<PAGE>

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

                                    FORM 10-Q

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

     FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008

                                       OR

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

     FOR THE TRANSITION PERIOD FROM __________ TO _________

                        COMMISSION FILE NUMBER: 000-25132

                              MYMETICS CORPORATION
             (Exact name of Registrant as specified in its charter)

<TABLE>
<S>                                                          <C>
         DELAWARE                                                25-1741849
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)
</TABLE>

                            European Executive Office
                            14, rue de la Colombiere
                             1260 Nyon (Switzerland)
                    (Address of principal executive offices)

                               011 41 22 363 13 10
              (Registrant's telephone number, including area code)

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 preceding 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 large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

            Large Accelerated Filer [ ]            Accelerated Filer         [ ]
            Non-Accelerated Filer   [ ]            Smaller Reporting Company [X]
(Do not check if a smaller reporting company)

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

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date:

<TABLE>
<CAPTION>
            Class               Outstanding at May 9, 2008
            -----               --------------------------
<S>                             <C>
Common Stock, $0.01 par value           190,463,630
</TABLE>

<PAGE>

                         ITEM 1. FINANCIAL STATEMENTS

                              MYMETICS CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)
                             (IN THOUSANDS OF EUROS)

<TABLE>
<CAPTION>
                                                               March 31,   December 31,
                                                                  2008         2007
                                                               ---------   ------------
<S>                                                            <C>         <C>
                           ASSETS
Current Assets
   Cash                                                        E    851      E    159
   Short-term investments                                                          60
   Employee receivables                                               5            71
   Prepaid expenses                                                  28            27
                                                               --------      --------
                     Total current assets                           884           317
                                                               --------      --------
                                                               E    884      E    317
                                                               ========      ========
                LIABILITIES AND SHAREHOLDERS'
                      EQUITY (DEFICIT)
Current Liabilities
   Accounts payable                                            E  1,871      E  2,307
   Taxes and social costs payable                                     8             4
   Current portion of notes payable                               2,000         2,000
   Other                                                            750            52
                                                               --------      --------
      Total current liabilities                                   3,929         4,363
Notes Payable to shareholders                                     1,703           150
                                                               --------      --------
      Total liabilities                                           5,632         4,513

Shareholders' Equity (Deficit)
   Common stock, U.S. $.01 par value; 495,000,000 shares
      authorized; issued and outstanding
      189,463,630 at March 31, 2008 and
      186,963,630 at December 31, 2007                            1,711         1,694
   Common stock issuable; 1,000,000 shares at March 31, 2008
      and 500,000 at December 31, 2007                                6             3
   Preferred stock, U.S. $.01 par value; 5,000,000 shares
      authorized; none issued or outstanding                       --              --
</TABLE>

<TABLE>
<S>                                                            <C>         <C>
   Additional paid-in capital                                    18,972        18,401
   Deficit accumulated during the development stage             (26,111)      (24,966)
   Accumulated other comprehensive income                           674           672
                                                               --------      --------
                                                                 (4,748)       (4,196)
                                                               --------      --------
                                                               E    884      E    317
                                                               ========      ========
</TABLE>

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

<PAGE>

                              MYMETICS CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
          CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                                   (UNAUDITED)
              (IN THOUSANDS OF EUROS, EXCEPT FOR PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                    FOR THE THREE     FOR THE THREE   TOTAL ACCUMULATED
                                     MONTHS ENDED     MONTHS ENDED        DURING THE
                                    MARCH 31, 2008   March 31, 2007   DEVELOPMENT STAGE
                                    --------------   --------------   -----------------
<S>                                 <C>              <C>              <C>
Revenue
   Sales                               E    --           E   --           E    224
   Interest                                 --               --                 34
   Gain on extinguishment of debt                            --                774
                                       -------           ------           --------
                                            --               --              1,032
                                       -------           ------           -------
Expenses
   Research and development                357              148             11,967
   General and administrative              733              171             11,801
   Bank fee                                 --               --                935
   Interest                                 53               77              1,422
   Goodwill impairment                      --               --                209
   Amortization                             --                4                513
   Directors' fees                          --               --                274
   Other                                    --               --                 10
                                       -------           ------           --------
                                         1,143              400             26,099
                                       -------           ------           --------
Loss before income tax provision        (1,143)            (400)           (26,111)
Income tax provision                        (2)              --                (12)
                                       -------           ------           --------
Net loss                                (1,145)            (400)           (25,437)
Other comprehensive income
   Foreign currency translation
      adjustment                             2                4                674
                                       -------           ------           --------
Comprehensive loss                     E(1,143)          E (396)          E(26,211)
                                       =======           ======           ========
</TABLE>

<TABLE>
<S>                                 <C>              <C>              <C>
Basic and diluted loss per share       E (0.01)          E(0.00)
                                       =======           ======
</TABLE>

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

<PAGE>

                      MYMETICS CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
       CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
          For the Period from May 2, 1990 (Inception) to March 31, 2008
                             (In Thousands of Euros)

