UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

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

                  For the Quarterly Period Ended March 31, 2005

      |_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

              For the Transition Period from _________ to _________

                         Commission file number: 0-32835

                          GAMMACAN INTERNATIONAL, INC.
             (Exact name of registrant as specified in its charter)

               Delaware                              33-0956433
   (State or other jurisdiction of        (IRS Employer Identification No.)
    incorporation or organization)

                              11 Ben Gurion Street
                           54100 Givat Shmuel, Israel
                    (Address of principal executive offices)

                                  972 3 5774475
              (Registrant's telephone number, including area code)

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

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the 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 |_|

      APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
                            THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 after the distribution of securities under a plan confirmed by a court.
                                                                  Yes |_| No |_|

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

State the number of shares outstanding of each of the registrant's classes of
common equity, as of the latest practicable date: 26,231,510 shares issued and
outstanding as of May 7, 2005.
<PAGE>

ITEM 1. - FINANCIAL STATEMENTS

                           GAMMACAN INTERNATIONAL INC.
                    (Formerly- San Jose International, Inc.)
                          (A Development Stage Company)
                          INTERIM FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2005
                                TABLE OF CONTENTS

                                                                          Page

       Balance sheet                                                      F-2

       Statements of operations                                           F-3

       Statement of stockholders' equity                                  F-4

       Statements of cash flows                                           F-5

       Notes to the financial statements                              F-6 - F-10

<PAGE>

                           GAMMACAN INTERNATIONAL INC.
                    (Formerly- San Jose International, Inc.)
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                               March 31,         September 30,
                                                                                 2005               2004
                                                                              -----------        -----------
                                                                              (Unaudited)          (Audited)
                                                                              -----------        -----------
<S>                                                                           <C>                <C>
                                     Assets
CURRENT ASSETS:
    Cash and cash equivalent                                                  $ 1,310,509        $   705,868
    Prepaid expenses                                                               38,688             11,029
    Other                                                                           9,150              5,971
                                                                              -----------        -----------
           Total current assets                                                 1,358,347            722,868
                                                                              -----------        -----------
PROPERTY AND EQUIPMENT, NET                                                        10,387              3,899
                                                                              -----------        -----------
           Total assets                                                       $ 1,368,734        $   726,767
                                                                              ===========        ===========

                      Liabilities and stockholders' equity

CURRENT LIABILITIES:
    Accounts payable                                                          $    49,201        $   140,901
    Payroll and related expenses                                                   36,170             16,317
                                                                              -----------        -----------
           Total current liabilities                                               85,371            157,218
                                                                              -----------        -----------

STOCKHOLDERS' EQUITY:
    Preferred stock, ($ 0.0001 par value, 20,000,000 shares authorized:
       none issued and outstanding)                                                    --                 --
    Common stock ($ 0.0001 par value, 100,000,000 authorized,
       26,231,510 and 25,221,510 shares issued and
       outstanding as of March 31, 2005 and September 30, 2004,
       respectively)                                                                2,622              2,522
    Additional paid-in capital                                                  1,837,585            941,619
    Warrants                                                                      414,847            139,494
    Deficit accumulated during development stage                                 (971,691)          (514,086)
                                                                              -----------        -----------
           Total stockholders' equity                                           1,283,363            569,549
                                                                              -----------        -----------
           Total liabilities and stockholders' equity                         $ 1,368,734        $   726,767
                                                                              ===========        ===========
</TABLE>

               The accompanying notes are an integral part of the
                         condensed financial statements.


                                      F-2
<PAGE>

                           GAMMACAN INTERNATIONAL INC.
                    (Formerly- San Jose International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                                                 Period from
                                               Six months ended                   Three months ended          October 6, 1998*
                                                   March 31                            March 31                   through
                                      -------------------------------      -------------------------------       March 31,
                                         2005               2004              2005               2004               2005
                                      ------------       ------------      ------------       ------------      ------------
<S>                                   <C>                <C>               <C>                <C>               <C>
RESEARCH AND
    DEVELOPMENT COSTS                 $    114,998       $         --      $     63,632       $         --      $    281,990

GENERAL AND
    ADMINISTRATIVE
    EXPENSES                               347,881              1,106           155,371              1,070           707,350

