| Nevada                                                                                                                                                                                                                                 | 94-3355026                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|
| (State      or other jurisdiction ofincorporation      or organization)                                                                                                                                                                | (I.R.S.      EmployerIdentification      No.) |
|  Suite      1500-885 West Georgia StreetVancouver,      British Columbia Canada V6C 3E8________________________________________________________________________(Address      of principal executive offices, including zip  code) |

----

----

| Section                                    | Heading                                                                                                                   |
|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
| Part      I                                |                                                                                                                      |
|      Item      1  | Description      of Business                                                                                              |
|      Item      2  | Description      of Property                                                                                              |
|      Item      3  | Legal      Proceedings                                                                                                    |
|      Item      4  | Submission      of Matters to a Vote of Security Holders                                                                  |
| Part      II                               |                                                                                                                      |
|      Item      5  | Market      for the Registrant's Common Equity and Related Stockholder      Matters                                       |
|      Item      6  | Management's      Discussion and Analysis of Financial Condition and Results of Operations      or Plan of Operation      |
|      Item      6A | Quantitative      and Qualitative Disclosures About Market Risk                                                           |
|      Item      7  | Financial      Statements                                                                                                 |
|      Item      8  | Changes      in and Disagreements on Accounting and Financial  Disclosure                                                 |
| Item      8A                               | Controls      and Procedures                                                                                              |
| Item      8B                               | Other      Information                                                                                                    |
| Part      III                              |                                                                                                                      |
|      Item      9  | Directors,      Executive Officers, Promoters and Control Persons, Compliance with Section      16(a) of the Exchange Act |
|      Item      10 | Executive      Compensation                                                                                               |
|      Item      11 | Security      Ownership of Certain Beneficial Owners and Management and Related      Stockholder Matters                  |
|      Item      12 | Certain      Relationships and Related Transactions                                                                       |
| Part      IV                               |                                                                                                                      |
|      Item      13 | Exhibits      and Reports on Form 8-K                                                                                     |
|      Item      14 | Principal      Accountant Fees and Services                                                                               |
|                                       | Certifications      and Signatures                                                                                        |

----

| 1.   | pH      ranging from a strong acid level of 1.8 (stronger than stomach acid) to a      strong alkali level of 13.8. (the pH scale is calibrated from 1, highly      acidic, to 14, highly alkali); |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Enzymatic      action using protease, which targets the amino acid bonds, and      glycosidase, which targets the amino acid bonds, and glycosidase, which      targets the sugar molecules; and |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Temperatures      ranging from -196°C (cryopreservation) to +37°C (body      temperature). |
|----------------|------------------------------------------------------------------------------------------------------|

| § Stem      cells (human)         | § Adult      skin fibroblast cells     |
|---------------------------------------------|--------------------------------------------------|
| § Whole      blood cells          | § Heart      cells (cardiac myocites)  |
| § Blood      Platelet cells       | § Liver      cells (hepatocites)       |
| § Heart      tissue               | § Embryonic      skin fibroblast cells |
| § Hela      (cancer) cells        | § Islet      cells (pancreatic)        |
| § Kidney      (KB and vero) cells | § Stem      cells (mouse)              |

| §   | temperatures      ranging from -80° C to +37° |
|--------------------|---------------------------------------------------------|

| §   |  harsh      sterilizing radiation |
|--------------------|----------------------------------------|

| §   | 254      nanometer wavelength |
|--------------------|-------------------------------|

| §   | hydrogen      peroxide (H2O20 |
|--------------------|-------------------------------|

| §   | powerful      oxidant |
|--------------------|-----------------------|

| §   | serum      free culture media |
|--------------------|-------------------------------|

| §   | food/growth/nutrients      factors (fetal bovine serum)withheld |
|--------------------|-----------------------------------------------------------------|

| §   | Interleukin      1 Beta, a standard agent for stimulating inflammation in cell      testing |
|--------------------|---------------------------------------------------------------------------------------------|

| §   | All      of the above tests are also considered to cause    inflammation |
|--------------------|--------------------------------------------------------------------------|

| §   | Scientific      and technological capability; |
|--------------------|-----------------------------------------------|

| §   | Proprietary      know-how; |
|--------------------|----------------------------|

| §   | The      ability to develop and market products and  processes; |
|--------------------|-----------------------------------------------------------------|

| §   | The      ability to obtain FDA or other required regulatory    approvals; |
|--------------------|---------------------------------------------------------------------------|

| §   | The      ability to manufacture products that meet applicable FDA requirements,      (i.e. FDA’s Quality System Regulations) see Governmental Regulation      section; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Access      to adequate capital; |
|--------------------|----------------------------------|

| §   | The      ability to attract and retain qualified personnel;  and |
|--------------------|------------------------------------------------------------------|

| §   | The      availability of patent protection. |
|--------------------|---------------------------------------------|

----

| ITEM      5. | MARKET      FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER      MATTERS |
|--------------|-------------------------------------------------------------------------------------|

| 2007                | Low    | High   |
|---------------------|--------|--------|
| First      Quarter  | $.36   | $.50   |
| Second      Quarter | .32    | .45    |
| Third      Quarter  | .24    | .42    |
| Fourth      Quarter | .10    | .26    |
|                |   |   |
| 2006                | Low    | High   |
| First      Quarter  | $.65   | $.68   |
| Second      Quarter | .62    | .65    |
| Third      Quarter  | .51    | .57    |
| Fourth      Quarter | .40    | .46    |

