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 September 30, 2002
                                      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 October 31,  2002,  the Company had  27,189,151  issued and  outstanding
shares of common stock.



<PAGE>

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

                     -------------------------------------
                               FINANCIAL REPORTS
                                       AT
                               SEPTEMBER 30, 2002
                     -------------------------------------








                                  F - 1


<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 September 30, 2002 (Unaudited) and December 31, 2001 F-3

Statements of Changes in Stockholders' Equity (Deficit) for the
  Nine Months Ended September 30, 2002 and 2001 (Unaudited)            F-4

Statements of Operations for the Three and Nine Months Ended
  September 30, 2002 and 2001 (Unaudited)                          F-5 to F-6

Statements of Cash Flows for the Nine Months Ended
September 30, 2002 and 2001 (Unaudited)                            F-7 to F-8

Notes to Financial Statements                                      F-9 to F-12



                                  F - 2

<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 September  30, 2002,  the related  statements of
operations  for the three and nine months ended  September  30, 2002 and 2001,
and the  statements  of changes in  stockholders'  equity  (deficit)  and cash
flows for the nine months ended  September 30, 2002 and 2001.  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,  2001 (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 8,  2002, except for Note P,
as to which the date is March 27, 2002,  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,  2001  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
  November 12, 2002


                      See Accountants' Review Report

                                    F - 3



<PAGE>

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

BALANCE SHEETS
-------------------------------------------------------------------------------
<TABLE>
<S>                                                              <C>          <C>
                                                             (Unaudited)
                                                             September      December
                                                                30,              31,
                                                                2002         2001
--------------------------------------------------------------------------------------

ASSETS

Current Assets
Cash and Cash Equivalents                                    $  102,817    $  11,284
Accounts Receivable                                              21,054           --
Other Receivable                                                     --       44,433
Inventory                                                       432,592       97,750
Prepaid Expenses                                                 63,567        5,344
--------------------------------------------------------------------------------------

Total Current Assets                                            620,030      158,811

Property and Equipment - Net of Accumulated Depreciation        120,722      121,185

Other Assets
Patents and Trademarks - Net of Accumulated Amortization        600,884      489,322
--------------------------------------------------------------------------------------

Total Assets                                                $ 1,341,636   $  769,318
--------------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities
Accounts Payable and Accrued Expenses                        $  714,461   $  601,999

Other Liabilities
Due to Stockholders                                             164,037      848,037
Deferred Royalty Revenue                                        207,360      207,360
--------------------------------------------------------------------------------------

Total Liabilities                                             1,085,858    1,657,396
--------------------------------------------------------------------------------------

Stockholders' Equity (Deficit)
Common Stock - $.0001 Par; 50,000,000 Shares Authorized;
                            26,814,151 and 19,515,919
Shares
                            Issued and Outstanding,
Respectively                                                      2,681        1,978
Additional Paid-In Capital                                   23,589,404   17,964,009
Loan Receivable - Director/Officer                                   --     (640,000)
Receivable on Option Exercise                                  (396,000)
Accumulated Deficit                                         (22,940,307) (18,214,065)
--------------------------------------------------------------------------------------

Total Stockholders' Equity (Deficit)                            255,778     (888,078)
--------------------------------------------------------------------------------------

Total Liabilities and Stockholders' Equity (Deficit)        $ 1,341,636   $  769,318
--------------------------------------------------------------------------------------
</TABLE>


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

Balance - December 31, 2000                13,998,930   $ 1,400   $8,812,199    $     --     $ (9,815,305)      $(1,001,706)
Capital Contribution - Interest Expense            --        --       85,747          --               --            85,747
Debentures Converted to Common Stock        2,816,563       282    1,611,228          --               --         1,611,510
Common Shares Issued -
  Compensation for Services Rendered          945,000        95      877,705          --               --           877,800
Common Shares Issued - Debenture
Conversion Premium                          1,143,105       114      777,198          --               --           777,312
Stock Options Exercised                       173,300        17      112,433          --               --           112,450
Stock Options Issued                               --        --    2,676,450          --               --         2,676,450
Warrants Issued to Hockbury Limited and
GKN Securities                                     --        --    1,100,000          --               --         1,100,000
Sale of Shares Under the Equity Line of
Credit Agreement                              439,021        44      483,592          --               --           483,636
Loan To Director/Officer                           --        --           --  (1,075,000)              --        (1,075,000)
Loan Repayments from Director/Officer              --        --           --     320,000               --           320,000
Net Loss for the Period (Unaudited)                --        --           --          --       (6,817,732)       (6,817,732)
--------------------------------------------------------------------------------------------------------------------------------