FINANCIAL INCOME, NET                       (5,274)                              (4,132)                              (5,274)

MINORITY INTERESTS IN
    LOSSES OF SUBSIDIARY                                                                                             (12,375)
                                      ------------       ------------      ------------       ------------      ------------
NET LOSS FOR THE PERIOD               $   (457,605)      $     (1,106)     $   (214,871)      $     (1,070)     $   (971,691)
                                      ============       ============      ============       ============      ============

BASIC AND DILUTED LOSS
    PER 1000 COMMON SHARES            $     (17.63)      $      (0.00)     $      (8.19)      $      (0.00)
                                      ============       ============      ============       ============

WEIGHTED AVERAGE

NUMBER OF COMMON
    SHARES USED IN
    COMPUTING BASIC AND
    DILUTED LOSS PER
    COMMON SHARE                        25,955,010         56,281,500        26,223,510         56,281,500
                                      ============       ============      ============       ============
</TABLE>

                        * Incorporation date, see note 1.

               The accompanying notes are an integral part of the
                         condensed financial statements.


                                      F-3
<PAGE>

                           GAMMACAN INTERNATIONAL INC.
                    (Formerly- San Jose International, Inc.)
                          (A Development Stage Company)
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                                          Deficit
                                                                                                        accumulated
                                                                Common                   Additional       during
                                              Common             stock                     paid-in      development
                                               stock            amount        Warrants     capital         stage          Total
                                             ----------         ------       ---------   -----------     ----------     ----------
<S>                                          <C>                <C>          <C>         <C>             <C>            <C>
Beginning balance                                    --         $   --       $      --   $        --     $       --     $       --
Stock issued for cash on
     October 6, 1998                          1,650,000            165                          (155)                           19
Stock issued for cash on
     October 9, 1998                          2,722,500            272                          (107)                          165
Stock issued for cash on
     October 10, 1998                           198,000             20                           100                           120
Stock issued for services on
     December 1, 1998                         9,900,000            990                         2,010                         3,000
Stock issued for cash on
     April 7, 1999                              561,000             56                           284              -            340
Net loss                                                                                                     (3,444)        (3,444)
                                             ----------         ------       ---------   -----------     ----------     ----------
Balance at September 30,
     1999 (audited)                          15,031,500          1,503                         2,132         (3,444)           191
Stock issued for cash on
     September 30, 2000                      41,250,000          4,125                           875                         5,000
                                             ----------         ------       ---------   -----------     ----------     ----------
Balance at September 30,
     2000  (audited)                         56,281,500          5,628                           307         (3,444)         5,191
Net loss                                                                                                     (4,231)        (4,231)
                                             ----------         ------       ---------   -----------     ----------     ----------
Balance at September 30,
     2002  (audited)                         56,281,500          5,628                         3,007        (10,783)        (2,148)
Contributed capital                                                                            7,025                         7,025
Net loss                                                                                                     (4,857)        (4,857)
                                             ----------         ------       ---------   -----------     ----------     ----------
Balance at September 30,
     2003  (audited)                         56,281,500          5,628                        10,032        (15,640)            20
Cancellation of shares at
     June 8, 2004                           (32,284,988)        (3,228)                        3,228
Economic value of exercised
     option                                                                                   62,600                        62,600
Common stock and warrants
     issued on August 13,2004                 1,224,998            122         139,494       779,134                       918,750
Gain on issuance of subsidiary
     stock on August 17, 2004                                                                 86,625                        86,625
Net loss                                                                                                   (498,446)      (498,446)
Balance at September 30,
     2004  (audited)                         25,221,510         $2,522         139,494      $941,619      $(514,086)       569,549
Common stock and warrants
     issued on November 11,
     2004                                       978,000             97         266,629       867,893                     1,134,619
Common stock and warrants
     issued on January 25, 2005                  32,000              3           8,724        28,073                        36,800
Net loss                                                                                                   (457,605)      (457,605)
                                             ----------         ------       ---------   -----------     ----------     ----------
Balance at March 31, 2005  (unaudited)       26,231,510         $2,622        414,847    $1,837,585      $(971,691)     $1,283,363
                                             ==========         ======       =========   ===========     ==========     ==========
</TABLE>

               The accompanying notes are an integral part of the
                         condensed financial statements.