|                            |   | Date      |   | Number      of |   | Exercise                                        |   |  Closing      price                  |   | Expiration |
|---------------------------------|--------|-----------|--------|----------------|--------|-------------------------------------------------|--------|-------------------------------------------|--------|------------|
|                            |   | Issued    |   | Warrants       |   |  Price                                     |   |  on      Issuance                    |   | Date       |
|                            |   |      |   |           |   |                                            |   |                                      |   |       |
| Simon      Shah                 |   | 6/1/2007  |   | 350,000        |   | $      0.50       |   | $      0.41 |   | 6/1/2012   |
| Ravi      Chiruvolu             |   | 6/1/2007  |   | 250,000        |   | $      0.50       |   | $      0.41 |   | 6/1/2012   |
| Chardan      Capital Markets    |   | 6/1/2007  |   | 350,000        |   | $      0.50       |   | $      0.41 |   | 6/1/2012   |
|                            |   |      |   |           |   |                                            |   |                                      |   |       |
| Bruce      Dorfman              |   | 7/12/2007 |   | 500,000        |   | $      0.50       |   | $      0.35 |   | 7/12/2012  |
|                            |   |      |   |           |   |                                            |   |                                      |   |       |
| Fred      Whittaker             |   | 8/1/2007  |   | 400,000        |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
| Maximilien      Arella          |   | 8/1/2007  |   | 400,000        |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
| Mark      Ralston               |   | 8/1/2007  |   | 2,050,000      |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
| Blair      Henderson            |   | 8/1/2007  |   | 250,000        |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
| Grant      Young                |   | 8/1/2007  |   | 1,500,000      |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
| Dr.      John Todd              |   | 8/1/2007  |   | 500,000        |   | $      0.50       |   | $      0.35 |   | 8/1/2012   |
|                            |   |      |   |           |   |                                            |   |                                      |   |       |
| Randy      Anderson             |   | 12/1/2007 |   | 250,000        |   | $      0.20       |   | $      0.16 |   | 12/1/2009  |
|                            |   |      |   |           |   |                                            |   |                                      |   |       |
| Wall      Street Communications |   | 12/4/2007 |   | 250,000        |   | $      0.12       |   | $      0.15 |   | 12/4/2009  |
| Wall      Street Communications |   | 12/4/2007 |   | 250,000        |   | $      0.24       |   | $      0.15 |   | 12/4/2009  |
| Wall      Street Communications |   | 12/4/2007 |   | 250,000        |   | $      0.36       |   | $      0.15 |   | 12/4/2009  |
| Wall      Street Communications |   | 12/4/2007 |   | 250,000        |   | $       0.50 |   | $      0.15 |   | 12/4/2009  |

----

----

----

|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    | ASSETS                                              |                                                                                              |
|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|---------------------------------------------------------------------------------------------------|
| Current      Assets                                                |                                                                                                                                    |
|                                                               | Cash                                                                                                                                    |  $              37,350                                                             |
|                                                               | Prepaid      expenses                                                                                                                   |                110,000                                                             |
|                                                               | Total      current assets                                                                                                               |                147,350                                                             |
| Computer      equipment, net of accumulated depreciation of $2,963 |                       426 |
|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    |                                                |  $            147,776            |
|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    | LIABILITIES      AND STOCKHOLDERS' EQUITY (DEFICIT) |                                                                                              |
| Current      Liabilities                                           |                                                                                                                                    |
|                                                               | Accounts      payable                                                                                                                   |  $            108,825                                                                        |
|                                                               | Convertible      note payable                                                                                                           |                300,000                                                             |
|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    | Total      current liabilities                      |                408,825 |
| Stockholders'      Equity (Deficit)                                |                                                                                                                                    |
|                                                               | Common      stock, $.0000053 par value; 100,000,000 common                                                                              |                                                                                                                                                          |
|                                                               |                                                                                                                                    | shares      authorized; 48,444,442 shares issued and outstanding                                                                                              |                       262 |
|                                                               | Common      stock issuable; 1,190,000 shares                                                                                            |                           6 |
|                                                               | Additional      paid-in capital                                                                                                         |           19,323,715                                                                                        |
|                                                               | Deficit      accumulated during the development stage                                                                                   |        (19,585,032)                                                                                                        |
|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    |                                                |             (261,049)                 |
|                                                               |                                                                                                                                    |                                                                                                                                                          |                                                                                                                                    |                                                |  $            147,776            |

----

|                                      |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |                                                                     |                                    |   | Cumulative                         |
|-------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|--------------------------------------------------------------------------|-----------------------------------------|--------|------------------------------------|
|                                      |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |                                                                     |                                    |   | During      the                    |
|                                      |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |                                                                     |                                    |   | Development                        |
|                                      |                                                                                               |                                                                                                          |                                                               |                                                                                                          | 2007                                                                     |                                                                     | 2006                                    |   | Stage                              |
| Revenues                                  |  $               - |                                                                                                          |  $         2,000 |                                                                                                          |  $          2,000 |
| Expenses                                  |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |
|                                      | Licenses                                                                                           |                                                                                                          |                                                               |                                                                                                          |                                                                     |       3,379,756                            |
|                                      | Professional      fees                                                                             |         418,724                                                       |                                                               |         386,095                                                       |                                                                     |       3,231,512                            |
|                                      | Consulting      fees                                                                               |      1,134,276                                                                       |                                                               |      1,196,124                                                                       |                                                                     |     10,368,079                                       |
|                                      | Research      and development                                                                      |         996,538                                                       |                                                               |         180,709                                                       |                                                                     |       1,797,429                            |
|                                      | General      and administrative                                                                    |         166,731                                                       |                                                               |         192,836                                                       |                                                                     |          706,628            |
|                                      | Interest                                                                                           |           12,000                                            |                                                               |           11,869                                            |                                                                     |            60,162 |
|                                      |                                                                                               |                                                                                                          |                                                               |                                                                                                          |      2,728,269                                  |                                                                     |      1,967,633 |   |     19,543,566 |
|                                      |                                                                                               |                                                                                                          |                                                               | Loss      from continuing operations                                                                          |   (2,728,269)                                                  |                                                                     |   (1,965,633)                 |   | (19,541,566)                       |
| Discontinued      Operations              |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |
|                                      | Loss      from operations of the discontinued segment                                              |                   - |                                                               |                   - |                                                                     | (43,466)                                                                 |
|                                      |                                                                                               |                                                                                                          |                                                               | Net      loss                                                                                                 |  $      (2,728,269)                                                 |                                                                     | $(1,965,633)                            |   | $(19,585,032)                      |
| Net      Loss per Common Share (basic and |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |
|                                      | fully      diluted)                                                                                |  $        (0.06)                                                 |                                                               |  $        (0.05)                                                 |                                                                     |                                                                     |
| Weighted      average number of common    |                                                                                               |                                                                                                          |                                                               |                                                                                                          |                                                                     |
|                                      | shares      outstanding                                                                            |    45,749,464                                                                                  |                                                               |    43,233,617                                                                                  |                                                                     |                                                                     |

