SECURITIES
      AND EXCHANGE COMMISSION





Washington,
      D.C.  20549


______________________





FORM
      10-QSB





[
      X ] Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act
      of
      1934





For
      the
      quarter ended November 30, 2007





OR





[   ]   Transition
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934





For
      the
      transition period from ________ to ___________





Commission
      file number: 333-119915





CANCER
      THERAPEUTICS,
      INC.


(Name
      of
      Small Business Issuer in Its Charter)








Delaware
            
            20-1499421(State
                or Other Jurisdiction
              of
                Incorporation or Organization)
            
            (IRS
                Employer
              Identification
                No.)10757
                South River Front Pkwy, Suite 125South
                Jordan, Utah
            
            84095(Address
                of Principal Executive Offices)
            
            (Zip
                Code)











(801)
                816-2533Issuer’s
                Telephone Number, Including Area Code




210
      West
      Hansell Street, Thomasville, Georgia, 31792


(Former
      name or former address and former fiscal year, if changed since last
      report.)





Check
      whether the issuer (1) filed all
      reports required to be filed by Section 13 or 15(d) of the Exchange Act during
      the past 12 months (or for such shorter period that the registrant was required
      to file such reports), and (2) has been subject to such filing requirements
      for
      the past 90 days.   Yes [ x ]     No
      [   ]





Indicate
      by check mark whether the
      registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes
      [ X ]     No [   ]











APPLICABLE
      ONLY TO ISSUERS INVOLVED IN BANKRUPTCY





PROCEEDINGS
      DURING THE PRECEDING FIVE YEARS


Check
      whether the registrant has filed all documents and reports required to be filed
      by Sections 12, 13, or 15(d) of the Exchange Act of 1934 after the distribution
      of securities under a plan confirmed by a court. Yes
      [   ]   No [   ]





APPLICABLE
      ONLY TO CORPORATE ISSUERS





State
      the
      number of shares outstanding of each of the issuer’s classes of common equity,
      as of the latest practicable date.  As of January 8, 2008, the Company
      had outstanding 4,129,477 shares of common stock.





Transitional
      Small Business Disclosure Format (check one) [  ] Yes [x]
      No





























2


PART
      I





FINANCIAL
      INFORMATION





The
      Financial Statements of the Company are prepared as of November 30,
      2007.





ITEM
                1.
            FINANCIAL
                STATEMENTS REQUIRED BY FORM 10-QSB








CONTENTSBalance
                Sheet  4
            4Statements
                of Operations  5
            5Statements
                of Cash Flows 6
            6Notes
                to the Financial Statements  7
            7




























































































3
  CANCER
                  THERAPEUTICS,
                  INC.Balance
                  Sheet(Unaudited)ASSETSNovember
                  30,2007CURRENT
                  ASSETSCash
                  and cash
                  equivalents
              
              $
              551Total
                  Current
                  Assets
              
              
              551TOTAL
                  ASSETS
              
              $
              551LIABILITIES
                  AND STOCKHOLDERS'
                  DEFICITCURRENT
                  LIABILITIESAccounts
                  payable and accrued
                  expenses
              
              $
              178,290Due
                  to related
                  parties
              
              
              106,407Notes
                  payable
              
              
              50,000Notes
                  payable - related
                  parties
              
              
              165,344Total
                  Current
                  Liabilities
              
              
              500,041STOCKHOLDERS'
                  DEFICITCommon
                  stock, $0.001 par value;
                  100,000,000shares
                  authorized, 4,157,688
                  shares issued,4,129,477
                  shares
                  outstanding
              
              
              4,158Treasury
                  stock
              
              
              (14,106
              )Additional
                  paid-in
                  capital
              
              
              2,517,862Accumulated
                  deficit
              
              
              (3,007,404
              )Total
                  Stockholders'
                  Deficit
              