<TABLE>
<CAPTION>
                                                                                                            Accumulated
                                                                                                               Other
                                                                                               Deficit     Comprehensive
                                                                                             Accumulated Income - Foreign
                                                                                  Additional  During the     Currency
                                                     Date of      Number of  Par    Paid-in  Development    Translation
                                                   Transaction     Shares   Value   Capital     Stage       Adjustment     Total
                                                 --------------  ---------- ----- ---------- ----------- ---------------- -------
<S>                                              <C>             <C>        <C>   <C>        <C>         <C>              <C>
Balance at May 2, 1990
   Shares issued for cash                           June 1990    33,311,361  E119   E   --    E     --         E --       E   119
   Net losses to December 31, 1999                                       --    --       --        (376)          --          (376)
Balance at December 31, 1999                                     33,311,361   119       --        (376)          --          (257)
                                                                ----------- -----   ------    --------         ----       -------
   Bank fee                                                              --    --      806          --           --           806
   Net loss for the year                                                 --    --       --      (1,314)          --        (1,314)
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2000                                     33,311,361   119      806      (1,690)          --          (765)
   Effect on capital structure resulting
      from a business combination                   March 2001    8,165,830   354     (354)         --           --            --
   Issuance of stock purchase warrants in
      connection with credit facility
      (restated)                                    March 2001           --    --      210          --           --           210
   Issuance of shares for bank fee                  March 2001    1,800,000    21      (21)         --           --            --
   Issuance of shares for bank fee                  June 2001       225,144     3       (3)         --           --            --
   Issuance of shares for cash                      June 2001     1,333,333    15    2,109          --           --         2,124
   Exercise of stock purchase warrants in
      repayment of debt                             June 2001     1,176,294    13      259          --           --           272
   Exercise of stock purchase warrants for
      cash                                        December 2001   3,250,000    37      563          --           --           600
   Net loss for the year (restated)                                      --    --       --      (1,848)          --        (1,848)
   Translation adjustment                                                --    --       --          --          100           100
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2001                                     49,261,962   562    3,569      (3,538)         100           693
   Exercise of stock options                       March 2002        10,000    --        8          --           --             8
   Issuance of stock purchase warrants for
      bank fee                                      June 2002            --    --       63          --           --            63
   Exercise of stock purchase warrants in
      repayment of debt                             July 2002     1,625,567    16      396          --           --           412
   Issuance of remaining shares from 2001
      business combination                         August 2002       46,976     1       (1)         --           --            --
   Net loss for the year                                                 --    --       --      (3,622)          --        (3,622)
   Translation adjustment                                                --    --       --          --           97            97
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2002                                     50,944,505   579    4,035      (7,160)         197        (2,349)
                                                                =========== =====   ======    ========         ====       =======
   Issuance of shares for services               September 2003     400,000     4       29          --           --            33
   Shares retired                                 October 2003          (51)   --       --          --           --            --
   Issuance of shares for services                November 2003   1,500,000    12      100          --           --           112
   Issuance of shares for cash                    December 2003   1,500,000    12      113          --           --           125
   Issuance of stock purchase warrants for
      financing fee                               December 2003          --    --       12          --           --            12
   Net loss for the year                                                 --    --       --      (2,786)          --        (2,786)
   Translation adjustment                                                --    --       --          --          453           453
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2003                                     54,344,454   607    4,289      (9,946)         650        (4,400)
                                                                =========== =====   ======    ========         ====       =======
   Issuance of shares for services                January 2004      550,000     5       27          --           --            32
   Issuance of shares for cash                    January 2004    2,000,000    17      150          --           --           167
   Issuance of stock purchase warrants for
      financing fee                               January 2004           --    --       40          --           --            40
   Issuance of shares for cash                    February 2004   2,500,000    21      187          --           --           208
   Issuance of stock purchase warrants for
      financing fee                               February 2004          --    --       62          --           --            62
   Issuance of shares for services                 April 2004       120,000     1       11          --           --            12
   Issuance of shares for bank fee                  May 2004        500,000     4       62          --           --            66
   Issuance of shares for cash                      May 2004      2,000,000    16      148          --           --           164
   Issuance of shares for services                 August 2004      250,000     2       26          --           --            28
   Issuance of shares for cash                     August 2004    1,466,667    12      128          --           --           140
   Issuance of stock purchase warrants for
      financing fee                                August 2004           --    --       46          --           --            46
   Issuance of shares for services               September 2004     520,000     4       29          --           --            33
   Issuance of shares for cash                   September 2004      50,000    --        4          --           --             4
   Issuance of shares for services                October 2004    2,106,743    16      132          --           --           148
   Issuance of shares for services                November 2004   2,000,000    15      177          --           --           192
   Issuance of shares for cash                    November 2004      40,000    --        4          --           --             4
   Net loss for the year                                                 --    --       --      (2,202)          --        (2,202)
   Translation adjustment                                                --    --       --          --          191           191
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2004                                     68,447,864  E720   E5,522    E(12,148)        E841       E(5,065)
                                                                =========== =====   ======    ========         ====       =======

</TABLE>

<PAGE>

<TABLE>
<S>                                              <C>             <C>        <C>   <C>        <C>         <C>              <C>
   Issuance of shares for services                January 2005      500,000     4       83          --           --            87
   Issuance of shares for services                 March 2005       200,000     2       33          --           --            35
   Issuance of shares for services                 March 2005     1,500,000    11      247          --           --           258
   Issuance of shares for services                 April 2005        60,000     1       10          --           --            11
   Issuance of shares for cash                      May 2005         52,000    --        5          --           --             5
   Issuance of shares for cash                      June 2005        50,000    --        3          --           --             3
   Issuance of shares for cash                      June 2005        50,000    --        3          --           --             3
   Issuance of shares for cash                      June 2005       343,500     3       14          --           --            17
   Issuance of shares for cash                      June 2005        83,300     1        3          --           --             4
   Issuance of shares for cash                      June 2005       100,000     1        4          --           --             5
   Issuance of shares for cash                      July 2005       144,516     1        6          --           --             7
   Issuance of shares for cash                      July 2005       144,516     1        6          --           --             7
   Issuance of shares for cash                      July 2005       144,516     1        6          --           --             7
   Issuance of shares for cash                     August 2005      206,452     2        8          --           --            10
   Issuance of shares for cash                     August 2005       50,000    --        2          --           --             2
   Issuance of shares for services               September 2005     500,000     4        8          --           --            12
   Issuance of shares for services               September 2005     500,000     4        8          --           --            12
   Issuance of shares for services               September 2005     500,000     4        8          --           --            12
   Issuance of shares for services               September 2005     300,000     3        5          --           --             8
   Issuance of shares for services               September 2005      68,000     1        1          --           --             2
   Issuance of shares for services               September 2005     173,200     1        3          --           --             4
   Issuance of shares for cash                    October 2005       87,459     1        2          --           --             3
   Issuance of shares for services                October 2005      185,000     2        6          --           --             8
   Issuance of shares for cash                    October 2005      174,918     1        5          --           --             6
   Issuance of shares for cash                    October 2005      116,612     1        3          --           --             4
   Issuance of shares for cash                    November 2005     116,611     1        3          --           --             4
   Issuance of shares for cash                    November 2005     390,667     3        3          --           --             6
   Issuance of shares for services                November 2005      20,000    --       --          --           --            --
   Issuance of shares for services                November 2005      20,000    --       --          --           --            --
   Issuance of shares for services                November 2005      20,000    --       --          --           --            --
   Issuance of shares for services                November 2005     500,000     5        9          --           --            14
   Issuance of shares for services                December 2005     140,000     2        2          --           --             4
   Issuance of shares for cash                    December 2005     390,667     3        3          --           --             6
   Issuance of shares for cash                    December 2005     390,666     3        3          --           --             6
   Issuance of shares for cash                    December 2005   6,000,000    50      200          --           --           250
   Net loss for the year                                                 --    --       --      (1,939)          --        (1,939)
   Translation adjustment                                                --    --       --          --          (98)          (98)
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2005                                     82,670,464   837    6,227     (14,087)         743        (6,280)
                                                                =========== =====   ======    ========         ====       =======