                                      F-4
<PAGE>

                           GAMMACAN INTERNATIONAL INC.
                    (Formerly- San Jose International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                            Period from
                                                                                                         October 6, 1998*
                                                                                Six months ended              through
                                                                                    March 31                 March 31,
                                                                         -----------------------------      -----------
                                                                             2005              2004             2005
                                                                         -----------       -----------      -----------
<S>                                                                      <C>               <C>              <C>
CASH FLOWS FROM
    OPERATING ACTIVITIES:
    Net loss                                                             $  (457,605)      $    (1,106)     $  (971,691)
    Adjustments required to reconcile net loss to net cash used in
       operating activities:

     Depreciation                                                              1,024                              1,083
     Common stock issued for services                                                                             3,000
     Minority interests in losses of subsidiary                                                                 (12,375)
     Acquisition of research and development
       in process                                                                                               100,000
     Option exercise costs                                                                                       62,600
    Changes in assets and liabilities:
     Increase in prepaid expenses                                            (27,659)                           (38,688)
     Increase in other current assets                                         (3,179)                            (9,150)
     Increase (decrease) in current liabilities                              (71,847)            1,086           84,371
                                                                         -----------       -----------      -----------
    Net cash used in operating activities                                   (559,266)              (20)        (780,850)
                                                                         -----------       -----------      -----------
CASH FLOWS FROM
    INVESTING ACTIVITIES -
    Purchase of property and equipment                                        (7,512)                           (11,470)
CASH FLOWS FROM
    FINANCING ACTIVITIES:
    Issuance of common stock and warrants                                  1,171,419                          2,090,510
    Contribution to additional
       paid in capital                                                                                           12,319
                                                                                                            -----------
    Net cash provided by financing activities                              1,171,419                          2,102,829
                                                                         -----------       -----------      -----------
NET INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENT                                                     604,641               (20)              --
CASH AND CASH EQUIVALENT
    AT BEGINNING OF PERIOD                                                   705,868                20               --
                                                                         -----------       -----------      -----------
CASH AND CASH EQUIVALENT
    AT END OF PERIOD                                                     $ 1,310,509                --      $ 1,310,509
                                                                         ===========       -----------      ===========
</TABLE>

                        * Incorporation date, see note 1.

               The accompanying notes are an integral part of the
                        condensed financial statements.


                                      F-5
<PAGE>

                          GAMMACAN INTERNATIONAL INC.

                         (A Development Stage Company)

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2005

                                   (Unaudited)

NOTE 1. - ORGANIZATION AND DESCRIPTION OF BUSINESS

            GammaCan International Inc. (A Development Stage Company; "the
            Company") was incorporated on October 6, 1998, under the laws of the
            State of Delaware, as San Jose International, Inc. The Company has
            no significant revenues and no material operations and in accordance
            with Statement of financial Accounting Standard ("SFAS") No. 7
            "Accounting and Reporting by Development Stage enterprises", the
            Company is considered a development stage company.

            Through March 31, 2005, the Company has incurred losses in an
            aggregate amount of $971,691. Such losses have resulted from the
            Company's activities as a development stage company. The Company's
            management estimated that it would be able to finance its operations
            until September 30, 2005 using the cash raised during August 2004
            till January 2005. Continuation of the Company's current operations
            after utilizing the mentioned reserves until September 30, 2005, is
            dependent upon obtaining financial support from investors until
            profitable results are achieved.

            On August 19, 2004, the name of the company was changed from "San
            Jose International, Inc." into "GammaCan International, Inc.".

NOTE 2. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

      a.    Basis of accounting

            The accompanying unaudited financial statements of the Company and
            the subsidiary GammaCan Ltd. ("the Subsidiary") have been prepared
            in accordance with accounting principles generally accepted in the
            United States for interim financial information and with the
            instructions to Form 10-QSB and Item 310 of Regulation S-B.
            Accordingly, they do not include all of the information and
            footnotes required by accounting principles generally accepted in
            the United States for complete financial statements.

