**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-QSB**

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

For the quarterly period ended  **April 30, 2007**

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

For the transition period from _________ to ________

Commission File No.  **000-52057**
| **CYPLASIN BIOMEDICAL LTD.** |  
(Exact name of small business issuer as specified in its charter)

 
Nevada

47-0930829

 
(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 
 
 

 
**Unit 131 Advanced Technology Center, 9650 - 20th Avenue NW, Edmonton, AB Canada  T6N 1G1**

 
(Address of principal executive offices)

**780-469-2975**

 
(Issuer's telephone number)

 
 
N/A

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

 
Check whether the issuer (1) filed all reports to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x  

No  [    ]  

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

The number of shares outstanding of the issuer's common stock as of June 6, 2007 was 38,984,000

Transitional Small Business Disclosure Format (Check One):  Yes  o  

No  x

 

 

 

 

 

**PART I  -  FINANCIAL INFORMATION**

**ITEM 1.**

**FINANCIAL STATEMENTS.**

 

 

**CYPLASIN BIOMEDICAL, LTD.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

 

April 30, 2007

 

 

 

 

Index

 

 

Consolidated Balance Sheets

F–1

 

 

Interim Consolidated Statements of Operations

F–2

 

 

Interim Consolidated Statements of Cash Flows

F–3

 

 

Notes to the Consolidated Financial Statements

F–4 – F-6

 

 

 

 

 

 

**CYPLASIN BIOMEDICAL, LTD.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

Consolidated Balance Sheets

 

ASSETS

 

April 30, 2007$

January 31, 2007$

 

(Unaudited)

 

 

 

 

Current Assets

 

 

 

 

 

Cash

385,387

149,159

Accounts receivable

3,277

38,667

Inventory

–

188,029

 

 

 

Total Current Assets

388,664

375,855

 

 

 

Equipment, *net*

1,095

1,981

Patent (Note 2)

101

–

 

 

 

Total Assets

389,860

377,836

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable 

32,652

67,765

Accrued liabilities

6,734

19,116

Due to related party 

–

218,515

Income taxes payable

–

7,613

 

 

 

Total Current Liabilities

39,386

313,009

 

 

 

 

 

 

Contingency (Note 1)

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

Common stock   Authorized: 465,000,000 shares, par value $0.001     Issued and outstanding: 38,984,000 shares (January 31, 2007 –        70,804,000)

38,984

11,420

 

 

 

Additional paid-in capital

517,616

45,181

 

 

 

Accumulated other comprehensive income (loss)

1,213

(168)

 

 

 

Retained earnings (deficit) accumulated from discontinued operations

(38,950)

8,394

 

 

 

Deficit accumulated during the development stage

(168,391)

–

 

 

 

Total Stockholders’ Equity

350,474

64,827

 

 

 

Total Liabilities and Stockholders’ Equity

389,860

377,836

 

 

 

 

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

 

 

 

 

 

**CYPLASIN BIOMEDICAL, LTD.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

Interim Consolidated Statements of Operations

(Unaudited)

 

 

 

Accumulated From 

November 25, 2004 (Date of Inception)toApril 30, 2007$ 

ThreeMonthsEndedApril 30,2007

$

ThreeMonthsEndedApril 30,2006$

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

Consulting

 

61,072

48,572

–

General and administrative

 

27,339

24,514

354

Research and development

 

70,405

70,405

–

Travel

 

9,575

9,575

–

 

 

 

 

 

Net Loss Before Discontinued Operations

 

(168,391)

(153,066)

(354)

 

 

 

 

 

Discontinued operations (Note 2)

 

(38,950)

(62,669)

(45,407)

 

 

 

 

 

Net Loss

 

(207,341)

(215,735)

(45,761)

 

 

 

 

 

 

 

 

 

 

Loss Per Share – Basic and Diluted

 

 

(0.00)

(0.00)

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding – Basic and Diluted

 

 

44,346,921

72,106,000

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

**CYPLASIN BIOMEDICAL, LTD.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

Interim Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

Accumulated From November 25, 2004 (Date of Inception) ToApril 30, 2007$ 

ThreeMonthsEndedApril 30,2007$

ThreeMonthsEndedApril 30,2006$

 

 

 

 

 

 

 

 

 

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(207,341)

(215,734)

19,725

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cashprovided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

Depreciation

 

2,507

34

313

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(44,110)

(5,443)

(55,596)

Prepaid expenses

 

