UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB/A x
        QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2007 [
        ]
        TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period fromto Commission file number000-49833 ACRONGENOMICS, INC.(Exact name of small business issuer as specified in its charter)  Nevada
        
        52-2219285(State or other jurisdiction of incorporation or organization)
        
        (I.R.S. Employer Identification No.)  14, Rue KlebergCH-1201 Geneva, Switzerland(Address of principal executive offices)  +41 22 71 65 300(Issuers telephone number)  1530 9th Ave SECalgary, Alberta  T2G 0T7(Former name, former address and former fiscal year, if changed since last report) Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      YesxNo [   ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes [   ]     Nox APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.     Yes [   ]     No [   ]      2   APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date: 14,612,366 common shares issued and outstanding as of March 31, 2007. Transitional Small Business Disclosure Format (Check one):
        Yeso
        Nox        3   PART I Item 1.
        Financial Statements Our consolidated financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.              ACRONGENOMICS, INC. (A Development Stage Company) INTERIM FINANCIAL STATEMENTS March 31, 2007 (Stated in US Dollars) (Unaudited)       ACRONGENOMICS, INC. (A Development Stage Company) INTERIM BALANCE SHEETS March 31, 2007 and December 31, 2006 (Stated in US Dollars) (Unaudited)   March 31,
        December 31,ASSETS
        2007
        2006CurrentCash
        $        257,176
        $            4,552LIABILITIESCurrentAccounts payable and accrued liabilities Note 3
        $       212,746
        $        161,304Loans payable  Note 4
        28,273
        28,273241,019
        189,577STOCKHOLDERS EQUITY (DEFICIENCY)Common stock, $0.001 par value  Notes 5, 6 and 7100,000,000
        shares authorized14,612,366
        shares issued (2006:  14,131,457)
        14,612
        14,131Additional paid-in capital
        10,874,387
        10,475,544Share subscriptions
        -
        40,000Deficit accumulated during the development stage
        (10,872,842)
        (10,714,700)16,157
        (185,025)$          257,176
        $              4,552            ACRONGENOMICS, INC. (A Development Stage Company) INTERIM STATEMENTS OF OPERATIONS for the three months ended March 31, 2007 and 2006 and for the period August 17, 1999 (Date of Inception) to March 31, 2007 (Stated in US Dollars) (Unaudited)   August 17,1999 (Date ofThree months ended
        Inception) toMarch 31,
        March 31,2007
        2006
        2007ExpensesAccounting and audit fees  Note 3
        $            37,805
        $           47,989
        $         327,668Amortization of patents
        -
        -
        741,430Appraisals
        -
        -
        14,500Bank charges
        403
        558
        8,058Consulting fees  Note 3
        47,400
        20,000
        880,399Foreign exchange (gain)
        6
        173
        (735)Legal fees - Note 3
        9,331
        26,979
        241,495Management fees
        30,000
        -
        90,000Office and miscellaneous
        4,781
        5,981
        52,408Public relations and donations
        -
        60,000
        547,007Rent - Note 3
        -
        6,000
        36,000Research and development  Note 3
        -
        200,000
        6,681,969Stock-based compensation
        24,324
        -
        917,997Telephone
        -
        -
        2,399Transfer agent and filing fees
        -
        1,000
        25,244Travel
        4,098
        5,234
        123,007Loss before the following:
        (158,148)
        (373,914)
        (10,688,846)Interest income
        6
        9,430
        22,449Write-down of patents
        -
        -
        (8,004,447)Loss from continuing operations
        (158,142)
        (364,484)
        (18,670,844)Loss from discontinued operations
        -
        -
        (41,998)Net loss for the period
        $        (158,142)
        $        (364,484)
        $   (18,712,842)Basic and diluted loss per share
        $              (0.01)
        $              (0.02)Weighted average number of shares outstanding
        14,301,730
        17,824,123        ACRONGENOMICS, INC. (A Development Stage Company) INTERIM STATEMENTS OF CASH FLOWS for the three months ended March 31, 2007 and 2006 and for the period August 17, 1999 (Date of Inception) to March 31, 2007 (Stated in US Dollars) (Unaudited)   August 17,1999 (Date ofThree months ended
        Inception) toMarch 31,
        March 31,2007
        2006
        2007Cash Flows used in Operating ActivitiesLoss from continuing operations
        $     (158,142)
        $     (364,484)
        $(18,646,520)Items not affecting cash:Amortization
        -
        -
        741,430Shares issued for consulting fees
        -
        -
        468,000Stock-based compensation
        24,324
        -
        917,997Write-down of patents
        -
        -
        8,004,447Changes in non-cash working capital item:Accounts payable and accrued liabilities
        51,442
        (97,684)
        212,746Net cash used in operating activities
        (82,376)
        (462,168)
        (8,326,224)Cash Flows used in Investing ActivityPatents
        -
        -
        (121,877)Cash Flows provided by Financing ActivitiesCommon stock issued for cash
        335,000
        -
        8,348,695Stock purchase warrants
        -
        -
        370,307Increase (decrease) in loan payable
        -
        -
        28,273Advances from/to discontinued operations ofdisposed subsidiary
        -
        -
        (41,998)Net cash provided by financing activities
        335,000
        -
        8,705,277Increase (decrease) in cash during the period
        252,624
        (462,168)
        257,176Cash, beginning of period
        4,552
        1,741,998
        -Cash, end of period
        $       257,176
        $   1,279,830
        $      257,176Cash consists of:Cash
        $         257,178
        $269,577Term deposit
        -
        1,020,253$       257,178
        $  1,279,830        ACRONGENOMICS, INC. (A Development Stage Company) INTERIM STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIENCY) for the period August 17, 1999 (Date of Inception) to March 31, 2007 (Stated in US Dollars) (Unaudited) DeficitCommon Stock
        