----

|                                                       |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               | Deficit                                                                                                       |                                                   |
|------------------------------------------------------------|-----------------------------|---------------------------------------------|----------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|
|                                                       |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               | Accumulated                                                                                                   |                                                   |
|                                                       |                        |                                        |                                                                                   |                                                                                                    | Common      Stock                                                                                       | Additional                                       | Stock                                                                                                   | During      the                                                                                   |                                                                                                    |
|                                                       |                        | Common      Stock                           |                                                                                   | Issuable                                                                                                | Paid-in                                                                                                 | Subscriptions                                    | Development                                                                                             |                                                                                              |
|                                                       |                        | Shares                                      |                                                                                   | Amount                                                                                                  |                                                                                                    | Shares                                           |                                                                                                    | Amount                                                                                            | Capital                                                                                                 | Receivable                                                                                         | Stage                                                                                                         | Total                                                  |
| Issuance      of common stock, December 1999               |    9,375,000 |                                        |  $            50      |                                                                                                    |                  - |                                             |  $               -      |  $       4,950                                            |  $               -      |  $               - |  $       5,000                                                        |
| Net      loss for period                                   |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |             (35)                       |            (35)                                        |
| Balance,      December 31, 2000                            |    9,375,000 |                                        |               50 |                                                                                                    |                  - |                                             |                  - |           4,950                                 |                  - |             (35)                       |           4,965                                             |
| Issuance      of common stock, April 2001                  |    5,718,750 |                                        |              30       |                                                                                                    |                                                                                                    |                                             |                                                                                                    |         15,220                                            |                                                                                                    |                                                                                               |         15,250                                                        |
| Net      loss for year                                     |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |      (16,902)                                                             |      (16,902)                                                                        |
| Balance,      December 31, 2001                            |  15,093,750            |                                        |              80       |                                                                                                    |                  - |                                             |                  - |         20,170                                            |                  - |      (16,937)                                                             |           3,313                                             |
| Net      loss for year                                     |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |      (14,878)                                                             |      (14,878)                                                                        |
| Balance,      December 31, 2002                            |  15,093,750            |                                        |               80 |                                                                                                    |                  - |                                             |                  - |         20,170                                            |                  - |      (31,815)                                                             |      (11,565)                                                                        |
| Issuance      of common stock for services:                |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               |                                                                                                          |
|                                                       | July      2003              |    2,125,000                 |                                                                                   |                11            |                                                                                                    |                                             |                                                                                                    |                                                                                              |       424,989                                                             |                                                                                               |                                                                                                          |       425,000            |
|                                                       | August      2003            |       300,000 |                                                                                   |                 2       |                                                                                                    |                                             |                                                                                                    |                                                                                              |        14,998                                                        |                                                                                               |                                                                                                          |         15,000 |
|                                                       | September      2003         |    1,000,000                 |                                                                                   |                 5       |                                                                                                    |                                             |                                                                                                    |                                                                                              |         49,995                                                  |                                                                                               |                                                                                                          |         50,000 |
|                                                       | October      2003           |    1,550,000                 |                                                                                   |                 8       |                                                                                                    |                                             |                                                                                                    |                                                                                              |       619,992                                                             |                                                                                               |                                                                                                          |       620,000            |
| Issuance      of common stock for licensing rights         |  14,000,000            |                                        |              74       |                                                                                                    |                                                                                                    |                                             |                                                                                                    |    2,099,926                                                                       |                                                                                                    |                                                                                               |   2,100,000                                                                                         |
| Common      stock issuable for licensing rights            |                        |                                        |                                                                                   |                                                                                                    |    2,000,000                                                                             |                                             |               11                  |       299,989                                                       |                                                                                                    |                                                                                               |      300,000                                                                         |
| Shares      cancelled on September 30, 2003                | (9,325,000)                 |                                        |            (49)                 |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                49      |                                                                                                    |                                                                                               |                   - |
| Net      loss for year                                     |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    | (3,662,745)                                                                                        | (3,662,745)                                                                                                   |
| Balance,      December 31, 2003                            |  24,743,750            |                                        |             131            |                                                                                                    |    2,000,000                                                                             |                                             |               11                  |    3,530,108                                                                       |                  - | (3,694,560)                                                                                        |    (164,310)                                                                                   |
| Issuance      of common stock for services:                |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               |                                                                                                          |