Balance - September 30, 2001 (Unaudited)   19,515,919    $1,952  $ 16,536,552  $ (755,000)   $(16,633,037)      $  (849,533)
----------------------------------------------------------------------------------------------------------------------------------


Balance - December 31, 2001                19,784,520    $1,978  $ 17,964,009   $(640,000)  $(18,214,065)       $ (888,078)
Capital Contribution - Interest Expense            --        --        16,906          --             --             16,906
Stock Options Granted -
Compensation for Services Rendered                 --        --     1,349,437          --             --          1,349,437
Common Shares Issued -
Compensation for Services Rendered          1,496,500       150       913,102          --             --            913,252
Stock Options Exercised                     4,918,975       492     2,858,647          --             --          2,859,139
Sale of Shares Under the Equity Line of
Credit Agreement                              614,156        61       487,303          --             --            487,364
Receivable on Option Exercise                      --        --      (396,000)         --             --           (396,000)
Loan Repayments from Director/Officer              --        --            --     640,000             --            640,000
Net Loss for the Period (Unaudited)                --        --            --          --     (4,726,242)        (4,726,242)
----------------------------------------------------------------------------------------------------------------------------------


Balance - September 30, 2002 (Unaudited)   26,814,151   $ 2,681  $ 23,193,404    $     --   $ (22,940,307)         $ 255,778
---------------------------------------------------------------------------------------------------------------------------------

</TABLE>

The accompanying notes are an integral part of this financial statement.

                     See Accountants' Review Report

                                  F - 8

<PAGE>

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

STATEMENTS OF OPERATIONS (UNAUDITED)
------------------------------------------------------------------------------

                                             Three Months Ended
                                               September 30,
                                          --------------------------
                                               2002         2001
--------------------------------------------------------------------
Revenues
Net Sales                                   $  22,165           --
--------------------------------------------------------------------
                                               22,165            --

Expenses
Cost of Sales                                   5,172           --
Research and Development                      114,146      193,470
Marketing and Business Development            360,611       55,662
General and Administrative                    570,902      294,329
--------------------------------------------------------------------
                                            1,050,831      543,461
Financial Accounting Expenses Not
Requiring
  the Use of Cash During the Period:
Depreciation and Amortization                  15,916       10,831
Interest Expense                                2,358       82,265
Share and Option Grants to
  Officers, Directors, Investors, and
Consultants                                   407,917    2,839,550
Conversion Premium on Convertible
Debentures                                         --      777,312
--------------------------------------------------------------------

Total Expenses                              1,477,022    4,253,419
--------------------------------------------------------------------

Loss Before Other Income and (Expenses)    (1,454,857)  (4,253,419)
--------------------------------------------------------------------

Other Income and (Expenses)
Interest Income                                    --       18,115
--------------------------------------------------------------------

Total Other Income and (Expenses)                  --       18,115
--------------------------------------------------------------------


Net Loss for the Period                  $ (1,454,857)  $(4,235,304)
====================================================================

Loss per Common Share - Basic and
Diluted                                     $   (0.06)   $   (0.28)
====================================================================

Weighted Average Number
  of Common Shares Outstanding             26,133,394   15,366,725
====================================================================