            In the opinion of management, all adjustments (consisting of normal
            recurring accruals) considered necessary for a fair presentation
            have been included. Operating results for the six-month period ended
            March 31, 2005, are not necessarily indicative of the results that
            may be expected for the year ended September 30, 2005. For further
            information, refer to the financial statements and footnotes thereto
            included in the consolidated annual report on Form 10-KSB for the
            year ended September 30, 2004.


                                      F-6
<PAGE>

                           GAMMACAN INTERNATIONAL INC.

                          (A Development Stage Company)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                                   (Unaudited)

NOTE 2. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

      b.    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 reported amounts of assets and
            liabilities and disclosure of contingent assets and liabilities at
            the date of the financial statements and the reported amounts of
            revenues and expenses during the reporting period. Actual results
            could differ from those estimates.

      c.    Cash equivalents

            The Company and its subsidiary considers all highly liquid
            investments, which include short-term bank deposits (up to three
            months from date of deposit) that are not restricted as to
            withdrawal or use, to be cash equivalents.

      d.    Principles of consolidation

            The consolidated financial statements include the accounts of the
            Company and its Subsidiary. All balances have been eliminated in
            consolidation.

      e.    Loss per share

            Basic and diluted net losses per common share are presented in
            accordance with FAS No. 128 "Earning per share" ("FAS128"), for all
            periods presented. Outstanding share options, and warrants have been
            excluded from the calculation of the diluted loss per share because
            all such securities are antidilutive for all periods presented. The
            total number of common stocks related outstanding options and
            warrants excluded from the calculations of diluted net loss was
            3,884,998 for the period ended March 31, 2005.

      f.    Stock based compensation

            The Company accounts for employee stock based compensation in
            accordance with Accounting Principles Board Opinion No. 25
            "Accounting for Stock Issued to Employees" ("APB 25") and related
            interpretations. In accordance with FAS 123 - "Accounting for
            Stock-Based Compensation" ("FAS 123"), the Company discloses pro
            forma data assuming the Company had accounted for employee stock
            option grants using the fair value-based method defined in FAS 123.


                                      F-7
<PAGE>

                           GAMMACAN INTERNATIONAL INC.

                          (A Development Stage Company)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                                   (Unaudited)

NOTE 2. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

            The following table illustrates the pro - forma effect on net loss
            and loss per common share assuming the Company had applied the fair
            value recognition provisions of FAS 123 to its stock-based employee
            compensation for the six months ended March 31, 2005:

            Net loss as reported                                    $(457,605)
            Deduct: stock based employee compensation
                expense determined under fair value
                method for all awards, net of related tax effects    (492,866)
                                                                    ---------
            Pro forma loss                                          $(950,471)
                                                                    =========
            Net loss per 1000 common shares:
            Basic and diluted - as reported                         $  (17.63)
                                                                    =========
            Basic and diluted - pro forma                           $  (36.62)
                                                                    =========

      g.    Recently issued accounting pronouncements

            In December 2004, the Financial Accounting Standards Board ("FASB")
            issued the revised Statement of Financial Accounting Standards
            ("FAS") No. 123, Share-Based Payment (FAS 123R), which addresses the
            accounting for share-based payment transactions in which the Company
            obtains employee services in exchange for (a) equity instruments of
            the Company or (b) liabilities that are based on the fair value of
            the Company's equity instruments or that may be settled by the
            issuance of such equity instruments. This Statement eliminates the
            ability to account for employee share-based payment transactions
            using APB Opinion No. 25, Accounting for Stock Issued to Employees,
            and requires instead that such transactions be accounted for using
            the grant-date fair value based method. This Statement will be
            effective as of the beginning of the first 12 12 t interim or annual
            reporting period that begins after December 15, 2005, for small
            business issuers (January 1, 2006 for the Company). Early adoption
            of FAS 123R is encouraged. This Statement applies to all awards
            granted or modified after the Statement's effective date. In
            addition, compensation cost for the unvested portion of previously
            granted awards that remain outstanding on the Statement's effective
            date shall be recognized on or after the effective date, as the
            related services are rendered, based on the awards' grant-date fair
            value as previously calculated for the pro-forma disclosure under
            FAS 123.