   Issuance of shares for services                January 2006    2,500,000    21       31          --           --            52
   Issuance of shares for cash                    January 2006    4,000,000    33      132          --           --           165
   Issuance of shares for services                January 2006      100,000     1        2          --           --             3
   Issuance of shares for cash                     March 2006     1,500,000    12       38          --           --            50
   Issuance of shares for cash                     March 2006     2,500,000    21       62          --           --            83
   Issuance of shares for cash                     March 2006       250,000     2        6          --           --             8
   Issuance of shares for cash                     March 2006     1,500,000    12       38          --           --            50
   Issuance of shares for services                 April 2006       100,000     1        4          --           --             5
   Issuance of shares for cash                      May 2006        300,000     2        3          --           --             5
   Issuance of shares for cash                      May 2006        300,000     3        7          --           --            10
   Issuance of shares for cash                      May 2006      2,350,000    18       82          --           --           100
   Debt Conversion - non cash                       May 2006      1,000,000     8       31          --           --            39
   Issuance of shares for cash                      June 2006     2,600,000    20       80          --           --           100
   Debt Conversion - non cash                       July 2006     1,000,000     8       72          --           --            80
   Debt Conversion - non cash                       July 2006     1,000,000     8       72          --           --            80
   Debt Conversion - non cash                       July 2006     1,000,000     8       72          --           --            80
   Debt Conversion - non cash                       July 2006       500,000     4       36          --           --            40
   Issuance of shares for services                November 2006     300,000     2        4          --           --             6
   Issuance of shares for cash                    November 2006   1,300,000    10       90          --           --           100
   Issuance of shares for cash                    November 2006   1,280,000    10       90          --           --           100
   Issuance of shares for cash                    December 2006   1,320,000    10       90          --           --           100
   Issuance of shares for cash                    December 2006   1,320,000    10       90          --           --           100
   Issuance of shares for cash                    December 2006     330,000     3       22          --           --            25
   Net loss for the year                                                 --    --       --      (1,585)          --        (1,585)
   Translation adjustment                                                --    --       --          --            4             4
                                                                ----------- -----   ------    --------         ----       -------
Balance at December 31, 2006                                    111,020,464 1,064    7,381    (15,672)          747        (6,480)
                                                                =========== =====   ======    =======          ====       =======

</TABLE>

<PAGE>

<TABLE>
<S>                                              <C>             <C>        <C>   <C>        <C>         <C>              <C>
   Issuance of shares for cash                    January 2007      650,000     5       45         --            --            50
   Issuance of shares for services                January 2007      300,000     2        6         --            --             8
   Issuance of shares for services                January 2007      200,000     2        4         --            --             6
   Issuance of shares for services                January 2007      250,000     2        5         --            --             7
   Issuance of shares for services                February 2007     250,000     2        5         --            --             7
   Issuance of shares for cash                    February 2007   1,420,000    11       99         --            --           110
   Issuance of shares for cash                    February 2007     325,000     2       22         --            --            24
   Issuance of shares for cash                     March 2007       650,000     5       45         --            --            50
   Issuance of shares for cash                     March 2007     8,712,000   115      875         --            --           990
   Debt Conversion - non cash                      March 2007    12,500,000    94    2,505         --            --         2,599
   Issuance of shares for services                 April 2007       100,000     1       13         --            --            14
   Issuance of shares for services                 April 2007       200,000     1       25         --            --            26
   Issuance of shares for services                 April 2007     1,000,000     7       67         --            --            74
   Issuance of shares for cash                      May 2007      1,000,000     7      140         --            --           147
   Issuance of shares for cash                      May 2007        750,000     6      105         --            --           111
   Debt Cancellation - non cash                     May 2007             --    --      242         --            --           242
   Debt Conversion - non cash                       June 2007     9,469,000    70      891         --            --           961
   Issuance of shares for cash                      June 2007     5,393,000    40      760         --            --           800
   Issuance of shares for services                  June 2007       261,250     2       25         --            --            27
   Issuance of shares for services                  June 2007       261,250     2       25         --            --            27
   Issuance of shares for officer compensation      June 2007     2,500,000    19      318         --            --           337
   Issuance of shares for officer compensation      June 2007     2,500,000    19      318         --            --           337
   Issuance of shares for officer compensation      June 2007     4,000,000    30      508         --            --           538
   Issuance of shares for officer compensation      June 2007     1,000,000     7      127         --            --           134
   Issuance of shares for officer compensation      June 2007     6,000,000    45      762         --            --           807
   Issuance of shares for services                  June 2007       135,000     1       12         --            --            13
   Issuance of shares for cash                      June 2007     2,250,000    17       12         --            --            29
   Issuance of shares for cash                      July 2007     5,550,000    42    1,208         --            --         1,250
   Issuance of shares for cash                     August 2007      933,333     7      193         --            --           200
   Issuance of shares for services                 August 2007    1,000,000     7       66         --            --            73
   Issuance of shares for services                 August 2007    1,000,000     7       66         --            --            73
   Issuance of shares for services                 August 2007      100,000     1        7         --            --             8
   Issuance of shares for services               September 2007     300,000     2       21         --            --            23
   Issuance of shares for cash                   September 2007   1,666,667    12      344         --            --           356
   Cancellation of shares for collateral         September 2007  -2,000,000    --       --         --            --            --
   Issuance of shares for cash                    October 2007    2,350,000    17      483         --            --           500
   Issuance of shares for cash                    November 2007   2,966,666    21      623         --            --           644
   Issuance of shares for services                December 2007     500,000     3       48         --            --            51
   Net loss for the year                                                 --    --       --     (9,294)           --        (9,294)
   Translation adjustment                                                --    --       --         --           (75)          (75)
                                                                ----------- -----   ------    -------          ----       -------
Balance at December 31, 2007                                    187,463,630 1,697   18,401    (24,966)          672        (4,196)
                                                                =========== =====   ======    =======          ====       =======