              
              (499,490
              )TOTAL
                  LIABILITIES AND
                  STOCKHOLDERS' DEFICIT
              
              $
              551The
                  accompanying notes are an
                  integral part of these financial statements


4
  CANCER
                  THERAPEUTICS,
                  INC.Statements
                  of
                  Operations(Unaudited)For
                  the Three Months
                  Ended
              
              
              For
                  the Six Months
                  EndedNovember
                  30,
              
              
              
              
              
              November
                  30,2007
              
              
              2006
              
              
              2007
              
              
              2006NET
                  REVENUES
              
              $
              75
              
              
              $
              5,275
              
              
              $
              75
              
              
              $
              12,375OPERATING
                  EXPENSESGeneral
                  and
                  administrative
              
              
              1,686
              
              
              
              18,518
              
              
              
              3,328
              
              
              
              36,277Professional
                  fees
              
              
              3,000
              
              
              
              3,228
              
              
              
              14,450
              
              
              
              14,478Total
                  Operating
                  Expenses
              
              
              4,686
              
              
              
              21,746
              
              
              
              17,778
              
              
              
              50,755LOSS
                  FROM
                  OPERATIONS
              
              
              (4,611
              )
              
              
              (16,471
              )
              
              
              (17,703
              )
              
              
              (38,380
              )OTHER
                  INCOME
                  (EXPENSES)Gain
                  on settlement of
                  debt
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              141,600Gain
                  on sale of
                  assets
              
              
              -
              
              
              
              -
              
              
              
              14,106
              
              
              
              -Interest
                  expense
              
              
              (4,807
              )
              
              
              (4,405
              )
              
              
              (9,834
              )
              
              
              (8,764
              )Total
                  Other Income
                  (Expenses)
              
              
              (4,807
              )
              
              
              (4,405
              )
              
              
              4,272
              
              
              
              132,836INCOME
                  (LOSS) BEFORE INCOME
                  TAXES
              
              
              (9,418
              )
              
              
              (20,876
              )
              
              
              (13,431
              )
              
              
              94,456INCOME
                  TAX
                  EXPENSE
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -NET
                  INCOME
                  (LOSS)
              
              $
              (9,418
              )
              
              $
              (20,876
              )
              
              $
              (13,431
              )
              
              $
              94,456BASIC
                  NET INCOME (LOSS) PER
                  SHARE
              
              $
              (0.00
              )
              
              $
              (0.01
              )
              
              $
              (0.00
              )
              
              $
              0.02WEIGHTED
                  AVERAGE NUMBER
                  OFSHARES
                  OUTSTANDING
              
              
              4,129,477
              
              
              
              4,134,611
              
              
              
              4,138,880
              
              
              
              4,116,049The
                  accompanying notes are an
                  integral part of these financial statements
      5
    CANCER
                  THERAPEUTICS,
                  INC.Statements
                  of Cash
                  Flows(Unaudited)For
                  the Six Months
                  EndedNovember
                  30,2007
              
              
              2006CASH
                  FLOWS FROM OPERATING
                  ACTIVITIES:Net
                  income
                  (loss)
              
              $
              (13,431
              )
              
              $
              94,456Adjustments
                  to reconcile net
                  income (loss) to netcash
                  used by operating
                  activities:Gain
                  on settlement of
                  debt
              
              
              -
              
              
              
              (141,600
              )Gain
                  on sale of
                  assets
              
              
              (14,106
              )
              
              
              -Changes
                  in operating assets and
                  liabilities:Accounts
                  receivable
              
              
              -
              
              
              
              -Accounts
                  payable and accrued
                  expenses
              
              
              8,130
              
              
              
              13,939Due
                  to related
                  parties
              
              
              13,045
              
              
              
              3,100Net
                  Cash Used by Operating
                  Activities
              
              
              (6,362
              )
              
              
              (30,105
              )CASH
                  FLOWS FROM INVESTING
                  ACTIVITIES:
              
              
              -
              
              
              