            The Company estimates that the cumulative effect of adopting FAS
            123R as of its adoption date by the Company (January 1, 2006), based
            on the awards outstanding as of March 31, 2005, will be
            approximately $1,274,000. This estimate does not include the impact
            of additional awards, which may be granted, or forfeitures, which
            may occur subsequent to March 31, 2005 and prior to our adoption of
            FAS 123R. The Company expects that upon the adoption of FAS 123R,
            the Company will apply the modified prospective application
            transition method, as permitted by the Statement. Under such
            transition method, upon the adoption of FAS 123R, the Company's
            financial statements for periods prior to the effective date of the
            Statement will not be restated.


                                      F-8
<PAGE>

                           GAMMACAN INTERNATIONAL INC.

                          (A Development Stage Company)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                                   (Unaudited)

NOTE 3. - GOING CONCERN

            The accompanying financial statements have been prepared assuming
            that the Company will continue as a going concern. The Company has
            net losses for the period from inception (October 6, 1998) through
            March 31, 2005 of $971,691. The Company's continuation as a going
            concern is dependent on its ability to meet its obligations, to
            obtain additional financing as may be required and ultimately to
            attain profitability. These financial statements do not include any
            adjustments that might result from the outcome of this uncertainty.
            See also note 1.

NOTE 4. - RELATED PARTY TRANSACTIONS

            On November 4, 2004, the Subsidiary entered into a consulting
            agreement with PBD Ltd., a company controlled by a related party
            (the "Consultant"). Pursuant to the terms of the agreement, the
            Subsidiary will pay the Consultant a total fee of $50,000 for the
            services provided as detailed in the agreement. Mainly the services
            include:

            o     Summary of pre-clinical data and collection of historical
                  research data.

            o     Preparation of clinical trial.

            o     Oncologists survey for cancer indication.

            o     Survey of complementary technologies

            o     Survey of potential IVIg collaborators

            o     Initiation of contacts with potential partners.

            The work has been completed and the sum of $50,000 paid to the
            Consultant is included in "General & administrative expenses ".

            Additionally, it was also agreed that the Subsidiary shall reimburse
            the Consultant for out of pocket expenses incurred in connection
            with the performance of its duties under the agreement only if it
            has been approved in writing by the Subsidiary. The expenses of
            hiring a clinical expert to advise on the specifics of the protocol
            , for a total cost that will not exceed $8,000 ,was approved by the
            Subsidiary .

            On March 1, 2005 the Company and its Subsidiary, entered into an
            agreement appointing a related party as Vice President of Business
            Development, in consideration of a salary of $4,000 per month,
            commencing February 2005.

NOTE 5. - STOCK TRANSACTIONS:

      a.    On November 11, 2004 the Company entered into subscription
            agreements for the sale of 978,000 units at a purchase price of
            $1.25 per unit for a total consideration of $1,222,500. Each unit
            consisted of one common share and one share purchase warrant. Each
            share purchase warrant entitles the holder to purchase one
            additional common share for a period of two years after the date of
            the subscription agreement at an exercise price of $1.50 in the
            first 15 months and $2.00 for the next nine months. The fair value
            of the warrants estimated by using the Black & Scholes
            option-pricing model is $266,629.


                                      F-9
<PAGE>

                           GAMMACAN INTERNATIONAL INC.
                          (A Development Stage Company)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

                   NOTE 5. - STOCK TRANSACTIONS (continued):

      b.    On January 25, 2005 the Company entered into a subscription
            agreement for the sale of 32,000 units at a purchase price of $1.25
            per unit for a total consideration of $40,000. Each unit consisted
            of one common share and one share purchase warrant. Each share
            purchase warrant entitles the holder to purchase one additional
            common share for a period of two years after the date of the
            subscription agreement at an exercise price of $1.50 in the first 15
            months and $2.00 for the next nine months. The fair value of the
            warrants estimated by using the Black & Scholes option-pricing model
            is $8,724.

      c.    According to a board of directors' resolution from January 11, 2005
            the following are entitled to receive options under the 2004
            Employees and Consultant Stock Option Plan:

            o     50,000 options to each of the four board members.

            o     50,000 options to each of three scientific advisors.