        AccumulatedAdditional
        
        During thePaid-in
        Stock
        Development
        ContributedNumber
        Par Value
        Capital
        Subscriptions
        Stage
        TotalCapital stock issued for cash
        - at $0.001
        5,000,000
        $            5,000
        $                 -
        $                  -
        $                  -
        $            5,000- at $0.01
        5,000,000
        5,000
        45,000
        -
        -
        50,000Net loss for the period
        -
        -
        -
        -
        (2,116)
        (2,116)Balance, December 31, 1999
        10,000,000
        10,000
        45,000
        -
        (2,116)
        52,884Capital stock issued for cash
        - at $0.20
        100,000
        100
        19,900
        -
        -
        20,000Net loss for the year
        -
        -
        -
        -
        (8,176)
        (8,176)Balance, December 31, 2000
        10,100,000
        10,100
        64,900
        -
        (10,292)
        64,708Net loss for the year
        -
        -
        -
        -
        (205)
        (205)Balance, December 31, 2001
        10,100,000
        10,100
        64,900
        -
        (10,497)
        64,503Capital stock issued for cash
        - at $0.20
        15,000
        15
        2,985
        -
        -
        3,000Net loss for the year
        -
        -
        -
        
        (24,818)
        (24,818)Balance, December 31, 2002
        10,115,000
        10,115
        67,885
        -
        (35,315)
        42,685Net loss for the year
        -
        -
        -
        