<PAGE>


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

STATEMENTS OF OPERATIONS (UNAUDITED)
-------------------------------------------------------------------------------

                                             Nine Months Ended
                                               September 30,
                                          --------------------------
                                               2002         2001
--------------------------------------------------------------------
Revenues
Licensing Revenues                             $   --    $ 300,000
Net Sales                                      22,165           --
--------------------------------------------------------------------
                                               22,165      300,000
Expenses
Cost of Sales                                   5,172           --
Research and Development                      432,683      322,244
Marketing and Business Development            748,557      122,483
General and Administrative                  1,154,563    1,059,089
--------------------------------------------------------------------
                                            2,340,975    1,503,816
Financial Accounting Expenses Not
Requiring
  the Use of Cash During the Period:
Depreciation and Amortization                  45,220       28,332
Interest Expense                               17,473      203,601
Share and Option Grants to
  Officers, Directors, Investors, and
Consultants                                 2,344,739    3,544,250
Conversion Premium on Convertible
Debentures                                         --      777,312
Warrants Issued on Equity Line of
Credit Agreement                                   --    1,100,000
--------------------------------------------------------------------

Total Expenses                              4,748,407    7,157,311
--------------------------------------------------------------------

Loss Before Other Income and (Expenses)    (4,726,242)  (6,857,311)
--------------------------------------------------------------------

Other Income and (Expenses)
Interest Incomes                                   --        39,579
--------------------------------------------------------------------

Total Other Incomer and (Expenses)                 --        39,579
--------------------------------------------------------------------

Net Loss for the Period                   $(4,726,242) $(6,817,732)
====================================================================

Loss per Common Share - Basic and
Diluted                                     $   (0.20)   $   (0.47)
====================================================================

Weighted Average Number
  of Common Shares Outstanding             23,913,887   14,673,967
====================================================================


<PAGE>


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

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

                                            Nine Months Ended
                                              September 30,
                                        ---------------------------
                                             2002          2001
-------------------------------------------------------------------

Cash Flows from Operating Activities

Net Loss for the Period                 $(4,726,242)  $(6,817,732)

Adjustments to Reconcile Net Loss for
the Period
  to Net Cash Flows from Operating
Activities:
Depreciation and Amortization                45,220        28,332
Capital Contributions:
  Deemed Interest Expense on
    Loans from Stockholders                  16,906        85,747
  Share and Option Grants - Officers,
    Directors, Investors, and
Consultants                               2,107,682     3,554,250
Warrants Issued - Equity Line of Credit          --     1,100,000
Conversion Premium on Convertible
Debentures                                       --       777,312

Changes in Assets and Liabilities:
Accounts Receivable                        (21,054)      (19,470)
Inventory - Raw Materials                  (334,842)       10,375
Prepaid Expenses                            (58,223)        2,639
Accounts Payable and Accrued Expenses       396,662       139,505
-------------------------------------------------------------------

Net Cash Flows from Operating
Activities                               (2,573,891)   (1,139,042)
-------------------------------------------------------------------

Cash Flows from Investing Activities
Purchases of Property and Equipment         (16,405)      (85,520)
Purchases of Patents and Trademarks -
Net                                        (139,914)      (86,330)
-------------------------------------------------------------------

Net Cash Flows from Investing
Activities                               $ (156,319)   $ (171,850)
-------------------------------------------------------------------

                                                           - continued -



<PAGE>

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

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

                                                    Nine Months Ended
                                                      September 30,
                                                 --------------------------
                                                      2002         2001
---------------------------------------------------------------------------

Cash Flows from Financing Activities
Proceeds from Convertible Debentures              $       --   $ (168,500)
Proceeds from Exercise of Stock Options            1,357,303      112,450
Proceeds from Sale of Shares Under the
  Equity Line of Credit Agreement                    487,364      483,636
Loan Receivable - Director/Officer                   976,643     (755,000)
Advances from Stockholders                               433        54,069
---------------------------------------------------------------------------

Net Cash Flows from Financing Activities           2,821,743     (273,345)
---------------------------------------------------------------------------

Net Increase (Decrease) in
  Cash and Cash Equivalents                           91,533   (1,584,237)

Cash and Cash Equivalents - Beginning of Period       11,284    1,902,942
---------------------------------------------------------------------------

Cash and Cash Equivalents - End of Period          $ 102,817    $ 318,705
---------------------------------------------------------------------------

Non-Cash Investing and Financing Activities
---------------------------------------------------------------------------

Exercise of Stock Options                          $ 857,450   $       --
Offsetting of Stockholders Receivable and
Payables                                           $ 728,000   $       --
Debentures Converted to Common Stock               $      --   $1,602,237
===========================================================================


<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.

