Revenue Recognition in Financial Statements". L.A.M. recognizes revenue when it
is realized or realizable and earned. L.A.M. considers revenue realized or
realizable when the product has been shipped to the customer, the sales price is
fixed or determinable and collectibility is reasonably assured. L.A.M. reduces
revenue for estimated customer returns.

Inventory is comprised of finished goods and raw materials and is stated at the
lower of cost or market. Cost is determined by the first-in, first-out method
and market is based on the lower of replacement cost or net realizable value.

<PAGE>


Statement of Financial Accounting Standards No. 109, "Accounting for Income
Taxes," establishes financial accounting and reporting standards for the effect
of income taxes. The objectives of accounting for income taxes are to recognize
the amount of taxes payable or refundable for the current year and deferred tax
liabilities and assets for the future tax consequences of events that have been
recognized in an entity's financial statements or tax returns. All deferred tax
assets have been fully reserved against due to the uncertainty as to when or
whether the tax benefit will be realized.

Plan of Operation

During the twelve months ending March 31, 2004 L.A.M. will:

o    Continue  the ongoing  process of expanding  its US sales  channels for the
     L.A.M. IPM Wound Gel(TM).

o    Ensure  sustained  sales ramp up through  the  effective  targeting  of the
     defined wound healing  markets - wound care,  home care,  nursing homes and
     podiatry.

o    Seek and identify additional market segments for L.A.M. IPM Wound Gel(TM).

o    Continue to develop and  commercialize  new  derivatives of the L.A.M.  IPM
     Wound Gel(TM).

o    Commence commercial sales of its L.A.M. IPM Wound Gel(TM)in Mexico.

o    Complete the regulatory  approval  process for its L.A.M. IPM Wound Gel(TM)
     in China and establish initial sales channels in the region.

o    Pursue  and  establish  sales   representations   in  other   international
     locations, namely other Far East countries.

o    Seek a European  distribution  partner and commence the European regulatory
     approval process for the Gel.

o    Continue the  development of other  products based on L.A.M.'s  proprietary
     and  patented  Ionic  Polymer  Matrix(TM)   technology,   including  motion
     sickness, and skin care.

o    Continue to seek strategic relationships with international  pharmaceutical
     companies that will enable L.A.M. to accelerate the commercial  application
     of its Ionic Polymer Matrix(TM) based technology.

During this period, L.A.M. expects that it will focus the majority of its
spending on marketing and business development, in particular in respect to its
L.A.M. IPM Wound Gel(TM). L.A.M. plans to use its existing financial resources
as well as revenue streams from the sale of its L.A.M. IPM Wound Gel(TM) to fund
some of its cash requirements during this period. In addition, cash may be
raised through public or private sales of its common stock. It should be noted

<PAGE>

that substantial funds may be needed for more extensive research and clinical
studies before L.A.M. will be able to sell other products on a commercial basis.

L.A.M. does not have any material capital commitments. Cash requirements in the
immediate future relate to general business operations including the marketing
and sales of its IPM Wound Gel(TM), and funds, if any, that may be required to
settle the Arbitration award to the investor relations firm.

Due to the previous lack of any significant revenues, to date L.A.M. has relied
upon proceeds from the public and private sale of its common stock and
convertible debentures to meet its funding requirements. Funds raised by L.A.M.
have been expended primarily in connection with research, development, clinical
studies and administrative costs. Until significant revenues commence from the
commercial sale of its products, L.A.M. will be required to fund its operations
through the sale of securities, debt financing or other arrangements. However,
there can be no assurance that such financing will be available or be available
on favorable terms.



<PAGE>


                                     PART II
                                OTHER INFORMATION

Item 2.  Changes in Securities

During the three months ended March 31, 2003, the Company issued 335,000 shares
of its common stock to three persons for services rendered. The Company relied
upon the exemption provided by Section 4(2) of the Securities Act of 1933 in
connection with the issuance of these shares. All of these shares were acquired
for investment purposes only and without a view to distribution. The persons who
acquired these shares were fully informed and advised about matters concerning
the Company, including its business, financial affairs and other matters. The
purchasers acquired the shares for their own accounts. The certificates
evidencing the shares bear legends stating that they may not be offered, sold or
transferred other than pursuant to an effective registration statement under the
Securities Act of 1933, or pursuant to an applicable exemption from
registration. No underwriters were involved with the sale of the shares of
common stock and no commission or other forms of remuneration were paid to any
person in connection with the sale of these shares. All of these shares are
"restricted" securities as defined in Rule 144 of the Securities and Exchange
Commission.

Item 4.  Controls and Procedures

Joseph T. Slechta, the Company's President, Chief Executive Officer and
Principal Financial Officer, has evaluated the effectiveness of the Company's
disclosure controls and procedures as of a date within 90 days prior to the
filing date of this report (the "Evaluation Date"); and in his opinion the
Company's disclosure controls and procedures ensure that material information
relating to the Company, including the Company's consolidated subsidiaries, is
made know to him by others within those entities, particularly during the period
in which this report is being prepared, so as to allow timely decisions
regarding required disclosure. To the knowledge of Mr. Slechta there have been
no significant changes in the Company's internal controls or in other factors
that could significantly affect the Company's internal controls subsequent to
the Evaluation Date. As a result, no corrective actions with regard to
significant deficiencies or material weakness in the Company's internal controls
were required.


Item 6.  Exhibits and Reports on Form 8-K

(a)   Exhibits

        No exhibits are filed with this report

(b) Reports on Form 8-K

      The Company did not file any reports on Form 8-K during the quarter ending
March 31, 2003.


<PAGE>



                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized


                              L.A.M. PHARMACEUTICAL, CORP.



May 15, 2003                  By:  /s/ Joseph T. Slechta
                                  -------------------------------------
                                  Joseph T. Slechta,
                                  President, Chief Executive Officer
                                  and Principal Financial Officer


                                  CERTIFICATION

In connection with the Quarterly Report of L.A.M. Pharmaceutical, Corp. (the
"Company") on Form 10-QSB for the period ending March 31, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph
T. Slechta, President, Chief Executive Officer and Principal Financial Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my
knowledge:

(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 presents, in all
            material respects the financial condition and results of the
            Company.



Date:  May 15, 2003                 /s/ Joseph T. Slechta
                                    ------------------------
                                    Joseph T. Slechta
                                    President, Chief Executive Officer
                                    and Principal Financial Officer


<PAGE>


                          CERTIFICATION PURSUANT TO THE
                               SARBANES-OXLEY ACT

I, Joseph T. Slechta,  the President,  Chief  Executive  Officer and Principal
Financial Officer of L.A.M. Pharmaceutical, Corp., certify that:

1. I have reviewed this quarterly report on Form 10-QSB of L.A.M.
Pharmaceutical, Corp.;

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. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and 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 me 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 my conclusions about the effectiveness
      of the disclosure controls and procedures based on my evaluation as of the
      Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors (or persons
performing the equivalent functions):

   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. I have indicated in this quarterly report whether there were significant
changes in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of my most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.


Date:  May 15, 2003                  /s/ Joseph T. Slechta
                                     -----------------------------------
                                     Joseph T. Slechta
                                     President, Chief Executive Officer
                                     and Principal Financial Officer