              -CASH
                  FLOWS FROM FINANCING
                  ACTIVITIES:Payments
                  on notes payable -
                  related parties
              
              
              -
              
              
              
              (2,000
              )Proceeds
                  from notes payable -
                  related parties
              
              
              5,900
              
              
              
              9,000Proceeds
                  from issuance of common
                  stock
              
              
              -
              
              
              
              30,000Net
                  Cash Provided by Financing
                  Activities
              
              $
              5,900
              
              
              $
              37,000NET
                  INCREASE (DECREASE) IN CASH
                  AND CASHEQUIVALENTS
              
              $
              (462
              )
              
              $
              6,895CASH
                  AND CASH EQUIVALENTS,
                  BEGINNING OF PERIOD
              
              
              1,013
              
              
              
              1,552CASH
                  AND CASH EQUIVALENTS, END OF
                  PERIOD
              
              $
              551
              
              
              $
              8,447SUPPLEMENTAL
                  CASH FLOW
                  INFORMATIONCash
                  Payments
                  For:Interest
              
              $
              574
              
              
              $
              4,675Income
                  taxes
              
              $
              -
              
              
              $
              -The
                  accompanying notes are an
                  integral part of these financial statements
  6


CANCER
      THERAPEUTICS, INC.


Notes
      to
      the Financial Statements


November
      30, 2007








NOTE
                1
            BASIS
                OF FINANCIAL STATEMENT PRESENTATION





The
                accompanying unaudited consolidated financial statements have been
                prepared by the Company pursuant to the rules and regulations of
                the
                Securities and Exchange Commission. Certain information and footnote
                disclosures normally included in financial statements prepared in
                accordance with U.S. generally accepted accounting principles have
                been
                condensed or omitted in accordance with such rules and regulations.
                The
                information furnished in the interim financial statements includes
                normal
                recurring adjustments and reflects all adjustments, which, in the
                opinion
                of management, are necessary for a fair presentation of such financial
                statements. Although management believes the disclosures and information
                presented are adequate to make the information not misleading, it
                is
                suggested that these interim consolidated financial statements be
                read in
                conjunction with the Company’s audited financial statements and notes
                thereto included in its Form 10KSB filed on August 30,
                2007.  Operating results for the six months ended November 30,
                2007 are not necessarily indicative of the results to be expected
                for the
                year ending May 31, 2008.





NOTE
      2                 
GOING CONCERN CONSIDERATIONS





The
      accompanying financial statements have been prepared using generally accepted
      accounting principles applicable to a going concern which contemplates the
      realization of assets and liquidation of liabilities in the normal course of
      business.  As reported in its Annual Report on Form 10-KSB for the
      fiscal year ended May 31, 2007, the Company’s stockholders’ deficit was $471,953
      and had a working capital deficit, continued losses, and negative cash flows
      from operations.  These factors combined, raise substantial doubt
      about the Company’s ability to continue as a going
      concern.  Management’s plans to address and alleviate these concerns
      are as follows:





The
      Company’s management continues to develop a strategy of exploring all options
      available to it so that it can develop successful operations and have sufficient
      funds, therefore, as to be able to operate over the next twelve
      months.  The Company is attempting to improve these conditions by way
      of financial assistance through issuances of additional equity and by generating
      revenues through sales of products and services.  No assurance can be
      given that funds will be available, or, if available, that it will be on terms
      deemed satisfactory to management.





The
      ability of the Company to continue as a going concern is dependent upon its
      ability to successfully accomplish the plans described in the preceding
      paragraph and eventually attain profitable operations.  The
      accompanying condensed consolidated financial statements do not include any
      adjustments relating to the recoverability and classification of asset carrying
      amounts or the amount and classification of liabilities that might result from
      the outcome of these uncertainties.





