UNITED STATES
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB
(Mark One)

(X)      QUARTERLY  REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

      For the quarterly period ended DECEMBER 31, 2002

                                             OR

(  )  TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

      For the transition period from _______ to ________.

      Commission File Number 0-29895

                                   ROYCE BIOMEDICAL, INC.

         Nevada                                           98-0206542
--------------------------                     ------------------------
State or other jurisdiction                 (I.R.S.) Employer Identification No.
of incorporation

                             Royce Biomedical, Inc.
                           1100-1200 West 73rd Avenue
                       Vancouver, British Columbia V6P 6G5
                     Address of principal executive offices


                                 (604) 267-7080
                            -----------------------
               Registrant's telephone number, including area code

                                       N/A
                  Former address of principal executive offices

Indicate by check mark whether the Registrant (1) has files all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  Registrant
was  required  to file such  reports)  and (2) had been  subject to such  filing
requirements for the past 90 days.

            Yes   X                  No    ________

As of February 14, 2003 the Company had 5,051,683  outstanding  shares of common
stock.




<PAGE>








                              ROYCE BIOMEDICAL INC.

                                  Vancouver, BC

                          INTERIM FINANCIAL STATEMENTS

                   For the Six Months Ended December 31, 2002




<PAGE>


                              ROYCE BIOMEDICAL INC.
                      INDEX TO INTERIM FINANCIAL STATEMENTS



Review Engagement Report
Interim Balance Sheet                                             Exhibit "A"
Interim Statement of Loss and Deficit                             Exhibit "B"
Interim Statement of Changes in Shareholders' Equity              Exhibit "C"
Interim Statement of Cash Flows                                   Exhibit "D"
Notes to Interim Financial Statements                             Exhibit "E"




                       _________________________________





<PAGE>


                            REVIEW ENGAGEMENT REPORT

To the Directors of Royce Biomedical Inc.:

     We have reviewed the interim  balance sheet of Royce  Biomedical Inc. as at
December 31, 2002 and the interim  statements  of loss and  deficit,  changes in
shareholders'  equity and cash flows for the six months then  ended.  Our review
was made in  accordance  with United  States  generally  accepted  standards for
review engagements and accordingly  consisted  primarily of enquiry,  analytical
procedures and discussion related to information supplied to us by the company.

     A review does not constitute an audit and consequently we do not express an
audit opinion on these interim financial statements.

     Based on our review,  nothing has come to our  attention  that causes us to
believe  that  these  interim  financial  statements  are not,  in all  material
respects,  in  accordance  with  United  States  generally  accepted  accounting
principles.


                                      "Cinnamon Jang Willoughby & Company"
                                          Chartered Accountants

Burnaby, BC
February 10, 2003


<PAGE>


                                                                   Exhibit "A"
                              ROYCE BIOMEDICAL INC.
                              Interim Balance Sheet
                                   (unaudited)
                                December 31, 2002
                                  (US Dollars)


                                                June 30,          December 31,
                                                  2002              2002
Assets                                         (unaudited)

Current:
   Cash                                       $    1,738     $          146
   Accounts receivable                             8,410              8,568
                                                  10,148              8,714
Product licence fees (Note 4)                    100,000            100,000
                                                 -------            -------
Liabilities

Current:
   Accounts payable and accrued liabilities   $   50,851       $     37,594
   Loan payable to a related party                25,000                --
                                                  75,851             37,594
Shareholders' Equity

Share Capital (Note 5)                            15,983             15,983
Contributed Surplus (Note 5)                   2,657,827          2,657,827
Deficit, per Exhibit "B"                       2,639,513          2,602,690
                                                  34,297             71,120
Going Concern (Note 6)
Commitments (Note 7)                         $   110,148        $   108,714



<PAGE>

                                                                   Exhibit "B"
                                ROYCE BIOMEDICAL INC.
                        Interim Statement of Loss and Deficit
                                     (unaudited)
                     For the Six Months Ended December 31, 2002
                                    (US Dollars)