  Issuance of shares for services                 January 2008      800,000     6       79         --            --            85
  Issuance of shares for services                 January 2008      200,000     1       20         --            --            21
  Issuance of shares for cash                     February 2008   1,000,000     7      326         --            --           333
  Issuance of shares for services                  March 2008       500,000     3       73         --            --            76
  Issuance of shares for services                  March 2008       500,000     3       73         --            --            76
  Net loss for the period                                                --    --       --     (1,145)           --        (1,145)
  Translation adjustment                                                 --    --       --         --             2             2
                                                                ----------- -----   ------    -------          ----       -------
Balance at March 31, 2008                                       190,463,630 1,717   18,972    (26,111)          674        (4,748)
                                                                =========== =====   ======    =======          ====       =======
</TABLE>

The accompanying notes are an integral part of these financial statements.
<PAGE>

                          PART I. FINANCIAL INFORMATION

                              MYMETICS CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                             (IN THOUSANDS OF EUROS)

<TABLE>
<CAPTION>
                                                         FOR THE THREE    FOR THE THREE   TOTAL ACCUMULATED
                                                         MONTHS ENDED     MONTHS ENDED        DURING THE
                                                        MARCH 31, 2008   MARCH 31, 2007   DEVELOPMENT STAGE
                                                        --------------   --------------   -----------------
<S>                                                     <C>              <C>              <C>
Cash flow from operating activities
Net Loss                                                   E(1,145)          E  (400)         E(26,111)
Adjustments to reconcile net loss to net cash used in
   operating activities
      Amortization                                              --                 4               513
      Goodwill impairment                                       --                --               209
      Fees paid in warrants                                     --                --               223
      Gain on extinguishment of debt                                              --              (774)
      Services and fee paid in common stock                    258                27             4,842
      Amortization of debt discount                             --                --               210
Changes in current assets and liabilities, net of
   effects from reverse purchase
      Decrease(increase) in employee receivables                66                --                33
      Increase(decrease) in accounts payable                  (436)              168             2,627
      Increase(decrease) in taxes and social costs
         payable                                                 4                --                 8
      Increase(decrease)in Other                                (3)             (101)               70
                                                           -------           -------          --------
Net cash used in operating activities                       (1,256)             (302)          (18,150)
                                                           -------           -------          --------
Cash flows from investing activities
   Patents and other                                            --                --              (393)
   Short-term investments                                       60                --                --
   Cash acquired in reverse purchase                                              --                13
                                                           -------           -------          --------
Net cash used in investing activities                           60                --              (380)
                                                           -------           -------          --------
Cash flows from financing activities
   Proceeds from issuance of common stock                      333             1,264            10,708
   Borrowing from shareholders                                  --               500               972
</TABLE>

<TABLE>
<S>                                                     <C>              <C>              <C>
   Increase in note payable and other short-term
      advances                                               1,553                --             8,647
   Decrease in note payable and other short-term
      advances                                                  --            (1,490)           (1,490)
   Loan fees                                                    --                --              (130)
                                                           -------           -------          --------
Net cash provided by financing activities                    1,886               274            18,707
                                                           -------           -------          --------
Effect on foreign exchange rate on cash                          2                 4               674
                                                           -------           -------          --------
Net change in cash                                             692               (24)              851
Cash, beginning of period                                      159                29                --
                                                           -------           -------          --------
Cash, end of period                                        E   851           E     5          E    851
                                                           =======           =======          ========
</TABLE>

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

<PAGE>

                              MYMETICS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2008
                                   (UNAUDITED)

Note 1. The Company and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim period consolidated financial statements of Mymetics
Corporation (the "Company") set forth herein have been prepared by the Company
pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (the "SEC"). Certain information and footnote disclosure normally
included in financial statements prepared in accordance with accounting
principles generally accepted in the United States have been condensed or
omitted pursuant to such SEC rules and regulations. The interim period
consolidated financial statements should be read together with the audited
financial statements and the accompanying notes included in the Company's latest
annual report on Form 10-K for the fiscal year ended December 31, 2007.

The accompanying financial statements of the Company are unaudited. However, in
the opinion of the Company, the unaudited consolidated financial statements
contained herein contain all adjustments necessary to present a fair statement
of the results of the interim periods presented. All adjustments made during the
three-month period ended March 31, 2008 were of a normal and recurring nature.

The amounts in the notes are rounded to the nearest thousand except for per
share amounts.

Mymetics Corporation (the "Company") was created for the purpose of engaging in
research and development of human health products. Its main research efforts
have been concentrated in the prevention and treatment of the AIDS virus until
it acquired an ongoing malaria vaccine project from one of its close scientific
partners. The Company has established a network which enables it to work with
education centers, research centers, pharmaceutical laboratories and
biotechnology companies.

These financial statements have been prepared treating the Company as a
development stage company. As of March 31, 2008, the Company had not performed
any clinical testing and a commercially viable product is not expected for
several more years. As such, the Company has not generated significant revenues.
For the purpose of these financial statements, the development stage started May
2, 1990.

These financial statements have also been prepared assuming the Company will
continue as a going concern. The Company has experienced significant losses
since inception resulting in a deficit accumulated during the development stage
of E26,111 at March 31, 2008. Deficits in operating cash flows since inception
have been financed through debt and equity funding sources. In order to remain a
going concern and continue the Company's research and development activities,
management intends to seek additional funding. Further, the Company's current
liabilities exceed its current assets by E3,045 as of March 31, 2008, and there
is no assurance that cash will become available to pay current liabilities in
the near term. Management is seeking additional financing but there can be no
assurance that management will be successful in any of those efforts.

The Company is focusing its efforts on funding its on-going expenses through
high net worth individuals located in Switzerland. To date, these individuals
have purchased restricted common shares at prices at a premium to the market
price of Mymetics shares and have introduced management to other high net worth
individuals who have a similar interest in the Company's science and mission.
The Company expects to continue to rely on its existing high net worth
shareholders and new individuals who they know to meet its expenses during the
next 12 months.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and
its subsidiaries. Significant intercompany accounts and transactions have been
eliminated.