NOTE
      3                 
DISPOSITION OF OPERATING ASSETS





Effective
      July 31, 2007, the Company sold all of its operating assets to a shareholder
      in
      exchange for the return of 28,211 shares of common stock which are now held
      in
      Treasury.  This transaction resulted in a gain on the sale of assets
      in the amount of $14,106 as shown on the statement of
      operations.


7


ITEM
        2.                      
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
  You
          should read the
          following discussion of the company's financial condition and results of
          operations in conjunction with the audited financial statements and related
          notes included in the filing of the company’s latest annual
          10-KSB.  This discussion may contain forward-looking statements,
          including, without limitation, statements regarding our expectations, beliefs,
          intentions, or future strategies that are signified by the words "expects,"
          "anticipates," "intends," "believes," or similar language.  Actual
          results could differ materially from those projected in the forward looking
          statements.  You should carefully consider the information under the
          caption "Risk Factors" in this filing, in addition to the other information
          set
          forth in this report.  We caution you that Cancer Therapeutics’
business and financial performance is subject to substantial risks and
          uncertainties.


Overview





On
      July 31, 2007, the Company sold all
      operating assets to a shareholder of the Company.  This transaction
      resulted in the Company becoming a shell(as defined in Rule 12b-2 of the
      Exchange Act).





Results
      of
      Operations





Following
      is our discussion of the
      relevant items affecting results of operations for theperiodsendedNovember
      30, 2007and 2006.  The operations of
      the Company are continually decreasing as it has entered into shell
      status.





Revenues.Cancer
      Therapeutics
      generated net revenues of $75during
      thesix monthsendedNovember
      30, 2007, compared to $12,375in
      net revenues for thesixmonths
      endedNovember 30, 2006.As
      the Company has entered into shell
      status, revenues are expected to be at or near zero for the foreseeable
      future.





Potential
      Liability
      for a Violation of the Securities Act of 1933.Some
      of our shareholders
      received their shares as a result of the liquidation of Immune Complex
      Corporation.  The shares received were not registered under the
      Securities Act and did not qualify for an exemption
      therefrom.  447,688 shares were received by 132 shareholders as a
      result of the liquidation of Immune Complex
      Corporation.  Consequently, we may be liable to each of our
      shareholders who received shares of Cancer Therapeutics in connection with
      this
      liquidation.  We may be required to rescind the transaction in which
      the shares of Cancer Therapeutics were distributed to our shareholders, and
      may
      also be required to compensate these shareholders.  Our management has
      estimated the potential liability of Cancer Therapeutics in this respect at
      $.03
      to $.05 per share at the time of distribution which equates to a potential
      liability of $13,431 to $22,384.  This was the estimated value of
      Cancer Therapeutics at the time of distribution as determined by our board
      of
      directors.  The shareholders who received shares did not pay any
      consideration for their shares.  We have noted this estimated
      potential liability in the notes to our financial
      statements.





General
      and
      Administrative Expenses.  Our general and
      administrative expenses have been comprised of administrative wages and
      benefits; contract labor; occupancy and office expenses; travel and other
      miscellaneous office and administrative expenses.  General and
      administrative expenses for thesix months ended November
      30, 2007was
      $3,328,compared
      to$36,277
      during the sixmonths endedNovember
      30,2006.As
      the Company has entered into shell
      status, all expenses are expected to continue to decrease and approach zero
      for
      the foreseeable future.  Management has made a concerted effort to
      decrease expenses to a minimum.





Professional
      Fees.Our
      professional fees include outside legal, accounting and other professional
      fees.  Professional fees for thesix months ended November
      30, 2007were
      $14,450,compared
      to$14,478during
      thesixmonths
      endedNovember 30,
      2006.Although
      the Company is in shell status,
      accounting and auditing
      services are continually provided to the company in conjunction with the audits
      and preparation of the financial statements.