|                                                       | March      2004             |   1,652,300                       |                                                                                   |                9             |                                                                                                    |                                             |                                                                                                    |                                                                                              |      991,371                                                                   |                                                                                               |                                                                                                          |       991,380            |
|                                                       | May      2004               |       500,000 |                                                                                   |                  3 |                                                                                                    |                                             |                                                                                                    |                                                                                              |      514,997                                                                   |                                                                                               |                                                                                                          |       515,000            |
|                                                       | July      2004              |       159,756 |                                                                                   |                 1       |                                                                                                    |                                             |                                                                                                    |                                                                                              |      119,694                                                                   |                                                                                               |                                                                                                          |       119,695            |
|                                                       | August      2004            |       100,000 |                                                                                   |                  1 |                                                                                                    |                                             |                                                                                                    |                                                                                              |         70,999                                                  |                                                                                               |                                                                                                          |         71,000 |
|                                                       | October      2004           |       732,400 |                                                                                   |                 4       |                                                                                                    |                                             |                                                                                                    |                                                                                              |       479,996                                                             |                                                                                               |                                                                                                          |       480,000            |
|                                                       | November      2004          |       650,000 |                                                                                   |                 4       |                                                                                                    |                                             |                                                                                                    |                                                                                              |       454,996                                                             |                                                                                               |                                                                                                          |      455,000                  |
|                                                       | December      2004          |       255,000 |                                                                                   |                 1       |                                                                                                    |                                             |                                                                                                    |                                                                                              |      164,425                                                                   |                                                                                               |                                                                                                          |      164,426                  |
| Common      stock issuable for AFGP license                |                        |                                        |                                                                                   |                                                                                                    |    1,000,000                                                                             |                                             |                  5 |       709,995                                                       |                                                                                                    |                                                                                               |     710,000                                                                               |
| Common      stock issuable for Recaf License               |                        |                                        |                                                                                   |                                                                                                    |       400,000                                                             |                                             |                 2       |       223,998                                                       |                                                                                                    |                                                                                               |      224,000                                                                         |
| Warrants      granted (for 3,450,000 shares) for services, |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               |
|                                                       | October      2004           |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |    1,716,253                                                                             |                                                                                               |                                                                                                          |    1,716,253                            |
| Options      granted for services, October 2004            |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |      212,734                                                             |                                                                                                    |                                                                                               |      212,734                                                                         |
| Stock      subscriptions receivable                        |                        |                                        |                                                                                   |                                                                                                    |    1,800,000                                                                             |                                             |               10                  |       329,990                                                       |    (330,000)                                                                             |                                                                                               |                   - |
| Warrants      exercised:                                   |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |                                                                                               |                   - |
|                                                       | August      2004            |                                        |                                                                                   |                                                                                                    |                                                                                                    |        50,000 |                                                                                                    |                                                                                              |        15,000                                                        |                                                                                               |                                                                                                          |         15,000 |
|                                                       | October      2004           |                                        |                                                                                   |                                                                                                    |                                                                                                    |      600,000            |                                                                                                    |             3                         |       134,997                                                             |                                                                                               |                                                                                                          |       135,000            |
|                                                       | December      2004          |                                        |                                                                                   |                                                                                                    |                                                                                                    |   1,000,000                            |                                                                                                    |                 5 |      224,995                                                                   |                                                                                               |                                                                                                          |       225,000            |
| Options      exercised, December 2004                      |                        |                                        |                                                                                   |                                                                                                    |       100,000                                                             |                                             |                 1       |        29,999                                                  |                                                                                                    |                                                                                               |         30,000                                                        |
| Net      loss for year                                     |                        |                                        |                                                                                   |                                                                                                    |                                                                                                    |                                             |                                                                                                    |                                                                                              |                                                                                                    |    (6,368,030)                                                                      | (6,368,030)                                                                                                   |
| Balance,      December 31, 2004                            |  28,793,206            |                                        |  $         154                       |                                                                                                    |   6,950,000                                                                                   |                                             |  $           37                             |  $9,924,547                                                                                  |  $      (330,000)                                                                                  | $(10,062,590)                                                                                      |  $(467,852)                                                                                              |