–

–

3,141

Inventory

 

(175,979)

12,050

(10,260)

Accounts payable

 

95,912

28,147

7,642

Accrued liabilities

 

15,860

(4,306)

(15,479)

Income taxes payable

 

8,931

1,318

10,141

Due to related party

 

193,141

(25,374)

25,195

 

 

 

 

 

Net Cash Used in Continuing OperationsDiscontinued operations

 

(111,079)(54,507)

(209,309)(54,507)

(15,178)–

 

 

 

 

 

Net Cash Used in Operating Activities

 

(165,586)

(263,816)

(15,178)

Cash Flows From Investing Activities

 

 

 

 

 

 

 

 

 

Acquisition of equipment

 

(5,583)

(1,129)

–

Acquisition of patent

 

(100)

(100)

–

Acquisition of investments

 

–

–

8,780

Net cash acquired in recapitalization

 

–

–

–

 

 

 

 

 

Net Cash Provided by (Used in) Investing Activities

 

(5,683)

(1,229)

8,780

 

 

 

 

 

Cash Flows From Financing Activities

 

 

 

 

 

 

 

 

 

Issuance of common stock 

 

556,601

500,000

–

Consideration paid for share cancellation

 

(1,050)

–

–

 

 

 

 

 

Net Cash Provided By Financing Activities

 

555,551

500,000

–

 

 

 

 

 

Effect of Exchange Rate Changes

 

1,105

1,273

3,240

 

 

 

 

 

Change in Cash 

 

385,387

236,228

(3,158)

 

 

 

 

 

Cash– Beginning

 

–

149,159

65,425

 

 

 

 

 

Cash– Ending

 

385,387

385,387

62,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures

 

 

 

 

 

 

 

 

 

Interest paid

 

–

–

–

Income taxes paid

 

5,635

–

4,850

 

 

 

 

 

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

 

 

 

 

**Cyplasin BioMedical, Ltd.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

Notes to Consolidated Financial Statements

April 30, 2007

 

1.

Going Concern 

The Company is in the development stage and has not yet realized any revenues from its planned operations. Previously, it had generated or sustained significant revenues (Note 2). These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern and the ability of the Company to emerge from the development stage are dependent upon its successful efforts to raise additional equity financing to continue operations and generate sustainable significant revenue. There is no guarantee that the Company will be able to raise adequate equity financings or generate profitable operations. As atApril 30, 2007, the Company has working capital of $349,278 and has incurred losses of $207,341 since inception. These financial statements do not include any adjustment to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

Unaudited Interim Financial Statements

The accompanying unaudited consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-QSB of Regulation S-B. They may not include all information and footnotes required by US GAAP for complete financial statements. The consolidated interim unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-KSB as at January 31, 2007. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the period ended April 30, 2007, are not necessarily indicative of the results that may be expected for the year ending January 31, 2008.

 

2.

Restructuring Agreement

 

On February 1, 2007, the Company entered into an asset purchase agreement (the “Agreement”) to acquire certain intellectual property pertaining to cancer treatments. In accordance with the closing of the Agreement, which occurred on February 15, 2007, for the acquisition of such intellectual property the Company issued 21,000,000 shares of its common stock on a 6.2:1 forward split basis, which was 53.9% of the post-split capital of the Company. The former directors of the Company resigned and a new board of directors was appointed. These shares were recorded at a value of $0.80 per share, which was allocated as follows:

 

 

 

 

Patent

$

1

Additional paid – in capital

 

16,799,999

 

 

 

 

$

16,800,000

 

 

In connection with the closing of the Agreement, the Company was obligated to cancel 53,320,000 post-split shares of its common stock held by the former directors of the Company, who resigned in accordance with the Agreement.  The Company was also obligated to complete a private placement of 500,000 post-split units at $1.00 per unit. Each unit consists of one common share and one common share purchase warrant.  Each common share purchase warrant is exercisable into one common share at a price of $1.25 per warrant share for a period of twenty-four months. 

 

On completion of the Agreement and effective February 15, 2007, the Company sold all of its interests in its wholly-owned subsidiary, Astro Nutrition Inc. (“Astro”), to the former president of the Company. Accordingly, the Company and the Company commenced the business of development of cancer treatment technology and will no longer conduct operations related to the sale of vitamins and mineral supplements via the internet.

 

 

 

 

 

F–7

 

 

 

**Cyplasin BioMedical, Ltd.**

(formerly Glass Wave Enterprises, Inc.)