Gain
      on Settlement of
      Debt.During the
      six months ended November 30, 2006, the Company






8




settled
      with a note holder which held a
      promissory note for $110,000.  Accrued interest on the note was
      $33,600 at the time of settlement.  The Company paid $2,000 to settle
      the debt resulting in a gain on the settlement of debt in the amount of
      $141,600.





Gain
      on Sale of
      Assets.During
      the six months ended November 30, 2007, the Company sold certain assets in
      exchange for stock held by a shareholder.  This resulted in a gain on
      the sale of assets in the amount of $14,106 which is the corresponding amount
      held in Treasury stock.





Other
      Expenses.Expenses
      incurred in this
      category were comprised of interest expense associated with promissory notes
      issued by the Company and interest due to the IRS on unpaid payroll
      taxes.Interest
      expense for the six months ended November 30, 2007, was $9,834 compared to
      $8,764 during the six months ended November 30, 2006.Nomajorchange
      is expected in interest expense
      until the Company is able to pay down the promissory notes.





Off-Balance
      Sheet
      Arrangements.





Cancer
      Therapeutics is not subject to
      any off-balance sheet arrangements.





Personnel





Cancer
      Therapeutics has -0- full-time
      employees.  However, the CEOand other project-based
      contract
      personnelareutilizedto
      carry out our
      business.  These project-based contract personnel are temporary
      engagements used to assist us.





Liquidity
      and Capital
      Resources





Since
      inception, we have financed our
      operations from a
      combination of loans, issuance of promissory notes,and from business
      revenues.  As ofNovember 30,
      2007,
      our primary source of liquidity
      consisted of $551in
      cash and cash
      equivalents.  Cancer Therapeutics has sustained significant net losses
      which have resulted in an accumulated deficit atNovember 30,
      2007of
      $3,007,404.  Our
      losses raise doubts
      about our ability to continue the business of Cancer Therapeutics as a going
      concern.  Our current financial condition is dire.  We have
      defaulted on several loans, and are currently in settlement with the Internal
      Revenue Service for unpaid taxes.  Consequently, we anticipate that we
      will require additional cash inflows from increased revenues or sales of debt
      or
      equity capital to maintain operations and/or finance substantial business
      initiatives that may arise.  Wehadnetincome
      of $62,371for the year ending May
      31, 2007,with the gain on the
      settlement of debt contributing $141,600 in non operating
      income.  With the
      expected cash requirements for the coming months, without additional cash
      inflows from an increase in revenues and from the sale of shares pursuant to
      this offering, we have substantial doubt as to our ability to continue to
      operate.  We believe our present capital resources are insufficient
      for ongoing operation.  We cannot assure you that we will be able to
      raise sufficient funds to further develop and market our
      services.  Our lack of funds will materially affect Cancer
      Therapeutics, and may cause us to cease operations.  Consequently, you
      could incur a loss of your entire investment in Cancer
      Therapeutics.





FORWARD
      LOOKING STATEMENTS AND RISK FACTORS





Forward
      Looking Statements





When
      used in this report, the words,
“believes,” “plans,” “expects,” and similar expressions are intended by us to
      identify forward-looking statements within the meaning of and Section 21E of
      the
      Securities Exchange Act of 1934, as amended.  Such statements are
      subject to certain risks and uncertainties, including those discussed below,
      that could cause actual results to differ materially from those we have
      projected.  These forward-looking statements speak only as of the date
      hereof.  All of these forward-looking statements are based on our
      estimates and assumptions, which although we believe them to be reasonable,
      are
      inherently uncertain and difficult to predict.  We cannot assure you
      that the benefits anticipated in these forward-looking statements will be
      achieved.






9





We
      undertake no obligation to update
      any forward-looking statements, but you are advised to consult any further
      disclosures by Cancer Therapeutics on this subject in its subsequent filings
      pursuant to the Securities Exchange Act of 1934.  Furthermore, we are
      providing these cautionary statements identifying risk factors, listed below,
      that could cause our actual results to differ materially from expected and
      historical results.  It is not possible for our management to foresee
      or identify all such factors.  Consequently, this list should not be
      considered an exhaustive statement of all potential risks, uncertainties and
      inaccurate assumptions.