        (21,576)
        (21,576)Balance, December 31, 2003
        10,115,000
        10,115
        67,885
        -
        (56,891)
        21,109Pursuant to the acquisition of patent- at $1.96
        4,000,000
        4,000
        7,836,000
        -
        -
        7,840,000Capital stock issued for patentcommission
        - at $1.96
        400,000
        400
        783,600
        -
        -
        784,000Capital stock issued for cash
        - at $1.00
        420,000
        420
        419,580
        -
        -
        420,000Capital stock issued for commission- at $1.00
        42,000
        42
        41,958
        -
        -
        42,000Less:  commission
        -
        -
        (42,000)
        -
        -
        (42,000)commission
        -
        -
        (35,000)
        -
        -
        (35,000)Capital stock issued for cash
        - at $2.30
        100,000
        100
        229,900
        -
        -
        230,000- at $2.30
        437,956
        438
        1,006,861
        -
        -
        1,007,299Capital stock issued for commission
        50,594
        50
        116,316
        -
        -
        116,366Less:  commission
        -
        -
        (116,366)
        -
        -
        (116,366)Capital contribution
        -
        -
        6,000
        -
        -
        6,000Stock subscriptions
        -
        -
        -
        426,329
        -
        426,329Net loss for the year
        -
        -
        -
        -
        (1,863,376)
        (1,863,376)Balance, December 31, 2004
        15,565,550
        15,565
        10,314,734
        426,329
        (1,920,267)
        8,836,361 .../contd         Continued ACRONGENOMICS, INC. (A Development Stage Company) INTERIM STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIENCY) from the period August 17, 1999 (Date of Inception) to March 31, 2007 (Stated in US Dollars) (Unaudited) DeficitCommon Stock
        
        AccumulatedAdditional
        
        During thePaid-in
        Stock
        Development
        ContributedNumber
        Par Value
        Capital
        Subscriptions
        Stage
        Total- at $2.40
        108,168
        108
        259,495
        -
        -
        259,603- at $3.50
        551,443
        551
        1,929,499
        -
        -
        1,930,050- at $4.00
        915,125
        915
        3,659,585
        (386,329)
        -
        3,274,171Capital stock issued for commission
        - at $4.00
        81,337
        82
        325,266
        -
        -
        325,348Less:  Commission
        -
        -
        (325,348)
        -
        -
        (325,348)Commission
        -
        -
        (24,900)
        -
        -
        (24,900)Common stock issued for cash pursuant to exercise of warrants- at $1.00
        420,000
        420
        419,580
        -
        -
        420,000Stock-based compensation
        -
        -
        364,000
        -
        -
        364,000Common stock issued for consulting services- at $4.68
        100,000
        100
        467,900
        -
        -
        468,000Net loss from continuing operations
        -
        -
        -
        -
        (14,152,210)
        (14,152,210)Capital contribution from subsidiary on disposition
        -
        -
        (6,000)
        -
        -
        (6,000)Net loss from discontinued operations
        -
        -
        -
        -
        (1,935)
        (1,935)Balance, December 31, 2005
        17,814,123
        17,814
        17,550,488
        40,000
        (16,074,412)
        1,533,890Cancellation of shares  Note 5
        (4,000,000)
        (4,000)
        (7,836,000)
        -
        7,840,000
        -Stock-based compensation
        -
        -
        529,673
        -
        -
        529,673Common stock issued for cash
        - at $0.75
        317,334
        317
        237,683
        -
        -
        238,000Less:  share issue costs
        -
        -
        (6,300)
        -
        -
        (6,300)Net loss for the year
        -
        -
        -
        -
        (2,480,288)
        (2,480,288)Balance, December 31, 2006
        14,131,457
        14,131
        10,475,544
        40,000
        (10,714,700)
        (185,025)Common stock issued for cash
        - at $0.50
        220,000
        220
        109,780
        (40,000)
        -
        70,000- at $1.10
        90,909
        91
        99,909
        -
        -
        100,000- at $1.10
        150,000
        150
        164,850
        -
        -
        165,000Less:  Commission
        -
        -
        (15,000)
        -
        -
        (15,000)Capital stock issued for commission
        - at $0.75
        20,000
        20
        14,980
        -
        -
        15,000Stock-based compensation
        -
        -
        24,324
        -
        -
        24,324Net loss for the year
        -
        -
        -
        -
        (158,142)
        (158,142)Balance, March 31, 2007
        14,612,366
        $         14,612
        $ 10,874,387
        $                -
        $(10,872,842)
        $         16,157        ACRONGENOMICS, INC. (A Development Stage Company) NOTES TO THE FINANCIAL STATEMENTS March 31, 2007 (Stated in US Dollars) (Unaudited)   Note 1
        Interim Reporting  While the information presented in the accompanying interim three months financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America.  These interim financial statements follow the same accounting policies and methods of their application as the Companys December 31, 2006 annual financial statements.  All adjustments are of a normal recurring nature.  It is suggested that these interim financial statements be read in conjunction with the Companys December 31, 2006 annual financial statements.  Note 2
        Nature and Continuance of Operations  The Company was incorporated in the State of Nevada, USA on August 17, 1999 as Cellway Ventures Inc.  Effective February 25, 2004, the Company changed its name to Acrongenomics, Inc.  The Company is in the development stage.  The Companys business is research and development in the field of life science including BioLED technology.  These interim financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  At March 31, 2007, the Company had not yet achieved profitable operations, has accumulated losses of $10,872,842 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Companys ability to continue as a going concern. The Companys ability
to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available (Note 7).      Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 2    Note 3
        Related Party Transactions  Note 5  The Company incurred the following charges with companies with a common director and former director, an officer and director of a company of which a former officer and director is the spouse of the Companys president; the research and development expenditures were paid to a company in which a former officer and director of the Company is the spouse of the Companys former president:  August 17,1999 (Date ofThree months ended
        Inception) toMarch 31,
        March 31,2007
        2006
        2007Accounting fees
        $            10,600
        $            23,994
        $           152,182Consulting fees
        26,400
        20,000
        116,501Legal fees
        -
        -
        60,656Rent
        -
        6,000
        50,000Research and development
        -
        200,000
        5,604,189Stock-based compensation
        21,753
        -
        21,753$         58,753
        $       249,994
        $     6,005,281  Research and development expenditures are comprised of testing costs of the molecular diagnostic test products.  Accounts payable and accrued liabilities at March 31, 2007 includes $65,103 (December 31, 2006: $111,779) owing to companies with a common director, a former director and a company of which a former officer and director is the spouse of the Companys former president.  Note 4
        Loans Payable  Loans payable are unsecured, non-interest bearing and has no specific terms for repayment.  Note 5
        Capital Stock Notes 6 and 7  Commitments  Share Purchase Warrants  At March 31, 2007, there are 967,789 (December 31, 2006:  737,334) share purchase warrants outstanding entitling the holders thereof the right to acquire one common share for each warrant held.      Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 3    Note 5
        Capital Stock Notes 6 and 7  (contd)  Commitments (contd)  Share Purchase Warrants  (contd)  The following table summarizes the warrants outstanding as at March 31, 2007:  NumberOutstanding and
        