----

|                                                           |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       | Deficit     |                                                                                                                |                                                                                                                |
|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|                                                           |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       | Accumulated |                                                                                                                |                                                                                                                |
|                                                           |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      | Common      Stock                                            | Additional                                                                                                     | Stock                                                                                                          | During      the                                                                                                            |                                                                                                                       |        |
|                                                           |                                                                                                                      | Common      Stock                                                  | Issuable                                                                                                       |                                                                                                                      |                                                         | Paid-in                                                                                                        | Subscriptions                                                                                                  | Development                                                                                                                |                                                                                                                       |        |
|                                                           |                                                                                                                      | Shares                                                             |                                                                                                           | Amount                                                                                                                    | Shares                                                       |                                                                                                           | Amount                                                                                                         | Capital                                                                                                                    | Receivable                                                                                                                 | Stage       |                                                                                                                | Total                                                                                                               |
| Issuance      of stock subscriptions receivable                |                     - |                                                               |  $                 - |                     - |                                                         |  $                 - |  $                 - |  $        240,000                                                             |  $                   - |        |  $     240,000                                                                        |
| Issuance      of common stock for licensing rights             |     2,000,000                                                                                         |                                                               |                11                   |  (2,000,000)                                                                                                         |                                                         |               (11)                       |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                    - |
| Issuance      of stock for warrants exercised                  |     2,050,000                                                                                         |                                                               |                 10             |  (2,050,000)                                                                                                         |                                                         |               (10)                       |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                    - |
| Options      exercised,                                        |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                                                                                                                |
|                                                           | February      2005                                                                                                        |                                                               |                                                                                                           |                                                                                                                      |          35,000 |                                                                                                           |                   1  |           10,499                                                         |                                                                                                                       |        |                                                                                                                |           10,500                                                  |
|                                                           | May      2005                                                                                                             |         200,000            |                                                                                                           |                  1                   |                                                         |                                                                                                           |                                                                                                           |           59,999                                                         |                                                                                                                       |        |                                                                                                                |          60,000                                                        |
| Note      payable conversion, February 2005                    |                                                                                                                      |                                                               |                                                                                                           |        285,832                                                                         |                                                         |                   1  |           85,749                                             |                                                                                                                       |                                                                                                                       |        |           85,750                                                  |
| Issuance      of common stock for Note payable conversion      |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       |        |
|                                                           | April      2005                                                                                                           |       285,832                        |                                                                                                           |                   1             |     (285,832)                            |                                                                                                           |             (1)                                    |                                                                                                                       |                                                                                                                       |        |                                                                                                                |                    - |
|                                                           | May      2005                                                                                                             |         353,090            |                                                                                                           |                    2       |                                                         |                                                                                                           |                                                                                                           |         105,925                                                                    |                                                                                                                       |        |                                                                                                                |        105,927                                                                   |
| Issuance      of common stock for AFGP license                 |     1,000,000                                                                                         |                                                               |                   5  |  (1,000,000)                                                                                                         |                                                         |                 (5)            |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                    - |
| Issuance      of common stock for stock subscriptions received |     1,400,000                                                                                         |                                                               |                   6  |  (1,400,000)                                                                                                         |                                                         |                 (6)            |                                                                                                           |        90,000                                                                           |                                                                                                                       |        |          90,000                                                        |
| Issuance      of stock for options exercised                   |        135,000                                                                         |                                                               |                  2        |      (135,000)                                                                                   |                                                         |                 (2)            |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                    - |
| Issuance      of common stock for services:                    |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                                                                                                                |
|                                                           | April      2005                                                                                                           |           30,000 |                                                                                                           |                   1             |                                                         |                                                                                                           |                                                                                                           |           14,999                                                         |                                                                                                                       |        |                                                                                                                |           15,000                                                  |
|                                                           | May      2005                                                                                                             |      3,075,000                            |                                                                                                           |                15                              |                                                         |                                                                                                           |                                                                                                           |     3,320,985                                                                                          |                                                                                                                       |        |                                                                                                                |      3,321,000                                                                             |
|                                                           | June      2005                                                                                                            |          50,000       |                                                                                                           |                  1                   |                                                         |                                                                                                           |                                                                                                           |          50,499                                                               |                                                                                                                       |        |                                                                                                                |           50,500                                                  |
|                                                           | August      2005                                                                                                          |     (250,000)                                  |                                                                                                           |                 (1)                       |                                                         |                                                                                                           |                                                                                                           |      (257,499)                                                                                    |                                                                                                                       |        |                                                                                                                |      (257,500)                                                                             |
|                                                           | August      2005                                                                                                          |        111,111                  |                                                                                                           |                   1             |       (92,593)                 |                                                                                                           |                (1)                  |           15,000                                                         |                                                                                                                       |        |                                                                                                                |          15,000                                                        |
|                                                           | October      2005                                                                                                         |         36,233             |                                                                                                           |                   1             |       (36,233)                 |                                                                                                           |              (1)                              |                    -        |                                                                                                                       |        |                                                                                                                |                    - |
|                                                           | November      2005                                                                                                        |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                                                                                                                |                                                                                                                |
|                                                           | November      2005                                                                                                        |       311,725                        |                                                                                                           |                   2             |     (245,000)                            |                                                                                                           |                (1)                  |        36,249                                                                           |                                                                                                                       |        |                                                                                                                |        36,250                                                                    |
|                                                           | December      2005                                                                                                        |    1,220,000                                        |                                                                                                           |                   8             |                                                         |                                                                                                           |                                                                                                           |        756,392                                                                          |                                                                                                                       |        |                                                                                                                |        756,400                                                                   |
| Common      stock issuable for services rendered               |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |                                                                                                                       |        |                                                                                                                |
|                                                           | June      2005                                                                                                            |                                                               |                                                                                                           |                                                                                                                      |        200,000            |                                                                                                           |                   1  |       149,999                                                                                |                                                                                                                       |        |                                                                                                                |        150,000                                                                   |
|                                                           | August      2005                                                                                                          |                                                               |                                                                                                           |                                                                                                                      |          36,233 |                                                                                                           |                   1  |          21,739                                                               |                                                                                                                       |        |                                                                                                                |           21,740                                                  |
|                                                           | September      2005                                                                                                       |                                                               |                                                                                                           |                                                                                                                      |        125,000            |                                                                                                           |                  1        |           74,999                                                         |                                                                                                                       |        |                                                                                                                |          75,000                                                        |
|                                                           | September      2005(Proteocell)                                                                                           |                                                               |                                                                                                           |                                                                                                                      |        100,000            |                                                                                                           |                   1  |         57,999                                                                     |                                                                                                                       |        |                                                                                                                |          58,000                                                        |
|                                                           | December      2005                                                                                                        |                                                               |                                                                                                           |                                                                                                                      |        120,968            |                                                                                                           |                   1  |        74,999                                                                           |                                                                                                                       |        |                                                                                                                |          75,000                                                        |
| Net      loss for the year                                     |                                                                                                                      |                                                               |                                                                                                           |                                                                                                                      |                                                         |                                                                                                           |                                                                                                           |                                                                                                                       |   (4,826,540)                                                                                                    |        |  (4,826,540)                                                                                                   |
| Balance,      December 31, 2005                                |            40,801,197                                              |                                                               |  $           220                                   |         608,375                                                                   |                                                         |  $                6       |  $14,503,079                                                                                              |  $                   - |  $(14,889,130)                                                                                                        |        |  $  (385,825)                                                                                        |