Foreign Currency Translation

The Company translates non-Euro assets and liabilities of its subsidiaries at
the rate of exchange at the balance sheet date. Revenues and expenses are
translated at the average rate of exchange throughout the year. Unrealized gains
or losses from these translations are reported as a separate component of
comprehensive income. Transaction gains or losses are included in general and
administrative expenses in the consolidated statements of operations. The
translation adjustments do not recognize the effect of income tax because the
Company expects to reinvest the amounts indefinitely in operations. The
Company's reporting currency is the Euro because substantially all of the
Company's activities are conducted in Europe.

<PAGE>

Cash

Cash deposits are occasionally in excess of insured amounts. Interest paid was
E53 and E77 for the three months ended March 31, 2008 and 2007, respectively.
The Company has paid no income tax since its inception.

Short Term Investments

Short term investments consist of time deposits with initial three-month
maturities. Short term investments are reported at market value which
approximates cost and there were no gains or losses in 2008.

Revenue Recognition

Revenue related to the sale of products will be recognized when all of the
following conditions are met: persuasive evidence of an arrangement exists,
delivery has occurred, the price is fixed or determinable, and collectability is
reasonably assured.

Goodwill and Other Intangibles

As required, the Company adopted Statement of Financial Standards ("SFAS") No.
142, "Goodwill and Other Intangible Assets," beginning January 1, 2002. Under
this standard, goodwill of a reporting unit and intangible assets that have
indefinite useful lives are not amortized but are tested annually for
impairment. Intangible assets with a finite life are amortized over their
estimated useful lives.

Current liabilities

Current liabilities include E2,000,000 due to Pevion Biotech Ltd. as partial
payment related to the Company's acquisition of Pevion's malaria vaccine
project, E72,000 due to Company officers and the balance to various suppliers.

Research and Development

Research and development costs are expensed as incurred.

Taxes on Income

The Company accounts for income taxes under an asset and liability approach that
requires the recognition of deferred tax assets and liabilities for expected
future tax consequences of events that have been recognized in the Company's
financial statements or tax returns. In estimating future tax consequences, the
Company generally considers all expected future events other than enactments of
changes in the tax laws or rates.

Earnings per Share

Basic earnings per share is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding in the
period. The weighted average number of shares was 188,914,179 and 116,283,308
for the three months ended March 31, 2008 and 2007, respectively. Diluted
earnings per share takes into consideration common shares outstanding (computed
under basic earnings per share) and potentially dilutive securities. Options
were not included in the computation of diluted earnings per share because their
effect would be anti-dilutive due to net losses incurred.

Preferred Stock

The Company has authorized 5,000,000 shares of preferred stock. No shares are
issued or outstanding at March 31, 2008. The preferred stock is issuable in
several series with varying dividend, conversion and voting rights. The specific
series and rights will be determined upon any issuance of preferred stock.

Stock-Based Compensation

On January 1, 2006, the Company adopted the fair value recognition provisions of
FAS No. 123(R), Share-Based Payment, ("FAS 123R"). Prior to January 1, 2006, the
Company accounted for stock-based payments under the recognition and measurement
provisions of APB Opinion No. 25, Accounting for Stock Issued to Employees ("APB
25"), and related Interpretations, as permitted by FAS No. 123, Accounting for
Stock-Based Compensation ("FAS 123"). In accordance with APB 25, no compensation
cost was required to be recognized for options granted that had an exercise
price equal to the market value of the underlying common stock on the date of
grant.

The Company adopted FAS 123R using the modified-prospective transition method.
Under that transition method, compensation cost recognized for the year ended
December 31, 2006 and thereafter will include: (a) compensation cost for all
share-based payments granted prior to, but not yet vested as of January 1, 2006,
based on the grant-date fair value estimated in accordance with the original
provisions of FAS 123, and (b) compensation cost for all share-based payments
granted subsequent to January 1, 2006, based on the grant-date fair value
estimated in accordance with the provisions of FAS 123R. The financial results
for the prior periods have not been restated. The Company will amortize stock
compensation cost ratably over the requisite service period.

There were no options issued in 2008 or 2007 and there were no stock options
that vested in either of those years.

The issuance of common shares for services is recorded at the quoted price of
the shares on the date the services are rendered.

<PAGE>

Estimates

The preparation of financial statements in conformity with United States
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.

Fair Values of Financial Instruments

The Company generally has the following financial instruments: cash, short-term
investments, accounts receivable, accounts payable, and convertible notes
payable. The carrying value of cash, employee receivables and accounts payable
approximate their fair value based on the short-term nature of these financial
instruments. The Company adjusts the carrying value of its short-term
investments to fair value with any unrecognized gains or losses recorded as a
component of "Accumulated Other Comprehensive Income" and thus the carrying
value equals fair value. Due to the short term nature of the convertible notes
payable, management estimates that the fair value approximates carrying value.

Concentrations

The Company enters into scientific collaboration agreements with selected
partners such as Pevion Biotech Ltd., a Swiss company that granted Mymetics
exclusive licenses to use their virosome vaccine delivery technology in
conjunction with the Company's AIDS and malaria preventive vaccines under
development. Under this agreement, Pevion Biotech is committed to supply the
actual Virosomes and perform their integration with the Company's antigens,
which requires proprietary know-how, at Pevion's premises. The agreement
includes specific mechanisms to mitigate the risk of losing a key component of
Mymetics' vaccines should Pevion become unable to live up to its commitment.

Related party transactions

The Company's general counsel became a member of the Board of Directors on
January 1, 2008. The Company incurred professional fees to the counsel's law
firm during the period ended March 31, 2008, totaling $23,705 of which $13,144
is payable at March 31, 2008.

New Accounting Pronouncements

In March 2008, the FASB issued FAS No. 161, Disclosures about Derivative
Instruments and Hedging Activities ("FAS 161"). FAS 161 requires companies with
derivative instruments to disclose information that should enable
financial-statement users to understand how and why a company uses derivative
instruments, how derivative instruments and related hedged items are accounted
for under FAS No. 133, Accounting for Derivative Instruments and Hedging
Activities, and how derivative instruments and related hedged items affect a
company's financial position, financial performance and cash flows. FAS 161 is
effective for financial statements issued for fiscal years and interim periods
beginning after November 15, 2008. The Company does not expect FAS 161 to have a
significant impact on its consolidated financial statements.