(A Development Stage Company)

Notes to Consolidated Financial Statements

April 30, 2007

 

 

2. 

Restructuring Agreement (continued)

 

 

The results of discontinued operations of Astro are summarized as follows:

 

 

Three Months Ended April 30, 2007$

Three Months Ended April 30, 2006$

Accumulated FromNovember 25, 2004 (Date of Inception to April 30, 2007$

 

 

 

 

 

 

 

 

Revenue

72,795

264,381

2,232,422

Cost of goods sold

28,116

130,228

971,233

 

44,679

134,153

1,261,199

Expenses

40,392

100,297

1,222,325

Net Operating Income 

4,287

33,856

38,874

Investment Income and Other

-

149

1,944

Net Income Before Income Taxes

4,287

34,005

40,818

Income Taxes

1,470

13,926

14,282

Net Income

2,817

20,079

26,536

Loss on disposal

(65,486)

(65,486)

(65,486)

Loss from Discontinued Operations

(62,669)

(45,407)

(38,950)

 

 

The Company realized a gain on the proposed disposal of Astro, equal to the carrying value of the assets and liabilities disposed of as of February 15, 2007:

 

Assets

$336,632

Liabilities

(310,541)

Amounts Astro owed to Glass Wave Enterprises 

79,049

Amounts owned to related parties

(40,100)

Investment in Astro Nutrition

1

Comprehensive loss

445

 

 

 

$65,486

 

 

The results of operations and cash flows of Astro for the period from February 1, 2007 to February 15, 2007 have been reported on a discontinued operations basis.

 

 

 

 

F–8

 

 

- 9 -

 

 

 

**ITEM 2.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.**

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and accompanying notes and the other financial information appearing elsewhere in this report. The statements contained in this section include projections of future results and "forward-looking statements" as that term is defined in the Securities Exchange Act of 1934.  All statements that are included in this report, other than statements of historical fact, are forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this report, including, without limitation, general business conditions.

OVERVIEW

*Corporate History*

We were incorporated pursuant to the laws of the State of Nevada on May 12, 2004 under the name Glass Wave Enterprises, Inc.  Effective February 16, 2007, we changed our name to Cyplasin Biomedical Ltd. and effected a six point two (6.2) for one forward stock split of our authorized, issued and outstanding common stock.  Following our incorporation, we commenced the business, through our wholly-owned subsidiary, Astro Nutrition Inc., as a reseller of health products and herbal remedies. We targeted the market of health food supplements and herbal remedies by catering mainly to the European and Asian markets.  We disposed of our former wholly-owned subsidiary, Astro Nutrition Inc. during the quarter.

We were not successful in implementing our business plan as a reseller of health products and herbal remedies.  As management of our company investigated opportunities and challenges in the business of being a reseller of health products and herbal remedies, management realized that the business did not present the best opportunity for our company to realize value for our shareholders.  Accordingly, we abandoned our previous business plan and focussed on the identification of suitable businesses with which to enter into a business opportunity or business combination.

On February 1, 2007 we entered into an asset purchase agreement dated February 1, 2007 with Christian Petzelt.  The asset purchase agreement contemplated our company acquiring certain intellectual property pertaining to cancer treatments, specifically protein molecules, for potential applications in treating various cancers in exchange for the issuance by our company of 21,000,000 shares of our common stock on a post six point two (6.2) for one forward basis.  The closing of the transactions contemplated in the asset purchase agreement and the acquisition of such intellectual property occurred on February 15, 2007.  In connection with the closing of the asset purchase agreement, we cancelled 53,320,000 post-split shares of our common stock held by Chester Ku, the former president, secretary, treasurer and a director of our company, and Bianca Knop, the former vice president and a director of our company, andissued 500,000 post-split shares of our common stock pursuant to the closing of a private placement.  As at the closing date, Christian Petzelt held approximately 53.9% of the issued and outstanding shares of common stock of our company.  

On April 10, 2007, we entered into an asset purchase agreement with Bioxen Ltd. to acquire certain intellectual property. The closing of the transactions contemplated in the asset purchase agreement and the acquisition of the intellectual property occurred on April 10, 2007. In accordance with the closing of the asset purchase agreement, we paid $100 to Bioxen Ltd. in exchange for the acquisition, by our company, of such intellectual property.