----

|                                                          |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |                                                                                                                             | Deficit     |                                                                                          |                                                                                                                            |
|---------------------------------------------------------------|---------------------------------------------------|-------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                          |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |                                                                                                                             | Accumulated |                                                                                          |                                                                                                                            |
|                                                          |                                              |                                                                    |                                                                                                          |                                                                                                          | Common      Stock                                            | Additional                                                                                                    | Stock                                                                                                         | During      the                                                                                                                  |                                                                                                                             |        |
|                                                          |                                              | Common      Stock                                                       | Issuable                                                                                                      |                                                                                                          |                                                         | Paid-in                                                                                                       | Subscriptions                                                                                                 | Development                                                                                                                      |                                                                                                                             |        |
|                                                          |                                              | Shares                                                                  |                                                                                                          | Amount                                                                                                        | Shares                                                       |                                                                                                          | Amount                                                                                                        | Capital                                                                                                                          | Receivable                                                                                                                       | Stage       |                                                                                          | Total                                                                                                                           |
|  February      2006 private placement (issued June 2006) |       900,000       |                                                                    |  $               5            |                                                                                                          |                                                         |  $                -      |  $    352,142                                                                        |  $                    - |  $                    - |        |  $    352,147                                                        |
|  Warrants      granted from private placement (450,000)  |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |         97,853                                                        |                                                                                                                             |                                                                                                                             |        |           97,853                            |
| Issuance      of common stock for Note payable conversion     |        529,279 |                                                                    |                   3 |                                                                                                          |                                                         |                                                                                                          |       158,780                                                                   |                                                                                                                             |                                                                                                                             |        |        158,783                                             |
| Issuance      of common stock for services:                   |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |                                                                                                                             |        |                                                                                          |
|                                                          |  February/March      2006 services           |                                                                    |                                                                                                          |                                                                                                          |          20,000 |                                                                                                          |                   1 |         10,499                                                                           |                                                                                                                             |        |                                                                                          |         10,500                                                                          |
|                                                          |  March      2006                             |       166,359                             |                                                                                                          |                   1 |     (108,375)                            |                                                                                                          |                (1)                 |      36,750                                                                                             |                                                                                                                             |        |                                                                                          |          36,750                                                                    |
|                                                          |  April      2006                             |  (1,200,000)                                                       |                                                                                                          |                (6)                 |                                                         |                                                                                                          |                                                                                                          |                   6                    |                                                                                                                             |        |                                                                                          |                      - |
|                                                          |  May      2006                               |    1,266,278                                             |                                                                                                          |                   7 |       (70,000)                 |                                                                                                          |                (1)                 |       792,750                                                                                      |                                                                                                                             |        |                                                                                          |        792,756                                                                               |
|                                                          |  June      2006                              |          27,056            |                                                                                                          |                                                                                                          |    1,200,000                                  |                                                                                                          |                   6 |        718,244                                                                                |                                                                                                                             |        |                                                                                          |      718,250                                                                                           |
|                                                          |  July      2006                              |   1,200,000                                                   |                                                                                                          |                   6 |  (1,200,000)                                            |                                                                                                          |               (6)                       |                                                                                                                             |                                                                                                                             |        |                                                                                          |                      - |
|                                                          |  August      2006                            |        100,000                       |                                                                                                          |                1                   |                                                         |                                                                                                          |                                                                                                          |         64,999                                                                           |                                                                                                                             |        |                                                                                          |          65,000                                                                    |
|                                                          |  September      2006                         |         369,984                 |                                                                                                          |                 2             |       (50,000)                 |                                                                                                          |                                                                                                          |        209,998                                                                                |                                                                                                                             |        |                                                                                          |       210,000                                                                                     |
|                                                          |  November      2006                          |       100,000                             |                                                                                                          |            1                                           |                                                         |                                                                                                          |                                                                                                          |        48,999                                                                                 |                                                                                                                             |        |                                                                                          |           49,000                                                              |
|                                                          |  December      2006                          |            7,000 |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |            3,010                                                          |                                                                                                                             |        |                                                                                          |           3,010                                                               |
| Warrants      issued (for 700,000 shares) for services        |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |         58,658                                                        |                                                                                                                             |                                                                                                                             |        |          58,658                                  |
|  Net      loss for the year                              |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |    (1,967,633)                                                                                                    |        |  (1,967,633)                                                                             |
| Balance,      December 31, 2006                               |   44,267,153                            |                                                                    |               240                       |        400,000                                                             |                                                         |                 5             |   17,055,767                                                                                        |                     -        | (16,856,763)                                                                                                                     |        |        199,249                                             |
| Issuance      of common stock for services:                   |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |                                                                                                                             |        |                                                                                          |
|                                                          |  January      2007                           |        218,834                       |                                                                                                          |                  1       |                                                         |                                                                                                          |                                                                                                          |        119,999                                                                                |                                                                                                                             |        |                                                                                          |         120,000                                                                         |
|                                                          |  March      2007                             |        104,652                       |                                                                                                          |                   1 |                                                         |                                                                                                          |                                                                                                          |          44,999                                                                     |                                                                                                                             |        |                                                                                          |          45,000                                                                    |
|                                                          |  April      2007                             |        187,500                       |                                                                                                          |                  1       |                                                         |                                                                                                          |                                                                                                          |         74,999                                                                           |                                                                                                                             |        |                                                                                          |          75,000                                                                    |
|                                                          |  June      2007                              |        112,500                       |                                                                                                          |                  1       |                                                         |                                                                                                          |                                                                                                          |         44,999                                                                           |                                                                                                                             |        |                                                                                          |          45,000                                                                    |
|                                                          |  July      2007                              |        291,812                       |                                                                                                          |                   2 |                                                         |                                                                                                          |                                                                                                          |       112,998                                                                                      |                                                                                                                             |        |                                                                                          |        113,000                                                                               |
|                                                          |  August      2007                            |        860,000                       |                                                                                                          |                   5 |                                                         |                                                                                                          |                                                                                                          |      257,995                                                                                            |                                                                                                                             |        |                                                                                          |        258,000                                                                               |
|                                                          |  September      2007                         |    1,516,275                                             |                                                                                                          |                   8 |                                                         |                                                                                                          |                                                                                                          |      457,492                                                                                            |                                                                                                                             |        |                                                                                          |         457,500                                                                         |
|                                                          |  October      2007                           |        250,000                       |                                                                                                          |                   1 |                                                         |                                                                                                          |                                                                                                          |          37,499                                                                     |                                                                                                                             |        |                                                                                          |          37,500                                                                    |
|                                                          |  December      2007                          |        535,716                       |                                                                                                          |                   1 |                                                         |                                                                                                          |                                                                                                          |          74,999                                                                     |                                                                                                                             |        |                                                                                          |           75,000                                                              |
|  Warrants      issued  for services            |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |         825,476                                                       |                                                                                                                             |                                                                                                                             |        |       825,476                                                   |
|  Cancellation      of issuable stock for Recaf License   |                                              |                                                                    |                                                                                                          |     (400,000)                                                                             |                                                         |                 (5)           |                                                                                                          |                                                                                                                             |                                                                                                                             |        |                (5) |
|  Warrant      exercised-December 2007                    |        100,000 |                                                                    |                1                   |                                                                                                          |                                                         |                                                                                                          |         43,999                                                        |                                                                                                                             |                                                                                                                             |        |          44,000                                  |
|  Issuable      common stock from Private Placement       |                                              |                                                                    |                                                                                                          |     1,190,000                                                                             |                                                         |                   6 | 172,494                                                                                                       |                                                                                                                             |                                                                                                                             |        | 172,500                                                                                       |
|                                                          |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |                                                                                                                             |        |                                                                                          |
|  Net      loss for the year                              |                                              |                                                                    |                                                                                                          |                                                                                                          |                                                         |                                                                                                          |                                                                                                          |                                                                                                                             |  $      (2,728,269)                                                                                                         |        |  (2,728,269)                                                                             |
| Balance,      December 31, 2007                               |   48,444,442                            |                                                                    |  $          262                                        |      1,190,000                                                                       |                                                         |  $               6            |  $19      ,323,715                                                                                       | -                                                                                                                                |  $(19,585,032)                                                                                                              |        |  $  (261,049)                                                                  |