        Reclassifications

        Certain  amounts  in the prior  year  financial  statements  have been
        reclassified to conform with the current year presentation.

Note B -   Accounting Policies

          In August 2002, the Company  commenced  sales of its L.A.M.  IPM Wound
          Gel(TM) and as a result has revised its  presentation of the financial
          statements  from a  development  stage company to that of an operating
          company.

        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.

Note C - Receivable - Director/Officer

     Between  February and April 2001,  Alan Drizen,  the  Company's  President,
     borrowed $1,075,000 from the Company. The amounts borrowed were used by Mr.
     Drizen to purchase  shares of the  Company's  common  stock in an effort to
     stabilize  the share price in the face of  extensive  short  selling of the
     shares. Mr. Drizen agreed to pay this amount to the Company,  together with
     interest at 6% per year, in accordance with the terms of a promissory note.
     The note provided for a series of periodic


<PAGE>


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

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

Note C -  Receivable - Director/Officer (continued)

        payments with the unpaid amount of the note, together with any accrued
        and unpaid interest, due on March 31, 2002.

        As a result  of  Mr. Drizen's  purchases  and  sales of the  Company's
        common  stock  between  October  2000 and May 2001,  the  Company  was
        entitled  to  a  recoverable   profit  of  $408,078  from  Mr. Drizen,
        computed in accordance  with Section 16(b) of the Securities  Exchange
        Act of 1934.  During  2001,  this  amount  was  applied  to reduce the
        amount that the Company  owed to  Mr. Drizen  with the offset being to
        additional paid-in capital.

        During March 2002,  Mr. Drizen and the Company agreed that the balance
        of $548,361  owed by the Company to  Mr. Drizen  at December 31, 2001,
        included in amounts due to  stockholders,  would be offset against the
        remaining  amount due pursuant to Mr.  Drizen's  promissory  note.  In
        addition,  two other Directors and stockholders agreed with Mr. Drizen
        to apply a portion of their receivables from the Company,  included in
        amounts due to stockholders, against the amounts
        due by Mr.  Drizen in an amount  sufficient  to offset  the  remaining
        balance due on Mr. Drizen's  promissory  note.  Following these offset
        arrangements, Mr. Drizen's promissory note was paid in full.

        During the nine months ended September 30, 2002, Mr. Drizen  exercised
        options to acquire  2,650,000  shares of the  Company's  common stock.
        The  total  exercise  price  of  these  options  was  $1,537,000.   At
        September 30,  2002,  $627,000 of the exercise price remained  unpaid.
        Pursuant  to the terms of a pending  agreement  with Mr.  Drizen,  the
        Company will  forgive  $289,000 of the  $627,000  owed by Mr.  Drizen.
        Accordingly,  as of September 30, 2002 $289,000 of this receivable was
        charged to expense, leaving a balance of $338,000 due from Mr. Drizen.

Note D - Equity Line of Credit Agreement

        On  January 24,  2001,  the  Company  entered  into an equity  line of
        credit  agreement with Hockbury Limited in order to establish a source
        of  funding  for the  development  of the  Company's  technology.  The
        equity line of credit  agreement  establishes  what is sometimes  also
        referred  to as an equity  drawdown  facility.  The Company has issued
        1,053,177  shares  of  common  stock  and  received  $971,000  in  net
        proceeds  as of  September 30,  2002 under the  equity  line of credit
        agreement.

