SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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 August 31, 2001

                                       OR

     Transition  Report  Pursuant  to  Section  13 or  15(d)  of the  Securities
     Exchange Act of 1934 from the transition period from ____ to _____

                          Commission File Number 0-9987


                            GLOBUS GROWTH GROUP, INC.
             (Exact name of registrant as specified in its charter)



           New York                                          13-2949462
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)


44 West 24th Street, New York, NY                               10010
(Address of principal executive offices)                      (zip code)


                                 (212) 243-1000
              (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 ___

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

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 12, 13 or 15(d) of the  Securities  Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes ___ No ___



                      APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as the latest  practicable date:  2,499,000  (including 151,743
held in treasury)


<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

GLOBUS GROWTH GROUP, INC.

CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                    August 31,       February 28,
                                                                       2001              2001
                                                                    -----------      ------------
<S>                                                                 <C>              <C>
ASSETS                                                              (Unaudited)      (See Note 1)

Cash                                                                         $0           $21,000
Investments in Securities (Note 3)                                   $1,305,000        $1,387,000
Other Assets                                                            $16,000           $11,000
                                                                    -----------       -----------
TOTAL                                                                $1,321,000        $1,419,000
                                                                    -----------       -----------


LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                              $1,323,000        $1,282,000
  Loans payable to officers/shareholders                               $378,000          $326,000
  Demand loan payable to related party                                 $334,000          $329,000
                                                                    -----------       -----------
Total Liabilities                                                    $2,035,000        $1,937,000
                                                                    -----------       -----------

Stockholders' equity (Note 2)
Preferred stock - $.10 par value, Authorized - 450,000 shares
     None Issued
Series B  convertible  preferred  stock - $.10  par  value
     Authorized - 50,000 shares, None issued
Common stock - $.01 par value, Authorized - 4,500,000
     shares, Issued 2,499,000 shares at 8/31/01                         $25,000           $25,000
Additional paid in capital                                           $2,747,000        $2,747,000
Treasury Stock, 151,743 shares at 8/31/01                              ($41,000)         ($41,000)
Accumulated deficit                                                 ($3,445,000)      ($3,249,000)
                                                                    -----------       -----------
Total stockholders' deficiency                                        ($714,000)        ($518,000)
                                                                    -----------       -----------
TOTAL                                                                $1,321,000        $1,419,000
                                                                    -----------       -----------
</TABLE>


     (See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF OPERATIONS
      (Unaudited)


<TABLE>
<CAPTION>
                                                         Three Months                    Six Months
                                                        Ended August 31,              Ended August 31,
                                                      2001           2000           2001            2000
                                                  -----------     ----------    -----------     -----------

<S>                                               <C>             <C>           <C>             <C>
Gain (loss) on investments:
   Realized                                           $11,000        $20,000        $13,000         $20,000
   Unrealized                                        ($33,000)      $124,000       ($67,000)      ($286,000)
                                                  -----------     ----------    -----------     -----------
Total                                                ($22,000)      $144,000       ($54,000)      ($266,000)
Dividend Income                                            $0             $0             $0          $1,000
Interest Income                                            $0             $0             $0              $0
Consulting and other income                           $11,000         $3,000        $26,000          $9,000
                                                  -----------     ----------    -----------     -----------
TOTAL                                                ($11,000)      $147,000       ($28,000)      ($256,000)

Expenses:
   General and administrative                         $86,000        $69,000       $158,000        $136,000
   Interest                                            $5,000         $4,000        $10,000          $7,000
                                                  -----------     ----------    -----------     -----------
TOTAL                                                 $91,000        $73,000       $168,000        $143,000

Income (loss) from operations before taxes          ($102,000)       $74,000      ($196,000)      ($399,000)
(Benefit)/Provision for taxes                              $0             $0             $0              $0
                                                  -----------     ----------    -----------     -----------
Net Income (Loss)                                   ($102,000)       $74,000      ($196,000)      ($399,000)
                                                  -----------     ----------    -----------     -----------


Net Income (Loss) per share of common
    stock - basic and diluted                          ($0.04)         $0.03         ($0.08)         ($0.17)
Weighted Average Number of shares of
    Stock Outstanding - basic and diluted           2,347,257      2,347,257      2,347,257       2,347,257
                                                  -----------     ----------    -----------     -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENTS OF CASH FLOWS
     (Unaudited)