----

|                                                          |                                                                                                     |                                                                                         |                                                                                               |                                                                                         | 2007                                                                                                                                                    |                                                                      | 2006                                                                                                                                                    |   | Cumulative      During the Development Stage                                   |
|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
| Cash      Flows from Operating Activities                     |                                                                                                     |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |
|                                                          | Net      loss for year                                                                                   | $(2,728,269)                                                                                 |                                                                                               | $(1,967,633)                                                                                 |                                                                                                                                                    |  $(19,585,032)                                                       |
|                                                          | Adjustments      to reconcile net loss to net cash                                                       |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |
|                                                          |                                                                                                     | used      in operating activities                                                            |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |                                                                                                                                                    |
|                                                          |                                                                                                     | Depreciation      expense                                                                    |           1,018                                  |                                                                                         |           1,017                                                                                       |                                                                      |              2,962                                                                     |
|                                                          | Issuance      of common stock for services                                                               |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |
|                                                          |                                                                                                     | and      expenses                                                                            |     1,225,979                                                                  |                                                                                         |    1,885,266                                                                                                                             |                                                                      |      14,668,136                                                                                                                |
|                                                          | Warrants      issued for consulting services                                                             |       825,476                                                  |                                                                                               |          58,658                                 |                                                                                                                                                    |        2,600,387                       |
|                                                          | Stock      options issued for consulting services                                                        |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |            212,734 |
|                                                          | Changes      in operating assets and liabilities                                                         |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |
|                                                          |                                                                                                     | Accounts      receivable                                                                     |            6,391                            |                                                                                         |              148                                                                       |                                                                      |            -                                                                                     |
|                                                          |                                                                                                     | Prepaid      expenses                                                                        |        330,000                                                  |                                                                                         |      (433,800)                                                                                                                 |                                                                      |        (110,000)                                                                                                     |
|                                                          |                                                                                                     | Amounts      due to outside                                                                  |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |                                                                                                                                                    |
|                                                          |                                                                                                     |                                                                                         | management      consultants                                                                        |     (306,892)                                                            |                                                                                                                                                    |                                                                      |                                                                                                                                                    |   |
|                                                          |                                                                                                     | Accounts      payable                                                                        |       1,032                                                          |                                                                                         |         75,888                                                                                                  |                                                                      |          108,007                                                                                           |
|                                                          |                                                                                                     | Interest      payable                                                                        |                                                                                               |                                                                                         |                                                                                                                                                    |                                                                      |              36,294                                                                    |
|                                                          |                                                                                                     |                                                                                         |                                                                                               | Net      cash used in operating activities                                                   |     (645,265)                                                                                                                       |                                                                      | (380,456)                                                                                                                                               |   |     (2,066,512)                                            |
| Cash      Flows from Investing Activity                       |                                                                                                     |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |
|                                                          | Purchase      of computer equipment                                                                      |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |            (3,388) |
|                                                          |                                                                                                     |                                                                                         |                                                                                               | Net      cash used in investing activities                                                   |                          - |                                                                      |                          - |   |            (3,388)      |
| Cash      Flows from Financing Activities                     |                                                                                                     |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |
|                                                          | Warrants      exercised                                                                                  |          44,000                                 |                                                                                               |                                                                                         |                                                                                                                                                    |           749,000       |
|                                                          | Stock      options exercised                                                                             |                                                                                         |                                                                                               |                                                                                         |                                                                                                                                                    |           100,500       |
|                                                          | Issuance      of common stock for cash                                                                   |        172,500                                            |                                                                                               |        450,000                                            |                                                                                                                                                    |           642,750       |
|                                                          | Loan      proceeds                                                                                       |        300,000                                            |                                                                                               |                                                                                         |                                                                                                                                                    |           615,000       |
|                                                          |                                                                                                     |                                                                                         |                                                                                               | Net      cash provided by                                                                    |                                                                                                                                                    |                                                                      |                                                                                                                                                    |   |                                                                           |
|                                                          |                                                                                                     |                                                                                         |                                                                                               |     financing      activities                                            |        516,500                                                                                                       |                                                                      |        450,000                                                                                                       |   |       2,107,250                                  |
|                                                          |                                                                                                     |                                                                                         |                                                                                               | Net      change in cash                                                                      |    (128,765)                                                                                                                             |                                                                      | 69,544                                                                                                                                                  |   |             37,350 |
| Cash,      beginning of period                                | 166,115                                                                                                  |                                                                                         |         96,571                                             |                                                                                         |                                                                                                                                                    |
| Cash,      end of period                                      |  $      37,350                                                        |                                                                                         |  $    166,115                                                             |                                                                                         |  $         37,350                                                                                     |
| Cash      paid for interest                                   |  $      12,000                                                        |                                                                                         |  $     11,869                                                        |                                                                                         |  $         12,703                                                                                     |
| Cash      paid for income taxes                               |  $                - |                                                                                         |  $               - |                                                                                         |  $                    -                        |
|  Supplementary      information - Non-cash Transactions: |                                                                                                     |                                                                                         |                                                                                               |                                                                                         |
|                                                          | Stock      subscriptions received                                                                        |                                                                                         |                                                                                               | $               - |                                                                                                                                                    |  $       330,000                  |
|                                                          | Note      payable converted to common stock                                                              | $               - |                                                                                               |  $    158,783                                                       |                                                                                                                                                    |           350,457       |

----

| 2006            |   | Numberof      Shares |   | Valueper      Share |
|-----------------|--------|----------------------|--------|---------------------|
| February/March  |   | 20,000               |   | $0.53               |
| March           |   | 77,984               |   | 0.61                |
| May             |   | 1,196,278            |   | 0.66                |
| June            |   | 1,227,056            |   | 0.59                |
| August          |   | 100,000              |   | 0.65                |
| September       |   | 319,984              |   | 0.66                |
| November        |   | 100,000              |   | 0.49                |
| December        |   | 7,000                |   | 0.43                |
| Total      2006 |   | 3,048,302            |   |                |

| 2007            |   | Number      of Shares |   | Value      per Share |
|-----------------|--------|-----------------------|--------|----------------------|
| January         |   | 84,906                |   | $0.47                |
| January         |   | 133,928               |   | 0.45                 |
| March           |   | 104,652               |   | 0.36                 |
| April           |   | 187,500               |   | 0.35                 |
| June            |   | 112,500               |   | 0.43                 |
| July            |   | 100,000               |   | 0.38                 |
| July            |   | 191,812               |   | 0.39                 |
| August          |   | 860,000               |   | 0.30                 |
| September       |   | 1,516,275             |   | 0.30                 |
| October         |   | 250,000               |   | 0.15                 |
| December        |   | 635,716               |   | 0.15                 |
| Total      2007 |   | 4,177,289             |   |                 |

| Risk      free interest rate                      |   | 3.11%      to 4.96%   |
|---------------------------------------------------|--------|-----------------------|
| Expected      life of conversion feature in years |   | 1      to 2.5         |
| Expected      volatility                          |   | 64.63%      to 84.89% |
| Dividend      per share                           |   | $0.00                 |

| ITEM      8. | CHANGES      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE |
|--------------|------------------------------------------------------------------------------------------------|