*Our Current Business*

As of the closing date of the asset purchase agreement on February 15, 2007, our company commenced the business of developing a novel therapeutic, recombinant protein called “Cyplasin”. The name of “Cyplasin” was coined by Professor Christian Petzelt, our company’s Chief Scientific Officer, to signify the proteins high cytotoxic potency, which was originally isolated from a marine organism known as Aplysia punctata (commonly called a “sea hare”).  Professor Petzelt discovered the cyplasin protein’s selective cytotoxic effects for cancer cells in 1997 and received a US patent – number 6,171,818 - on January 9, 2001 relating to a protein having anti-tumor activity, while having a DNA encoding for the same, plus having a process for the preparation of the same with application of methods for 

 

 

- 10 -

 

treating malignancies such as cancers with the same. On April 10, 2007, we entered in an asset purchase agreement with Bioxen Ltd., whereby we acquired a second Cyplasin patent describing a protein having anti tumor effect.  We intend to further research and develop this technology.  

Using our newly obtained Intellectual Property (IP) patented approach we plan to apply our technology to improve the treatment profile of skin cancer and melanoma patients via a topical application by microinjection.  This first in our family of cyplasin protein products is to be known as “Cyplasin-SC”, which once commercialized is expected to allow us to open new markets and disease applications with other forms of cancer.  Our business strategy is to generate revenues through developing and licensing our technologies through partnerships with biotechnology and pharmaceutical companies while pursuing the development of our own products for unmet medical needs. 

Subsequent research into the cyplasin protein structure has allowed us to manufacture the protein in the laboratory and develop procedures for the scale up in large-scale manufacturing processes as the discovery is commercialized. Patents have been filed for these various processes and we anticipate them to be issued shortly.  It is our intention to continue to create a strong patent or IP portfolio as we move along with the further development of the protein for its current and future applications.

We have secured the required funding to initiate its preclinical program for Cyplasin-SCTM. In addition, our company has also attracted or put into place the required management, board members and scientific advisory members that are the other success components for the overall development of the products within our company.  Prior to the asset being vended into our company there has been spent approximately $1.8 million on research and development related activities.  These expenditures have moved the development of the protein molecule from the discovery and proof of concept stage where upon our company will move the protein forward into the present preclinical and then into subsequent clinical development.

Cyplasin-SCTMis currently in preclinical development for application for skin cancer and melanoma. The finished product is to be delivered via a topical microinjection to the tumour mass. Current studies suggest Cyplasin-SCTMwill either cause the death of the whole tumor, or, if used in tandem with current surgical procedures, will kill any remaining cancer cells which might metastasize or spread to other parts of the body via the blood circulation system, after the tumor has been removed by conventional surgery. 

MANAGEMENT'S DISCUSSION AND ANALYSIS

*Plan of Operations*

We have not generated any revenues from our technologies to date.  We are a development stage company and we anticipate that we will require significant time and financing before our technologies are developed to a marketable state.

As of April 30, 2007, our company had working capital of $349,278 compared to a working capital as of January 31, 2007 of $62,846.  We estimate our operating expenses and working capital requirements for the next twelve month period to be as follows:

Estimated Expenses for the Next Twelve Month Period

Operating Expenses

 

 

Manufacturing / Scale up

$

900,000

Research and Development

$

 

General and Administrative

$

640,000

Patent Maintenance 

$

60,000

Employee and Consultant Compensation

$

528,150

FDA / CRO Planning Stage

$

675,000

Business Development and Travel Expenses

$

60,000

Total

$

2,863,150

 

 

 

- 11 -

 

 

*Liquidity and Capital Resources*

We had cash of $385,387 as of April 30, 2007 compared to cash of $62,267 as of April 30, 2006.  We had a working capital of $349,278 as of April 30, 2007 compared to a working capital of $175,610 as of April 30, 2006.  

On February 15, 2007, we closed a private placement of 500,000 Units for total gross proceeds of $500,000. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share at a price of $1.25 per warrant share for a period of twenty-four months. The proceeds will be used for working capital. We issued all of the 500,000 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

We have secured capital from a group of private investors which will meet the costs of the above estimated budget.  The capital will be delivered to our company in three equal tranches during the next 12 month period, as the company meets its preclinical milestones. 

*Product Research and Development*

For the next twelve months, we estimate that our development costs will encompass manufacturing/scale up costs and the cost of our preclinical program noted as FDA/CRO expenses above.