                      Three Months   Three Months    Six Months     Six Months
                         Ended          Ended           Ended         Ended
                      December 31,   December 31,    December 31,   December 31,
                         2002           2001            2002            2001
                             (unaudited)                    (unaudited)

Sales                      $    --       $    --     $    --      $       --
Cost of Sales                   --            --          --
                           ---------------------------------------------------

Gross Margin                    --            --          --              --
                           ---------------------------------------------------
Expenses:
   Consulting fees              --            --          --           3,947
   Office and sundry         1,735         1,529       3,133             239
   Professional fees         7,550         7,817      16,105          11,323
   Rent                        358         1,495         594           3,050
   Stock transfer agents' fees 696           708         850           1,174
   Telephone                    91           350         198             589
   Travel and promotion        436           211         590             691
   Wages and benefits        7,676         8,370      15,353          16,023

                            18,542        20,480      36,823          37,036

Net Loss                    18,542        20,480      36,823          37,036
Deficit, beginning       2,620,971     2,513,790   2,602,690       2,497,234

Deficit, ending, to
Exhibit "A"             $2,639,513    $2,534,270  $2,639,513      $2,534,270

Loss per share          $     0.00    $     0.00  $     0.01      $     0.01


<PAGE>


                              ROYCE BIOMEDICAL INC.
              Interim Statement of Changes in Shareholders' Equity
                                   (unaudited)
                   For the Six Months Ended December 31, 2002
                                  (US Dollars)


                                    Common Shares     Contributed
                                Shares        Amount    Surplus      Deficit


Balance, June 30, 2001         5,051,683      $15,983  $2,657,827   $2,497,234
Net Loss, per Exhibit "B"              -            -           -       37,036
                               ---------      --------  ---------    ---------

Balance, December 31, 2001     5,051,683      $15,983  $2,657,827   $2,534,270
                               ---------      --------  ---------    ---------

Balance, June 30, 2002         5,051,683      $15,983  $2,657,827   $2,602,690
Net Loss, per Exhibit "B"              -            -           -       36,823
                               ---------      --------  ---------    ---------
Balance, December 31, 2002,
  to Exhibit "A"               5,051,683      $15,983  $2,657,827   $2,693,513
                               =========      =======  ==========   ==========

<PAGE>


                                                                    Exhibit "D"
                                ROYCE BIOMEDICAL INC.
                           Interim Statement of Cash Flows
                                     (unaudited)
                     For the Six Months Ended December 31, 2002
                                    (US Dollars)

<TABLE>
<S>                                      <C>             <C>            <C>             <C>
                                    Three Months    Three Months    Six Months     Six Months
                                        Ended           Ended          Ended          Ended
                                     December 31,    December 31,    December 31,   December 31,
                                        2002            2001             2002          2001
                                       (unaudited)                      (unaudited)
-------------------------------------------------------------------------------------------------
Operating Activities:
  Net Loss, per Exhibit "B"             $(18,542)     $(20,480)        $(36,823)     $(37,036)

  Changes in non-cash working capital -
  (Increase) Decrease in accounts
   receivable                                341           (44)             158        (5,626)
  Increase (Decrease) in loan receivable
        from a director                        -         3,130                -         3,591
  Increase (Decrease) in accounts payable
        and accrued liabilities           17,278        (8,917)          13,257        (8,563)
  Increase (Decrease) in loan payable
         to a related party                   --            --           25,000            --
                                         -------       -------          -------        ------

Cash flows from (used in) operating
   activities                               (923)      (26,311)           1,592       (47,634)
Cash, beginning                            2,661        37,854              146        59,177
                                        --------        ------          -------       -------
Cash, ending                            $  1,738      $ 11,543          $ 1,738      $ 11,543
                                        =========     ========          =======      ========
</TABLE>




<PAGE>

                                                                     Exhibit "E"
                              ROYCE BIOMEDICAL INC.
                      Notes to Interim Financial Statements
                                   (unaudited)
                                December 31, 2002
                                  (US Dollars)


1.  Principles of Accounting and General Information:

    These   financial   statements  have  been  prepared  in  accordance  with
    accounting principles generally accepted in the United States.