        ExerciseExercisable
        
        Price
        Expiry Date420,000
        
        $1.20
        May 7, 200784,000
        
        $1.50
        September 15, 2007233,334
        
        $1.50
        October 31, 2007110,000
        
        $1.00
        February 12, 200845,455
        
        $2.00
        September 5, 200875,000
        
        $1.50
        March 23, 2008967,789  On May 7, 2007, 420,000 warrants expired without being exercised.  A summary of charges in the Companys share purchase warrants for the three months ended March 31, 2007 and the year ended December 31, 2006 is presented below:  March 31, 2007
        
        December 31, 2006Weighted
        
        
        WeightedAverage
        
        
        AverageNumber of
        Exercise
        
        Number of
        ExerciseWarrants
        Price
        
        Warrants
        PriceOutstanding, beginning of year
        737,334
        $1.33
        
        520,000
        $1.36Granted
        230,455
        $1.36
        
        317,334
        $1.50Expired
        -
        -
        
        (100,000)
        $2.30Outstanding, end of year
        967,789
        $1.34
        
        737,334
        $1.33       Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 4    Note 5
        Capital Stock Notes 6 and 7  (contd)  Commitments (contd)  Share Purchase Options  As at March 31, 2007, there are 3,700,000 (December 31, 2006: 400,000) share purchase options outstanding entitling the holders thereof the right to purchase one common share for each option held.  The following table summarizes the stock options outstanding as at March 31, 2007:  Number
        