*Purchase of Significant Equipment*

We do not intend to purchase any significant equipment over the twelve month period ending April 30, 2008

*Off-Balance Sheet Arrangements*

As of April 30, 2007, our company had no off-balance sheet arrangements, including any outstanding derivative financial statements, off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts.  Our company does not engage in trading activities involving non-exchange traded contracts.

*Employees*

As of April 30, 2007, we had 2 employees consisting of Garth Likes as our president and chief executive officer and Professor Christian Petzelt as our chief science officer.  We plan to hire additional consultants and employees when circumstances warrant.

*Application of Critical Accounting Policies*

The financial statements of our company have been prepared in accordance with generally accepted accounting principles in the United States.  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement.

RISK FACTORS

Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward looking statements".  Such forward looking statements include any projections or estimates made by us and our management in connection with our business operations.  While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.

Such estimates, projections or other "forward looking statements" involve various risks and uncertainties as outlined below.  We caution the reader that important factors in some cases have affected and, in the future, could materially 

 

 

- 12 -

 

affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward looking statements".

Our common shares are considered speculative during the development of our new business operations.  Prospective investors should consider carefully the risk factors set out below.

RISKS RELATED TO OUR BUSINESS

We have had negative cash flows from operations since inception. We will require significant additional financing, the availability of which cannot be assured, and if our company is unable to obtain such financing, our business may fail.

To date, we have had negative cash flows from operations and have depended on sales of our equity securities and debt financing to meet our cash requirements. Our ability to develop and, if warranted, commercialize our technologies, will be dependent upon our ability to raise significant additional financing. If we are unable to obtain such financing, we will not be able to fully develop our business.  Specifically, we will need to raise additional funds to:

 

-

support our planned growth and carry out our business plan;

 

-

continue scientific progress in our research and development programs;

 

-

address costs and timing of conducting clinical trials and seek regulatory approvals and patent prosecutions;

 

-

address competing technological and market developments;

 

-

establish additional collaborative relationships; and

 

-

market and develop our technologies.

We may not be able to obtain additional equity or debt financing on acceptable terms as required.  Even if financing is available, it may not be available on terms that are favourable to us or in sufficient amounts to satisfy our requirements.  If we require, but are unable to obtain, additional financing in the future, we may be unable to implement our business plan and our growth strategies, respond to changing business or economic conditions, withstand adverse operating results and compete effectively.  More importantly, if we are unable to raise further financing when required, we may be forced to scale down our operations and our ability to generate revenues may be negatively affected.

*We have a history of losses and nominal operating results, which raise substantial doubt about our ability to continue as a going concern.*

Since inception through April 30, 2007, we have a net loss of $207,341.  We can offer no assurance that we will operate profitably or that we will generate positive cash flow in the future.  In addition, our operating results in the future may be subject to significant fluctuations due to many factors not within our control, such as the level of competition and general economic conditions. 

Our company's operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. No assurance can be given that we may be able to operate on a profitable basis.

Due to the nature of our business and the early stage of our development, our securities must be considered highly speculative.  We have not realized a profit from our operations to date and there is little likelihood that we will realize any profits in the short or medium term.  Any profitability in the future from our business will be dependent upon the successful commercialization or licensing of our core technology, which itself is subject to numerous risks.

 

 

- 13 -

 

 

We expect to continue to incur development costs and operating costs.  Consequently, we expect to incur operating losses and negative cash flows until our technology gains market acceptance sufficient to generate a sustainable level of income from the commercialization or licensing of our technology.

*Our inability to complete our product development activities successfully may severely limit our ability to operate and finance operations.*

Commercialization of our core technology will require significant additional research and development as well as substantial clinical trials.  We believe that the United States will be the principal market for our technology, as will any country in the world where the need for anti cancer therapeutics, initially for skin cancer and melanomas, exists.  We may not be able to successfully complete development of our core technology, or successfully market our technology.  We, and any of our potential collaborators, may encounter problems and delays relating to research and development, regulatory approval and intellectual property rights of our technology.  Our research and development programs may not be successful.  Our core technology may not prove to be safe and efficacious in clinical trials, and we may not obtain the intended regulatory approvals for our core technology.  Whether or not any of these eventsoccur, we may not have adequate resources to continue operations for the period required to resolve the issue delaying commercialization and we may not be able to raise capital to finance our continued operation during the period required for resolution of that issue.

*We may lose our competitiveness if we are not able to protect our proprietary technology and intellectual property rights against infringement, and any related litigation may be time-consuming and costly*.