        On  July 22,  2002 the  Company  terminated  the equity line of credit
        agreement   with   Hockbury   Limited.   As   consideration   for  the
        cancellation of the agreement,  the Company has re-priced the warrants
        held by Hockbury  Limited to purchase  482,893  shares of common stock
        from a price of $4.56 per share to $1.35 per  share.  This  re-pricing
        had no effect on the  income  statement  for the  three  months  ended
        September  30,  2002.  The warrants may be exercised at any time prior
        to January 24, 2004.


<PAGE>


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

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

Note E- Subsequent Events


      On November 1, 2002, L.A.M. sold convertible  notes, plus Series A, B, C
      and D warrants, to a group of private investors for $500,000.  The notes
      do not bear interest, are unsecured and are payable on November 1, 2005.

      At the  holder's  option  the  notes  are  convertible  into  shares  of
      L.A.M.'s  common  stock  equal in number  to the  amount  determined  by
      dividing  each  $1,000  of  note   principal  to  be  converted  by  the
      Conversion Price. The initial Conversion Price is $0.29.

      If  L.A.M.   sells  any  additional  shares  of  common  stock,  or  any
      securities  convertible  into  common  stock at a price  below  the then
      applicable  Conversion  Price,  the Conversion  Price will be lowered to
      the price at which the  shares  were sold or the  lowest  price at which
      the securities are convertible, as the case may be.

      L.A.M.  has agreed to file a registration  statement with the Securities
      and  Exchange  Commission  in order  that the  shares  of  common  stock
      issuable  upon  the  conversion  of the  notes  or the  exercise  of the
      warrants  may be resold in the public market.

      Until 180 days after the effective  date of the  registration  statement
      which  L.A.M.  has  agreed  to file the note  holders  will have a first
      right of refusal to participate in any subsequent  financings  involving
      L.A.M.

      Upon the  occurrence of any of the following  events L.A.M.  is required
      to  redeem  the notes at a price  equal to 120% of the then  outstanding
      principal balance of the notes:

-    the suspension  from listing or the failure of L.A.M.'s  common stock to be
     listed on the OTC Bulletin Board for a period of five  consecutive  trading
     days; or

-    the registration statement which L.A.M. has agreed to file is not effective
     by March 31, 2003

-    the  effectiveness of the  registration  statement lapses for any reason or
     the registration statement is unavailable to the note holders and the lapse
     or unavailability continues for a period of 15 consecutive trading days, or
     25  non-consecutive  trading days during any 12 month period,  provided the
     cause of the lapse or unavailability is not due to factors primarily within
     the control of the note holders.

-    any representation or warranty made by L.A.M. to the note holders proves to
     be materially  inaccurate or L.A.M.  fails to perform any material covenant
     or condition in its agreement with the note holders.

-    a purchase,  tender or exchange  offer accepted by the holders of more than
     33% of L.A.M.'s outstanding shares of common stock.

-    L.A.M. files for protection from its creditors under the federal Bankruptcy
     code.


<PAGE>


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

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

Note E- Subsequent Events (continued)

      The Series A warrants  allow the holders to purchase  426,136  shares of
      L.A.M.'s  common  stock at a price of $0.35 per share at any time  prior
      to November 1, 2007.

      If  L.A.M.   sells  any  additional  shares  of  common  stock,  or  any
      securities  convertible  into  common  stock at a price  below  the then
      applicable  warrant  exercise price,  the exercise price of the Series A
      warrants  will be lowered to the price at which the shares  were sold or
      the lowest price at which the  securities are  convertible,  as the case
      may be.

      The Series B warrants  allow the holders to purchase  937,500  shares of
      L.A.M.'s  common  stock at a price of $0.80 per share at any time  prior
      to November 1, 2007.  Within two days after the end of any period of ten
      consecutive  days that the closing bid price of  L.A.M.'s  common  stock
      has exceeded $1.20,  L.A.M. has the right,  upon 15 days advance written
      notice to the holders of the Series B warrants,  to force the holders to
      exercise the unexercised portion of the Series B warrants.