                                      F-10
<PAGE>

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

We currently have no revenue from operations, we are in a start-up phase with
our existing assets and we have no significant assets, tangible or intangible.
There can be no assurance that we will generate revenues in the future, or that
we will be able to operate profitably in the future, if at all. We have incurred
net losses in each fiscal year since inception of our operations.

Our initial focus over the next several years is to demonstrate efficacy of IVIG
cancer immunotherapy in human clinical trials. Efficacy is the ability of a drug
or other treatment to produce the desired result when taken by its intended
users. If ultimately proven to be successful, and there can be no assurance that
it will be, we could be well-positioned to enter a licensing agreement with a
major pharmaceutical partner for commercial market development and sales.

We received approval from the Institutional Review Boards of a number of medical
centers for the initiation of a clinical trial in Israel for a Phase II study
using IVIG immunotherapy for a range of metastatic cancers. We plan to begin
enrolling patients in the third quarter of 2005. Since IVIG is an established,
safe therapy, we will not be required to conduct Phase I studies. Phase II
clinical trials will be conducted at no less than two medical centers in Israel.
It is expected to take at least six months to enroll patients. We are planning
on including several different cancers in the trial, and preliminary results
should be available during the first year of trial. We may decide to continue to
monitor patients for an extended period of time in order to observe positive and
negative effects arising at a later stage. If successful or promising, and at
this preliminary stage there is no assurance they will be, results of these
clinical trials will be used to enter into discussions with a major
pharmaceutical partner to work with us to potentially commercialize the
products.

We expect that it will take a number of years to receive final approval and
registration of an IVIg preparation for use as an anti-cancer reagent. However,
the company's strategy is to collaborate with a suitable IVIg manufacturer and
license them the rights to use IVIg as an anti-cancer agent, wherefore the
company's expected revenue stream is not entirely dependent upon the
registration of the IVIg products.

We are also contemplating to conduct additional clinical trials to test new
formulations of IVIG and to test IVIG immunotherapies for different cancers at
different stages of disease progression with varying dosages and routes of
administration. Our goal is to partner with a pharmaceutical company to conduct
these further Phase II and Phase III trials, in order to attain broad-based
regulatory approval.

Long Term Business Strategy

As noted previously, if IVIG shows significant promise thorough clinical trials,
we plan to ultimately seek a strategic commercial partner, or partners, with
extensive experience in commercialization and marketing of cancer drugs and or
therapeutic proteins. It is envisaged that the partner, or partners, would be
responsible for ensuring regulatory approvals and registrations in a timely
manner and for the penetration of the IVIG immunotherapies to the market. This
planned strategic partnership, or partnerships, could provide a marketing and
sales infrastructure for our products as well as financial and operational
support for global trials and other FDA requirements concerning future clinical
development. Our future strategic partner, or partners, could also provide
capital and expertise that would enable the partnership to develop new
formulations of IVIG cancer immunotherapy suitable for patients at different
stages of disease progression as well as IVIg derivatives.


                                       3
<PAGE>

Other Research and Development Plans

In addition to conducting early-stage clinical trials, we plan to conduct
research to develop alternative delivery systems, to determine the optimal
dosage for different patient groups and to investigate alternative sources of
immunoglobulin other than human plasma. We plan to conduct research to isolate
the fraction of IVIG, which is responsible for its anti-metastatic effects and
to develop a potential synthetic version of IVIG. These formulations will be
suitable for:

      o     Low-dose, preventative therapy for disease-free, high-risk
            individuals,

      o     Strong dose for use in conjunction with surgery and other cancer
            treatments, and

      o     Maintenance dose for use to prevent recurrence of cancer growth.

      o     Others

Our plan is to patent any successful inventions resulting from our further
research activities.

                              Other Strategic Plans

We are considering additional alternatives for expanding our pipeline of
putative drugs in order to create a well balanced portfolio of future products.

                              Planned Expenditures

The estimate expenses referenced herein are in accordance with the business
plan. As the technology is still in the development stage, it can be expected
that there will be changes in some budgetary items. Our planned expenditures for
the next 12 months include:

Category                                                                Amount

Research & Development                                              $1,456,000

Marketing and Business Development                                    $158,000

General & Administrative Expenses                                     $662,000

Total                                                               $2,276,000

We are considering expanding and accelerating our planned clinical trials
program for IVIG. Ultimately, such a change may enable our company to
commercialize the product sooner if the trials prove to be successful. If we
decide to adjust our program, we anticipate that our related clinical trial
costs over the next 12 months would increase by approximately $1 million. The
decision to proceed will be based on several major factors, one of which is the
ability of our company to attract sufficient financing on acceptable terms.