<TABLE>
<CAPTION>
                                                                        Six Months
                                                                     Ended August 31,
                                                                    2001            2000
                                                                 ---------      ---------
<S>                                                              <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net Loss                                                     ($196,000)     ($399,000)
    Adjustments to reconcile net loss to net cash used in
         operating activities:
         Realized (gain) on investments                           ($13,000)      ($20,000)
         Unrealized loss on investments                            $67,000       $286,000
         Increase in accounts payable, accrued expenses and
             accrued interest on loans                             $52,000        $42,000
         (Increase) decrease in prepaid assets                     ($6,000)       ($3,000)
                                                                 ---------      ---------

         Net cash used in operating activities                    ($96,000)      ($94,000)
         --------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Purchase of investments                                             $0       ($25,000)
    Proceeds from sale of investments                              $28,000        $29,000
                                                                 ---------      ---------

         Net cash provided by investing activities                 $28,000         $4,000
         --------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Repayment of loans payable to officers/shareholders                 $0        ($5,000)
    Increase in loans payable to officers/shareholders             $47,000        $40,000
                                                                 ---------      ---------

         Net cash provided by financing activities                 $47,000        $35,000
         --------------------------------------------------------------------------------

Net increase (decrease) in cash                                   ($21,000)      ($55,000)

Cash - beginning of period                                         $21,000        $58,000

Cash - end of period                                                    $0         $3,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
    Cash paid during the period for:
         Interest                                                       $0             $0
         Income Taxes                                                   $0             $0
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.         Notes to Condensed             August 31, 2001
                           Financial Statements (Unaudited)


Note 1 - Basis of Condensed Information

     In the  opinion  of  the  Company,  the  accompanying  unaudited  condensed
     financial  statements  contain all  adjustments,  consisting of only normal
     recurring  accruals,  necessary to present fairly the financial position as
     of August 31, 2001,  the results of operations for the three and six months
     ended August 31, 2001 and 2000,  and  statements  of cash flows for the six
     months ended August 31, 2001 and 2000.

     The results of operations  for the six months ended August 31, 2001 are not
     necessarily indicative of the results to be expected for the full year.

     Certain  information and note  disclosures  normally  included in financial
     statements  prepared in accordance  with  accounting  principles  generally
     accepted in the United  States of America  have been  condensed or omitted.
     These condensed financial statements should be read in conjunction with the
     financial  statements  and notes thereto  included in the Company's  annual
     report filed on Form 10-K for the year ended February 28, 2001.

     The balance  sheet at February 28, 2001 has been derived from the Company's
     audited balance sheet included in its Annual Report on Form 10-K.


Note 2 - Earnings Per Share

     Per share data are based on the weighted  average  number of common  shares
     outstanding during the period.


Note 3 - Investments

     As of February  28, 2001 and August 31,  2001,  investments  are carried at
     fair value, which, for readily marketable  securities,  represents the last
     reported  sales price or bid price on the valuation  date.  Investments  in
     restricted  securities and securities which are not readily  marketable are
     carried at fair value as  determined  in good faith by  Management,  in the
     case of interim financial statements, and by the Board of Directors, in the
     case of year end financial statements; in each instance, in the exercise of
     their  respective  judgments,   after  taking  into  consideration  various
     indications of value available to them.

     (Continued on next page)


<PAGE>


Note 3 - (Continued)


<TABLE>
<CAPTION>
                                                    August 31,                           February 28,
                                                       2001                                  2001
                                                       ----                                  ----

                                            No.                                   No.
                                          Shares      Value         Cost        Shares       Value         Cost
                                          ------      -----         ----        ------       -----         ----
<S>                                       <C>      <C>          <C>            <C>        <C>          <C>
Common Stock
Carta Proteomics, Inc.                    33,333      $13,000      $13,000       33,333      $13,000      $13,000
Catamount Brewing Co.                     23,215                  $176,000       23,215                  $176,000
Repligen Corporation                      18,968      $42,000      $43,000       30,718     $124,000      $58,000
Tumbleweed Communications Corp.              204       $1,000       $7,000          204       $1,000       $7,000
ValiGen, N. V                             85,403     $444,000     $444,000       85,403     $444,000     $444,000
                                                   ----------   ----------                ----------   ----------