      The Series C warrants  allow the holders to purchase  625,000  shares of
      L.A.M.'s  common  stock at a price of $1.20 per share at any time  prior
      to November 1, 2007.  Within two days after the end of any period of ten
      consecutive  days that the closing bid price of  L.A.M.'s  common  stock
      has exceeded $2.00,  L.A.M. has the right,  upon 15 days advance written
      notice to the holders of the Series C warrants,  to force the holders to
      exercise the unexercised portion of the Series C warrants.

      The Series D warrants  allow the holders to purchase  468,750  shares of
      L.A.M.'s  common  stock at a price of $1.60 per share at any time  prior
      to November 1, 2007.  Within two days after the end of any period of ten
      consecutive  days that the closing bid price of  L.A.M.'s  common  stock
      has exceeded $2.50,  L.A.M. has the right,  upon 15 days advance written
      notice to the holders of the Series D warrants,  to force the holders to
      exercise the unexercised portion of the Series D warrants.

      L.A.M.'s right to force the warrant  holders to exercise the Series,  B,
      C and D warrants  is subject to a number of  conditions,  including  the
      following:

      -     there is in effect a  registration  statement  which  the  holders
      may  use  to  sell  the  shares   issuable  upon  the  exercise  of  the
      warrants.

      -     L.A.M.'s   common   stock  is  listed  for  trading  on  the  OTC
      Bulletin Board

      The  exercise  price of the Series B, C and D warrants is not subject to
      adjustment  except  in the  case of  stock  splits,  consolidations  and
      similar transactions.



<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 the Company'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 need to
fund its operations  through the sale of  securities,  debt financing or other
arrangements.  However,  there can be no assurance  that any financing will be
available or be available on favorable terms.

On  November  4,  2002,  Alan  Drizen  resigned  from  his  position  as Chief
Executive  Officer of L.A.M.  Mr. Drizen plans to devote his future efforts to
independent research in the medical/pharmaceutical  community.  L.A.M.'s Board
of Directors  appointed Joseph T. Slechta,  who joined the Company in November
2000 and  presently  serves as  President  and  Chief  Operating  Officer,  as
L.A.M.'s Chief Executive Officer.

Results of Operations

Three  months  ended  September  30, 2002  compared  with three  months  ended
September 30, 2001


<PAGE>


Net Sales

      In August 2002, the Company commenced commercial sales of its L.A.M.
IPM Wound  Gel(TM).


Research and Development Expense

      Research and  development  expenses for the three months ended September
30, 2002  decreased  41% to $114,000  from $193,000 for the three months ended
September 30, 2001. In the third  quarter of 2001 the Company  incurred  costs
for  clinical  trials  which did not  reoccur  in the third  quarter  of 2002.
Costs  associated  with these  activities  tend to  fluctuate  from  period to
period  depending  on the  status  and timing of the  individual  projects  in
process.

Marketing and Business Development Expense

     Marketing  and  business  development  expense for the three  months  ended
September 30, 2002  increased 545% to $361,000 from $56,000 for the three months
ended  September  30,  2001.  The  increase  partially  reflects the build up of
marketing  management and resources and promotional  activity for the commercial
sale of L.A.M.  IPM Wound  Gel(TM).  Expenses  have  also  increased  due to the
Company's  efforts to introduce  L.A.M.  IPM Wound Gel(TM) to markets outside of
the U.S.

General and Administrative Expenses

      As of September 30, 2002 Alan Drizen,  who resigned from his position of
Chief  Executive   Officer  on  November  4,  2002,   owed  L.A.M.   $627,000,
representing the unpaid portion of the exercise price of options  exercised by
Mr.  Drizen.  Pursuant to the terms of a pending  agreement  with Mr.  Drizen,
L.A.M.   will  forgive   $289,000  of  the  $627,000   owed  by  Mr.   Drizen.
Accordingly,  as of September 30, 2002 $289,000 of this receivable was charged
to expense, leaving a balance of $338,000 due from Mr. Drizen.

      General  and   administrative   expenses  for  the  three  months  ended
September  30, 2002  increased  94% to $571,000  from  $294,000  for the three
months ended September 30, 2001 financial  statements primarily as a result of
the $289,000 charged to expense.