    The company was  incorporated on March 22, 1995 under the  jurisdiction of
    the State of Nevada.

2.  Accounting Policies:

    a)  Cash -

        Cash  consists  of  bank  accounts  integral  to  the  company's  cash
        management.

    b)  Foreign Currency Translation -

        Assets and  liabilities  of United States  operations  are  translated
        into  United  States  currency  at exchange  rates  prevailing  at the
        balance sheet date for monetary  items and at rates  prevailing at the
        transaction  date  for  non-monetary  items.   Revenue  and  expenses,
        except  amortization  are converted at the average  exchange rates for
        the year.  Amortization  is  converted at the same rate as the related
        assets.

        Foreign  exchange gains or losses on monetary  assets and  liabilities
        are included in operations.

    c)  Use of Estimates -

        The  preparation of financial  statements in conformity with generally
        accepted  accounting  principles requires management to make estimates
        and  assumptions  that  affect the amounts  reported in the  financial
        statements and  accompanying  disclosures.  Although  these  estimates
        are  based on  management's  best  knowledge  of  current  events  and
        actions the company may  undertake in the future,  actual  results may
        differ from the estimates.

3.  Financial Instruments:

    Fair Values -

    Unless otherwise noted, cash,  accounts  receivable,  accounts payable and
    accrued  liabilities  and loan  payable  to a related  party are stated at
    amounts that approximate their book value.

                                                     December 31,   June 30,
4.  Product Licence Fees:                               2002           2002
                                                     (unaudited)

    Produce licence fees, at cost                      $110,000    $110,000
    Less:  Accumulated amortization                      10,000      10,000
                                                      ---------    --------
                                                       $100,000    $100,000
                                                      =========    ========

<PAGE>

                                                                   Exhibit "E"
                                ROYCE BIOMEDICAL INC.                Continued
                      Notes to Interim Financial Statements
                                   (unaudited)
                                December 31, 2002
                                  (US Dollars)

5.  Share Capital:

    Authorized -
        100,000,000  Common shares with a par value of $.001 each
            5,000,000  Preferred shares with a par value of $.001 each

                                             Common Shares          Contributed
Issued and Outstanding -                 # Shares     Amount          Surplus

 Balance, at June 30, 2002 and
    December 31, 2002                   5,051,683    $15,983        $2,657,827
                                        =========    =======        ==========

    At December 31, 2002, 4,275,989 (June 30, 2002 - 4,275,989) common shares
    were restricted from trading.

6.  Going Concern:

    While  the  financial  statements  have  been  prepared  on the  basis  of
    accounting  principles  applicable to a going  concern,  the occurrence of
    significant  losses to date raises  substantial doubt upon the validity of
    this assumption.

    The company has  experienced  significant  losses over the past six years,
    including $36,823 in the current period and has an accumulated  deficit of
    $2,639,513 at December 31, 2002.  The company's  continued  existence as a
    going  concern  is  dependent  upon its  ability  to  continue  to  obtain
    adequate  financing  arrangements  and to achieve and maintain  profitable
    operations.

    If the going concern  assumption was not  appropriate  for these financial
    statements,  then  adjustments  may be necessary in the carrying  value of
    assets  and  liabilities,  the  reported  net loss and the  balance  sheet
    classifications used.

    The company has financed  its  activities  primarily  from the proceeds of
    various  share  issues and loans from  related  companies.  As a result of
    the company being in the early stages of  operations,  the  recoverability
    of assets on the balance sheet will be dependent on the company's  ability
    to  obtain  additional  financing  and to  attain  a level  of  profitable
    operations  from  the  existing   facilities  in  production   and/or  the
    disposition thereof.