Total Common Stock                                   $500,000     $683,000                  $582,000     $698,000
                                                   ----------   ----------                ----------   ----------

Preferred Stock
Carta Proteomics, Inc. Series A Pfd      100,000     $150,000     $150,000      100,000     $150,000     $150,000
Carta Proteomics, Inc. Series B Pfd       10,000      $25,000      $25,000       10,000      $25,000      $25,000
Catamount Brewing Co. Pfd                  4,286                  $150,000        4,286                  $150,000
Genitope Corp. Series A Pfd              420,858     $210,000     $210,000      420,858     $210,000     $210,000
Genitope Corp. Series B Pfd              332,992     $420,000     $420,000      332,992     $420,000     $420,000
                                                   ----------   ----------                ----------   ----------

Total Preferred Stock                                $805,000     $955,000                  $805,000     $955,000
                                                   ----------   ----------                ----------   ----------

Total Investments - Fair  value                    $1,305,000   $1,638,000                $1,387,000   $1,653,000
                                                   ----------   ----------                ----------   ----------
</TABLE>


<PAGE>


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Results of Operations

     Prior to fiscal 1987, the Company was engaged in the camera and photography
business.  On February 28, 1986,  the Company sold its operating  business to an
affiliated company and since that date the Company's principal activity has been
the making of investments in other companies.

     At August 31, 2001, the Company had total assets of $1,321,000  compared to
total assets of $1,419,000  at February 28, 2001.  Included in total assets were
investments  of  $1,305,000  at August 31, 2001 and  $1,387,000  at February 28,
2001.  Shareholders  deficiency was ($714,000) at August 31, 2001 and ($518,000)
at February  28, 2001.  Loss on  investments  amounted to ($54,000)  for the six
month period ended August 31, 2001, compared to a loss of ($266,000) for the six
month period ended August 31, 2000.  Included in such losses were  realized gain
of $13,000 and  unrealized  loss of  ($67,000)  for the six month  period  ended
August 31,  2001  compared to realized  gain of $20,000 and  unrealized  loss of
($286,000)  for the six month period ended August 31, 2000.  Loss on investments
amounted to ($22,000) for the three month period ended August 31, 2001, compared
to a gain of $144,000 for the three month period ended August 31, 2000. Included
in such gains and losses were  realized gain of $11,000 and  unrealized  loss of
($33,000)  for the three month period ended August 31, 2001 compared to realized
gain of $20,000 and unrealized gain of $124,000 for the three month period ended
August 31, 2000. The  unrealized  loss of ($67,000) in the 2001 six month period
and the  unrealized  loss  of  ($286,000)  in the  2000  six  month  period  was
principally  due to the  decline in market  value of the common  stock  owned in
Repligen Corporation.  Operating expenses,  including interest charges, amounted
to $168,000  for the 2001 six month  period and  $143,000 for the 2000 six month
period. Operating expenses,  including interest charges, amounted to $91,000 for
the three  months  ended  August 31, 2001 and $73,000 for the three months ended
August 31,  2000.  Loss from  operations,  both before and after  provision  for
taxes, was ($196,000) for the six month period ended August 31, 2001 compared to
($399,000) for the six month period ended August 31, 2000. Loss from operations,
both before and after  provision for taxes,  was  ($102,000) for the three month
period  ended  August 31,  2001  compared to gain of $74,000 for the three month
period ended August 31, 2000.  Net (loss) per share was ($0.08) for the 2001 six
month period compared to ($0.17) for the comparable  2000 six month period.  Net
(loss) per share was ($0.04) for the three months ended August 31, 2001 compared
to net gain per share of $0.03 for the three months  ended August 31, 2000.  The
weighted average number of shares of Common Stock outstanding at August 31, 2001
and August 31, 2000 is 2,347,257.