Our success and ability to compete depends to a significant degree on our proprietary technology.  If any of our competitors copy or otherwise gain access to our proprietary technology or develop similar technologies independently, we may not be able to compete as effectively.  The measures we have implemented to protect our proprietary technology and other intellectual property rights are currently based upon a combination of patents and trade secrets. This, however, may not be adequate to prevent the unauthorized use of our proprietary technology and our other intellectual property rights.  Further, the laws of foreign countries may provide inadequate protection of such intellectual property rights.  We may need to bring legal claims to enforce or protect such intellectual property rights.  Any litigation, whether successful or unsuccessful, may result in substantial costs and a diversion of our company'sresources. In addition, notwithstanding our rights to our intellectual property, other persons may bring claims against us alleging that we have infringed on their intellectual property rights or claims that our intellectual property rights are not valid.  Any claims against us, with or without merit, could be time consuming and costly to defend or litigate, divert our attention and resources, result in the loss of goodwill associated with our business or require us to make changes to our technology.

*Our company may become subject to intellectual property litigation which may harm our business.*

Our success depends in part on our ability to develop commercially viable products without infringing the proprietary rights of others. Although we have not been subject to any filed infringement claims, other patents could exist or could be filed which may prohibit or limit our ability to market our products or maintain a competitive position. In the event of an intellectual property dispute, we may be forced to litigate. Intellectual property litigation may divert management's attention from developing our technology and may force us to incur substantial costs regardless of whether we are successful.  An adverse outcome could subject us to significant liabilities to third parties, and force us to curtail or cease the development and commercialization of our technology. 

*If our company commercializes or tests our technology, our company will be subject to potential product liability claims which may affect our earnings and financial condition.*

We face an inherent business risk of exposure to product liability claims in the event that the use of our core technology during research and development efforts, including clinical trials, or after commercialization, results in adverse affects. As a result, we may incur significant product liability exposure, which may exceed any insurance coverage that we obtain in the future.  Even if we elect to purchase such issuance in the future, we may not be able to maintain adequate levels of insurance at reasonable cost and/or reasonable terms. Excessive insurance costs or uninsured claims may increase our operating loss and affect our financial condition. 

 

 

- 14 -

 

 

*If we fail to effectively manage the growth of our company and the commercialization or licensing of our technology, our future business results could be harmed and our managerial and operational resources may be strained.*

As we proceed with the development of our technology and the expansion of our marketing and commercialization efforts, we expect to experience significant growth in the scope and complexity of our business.  We will need to add staff to manage operations, handle business development efforts and perform finance and accounting functions.  We anticipate that we will be required to hire a broad range of additional personnel in order to successfully advance our operations.  This growth is likely to place a strain on our management and operational resources.  The failure to develop and implement effective systems, or to hire and retain sufficient personnel for the performance of all of the functions necessary to effectively service and manage our potential business, or the failure to manage growth effectively, could have a material adverse effect on our business and financial condition. 

*Failure to obtain and maintain required regulatory approvals will severely limit our ability to commercialize our technology.*

We believe that it is important for the success of our business to obtain the approval of the Food and Drug Administration in the United States (FDA) before we commence commercialization of our technology in the United States, the principal market for our technology.  We may also be required to obtain additional approvals from foreign regulatory authorities to apply for any sales activities we may carry out in those jurisdictions.  If we cannot demonstrate the safety, reliability and efficacy of our technology, the FDA or other regulatory authorities could delay or withhold regulatory approval of our technology. 

Even if we obtain regulatory approval of our technology, that approval may be subject to limitations on the indicated uses for which it may be marketed.  Even after granting regulatory approval, the FDA and other regulatory agencies and governments in other countries will continue to review and inspect any future marketed products as well as any manufacturing facilities that we may establish in the future.  Later discovery of previously unknown problems with a product or facility may result in restrictions on the product, including a withdrawal of the product from the market.  Further, governmental regulatory agencies may establish additional regulations which could prevent or delay regulatory approval of our technology. 

*Even if we obtain regulatory approval to commercialize our products, lack of commercial acceptance may impair our business.*

Our product development efforts are primarily directed toward obtaining regulatory approval for our cyplasin protein product treatments.  Our products may not be employed in all potential applications being investigated, and any reduction in applications may limit the market acceptance of our products and our potential revenues. As a result, even if our products are developed into marketable products and we obtain all required regulatory approvals, we cannot be certain that our products will be adopted at a level that would allow us to operate profitably. 