7.  Commitments:

    During  the year ended  June 30,  1997,  the  company  issued  shares to a
    number  of  investors  in  British   Columbia,   Canada  at  $1.42  ($2.00
    Canadian).  Pursuant to the British  Columbia  Securities Act, an Offering
    Memorandum  should have accompanied the issuance of these shares.  As this
    did not occur,  the  shareholders  were offered the opportunity to rescind
    the  purchase  of the shares for a refund of the  entire  purchase  price.
    Requests from  shareholders  to rescind 14,250 common shares were received
    within the  required  time  limit.  The  company is  required to refund an
    amount of $20,347.  At December  31,  2002,  these  amounts  have not been
    repaid and are included in accounts payable and accrued liabilities.

8.    Related Party Transactions:

     In  addition  to the  transactions  described  elsewhere  in the  financial
     statements,  the company had the following  transactions  with officers and
     directors of the company.

<PAGE>


                                                                   Exhibit "E"
                                ROYCE BIOMEDICAL INC.                Continued
                        Notes to Interim Financial Statements
                                     (unaudited)
                                  December 31, 2002
                                    (US Dollars)








                                                Six Months        Six Months
                                                  Ended              Ended
                                                December 31,      December 31,
                                                  2002                2001
                                                (unaudited)       (unaudited)
------------------------------------------------------------------------------

Expenses - Wages                                 $15,353          $14,823

   These  transactions are in the normal course of operations and are measured
   at the exchange amount,  which is the amount of  consideration  established
   and agreed to between the parties.

9. Income Taxes:

   The company has net losses for income tax purposes totalling  approximately
   $2,629,817  which  may  be  applied  against  future  taxable  income.  The
   potential  benefit  arising  from  these  losses has been  recognized  as a
   deferred  tax  asset.  To  the  extent  that  those  benefits  may  not  be
   realized,  a valuation  allowance is provided for. The  company's  deferred
   tax balances are as follows:

                                                December 31,      June  30,
                                                   2002              2002
                                                (unaudited)
------------------------------------------------------------------------------

Deferred tax asset, beginning of year            $897,200         $862,500
Benefit of current year's operating loss
  carried forward                                  12,963           34,700
                                                  -------         --------

Deferred tax asset, end of year                   910,163          897,200
                                                  -------          -------

Valuation allowance, beginning of year            897,200          862,500
Current years provision                            12,963           34,700
                                                  -------          -------

Valuation allowance, end of year                  910,163          897,200
                                                  -------          -------
                                                 $     --         $     --
                                                 ========         ========

   As the company has no history of profits,  management  believes  that it is
   more  likely  than not some or all of the  deferred  tax asset  will not be
   realized and has provided a full valuation  allowance  against the deferred
   tax asset.  The right to claim these losses expire as follows:

                  2010                                   $173,000
                  2011                                    599,000
                  2012                                    748,000
                  2013                                    508,976
                  2014                                    163,944
                  2015                                    159,585
                  2016                                    134,989
                  2017                                    105,500
                  2018                                     36,823

<PAGE>


                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                    FINANCIAL CONDITION AND PLAN OF OPERATION


     At the present time the Company plans to assemble  medical  diagnostic test
kits in China to reduce costs. The Company plans to purchase the main components
for its test kits from manufacturers in the United States.  Xili  Pharmaceutical
Group Inc., an  affiliated  entity,  has agreed to supply the required  assembly
space in one of its pharmaceutical manufacturing plants.

     The  Company  may  also  attempt  to  obtain  the  necessary  approvals  to
manufacture the components of the H. Pylori and other test kits in China. Rather
than  building  its own  manufacturing  facility,  the Company  would pursue the
acquisition  of a  subsidiary  of Xili  Pharmaceutical  Group that  manufactures
pharmaceutical products.