     In the six  months  ended  August  31,  2001,  11,750  shares  of  Repligen
Corporation  have been sold for total sales proceeds of  approximately  $28,000,
with 7,750 shares being sold in the three months ended August 31, 2001 for total
sales  proceeds of  approximately  $18,000.  The fair market value of the common
stock of Repligen  Corporation has declined from  approximately  $4 per share at
February 28, 2001 to  approximately  $2 per share at August 31, 2001. There have
been no changes in the valuation of the privately held portfolio companies.

Liquidity, Capital Resources and Other Matters Affecting Financial Condition

     The near term  liquidity of the  Company,  as well as its near term capital
resources position, are presently dependent upon the continued  willingness,  as
to which  there can be no  assurance  whatsoever,  of the  members of the Globus
family who have made loans to the Company  not to demand  full or  substantially
full  repayment of such loans and to continue to make loans to the  Company,  if
necessary.  Thus, loans payable by the Company,  including accrued interest,  to
Mr. Stephen E. Globus (his  individual  account)  amounted to $215,000 at August
31, 2001, an increase of $1,000 from February 28, 2001. Loans payable to Messrs.
Stephen E. and Richard D. Globus (a separate joint account),  including  accrued
interest,  amounted to $162,000 at August 31, 2001,  an increase of $51,000 from
$111,000 at February 28, 2001. This increase was due to an increase in principal
of $47,000, and an increase in


<PAGE>


accrued interest of approximately  $4,000.  As at August 31, 2001, loans payable
to another member of the Globus  family,  to wit: Ms. Jane Globus (the mother of
Stephen E. and Richard D. Globus), amounted to approximately $334,000, including
accrued  interest.  As at August 31, 2001, unpaid salary owing to Mr. Stephen E.
Globus  was  $654,000,  and unpaid  salary  owing to Mr.  Richard D.  Globus was
$623,000;  so that at such date the total of monies  owed to Messrs.  Stephen E.
Globus,  Richard  D.  Globus  and  Ms.  Jane  Globus  aggregated   approximately
$1,988,000.


     There are in fact presently no known events that can be considered  certain
to occur which would  materially  change favorably either the short term or long
term liquidity  (i.e.,  ability of the Company to generate  adequate  amounts of
cash to meet its needs for cash) or capital resources position (i.e.,  source of
funds) of the Company from that in which it presently finds itself,  and, absent
continuation  of the  presently  existing  loans  without call for  payment,  or
additional  loans,  from the Globus  family,  the present  liquidity and capital
resources  position of the Company  necessarily  adversely affects the financial
condition  of the  Company  and its  ability  to make new  investments.  In such
connection it must be noted that: the  profitability of a BDC, like the Company,
is largely  dependent upon its ability to make investments and upon increases in
the value of its  investments;  and a BDC is also  subject  to a number of risks
which are not generally present in an operating company, and which are discussed
generally  in Item 1 of the  Company's  10K  Report  for its  fiscal  year ended
February  28, 2001 to which Item  reference  is hereby  made.  Reference is also
hereby made to Item 1 and Item 7 of such Report and to the Financial  Statements
and notes  thereto  contained  in such  Report for  information  concerning  the
Company's investments and its financial condition.

     In  September,  2001,  the  Company  filed a  Schedule  13E-3  as well as a
Schedule  14A with the  Securities  and  Exchange  Commission.  The  transaction
described involves a 1:500,000 reverse split of our common stock with fractional
shares  being  exchanged  for scrip  certificates,  and the proxy  statement  in
Schedule 14A is notice of the Special  Meeting of  Stockholders  scheduled to be
held on October 26, 2001 to approve the  various  transactions.  For  particular
details of the  transaction,  please  refer to the proxy  statement  and related
exhibits.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Not Applicable.


PART II - Other Information

Item 6. Exhibits and Reports on Form 8-K

     (a)  Reports on Form 8-K

          No reports on Form 8-K have been filed  during the  quarter  for which
          this Report is filed.


<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.

Date: October 15, 2001

                                          GLOBUS GROWTH GROUP, INC. (Registrant)


                                                           /s/ Richard D. Globus

                                                               RICHARD D. GLOBUS
                                                             President, Director


                                                               /s/ Lisa Vislocky

                                                                   LISA VISLOCKY
                                         Vice President, Chief Financial Officer