        ExerciseOutstanding
        
        Price
        Expiry Date200,000
        
        $3.00
        August 31, 2007200,000
        
        $2.50
        May 3, 2016600,000
        
        $1.00
        March 12, 2012700,000
        
        $0.50
        February 12, 2017*   2,000,000
        
        $0.50
        5 Years upon reachingcertain milestones3,700,000  *
        The vesting of 2,000,000 options granted are contingent upon the performance milestones which have not yet been achieved as at March 31, 2007, therefore, no compensation has been recorded on these options (Note 6).  A summary of changes in the Companys stock options for the three months ended March 31, 2007 and the year ended December 31, 2006 is presented below:  March 31, 2007
        
        December 31, 2006Weighted
        
        
        WeightedAverage
        
        
        AverageNumber of
        Exercise
        
        Number of
        ExerciseOptions
        Price
        
        Options
        PriceOutstanding, beginning ofyear
        400,000
        $2.75
        
        200,000
        $3.00Granted
        3,300,000
        $0.59
        
        200,000
        $2.50Outstanding, end of period
        3,700,000
        $0.82
        
        400,000
        $2.75Exercisable, end of period
        400,000
        
        
        400,000       Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 5    Note 5
        Capital Stock Notes 6 and 7  (contd)  Commitments (contd)  Share Purchase Options  (contd) The unvested options will only vest and be exercisable at a future date and/or upon specific milestones being reached as follows:.  Options
        
        Vesting Date175,000
        
        Aug 12/07175,000
        
        Feb 12/08175,000
        
        Aug 12/08175,000
        
        Feb 12/09700,0002,000,000
        
        Vest at 25% upon reachingcertain milestones300,000
        
        Sept 22/07300,000
        
        Mar 22/08600,0003,300,000  During the three months ended March 31, 2007, the Company granted directors, consultant and officers 1,300,000 stock options with a total fair value of $507,000 (no compensation expense has been recorded for the 2,000,000 options granted as their vesting is contingent upon performance).  As the stock options have a graded vesting schedule, the total non-cash compensation cost recognized during the period was $24,324.  The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option valuation model.  The Black-Scholes option valuation model requires the input of highly subjective assumptions including the expected price volatility.  Changes in the subjective input assumptions can materially affect the fair value estimate and therefore the Black-Scholes model does not necessarily provide a reliable single measure of the fair value of the Companys share purchase options.      Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 6    Note 5
        Capital Stock Notes 6 and 7  (contd)  Commitments (contd)  Share Purchase Options  (contd)  The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions:  2007Expected dividend yield
        