RISK
      FACTORS





Operating
      Risks





We
      May be Subject to Liability for a Violation of the Securities Act of
      1933.Some of
      our shareholders received their shares as a result of the liquidation of Immune
      Complex Corporation on June 8, 2000.  The shares received were not
      registered under the Securities Act and did not qualify for an exemption
      therefrom.  Consequently, we may be liable to each of our shareholders
      who received shares of Cancer Therapeutics in connection with this
      liquidation.  We may be required to rescind the transaction in which
      the shares of Cancer Therapeutics were distributed to our shareholders, and
      may
      also be required to compensate these shareholders.  Our management has
      estimated the potential liability of Cancer Thereapeutics in this respect at
      $.03 to $.05 per share at the time of distribution which equates to a potential
      liability of $13,431 to $22,384.  We have noted this estimated
      potential liability in the notes to our financial
      statements.





We
      have Defaulted Loan Obligations.We received loans to
      continue operations
      as detailed in our financial statements.  These loans are in default
      or may be in default upon demand by the creditors.  As a result of our
      default position, these creditors may obtain judgment or other lawful remedies
      to collect on the debts now or in the future.  We will still need to
      raise additional capital or increase our business profits to satisfy these
      creditors.  We cannot assure you that we will be successful in
      repaying any or all of these creditors.  As ofNovember 30, 2007,
      the total amount due on these loans
      was $340,645which
      consists of $232,296of
      principal and $108,349of
      interest.





We
      Have Consistently Operated at a Loss.Cancer
      Therapeutics was
      organized in 1991 and has consistently operated at a loss, and we cannot assure
      you that we will be able to operate Cancer Therapeutics
      profitably.  In the event we are unsuccessful at operating our
      business profitably, we cannot assure you that Cancer Therapeutics could
      successfully become involved in any other business venture.We
      presently have no plans, commitment,
      or arrangements with respect to any other potential business
      venture.





We
      have no Operating Capital, and We Must Raise Additional Capital to Remain in
      Business.We
      presently have no
      operating capital and are dependent upon future fundraising efforts to provide
      the minimum capital necessary to continue our business.  Such
      fundraising efforts may include the sale of additional shares of Cancer
      Therapeutics such as is contemplated in this offering or will involve commercial
      borrowing.  Although we believe that our status as a publicly-traded
      company will enhance our ability to raise additional capital, our financial
      condition is dire and we are currently operating with no or very little working
      capital, and several loan
      obligations.We
      cannot assure you that such our shares will ever be publicly traded and capital
      will be available to meet the costs of our operations, or that it will be
      available on acceptable terms.  Even if we raise the maximum amount of
      fundraising, we will still need to raise additional capital to operate our
      company.  Presently, our current offering is our sole source of
      potential funding and we have no commitments or arrangements from commercial
      lenders or other sources.





Investment
      Risks





Speculative
      Investment.  The shares
      of the
      Company’s common stock are a speculative investment. To date, the Company has
      generated substantial losses and has yet to achieve a profit.  If the
      Company fails to generate profits, it is unlikely that the Company will be
      able
      to meet its financial


10


obligations
      and investors could lose their entire investments.





Securities
      Class
      Action Claims Based Upon Price Fluctuation.  Securities
      class
      action claims have been brought against issuing companies in the past after
      volatility in the market price of a company’s securities.  With
      respect to the Company, such litigation could be very costly and divert the
      attention of the Company’s management and resources, and any adverse
      determination in such litigation could also subject the Company to significant
      liabilities, any or all of which could have a material adverse effect on the
      Company’s business, results of operations, and financial condition.