      The primary  components of general and  administrative  expenses for the
three months ended September 30, 2002 and 2001 were as follows:

                                                2002          2001

Officers' salaries                        $    10,500    $   65,500
Employee salaries and benefits                 31,947        34,665
Investor Relations                             49,143        99,208
Commissions and other costs in
    connection with financings                      -        16,697
Financial banking and consulting               50,860        10,000
Legal and auditing (including SEC filings)     61,665        10,518
Insurance                                      49,896         8,720
Write-off of receivable                       289,000             -
Other expenses                                 27,891        49,021
                                            ---------     ---------
             Total                          $ 570,902     $ 294,329
                                            =========     =========


<PAGE>

Interest Expense

      Interest   expense  for  the  three  months  ended  September  30,  2002
decreased  97% to $2,000 from  $82,000 for three months  ended  September  30,
2001  following  the  conversion  or  repayment of all  remaining  convertible
debentures during 2001.

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 the Company's  paid-in  capital,  totaled $408,000 during the three
months ended  September 30, 2002 and $2,800,000  during the three months ended
September 30, 2001.

      The  majority  of theses  costs were  attributable  to the  issuance  of
shares and options granted to third parties for services performed.

Nine  months  ended  September  30,  2002  compared  with  nine  months  ended
September 30, 2001

Licensing Revenues

      During the nine months ended  September 30, 2001,  licensing  revenue of
$300,000 was received from Ixora Biomedical  Company Inc.  ("Ixora") under the
terms of their license  agreement in respect of L.A.M.'s sexual  dysfunctional
products.

Research and Development Expense

      Research and  development  expenses for the nine months ended  September
30, 2002  increased  34% to $433,000  from  $322,000 for the nine months ended
September  30, 2001.  The  increase  includes  the scale up in  production  of
L.A.M. IPM Wound Gel(TM) to commercial batch quantities.

Marketing and Business Development Expense

     Marketing  and  business  development  expense  for the nine  months  ended
September 30, 2002  increased 514% to $749,000 from $122,000 for the nine months
ended  September  30,  2001.  The  increase  reflects  the build up of marketing
management  and  resources  and  promotional  activity  in  preparation  for the
commercial sales of L.A.M. IPM Wound Gel(TM) and the introduction of the product
to markets outside of the U.S.


<PAGE>

General and Administrative Expenses

      General and administrative  expenses for the nine months ended September
30, 2002 increased 9% to $1,155,000  from $1,059,000 for the nine months ended
September  30, 2001.  The increase is  attributable  to increases in legal and
audit expense in connection  with  regulatory  filings with the Securities and
Exchange  Commission;  insurance  expense  and  the  write  off of the  option
receivable  as described in Note C to the financial  statements.  The increase
was offset by the decrease in investor  relations due to the non-recurrence of
the  exceptional  level of activity in the  previous  year and the decrease in
costs  incurred  in 2001 to arrange  the equity  line of credit  which did not
recur in 2002.

      The primary  components of general and  administrative  expenses for the
nine months ended September 30, 2002 and 2001 were as follows:

                                               2002         2001

Officers' salaries                      $    61,250    $   86,612
Employee salaries and benefits               93,596       125,582
Investor Relations                          210,101       323,050
Commissions and other costs in
    connection with financings                    -        77,551
Financial banking and consulting            119,340       194,333
Legal and auditing (including SEC
   filings)                                 195,624       138,611
Insurance                                    87,823        30,025
Write-off of  receivable                    289,000             -
Other expenses                               97,829        83,325
                                         ----------    ----------
             Total                      $ 1,154,563    $1,059,089
                                        ===========    ==========

Liquidity and Sources of Capital

      L.A.M's primary source of liquidity was cash and cash  equivalents as of
September 30, 2002 of  approximately  $103,000,  compared  with  approximately
$11,000 at December 31,  2001.  Working  capital  (deficiency)  improved  from
approximately  $(443,000) as of December 31, 2001 to $(94,000) as of September
30, 2002.

      L.A.M.'s  operations  used  approximately  $2,574,000 in cash during the
nine months ended September 30, 2002.