*If we do not keep pace with our competitors, technological advancements and market changes, our technology may become obsolete and our business may suffer.*

The market for our technology is very competitive, is subject to rapid technological changes and varies for different individual products. We believe that there are potentially many competitive approaches being pursued that compete with our technology, including some by private companies for which information is difficult to obtain. 

Many of our competitors have significantly greater resources and have developed products and processes that directly compete with our technology. Our competitors may develop, or may in the future develop, new technologies that directly compete with our technology or even render our technology obsolete.  Our technology is designed to develop a topical treatment for skin cancer and melanoma. Even if we are able to demonstrate improved or equivalent results from our technology, researchers and practitioners may not use our technology and we may suffer a competitive disadvantage.  Finally, to the extent that others develop new technologies that address the targeted application for our current technology, our business will suffer. 

 

 

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*Our ability to hire and retain key personnel will be an important factor in the success of our business and a failure to hire and retain key personnel may result in our inability to manage and implement our business plan.*

We are highly dependent upon our management personnel such as Christian Petzelt who discovered the cyplasin protein’s selective cytotoxic effects.  The loss of the services of one or more of our management may impair management's ability to operate our company.   We have not purchased key man insurance on any of these individuals, which insurance would provide us with insurance proceeds in the event of their death.  Without key man insurance, we may not have the financial resources to develop or maintain our business until we could replace the individual or to replace any business lost by the death of that person.  The competition for qualified personnel in the markets in which we operate is intense.  In addition, in order to manage growth effectively, we must implement management systems and recruit and train new employees.  We may not be able to attract and retain the necessary qualified personnel.  Ifwe are unable to retain or to hire qualified personnel as required, we may not be able to adequately manage and implement our business.

*Most of our assets and all of our directors and officers are outside the United States, with the result that it may be difficult for investors to enforce within the United States any judgments obtained against us or any of our directors or officers.*

Although we are organized under the laws of the State of Nevada, United States, our principal business office is located in Edmonton, Alberta, Canada.  Outside the United States, it may be difficult for investors to enforce judgements against us that are obtained in the United States in any action, including actions predicated upon civil liability provisions of federal securities laws.  In addition, a majority of our directors and officers reside outside the United States, and nearly all of the assets of these persons and our assets are located outside of the United States.  As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce against us or such persons judgements predicated upon the liability provisions of United States securities laws.  There is substantial doubt as to the enforceability against us or any of our directors andofficers located outside the United States in original actions or in actions of enforcement of judgments of United States courts or liabilities predicated on the civil liability provisions of United States federal securities laws.  In addition, as the majority of our assets are located outside of the United States, it may be difficult to enforce United States bankruptcy proceedings against us.  Under bankruptcy laws in the United States, courts typically have jurisdiction over a debtor's property, wherever it is located, including property situated in other countries.  Courts outside of the United States may not recognize the United States bankruptcy court's jurisdiction.  Accordingly, you may have trouble administering a United States bankruptcy case involving a Nevada company as debtor with most of its property located outside the United States.  Any orders or judgements of a bankruptcy court obtained by you in the United States may not be enforceable.

*Our business is subject to comprehensive government regulation and any change in such regulation may have a material adverse effect on our company.*

There is no assurance that the laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States or any other jurisdiction, will not be changed, applied or interpreted in a manner which will fundamentally alter the ability of our company to carry on our business.  The actions, policies or regulations, or changes thereto, of any government body or regulatory agency, or other special interest groups, may have a detrimental effect on our company.  Any or all of these situations may have a negative impact on our operations.

RISKS RELATED TO OUR COMMON STOCK

*A decline in the price of our common stock could affect our ability to raise further working capital and adversely impact our ability to continue operations*.

A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital. Because a significant portion of our operations has been and will be financed through the sale of equity securities, a decline in the price of our common stock could be especially detrimental to our liquidity and our operations.  Such reductions may force us to reallocate funds from other planned uses and may have a significant negative effect on our business plans and operations, including our ability to 

 

 

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develop new products and continue our current operations.  If our stock price declines, we can offer no assurance that we will be able to raise additional capital or generate funds from operations sufficient to meet our obligations.  If we are unable to raise sufficient capital in the future, we may not be able to have the resources to continue our normal operations.

The market price for our common stock may also be affected by our ability to meet or exceed expectations of analysts or investors. Any failure to meet these expectations, even if minor, may have a material adverse effect on the market price of our common stock. 