Subsequent Events

On April 25, 2008, the Company issued an unsecured convertible promissory note
in the amount of E2,000,000 to its major shareholder. This note, which matures
on July 31, 2008, carries an interest rate of 10% p.a. and a conversion price of
US$0.50 per common share. The proceeds of this note were earmarked to finance
the third installment to be paid to Pevion Biotech Ltd. in accordance with the
terms of the malaria vaccine project acquisition & license agreement signed on
October 6, 2007, as amended on April 28, 2008.

On April 28, 2008, the Registrant ("Mymetics") and Pevion Biotech Ltd.
("Pevion") entered into an Acquisition & License Agreement (the "Amended
Agreement") that amended the Acquisition & License Agreement dated October 6,
2007 (the "Original Agreement") between Mymetics and Pevion to clarify certain
rights of the parties. Pursuant to the Amended Agreement and the Original
Agreement with Pevion, Mymetics acquired a worldwide, exclusive license to
develop, use and sell Pevion's virosome technology for any malaria vaccine
application, acquired all the research and development and advances that Pevion
has made under its malaria project, including all intellectual property related
to the antigens it has developed and obtained Pevion's commitment to supply
Mymetics with virosomes that are formulated with Mymetics' antigens and to
assist Mymetics with further development of the malaria vaccine.

The preceding description of the Amended Agreement is only a summary and is
qualified in its entirety by reference to the Amended Agreement, which is
attached hereto as Exhibit 10.1 and incorporated by reference.


<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

GENERAL

The following discussion and analysis of the results of operations and financial
condition of Mymetics Corporation for the periods ended March 31, 2008 and 2007
should be read in conjunction with the Company's audited consolidated financial
statements for the year ended December 31, 2007 and related notes and the
description of the Company's business and properties included elsewhere herein.

This report contains forward-looking statements that involve risks and
uncertainties. The statements contained in this report are not purely
historical, but are forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. These forward looking statements concern
matters that involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking statements. Words
such as "may," "will," "should," "could," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential," "continue", "probably" or similar
words are intended to identify forward looking statements, although not all
forward looking statements contain these words.

Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity performance or achievements. Moreover, neither we nor any other person
assumes responsibility for the accuracy and completeness of the forward-looking
statements. We are under no duty to update any of the forward-looking statements
after the date hereof to conform such statements to actual results or to changes
in our expectations.

Readers are urged to carefully review and consider the various disclosures made
by us which attempt to advise interested parties of the factors which affect our
business, including without limitation disclosures made under the captions
"Management Discussion and Analysis of Financial Condition and Results of
Operations," "Risk Factors," "Consolidated Financial Statements" and "Notes to
Consolidated Financial Statements" included in our annual report on Form 10-K
for the year ended December 31, 2007 and, to the extent included therein, our
quarterly reports on Form 10-Q filed during fiscal year 2007.

THREE MONTHS ENDED MARCH 31, 2008 AND 2007

Revenue was nil for the three months ended March 31, 2008 and March 31, 2007.

Costs and expenses increased to E1,143,000 for the three months ended March 31,
2008 from E400,000 (186%) for the three months ended March 31, 2007. Research
and development expenses increased to E357,000 in the current period from
E148,000 (141.0%) in the comparative period of 2007 as we are now preparing the
viral challenge tests of our immunized non-human primates. General and
administrative expenses increased to E733,000 in the three months ended March
31, 2008 from E171,000 in the comparative period of 2007 (329%) mostly due to
increased legal and travel costs related to the acquisition of new partnerships
or technologies (such as the malaria vaccine project acquired from Pevion AG),
but also to prepare our first human clinical trials. We have also initiated a
concerted effort to increase the visibility of the Company to the financial
community, in particular in the United States.

The Company reported a net loss of E1,145,000, or E0.01 per share, for the three
months ended March 31, 2008, compared to a net loss of E400,000, or E0.00 per
share, for the three months ended March 31, 2007.

LIQUIDITY AND CAPITAL RESOURCES

The Company had cash of E851,000 at March 31, 2008 compared to E159,000 at
December 31, 2007.

We have not generated any material revenues since we commenced our vaccine
research and development business in 2001, and we do not anticipate generating
any material revenues on a sustained basis unless and until a licensing
agreement or other commercial arrangement is entered into with respect to our
technology.

Increases in borrowing from our shareholders was nil in the current period
compared to E500,000 during the three months ended March 31, 2007.

As of March 31, 2008, we had an accumulated deficit of approximately E26
million, and we incurred losses of E1,145,000 in the three-month period ending
on that date. These losses are principally associated with the research and
development of our HIV vaccine technologies and the acquisition of our new
malaria vaccine project. We expect to continue to incur expenses in the future
for research, development and activities related to the future licensing of our
technologies.

<PAGE>

Accounts payable of E1,871,000 at March 31, 2008, include E72,000 due to our
officers as unpaid salaries, fees and out-of-pocket expenses.

Net cash used in operating activities was E(1,256,000) for the period ended
March 31, 2008, compared to (E302,000) for the period ended March 31, 2007.

Investing activities provided E60,000 during the three months ended March 31,
2008, as compared to no cash used during the three months ended March 31, 2007,
entirely in the application of new patents.

Financing activities provided cash of E1,886,000 for the period ended March 31,
2008 compared to E274,000 in the same period last year.

Proceeds from issuance of common stock provided E333,000 during the period ended
March 31, 2008 compared to E1,264,000 in the same period in 2007.

Salaries and related payroll costs represent fees for all of our directors other
than our employee directors, gross salaries for two of our executive officers,
and payments under consulting contracts with two of our officers. Under
Executive Employment Agreements with our CEO, CFO and CSO approved by our Board
of Directors on July 1, 2006, we credit our salaried executive officers a
combined amount of E54,000 per month, a portion of which is undrawn and left
interest-free at the disposal of the Company.

Since January 15, 2004, payments of E12,000 per quarter for Professor Marc
Girard's services as our Head of Vaccines Development were due pursuant to a
consulting agreement dated June 10, 2004, as disclosed in our filing on Form
10-Q for the period ended March 31, 2004 to the Securities and Exchange
Commission. We owed Professor Girard E12,000 at March 31, 2008.

Monthly fixed and recurring expenses for "Property leases" of E1,000 represents
the monthly lease and maintenance payments to unaffiliated third parties for our
executive offices located at 14, rue de la Colombiere in Nyon (Switzerland) (600
square feet), which can be cancelled on six months notice. We also lease minimal
office facilities for Dr. Fleury at a monthly cost of E1,000, which includes
full access to medical databases over high speed internet connection. This lease
can be cancelled on very short term notice as we are planning to lease in the
next few months facilities to conduct quality checks and to verify scientific
results.