No
      Active
      Market.  Although the
      Company’s shares are traded on the NASD Electronic Bulletin Board, the Company
      believes that the public trading price may be an inaccurate representation
      of
      the value of the Company because there is little or no trading volume in the
      Company’s shares and no analysts or NASD market makers actively follow the
      Company.





No
      Dividends.  The Company
      does
      not anticipate paying dividends on its Common Stock  in the
      foreseeable future, and may be restricted from paying dividends in the future
      pursuant to subsequent financing arrangements.





You
      Could be Diluted from the Issuance of Additional Common and Preferred
      Stock.Cancer
      Therapeutics is authorized to issue up to 100,000,000 shares of common stock
      and
      10,000,000 shares of preferred stock.  To the extent of such
      authorization, our board of directors will have the ability, without seeking
      shareholder approval, to issue additional shares of common stock in the future
      for such consideration as the board may consider sufficient.  The
      issuance of additional common stock in the future may reduce your proportionate
      ownership and voting power.





ITEM
        3.                      
CONTROLS AND PROCEDURES





The
      Company's principal executive officer and principal financial officer, based
      on
      their evaluation of the Company's disclosure controls and procedures (as defined
      in Rules 13a-14 (c) and 15d-14 (c) of the Securities Exchange Act of 1934)
      as of
November 30, 2007 have
      concluded that the Company's disclosure controls and procedures are adequate
      and
      effective to ensure that material information relating to the Company and its
      consolidated subsidiaries are recorded, processed, summarized and reported
      within the time periods specified by the SEC's rules and forms, particularly
      during the period in which this annual report has been prepared.





The
      Company's principal executive officer and principal financial officer have
      concluded that there were no significant changes in the Company's internal
      controls or in other factors that could significantly affect these controls
      for
      the quarter ended November 30,
      2007, the date of their most recent evaluation of such controls, and that
      there were no significant deficiencies or material weaknesses in the Company's
      internal controls.





11










PART
      II





OTHER
      INFORMATION





ITEM
                1.
            LEGAL
                PROCEEDINGS





None





ITEM
                2.
            UNREGISTERED
                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS





For
      the three year period endingNovember 30,
      2007, securities of Cancer
      Therapeutics were issued as follows:





On
      September 10, 2004, we issued 400,000
      shares of our common stock in satisfaction of amounts owed to our securities
      counsel in connection with an engagement dated July 20, 2004.  Our
      securities counsel is an “accredited investor” as such term is defined in Rule
      501 to Regulation D promulgated under the Securities Act of 1933.  No
      solicitation was made and no underwriting discounts were given or paid in
      connection with this transaction.  We believe that this transaction
      was exempt from the registration provisions of the Securities Act pursuant
      to
      Sections 3(a)(11) and 4(2) of such Act.





On
      September 10, 2004, we issued
      1,000,000 shares of our common stock in satisfaction of amounts owed to our
      Chief Financial Officer in connection with an engagement dated May 15,
      2004.  Our Chief Financial Officer is an “accredited investor” as such
      term is defined in Rule 501 of Regulation D promulgated under the Securities
      Act
      of 1933.  No solicitation was made and no underwriting discounts were
      given or paid in connection with this transaction.  We believe that
      this transaction was exempt from the registration provisions of the Securities
      Act pursuant to Sections 3(a)(11) and  4(2) of such
      Act.





On
      September 15, 2004, we issued 400,000
      shares of our common stock pursuant to the conversion of a promissory note
      issued by Cancer Therapeutics in 2001 to an accredited investor.  No
      solicitation was made and no underwriting discounts were given or paid in
      connection with this transaction.  We believe that this transaction
      was exempt from the registration provisions of the Securities Act of 1933
      pursuant to Sections 3(a)(11) and  4(2) of such
      Act.