*If we issue additional shares in the future, it will result in the dilution of our existing shareholders.*

Our certificate of incorporation authorizes the issuance of up to 465,000,000 shares of common stock.  Our board of directors may choose to issue some or all of such shares to acquire one or more businesses or to provide additional financing in the future. The issuance of any such shares will result in a reduction of the book value and market price of the outstanding shares of our common stock. If we issue any such additional shares, such issuance will cause a reduction in the proportionate ownership and voting power of all current shareholders. Further, such issuance may result in a change of control of our corporation.

*Trading of our stock may be restricted by the Securities Exchange Commission's penny stock regulations, which may limit a stockholder's ability to buy and sell our stock.*

The Securities and Exchange Commission has adopted regulations which generally define "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors".  The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the Securitiesand Exchange Commission, which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account.  The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement tothe transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities.  We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

*NASD sales practice requirements may also limit a stockholder's ability to buy and sell our stock.*

In addition to the "penny stock" rules described above, the National Association of Securities Dealers (NASD) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer.  Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information.  Under interpretations of these rules, the NASD believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers.  The NASD requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and havean adverse effect on the market for our shares.

 

 

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*Our common stock is illiquid and the price of our common stock may be negatively impacted by factors which are unrelated to our operations*.

Our common stock currently trades on a limited basis on the OTC Bulletin Board.  Trading of our stock through the OTC Bulletin Board is frequently thin and highly volatile.  There is no assurance that a sufficient market will develop in the stock, in which case it could be difficult for shareholders to sell their stock.  The market price of our common stock could fluctuate substantially due to a variety of factors, including market perception of our ability to achieve our planned growth, quarterly operating results of our competitors, trading volume in our common stock, changes in general conditions in the economy and the financial markets or other developments affecting our competitors or us.  In addition, the stock market is subject to extreme price and volume fluctuations.  This volatility has had a significant effect on the market price of securities issued by many companies for reasons unrelated to theiroperating performance and could have the same effect on our common stock.

**ITEM 3.**

**CONTROLS AND PROCEDURES.**

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the *Securities Exchange Act of 1934*, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and president (also our Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) to allow for timely decisions regarding required disclosure.  In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired controlobjectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As of April 30, 2007, the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and president (also our Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design and operation of our disclosure controls and procedures.  Based on the foregoing, our chief executive officer and president (also our Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

**PART II - OTHER INFORMATION**

**ITEM 1.**

**LEGAL PROCEEDINGS.**

None.

**ITEM 2.**

**UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

None.

**ITEM 3.**

**DEFAULTS UPON SENIOR SECURITIES.**

None.

**ITEM 4.**

**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

None.

**ITEM 5.**

**OTHER INFORMATION.**

None. 

 

 

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**ITEM 6.**

**EXHIBITS.**

*Exhibits required by Item 601 of Regulation S-B*

**Exhibit**

**Number**

**Description**

 

 

3.1(2)

Articles of Incorporation

 

 

3.2(1)

Bylaws

 

 

10.1(3)

Asset Purchase Agreement dated February 1, 2007 with Christian Petzelt

 

 

10.2(4)

Asset Purchase Agreement dated April 10, 2007 with Bioxen Ltd.

 

 

10.3(5)

Consulting Agreement dated February 15, 2007 with Christian Petzelt

 

 

10.4(5)

Consulting Agreement dated February 15, 2007 with Bioxen Ltd.

 

 

10.5(5)

Consulting Agreement dated February 15, 2007 with Garth Likes

 

 

10.6(5)

Consulting Agreement dated February 15, 2007 with Syngar Management

 

 

31.1*

Certification of Principal Executive Officer and Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

32.1*

Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

*  Filed herewith

(1)  Incorporated by reference from our Registration Statement on Form SB-2 filed on May 5, 2005

(2)  Incorporated by reference from our Registration Statement on Form SB-2/a filed on July 29, 2005

(3)  Incorporated by reference from our Form 8-K Current Report filed on February 5, 2007

(4)  Incorporated by reference from our Form 8-K Current Report filed on April 13, 2007

(5)  Incorporated by reference from our Form 10-KSB filed on May 1, 2007

 

 

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**SIGNATURES**

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**CYPLASIN BIOMEDICAL LTD.**

 

By:  /s/ Garth Likes

Garth Likes

Chief Executive Officer, President and Director

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date:  June 14, 2007

 

 

 

 

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