Included in professional fees are estimated recurring legal fees paid to outside
corporate counsel and audit and review fees paid to our independent accountants,
and fees paid for investor relations.

Interest expense of E53,000 refers to interest paid on convertible notes payable
to shareholders which carry an interest rate of 10%, accrued on a quarterly
basis, and a conversion price of $US 0.50 per share.

As of March 31, 2008, we had three full-time salaried executives, exclusive of
our contracts for the consulting services of Professor Girard, our Head of
Vaccines Development, and one part-time temporary assistant to our CFO.

We have been able to hire three qualified assistants to our CEO, CFO and CSO,
respectively, in addition to our part time office manager-secretary. We expect
to hire a part-time laboratory technician in 2008. We may need to hire
additional personnel to meet the needs and demands of any future workload.

We intend to continue to incur additional expenditures during the next 12 months
for additional research and development of our HIV and malaria vaccines.
Additional funding requirements during the next 12 months will arise as we
commence a phase I clinical trial, which we expect to occur in November 2008. We
expect that funding for the cost of any clinical trials would be available
either from debt or equity financings, donors and/or potential pharmaceutical
partners before we commence the human trials.

In the past we have financed our research and development activities primarily
through debt and equity financings from various parties.

We anticipate our operations will require approximately E5.8 million until
December 31, 2008. We will seek to raise the required capital from equity or
debt financings, donors and/or potential partnerships with major international
pharmaceutical and biotechnology firms. However, there can be no assurance that
we will be able to raise additional capital on terms satisfactory to us, or at
all, to finance our operations. In the event that we are not able to obtain such
additional capital, we would be required to further restrict or even halt our
operations.


<PAGE>

RECENT FINANCING ACTIVITIES

To date we have generated no material revenues from our business operations. We
are unable to predict when or if we will be able to generate revenues from
licensing our technology or the amounts expected from such activities. These
revenue streams may be generated by us or in conjunction with collaborative
partners or third party licensing arrangements, and may include provisions for
one-time, lump sum payments in addition to ongoing royalty payments or other
revenue sharing arrangements. However, we presently have no commitments for any
such payments.

Sources of additional capital include funding through future collaborative
arrangements, licensing arrangements, and debt and equity financings. We do not
know whether additional financing will be available on commercially acceptable
terms when needed. If we cannot raise funds on acceptable terms when needed, we
may not be able to successfully commercialize our technologies, take advantage
of future opportunities, or respond to unanticipated requirements. If we are
unable to secure such additional financing when needed, we will have to curtail
or suspend all or a portion of our business activities and we could be required
to cease operations entirely. Further, if we issue equity securities, our
shareholders may experience severe dilution of their ownership percentage.

We are presently completing a round of E8 million from Swiss investors under
Regulation S under the Securities Act of 1933 in the form of Convertible Notes
at staggered conversion prices between $0.10 and $0.80 (depending on the date
committed). This method was preferred to sales of shares of our common stock at
the current market price as we and our new investors believe that the market
price presently does not accurately reflect the value of our common stock but
only reflects our past and the difficulty we face in communicating our results
to the public due to the complex scientific issues involved and the requirements
of secrecy under patent laws, which preclude us from communicating our latest
results until the relevant patent applications become public eighteen months
after filing.

In parallel with the effort to raise additional capital from Swiss investors as
described above, we have also initiated a fund raising program of $6 million in
the United States under Regulation D under the Securities Act of 1933.

We anticipate using our current funds and those we receive in the future both to
meet our working capital needs and for funding the ongoing research costs
associated with our gp41 testing. Provided we can obtain sufficient financing
resources, we expect to begin phase I clinical trials in 2008. In accordance
with our past strategy, we intend to subcontract such work to "best of class"
research teams unless institutions such as the US National Institutes of Health
(NIH) or the French CEA decide to conduct it at their own expense, which they
presently do.

We do not anticipate that our existing capital resources will be sufficient to
fund our cash requirements through the next three months. We do not have enough
cash presently on hand, based upon our current levels of expenditures and
anticipated needs during this period, and we will need additional proceeds from
additional equity investments such as private placements under Regulation D and
Regulation S under the Securities Act of 1933. The extent and timing of our
future capital requirements will depend primarily upon the rate of our progress
in the research and development of our technologies, our ability to enter into a
partnership agreement with a major pharmaceutical company, and the results of
future clinical trials.

Our early attempts at attracting grants from humanitarian donors have not been
successful because such donors are usually barred from making donations to
for-profit and/or publicly traded companies such as Mymetics. In addition, most
humanitarian donors demand that grant recipients abandon their intellectual
property rights or alternatively, severely limit their commercial margins on the
sale of preventive vaccines in the developing world. Based on the discussions we
have had so far with major pharmaceutical companies in view of entering into a
partnership agreement, it is obvious that these potential partners are concerned
with the prospect of having to limit their margins in the developing world.
Therefore and in order to become both eligible for grants and attractive to
potential partners, the Company has created Dream Vaccines Foundation (DVF), a
non-profit entity registered in the State of Delaware for which a "501c (3)"
public charity status request is in the process of being submitted to the U.S.
Internal Revenues Service. Under this status, the Company intends to grant DVF a
royalty-free access to its intellectual property related to HIV and malaria
vaccines through a cross-licensing agreement. The purpose of this agreement is
to allow DVF to attract donor funds to initially finance the specific R&D and
clinical trials of vaccine versions specifically targeting underserved and
impoverished populations. Mymetics will retain all intellectual property related
to Clade B, the form of HIV virus prevalent in Europe and North America.