----

| ITEM      9. | DIRECTORS,      EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION      16(A) OF THE EXCHANGE ACT |
|--------------|---------------------------------------------------------------------------------------------------------------------------|

| Name                            | Age | Office                                             | Since |
|---------------------------------|-----|----------------------------------------------------|-------|
| Ross      L. Senior, LLB        | 59  | Chairman      of the Board, President, CEO and CFO | 2007  |
| Mr.      C. Fred Whittaker      | 67  | Director                                           | 2005  |
| Dr.      Maximilien Arella, PhD | 54  | Director                                           | 2007  |

(1)honest and ethical conduct, including the ethical handling of actual or apparentconflicts of interest between personal and professional relationships; 
(2) full, fair, accurate, timely, and understandable disclosure inreports and documents that we file with, or submits to, the Securities andExchange Commission
; (3) compliance with applicable governmentallaws, rules and regulations; 
the prompt internal reporting ofviolations of the Code of Business Conduct and Ethics to an appropriate personor persons; and 
(4) accountability for adherence to the Code ofBusiness Conduct and Ethics.

|                          |   | Annual      Compensation |   | Long-Term      Compensation |   |   |
|-------------------------------|--------|--------------------------|--------|-----------------------------|--------|--------|
|                          |   |                     |   |                        |   |   |   |   |   |   |   | Common      Shares |   |   |
|                          |   |                     |   |                        |   |   |   |   |   | Restricted |   | Underlying |   |   |
|                          |   |                     |   |                        |   |   |   |   |   | Stock |   | Options |   | All |
|                          |   |                     |   |                        |   |   |   | Other      Annual |   | Awards |   | Granted |   | Other |
| Name      and Position        |   | Year                     |   | Salary                      |   | Bonus  |   | Compensation |   | (#      of Shares) |   | (#      Shares) |   | Compensation |
|                          |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Dr.      John Todd            |   | 2007                     |   | $0                          |   | -0-    |   | -0- |   | 100,000 |   | ------ |   | -0- |
| Former      President, Chief  |   | 2006                     |   | 0                           |   | -0-    |   | -0- |   | -0- |   | ------ |   | -0- |
| Executive      Officer        |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| and      Director             |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
|                          |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Mark      L. Baum             |   | 2007                     |   | $0                          |   | -0-    |   | -0- |   | 400,000 |   | ------ |   | -0- |
| Former      Interim President |   | 2006                     |   | 0                           |   | -0-    |   | -0- |   | -0- |   | ------ |   | -0- |
| and      Director             |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
|                          |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Ross      L. Senior, LLB      |   | 2007                     |   | $0                          |   | -0-    |   | -0- |   | 60,000 |   | ------ |   | -0- |
| President,      Chief         |   | 2006                     |   | 0                           |   | -0-    |   | -0- |   | -0- |   | ------ |   | -0- |
| Executive      Officer and    |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Chief      Financial Officer  |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
|                          |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Mr.      C. Fred Whittaker    |   | 2007                     |   | $0                          |   | -0-    |   | -0- |   | 200,000 |   | ------ |   | -0- |
| Director                      |   | 2006                     |   | 0                           |   | -0-    |   | -0- |   | -0- |   | ------ |   | -0- |
|                          |   |                     |   |                        |   |   |   |   |   |   |   |   |   |   |
| Dr.      Maximilien Arella    |   | 2007                     |   | $0                          |   | -0-    |   | -0- |   | 200,000 |   | ------ |   | -0- |
| Director                      |   | 2006                     |   | 0                           |   | -0-    |   | -0- |   | -0- |   | ------ |   | -0- |

| ITEM      11. | SECURITY      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER  MATTERS |
|---------------|---------------------------------------------------------------------------------------------------------------------|

| Name      and Address          | Shares      Beneficially Owned | Percent      of Class |
|--------------------------------|--------------------------------|-----------------------|
| Ross      L. Senior (1)        | 60,000                         | Less      than 1%     |
| Mr.      C. Fred Whittaker (2) | 320,000                        | Less      than 1%     |
| Dr.      Maximilien Arella(3)  | 300,000                        | Less      than 1%     |
| TOTAL                          | 680,000                        | 1.3%                  |

| Exhibit      # |   | Description                                                                                                                                                                          |
|----------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                                                                                                 |
| 3.1(i)         |   | Certificate      of Incorporation filed as an exhibit to the Company's registration      statement on Form 10-SB/A filed on July 24, 2001 and incorporated herein      by reference. |
|           |   |                                                                                                                                                                                 |
| 3.1(ii)        |   | By-Laws      filed as an exhibit to the Company's registration statement on Form      10-SB/A filed on July 24, 2001 and incorporated herein by      reference.                      |
|           |   |                                                                                                                                                                                 |
| 14.1           |   | ProtoKinetix,      Inc. Code of Ethics filed as an exhibit to the Company's Form 10-KSB filed      on April 13, 2006 and incorporated herein by reference.                           |
|           |   |                                                                                                                                                                                 |
| 31.1           |   | Rule      13a-12(a)/15d-14(a) Certification                                                                                                                                          |
|           |   |                                                                                                                                                                                 |
| 32.1           |   | Section      1350 Certification attached.                                                                                                                                            |

----

Signatures

|   | PROTOKINETIX,      INC.    /s/ Ross      L. Senior                                                      By:      Ross L. Senior, LLPIts:      Chief Executive Officer and Chief Financial  Officer |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |     /s/ Ross L.      Senior                                                      By:      Ross L. Senior, LLPIts:      Chief Executive Officer and Chief Financial Officer |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |       /s/ C. Fred      Whittaker                                                      By:      C. Fred WhittakerIts:      Director                          |
|   |       /s/ Maximilien      Arella                                                      By:      Dr. Maximilien Arella, PhDIts:      Director                 |