                                       4
<PAGE>

Forward Looking Statements

This Management's Discussion and Analysis of Financial Condition and Results of
Operations includes a number of forward-looking statements that reflect
management's current views with respect to future events and financial
performance. Those statements include statements regarding the intent, belief or
current expectations of Gammacan and members of its management team as well as
the assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risk and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking statements.
Readers are urged to carefully review and consider the various disclosures made
in this report and in our other reports filed with the Securities and Exchange
Commission. Important factors currently known to Management could cause actual
results to differ materially from those in forward-looking statements. We
undertake no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
in the future operating results over time. Gammacan believes that its
assumptions are based upon reasonable data derived from and known about its
business and operations and the business and operations of Gammacan. No
assurances are made that actual results of operations or the results of
GammaCan's future activities will not differ materially from its assumptions.


                                       5
<PAGE>

ITEM 3. CONTROLS AND PROCEDURES

      a)    Evaluation of Disclosure Controls and Procedures. As of March 31,
            2005, the Company's management carried out an evaluation, under the
            supervision of the Company's Chief Executive Officer and the Chief
            Financial Officer, of the effectiveness of the design and operation
            of the Company's system of disclosure controls and procedures
            pursuant to the Securities and Exchange Act , Rule 13a-15(d) and
            15d-15(d) under the Exchange Act. Based upon that evaluation, the
            Chief Executive Officer and Chief Financial Officer concluded that
            the Company's disclosure controls and procedures were effective, as
            of the date of their evaluation, for the purposes of recording,
            processing, summarizing and timely reporting material information
            required to be disclosed in reports filed by the Company under the
            Securities Exchange Act of 1934.

      b)    Changes in internal controls. There were no changes in the Company's
            internal controls over financial reporting, that occurred during the
            period covered by this report that have materially affected, or are
            reasonably likely to materially effect, the Company's internal
            control over financial reporting.


                                       6
<PAGE>

                           PART II - OTHER INFORMATION

                                     PART II

ITEM 1 LEGAL PROCEEDINGS

From time to time the Company is subject to litigation incidental to its
business. Such claims, if successful, could exceed applicable insurance
coverage. The Company is not currently a party to any material legal
proceedings.

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS On January 25
, 2005, we entered into subscription agreements for the sale of 32,000 units to
one accredited investor at a purchase price of $1.25 per unit for total proceeds
of $40,000. Each unit consists of one common share and one share purchase
warrant. Each share purchase warrant entitles the holder to purchase one
additional common share for a period of two years after the date of the
subscription agreement at an exercise price of $1.50 in the first 15 months and
$2.00 for the next nine months. For each sale of these units we relied on either
the exemption from registration provided for accredited investors pursuant to
Rule 506 of Regulation D, or Regulation S promulgated under the Securities Act
of 1933, as amended. ITEM 3 DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

ITEM 5 OTHER INFORMATION

Not applicable.

ITEM 6 EXHIBITS

            31.1 - Certification of Principal Executive Officer pursuant to Rule
            13a-14 and Rule 15d-14(a), promulgated under the Securities and
            Exchange Act of 1934, as amended

            31.2 - Certification of Principal Financial Officer pursuant to Rule
            13a-14 and Rule 15d 14(a), promulgated under the Securities and
            Exchange Act of 1934, as amended

            32.1 - Certification pursuant to 18 U.S.C. Section 1350, as adopted
            pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief
            Executive Officer)

            32.2 - Certification pursuant to 18 U.S.C. Section 1350, as adopted
            pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief
            Financial Officer)


                                       7
<PAGE>

      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.

                                                  GAMMACAN INTERNATIONAL, INC.


            May 9, 2005                           /s/ TOVI BEN ZEEV
                                                  -----------------------
                                                  Tovi Ben Zeev,
                                                  Chief Financial Officer