<PAGE>
OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

<TABLE>
<CAPTION>
                                          PAYMENTS DUE BY PERIOD (THOUSANDS OF EUROS)
                                          -------------------------------------------
                                                    LESS                        MORE
                                                    THAN      1 - 3   3 - 5     THAN
CONTRACTUAL OBLIGATION                     TOTAL   1 YEAR     YEARS   YEARS   5 YEARS
----------------------                    ------   ------     -----   -----   -------
<S>                                       <C>      <C>        <C>     <C>     <C>
Long-term debt                            E    0   E    0      E 0     E 0       E0
Capital Lease Obligations                 E    0   E    0      E 0     E 0       E0
Operating Lease Obligations               E  149   E   21(1)   E64     E64       E0
Purchase Obligations                      E2,700   E2,700(2)   E 0     E 0       E0
Other Long-Term Liabilities Reflected
   On Mymetics Balance Sheet under GAAP   E    0   E    0      E 0     E 0       E0
                                          ------   ------      ---     ---      ---
TOTAL                                     E2,849   E2,721      E64     E64       E0
                                          ======   ======      ===     ===      ===
</TABLE>

(1)  Lease of our premises in Lausanne, which can be cancelled at short notice,
     and Nyon, based on contractual obligations but which could in fact be
     cancelled at short notice.

(2)  Written and implied contractual obligations incurred in relation to the
     procurement of services, equipment at certain of our partners and GMP grade
     peptides and recombinant proteins required for our 2008 clinical trials.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates which could affect
our financial condition and results of operations. We have not entered into
derivative contracts for our own account to hedge against such risk.

INTEREST RATE RISK

Fluctuations in interest rates may affect the fair value of financial
instruments. An increase in market interest rates may increase interest payments
and a decrease in market interest rates may decrease interest payments of such
financial instruments. We have no debt obligations which are sensitive to
interest rate fluctuations as all our notes payable have fixed interest rates in
the range from 5 to 10% p.a.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures. As of the end of the registrant's fiscal
year ended December 31, 2007, an evaluation of the effectiveness of the
registrant's "disclosure controls and procedures" (as such term is defined in
Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) was carried out by the registrant's principal executive
officer and principal financial officer. Based upon that evaluation, the
registrant's principal executive officer and principal financial officer have
concluded that as of the end of March 31, 2008, the registrant's disclosure
controls and procedures are effective to ensure that information required to be
disclosed by the registrant in reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules and forms.

It should be noted that while the registrant's principal executive officer and
principal financial officer believe that the registrant's disclosure controls
and procedures provide a reasonable level of assurance that they are effective,
they do not expect that the registrant's disclosure controls and procedures or
internal control over financial reporting will prevent all errors and fraud. A
control system, no matter how well conceived or operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system
are met.

Changes in Internal Control Over Financial Reporting

The Company's management, including the CEO and CFO have indicated that there
were no significant changes in the Company's internal controls or other factors
that could significantly affect such controls subsequent to the date of their
evaluation, and there were no such control actions with regard to significant
deficiencies and material weaknesses. There have been no changes in the
Company's internal controls over financial reporting identified in connection
with the evaluation that occurred during the latest quarter that has been
materially affected, or is reasonably likely to materially affect the Company's
internal control over financial reporting as required by paragraph (d) of
Exchange Act Rules 13a-15(e) or 15d-15(e).
<PAGE>

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS


Our present policy is to defend vigorously only the suits with material amounts
being sought in damages and after considering the potential legal costs
involved. We do not currently maintain any insurance but are now engaged in the
process of concluding one.

Neither Mymetics Corporation nor our wholly owned subsidiaries 6543 Luxembourg
SA and Mymetics Management Sarl are presently involved in any litigation
incident to our business.

MYMETICS S.A.

On February 7, 2006, the Tribunal de Commerce in Lyon, France placed Mymetics
S.A., under receivership ("Redressement Judiciaire") as a result of an ongoing
dispute between Mymetics Corporation and a former officer and director, Dr.
Pierre-Francois Serres, who obtained an initial judgment against Mymetics S.A.
in France in the amount of E173,000 for an alleged wrongful termination by the
Company's prior management during 2003, which judgment was reversed on appeal.
Despite this positive outcome, the financial and legal status of Mymetics S.A.
was too impaired to justify the costs and efforts to revitalize it. We therefore
decided to let the matter run its course under French law and to transfer all
operations to Mymetics Corporation.

Under the order of the French court, Mymetics S.A. sold its patents to Lomastar
Technologies Sarl, a Swiss company incorporated in Nyon, for E80,000 in order to
pay its creditors and the administration costs of the case. Upon completion of
this endeavor, the company will be dissolved under the control of the French
court appointed judicial administrator. As a legal consequence of this court
order, Mymetics Corporation has formally lost control over its French
subsidiary. We do not believe that the sale of the patents is significant to us
since they expire in 2017 and 2018, the dates we first expect to be selling the
vaccine. To protect the value of our intellectual property, however, we are
negotiating an exclusive worldwide perpetual license with Lomastar Technologies
with respect to these patents. There can be no assurance, however, that we will
be successful in achieving this result, which could limit the value of our
intellectual property and the potential value of our company to a prospective
purchaser.

ITEM 1A. RISK FACTORS

Not applicable.

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

On February 28, 2008, one million shares of our common stock were issued to a
new investor at $0.50 per share for a total of $500,000. The foregoing sale was
made in reliance upon the exemption from registration provided by Section 4(2)
and Regulation S under the Securities Act in reliance, among other things, upon
the fact that the investor is not a resident of the United States.

During that same first quarter, an aggregate of two million shares of our common
stock were issued to four individuals for services rendered, including our two
non-executive directors.

All of the foregoing issuances were made in reliance upon the exemption from
registration provided by Section 4(2) under the Securities Act in reliance,
among other things, upon the fact that there was a limited number of recipients,
there was no general solicitation of offers and all of the recipients were
accredited investors.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.
<PAGE>

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

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT
NUMBER    DESCRIPTION
-------   -------------------------------------------------------------------
<S>       <C>
10.1      Acquisition & License Agreement, dated as of April 28, 2008, by and
          among Mymetics, Inc. and Pevion Biotech Ltd.*

31.1      Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.2      Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32        Section 1350 Certification of Chief Executive Officer and Chief
          Financial Officer
</TABLE>

*    Portions of this exhibit have been omitted pursuant to a request for
     confidential treatment under Rule 24b2 of the Securities Exchange Act of
     1934, as amended, and the omitted material has been separately filed with
     the Securities and Exchange Commission.

<PAGE>

                                   SIGNATURES

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

Dated: May 14, 2008                     MYMETICS CORPORATION


                                        By: /s/ Christian Rochet
                                            ------------------------------------
                                            President and Chief Executive
                                            Officer


                                        By: /s/ Ernst Luebke
                                            ------------------------------------
                                            Chief Financial Officer