      During this period L.A.M.  also spent $156,000 for patents,  trademarks,
and equipment purchases.

      Cash  required  during the nine  months  ended  September  30, 2002 came
principally from proceeds from the exercise of stock options  ($1,357,000) and
from the sale of shares under the equity line of credit agreement ($487,000).


<PAGE>

     On January 24,  2001, the Company  entered into an equity line of credit
agreement,  or equity  drawdown  facility,  with Hockbury  Limited in order to
establish  a  source  of  funding  for  the   development   of  the  Company's
technology.  As of July 10,  2002,  the Company had sold  1,053,177  shares of
common  stock and received  $971,000 in net proceeds  under the equity line of
credit agreement.

      On July 22,  2002 the  Company  terminated  the  equity  line of  credit
agreement with Hockbury  Limited.  As  consideration  for the  cancellation of
the agreement,  the Company  repriced the warrants held by Hockbury Limited to
purchase  482,893  shares of common  stock  from a price of $4.56 per share to
$1.35 per share.  This  re-pricing  had no effect on the income  statement for
the three months ended  September  30, 2002.  The warrants may be exercised at
any time prior to January 24, 2004.

      See Note C to the financial  statements  included as part of this report
for information  concerning the settlement of receivables  owed to L.A.M. by a
former officer of the Company.

      On November 1, 2002, L.A.M. sold convertible  notes, plus Series A, B, C
and D warrants,  to a group of private  investors for $500,000.  See Note E to
the  financial  statements  included  as part of this  report for  information
concerning this transaction.


Plan of Operation

      During the twelve months ending September 30, 2003 L.A.M. will:

o     Continue to build  market  awareness  for its product and to generate US
      sales of its L.A.M. IPM Wound Gel(TM).

o     Continue its program to develop and  commercialize  other products based
      on its wound healing technology

o     Continue to develop its motion  sickness  patch  systems in  cooperation
      with major multinational partners

o     Continue  to seek and develop  strategic  relationships  with  companies
      interested in using the L.A.M. Ionic Polymer Matrix(TM)  technology  in
      conjunction with existing and future ethical, OTC and cosmetic products.

     During this period,  L.A.M. expects that it will spend between $600,000 and
$800,000 on research,  development,  and clinical studies relating to the L.A.M.
Ionic Polymer Matrix(TM) technology, and $900,000 to $1,100,000 on marketing and
business  development,  in  particular in respect of the market launch of L.A.M.
IPM Wound Gel(TM).  L.A.M. plans to use its existing financial resources as well
as future  revenue  streams from the launch of its L.A.M.  IPM Wound  Gel(TM) to
fund its  capital  requirements  during  this  period.  It should be noted  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.

     Other than funding  requirements  relating to the market  launch of its IPM
Wound  Gel(TM),  for its research and  development  activities in respect of its
Ionic Polymer  Matrix(TM)  technology and for general operating  losses,  L.A.M.
does not have any material capital commitments.


<PAGE>

                                   PART II
                              OTHER INFORMATION

Item 2.  Changes in Securities

      During the three months ended  September  30, 2002,  the Company  issued
675,000  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 Slechta,  the Company's  Chief  Executive and 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 September 30, 2002.



<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.



November 14, 2002             By: /s/ Joseph Slechta
                                  ----------------------------------------
                                  Joseph   Slechta,   Chief  Executive  and
                                      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  September 30, 2002 as
filed with the  Securities  and  Exchange  Commission  on the date hereof (the
"Report"),  I, Joseph Slechta,  President and Chief  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:  November 14, 2002             /s/ Joseph Slechta
                                    --------------------------------------
                                    Joseph Slechta
                                    Chief Executive and Financial Officer




<PAGE>






                        CERTIFICATION PURSUANT TO THE
                              SARBANES-OXLEY ACT

I,  Joseph  Slechta,  the Chief  Executive  and  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:  November 14, 2002          /s/ Joseph Slechta
                                  --------------------------------------
                                  Joseph Slechta
                                  Chief Executive and Financial Officer