     The Company does not have any  available  credit,  bank  financing or other
external sources of liquidity. Due to historical operating losses, the Company's
operations have not been a source of liquidity.  In order to obtain capital, the
Company may need to sell  additional  shares of its common stock or borrow funds
from private  lenders.  During the twelve  months  ending  December 31, 2003 the
Company will need approximately $4,000,000 in additional capital for acquisition
of a subsidiary of Xili  Pharmaceutical  Group that manufactures  pharmaceutical
products and manufacturing H. Pylori test kits in China. In addition,  if during
the twelve  months  ending  December 31, 2003,  the Company  suffers  additional
losses,  the Company will need to obtain additional capital in order to continue
operations.



<PAGE>

Item 4. Controls And Procedures

     Based on the evaluation of the Company's disclosure controls and procedures
     by Kathy Jiang, the Company's Chief Executive and Financial Officer,  as of
     a date within 90 days of the filing  date of this  quarterly  report,  such
     officers  have  concluded  that  the  Company's   disclosure  controls  and
     procedures  are  effective  in  ensuring  that  information  required to be
     disclosed by the Company in the reports that it files or submits  under the
     Securities  and Exchange Act of 1934, as amended,  is recorded,  processed,
     summarized and reported, within the time period specified by the Securities
     and Exchange Commission's rules and forms.

     There were no significant  changes in the Company's internal controls or in
     other factors that could significantly  affect these controls subsequent to
     the date of their evaluation,  including any corrective actions with regard
     to significant deficiencies and material weaknesses.


                                     PART II
                                OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

(a)   Exhibits
            No exhibits are filed with this report.

(b)   Reports on Form 8-K

     The Company did not file any reports on Form 8-K during the quarter  ending
     December 31, 2002.



<PAGE>




                                   SIGNATURES

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

                                    ROYCE BIOMEDICAL, INC.



Date:  February 14, 2003            By /s/ Kathy Jiang
                                       -------------------------
                                       Kathy Jiang
                                       President and Principal Financial Officer



                                  CERTIFICATION

     In connection  with the  Quarterly  Report of Royce  Biomedical,  Inc. (the
"Company") on Form 10-QSB for the period ending  December 31, 2002 as filed with
the Securities  and Exchange  Commission on the date hereof (the  "Report"),  I,
Kathy Jiang,  Chief  Executive  and Financial  Officer of the Company,  certify,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)  The Report fully complies with the  requirements  of section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

(2)  The information  contained in the Report fairly  presents,  in all material
     respects the financial condition and results of the Company.



Date:  February 14, 2003           By  /s/ Kathy Jiang
                                      -------------------------
                                      Kathy Jiang
                                     President and Principal Financial Officer



<PAGE>



                                  CERTIFICATION
               (separate from Sarbanes Section 906 certification)

     I,  Kathy  Jiang,  the  Chief  Executive  and  Financial  Officer  of Royce
     Biomedical Inc., certify that:

1.    I  have  reviewed  this  Quarterly  Report  on  Form  10-QSB  of  Royce
Biomedical, Inc.;


1.   Based on my knowledge,  this  Quarterly  Report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this Quarterly Report;

2.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  Quarterly  Report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  Registrant  as of, and for,  the  periods  presented  in this
     Quarterly Report;

3.   I am responsible for establishing and maintaining  disclosure  controls and
     procedures  (as  defined in Exchange  Act Rules  13a-14 and 15d-14) for the
     Registrant and I have:

     a.   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  Registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b.   evaluated the  effectiveness of the Registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this Quarterly Report (the "Evaluation Date"); and

     c.   presented  in  this  Quarterly   Report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

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

     a.   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  Registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  Registrant's  auditors any material  weaknesses in
          internal controls; and

     b.   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  Registrant's  internal
          controls; and

5.   I have  indicated  in this  Quarterly  Report  whether  or not  there  were
     significant  changes in internal  controls or in other  factors  that could
     significantly  affect internal controls  subsequent to the date of our most
     recent  evaluation,   including  any  corrective  actions  with  regard  to
     significant deficiencies and material weaknesses.


Date: February 14, 2003                  By /s/ Kathy Jiang
                                            --------------------------
                                            Kathy Jiang
                                           President  and  Principal  Financial
                                           Officer