On
      September 20, 2004, we issued 200,000
      shares of our common stock in satisfaction of amounts owed to an accredited
      investor for healthcare advisory services rendered to Cancer Therapeutics
      pursuant an advisory agreement dated January 8, 2001.  No solicitation
      was made and no underwriting discounts were given or paid in connection with
      this transaction.  We believe that this transaction was exempt from
      the registration provisions of the Securities Act pursuant to Sections 3(a)(11)
      and 4(2) of such Act.





On
      September 20, 2004, we issued 150,000
      shares of our common stock in connection with the execution of a financial
      advisory agreement with Industrial Management & Equity Limited., which is
      owned and controlled by Lyndon Gaborit, a citizen and resident of the United
      Kingdom.  The securities were issued to LG Investment Trust, a trust
      formed for the benefit of immediate family members of Mr. Gaborit.  No
      solicitation was made and no underwriting discounts were given or paid in
      connection with this transaction.  We believe that this transaction
      was exempt from the registration provisions of the SecuritiesAct pursuant to Section
      4(2) of such Act
      and Rule 903 promulgated under the Act.





ITEM
                3.
            DEFAULTS
                UPON SENIOR SECURITIES





None.




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





Not
      Applicable.




12





ITEM
                5.
            OTHER
                INFORMATION





Not
      applicable.




ITEM
                6.
            EXHIBITS:





The
      following documents are filed as exhibits to this Form 10-QSB:





INDEX
      TO EXHIBITS





Exhibit
              Number
            
            Title
                of
                Document3.1
            
            Certificate
                of Incorporation of
                Cancer Therapeutics, Inc., a Delaware corporation. (1)3.2
            
            Bylaws
                of Cancer Therapeutics,
                Inc., a Delaware corporation. (2)4.1
            
            Form
                of Common Stock Certificate.
                (3)5.1
            
            Opinion
                of Kenneth I. Denos, P.C.,
                Attorney at Law (including consent). (4)10.1
            
            Warrant
                Issued to Healthcare
                Enterprise Group, Inc. (5)10.2
            
            Engagement
                Agreement between the
                Registrant and John Thomas, Esq. (6)10.3
            
            Accounting
                Services Agreement
                between the Registrant and Chene C. Gardner (7)10.4
            
            Engagement
                Agreement between the
                Registrant and Kenneth I. Denos, P.C. (8)10.5
            
            Advisory
                Agreement between the
                Registrant and Industrial Management & Equity Limited
                (9)10.6
            
            Form
                of Subscription Agreement
                between Cancer Therapeutics and Investors (10)10.7
            
            Escrow
                Agreement
                (11)10.8
            
            Summary
                of Oral Agreement between
                the Registrant and Robert K. Oldham (12)10.9
            
            Summary
                of Oral Agreement between
                the Registrant and Walter Lewko (13)10.10
            
            Appointment
                Letter for Mike K. Low
                (14)10.11
            
            Specimen
                Contract with John D.
                Archibold Memorial Hospital, Inc. (15)23.1
            
            Consent
                of Bouwhuis, Morrill and
                Company, LLC. (16)23.2
            
            Consent
                of Kenneth I. Denos, P.C.
                (Filed as part of Exhibit 5.1). (17)99.1
            
            Senate
                Bill 341
                (18)99.2
            
            Certification
                by Chief Executive Officer and Chief Financial Officer, Chene Gardner,
                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.99.3
            
            Certification
                by Chief Executive Officer and Chief Financial Officer, Chene Gardner,
                pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002.







13







(1)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(2)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(3)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(4)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(5)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(6)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(7)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(8)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(9)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(10)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(11)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(12)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(13)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(14)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(15)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(16)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(17)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.


(18)
            Filed
                as an Exhibit to the Company’s Registration Statement on Form SB-2, deemed
                effective by the Commission on May 15,
                2006.

















14





SIGNATURES





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





CANCER
                THERAPEUTICS, INC.





Date:
      _January 14,
      2008____________                                   
BY: /S/ Chene
      Gardner_____________________


Chene
      Gardner


Chief
                Executive Officer





15