        0.0%Expected volatility
        
        263% - 214%Risk-free Interest Rate
        
        4.80% - 4.51%Weighted average term in years
        
        4.5Weighted average fair value
        
        $0.39  The expected volatility is calculated based on the Companys historical share price and the expected term in years is calculated based on SAB 107.  Note 6
        Commitments Notes 5 and 7  By an agreement dated July 1, 2006, the Company agreed to pay $10,000 per month for management and operational services for offices in Geneva, Switzerland.  The agreement is on a month-to-month basis and will renew on a monthly basis unless terminated by either party with 30 days prior notice.  By an agreement dated February 13, 2007, the Company will collaborate with a vendor to acquire the exclusive rights to commercialize certain technology relating to the analysis/diagnostic fields (BioLED Technology), contract the vendor to complete the research and development necessary to achieve manufacturable prototypes and have first right of refusal to fund the development of additional applications of the technology by agreeing to pay GBP3,450,000 (US$6,709,615) over 3 years (noted below) and grant 2,000,000 share purchase options entitling the holders thereof the right to purchase one common share of the Company at $0.50 per share.  The options will vest at 25% and become exercisable, both on achievement of milestones as set out in the agreement and will be exercisable within a period of 5 years from the date of vesting.  The estimated dates of the milestones are
as follows: May 13, 2008, February 13, 2009, August 13, 2009 and February 13, 2010.      Acrongenomics Inc. (A Development Stage Company) Note s to the Interim Financial Statements March 31, 2007 (Stated in US Dollars) (Unaudited)  Page 7    Note 6
        Commitments Notes 5 and 7  (contd)  Payment schedule:  Prior to December 31, 2006 (paid)
        GBP         575,000
        US$       1,077,780April, 2007 (GBP 530,000 paid)
        GBP           575,000
        US$          1,128,438October, 2007
        GBP           575,000
        US$          1,128,438April, 2008
        GBP           575,000
        US$          1,128,438October, 2008
        GBP           575,000
        US$          1,128,438April, 2009
        GBP            575,000
        US$          1,128,438GBP       3,450,000
        US$        6,719,970  The term of the agreement is until August 13, 2009, unless terminated earlier or the Company extends the term.  The vendor also grants to the Company an exclusive, worldwide, perpetual licence to the intellectual property to develop and commercialize it, subject to the payment to the vendor of a royalty of 30% of gross receipts.  Note 7
        Subsequent Events Note 5  On April 23, 2007, the Company executed stock subscription agreements for private placements totalling 799,295 units at $1.10 per unit for total proceeds received of $879,224.  Each unit consists of one common share of the Company and one-half common share purchase warrant.  Each warrant entitles the holder to purchase one additional common share of the Company at $1.50 until October 23, 2008.        PART II ITEM 2.
        MANAGEMENT DISCUSSION AND ANALYSIS AND PLAN OF OPERATION This quarterly report contains forward-looking statements as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as may, should, expects, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled Risk Factors, that may cause our companys or our industrys actual results, levels of activity,
performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States generally accepted accounting principles. In this annual report, unless otherwise specified, all references to common shares refer to the common shares of our capital stock. As used in this quarterly report, the terms we, us, our, and Acrongenomics means Acrongenomics, Inc., unless otherwise indicated. Overview We were incorporated under the laws of the State of Nevada on August 17, 1999 under the name Cellway Ventures Inc.  On February 25, 2004, we changed the name of the corporation to Acrongenomics, Inc. We are a development stage company focusing on investing and commercializing novel technology platforms concerning the Life Sciences sector. Initially, we focused our research and development efforts in the In Vitro Diagnostic (IVD) sector and in the year ended December 31, 2004, we acquired certain patent and patent applications through the issuance of 4,000,000 shares of common stock.  This acquisition provided our company with its first product, known as EP-CAM Detection Kit, which was a molecular diagnostic test for micrometastatic cancer of epithelial origin.  At the same time, we entered into a strategic collaboration with EuroGenet Labs S.A., a Greek research laboratory located in Athens, Greece, in order to explore future prospects by evaluating the technology behind existing implementations. As of December 31, 2005, we implemented a patent strategy to provide us with a proprietary position in the field of molecular diagnostics products.  We currently own patents for EP-CAM Detection Kit and patent applications for other related technologies. We then estimated that our proprietary molecular diagnostics technology platform still required extensive research costs and experiments for the next two to three years before it reached a stage to attract the interest of large pharmaceutical/diagnostics companies.  We also felt that the series of experiments required to advance our proprietary molecular diagnostic technologies needed to be conducted by highly qualified personnel that could devote 100% of their efforts to the project.  Most probably, it would also require collaborations with international university research centers equipped with highly trained personnel and appropriate instruments for such purpose. In early 2006, our Board of Directors decided that to devote 100% of the companys attention and efforts on a single project such as the  molecular diagnostic technology platform for the next two to three years would involve too      much risk and market exposure., Therefore, it was necessary for our company to diversify its research activities.  On February 13, 2006, after the resignation of Dr. Leftheris Georgakopoulos, we entered into an agreement with him, for the return of the 4,000,000 shares of our common stock in exchange for a royalty of fifty percent (50%) over any revenue that we would generate from any future products based on certain patents regarding the molecular diagnostic technology platforms. On February 14 2006, Mr. Constantine Poulios, LL.M. was appointed as President.  Mr. Poulios had been serving as a member of our Board of Directors and as a Vice President since July 6, 2004.  As of the same date, Mr. Platon Tzouvalis, MSc., was also appointed as Vice President and as a member of our Board of Directors.  On February 24, 2006, Dr. Manos Topoglidis was appointed as the Chief Technology Officer, a member of our Board of Directors and as a member of our Scientific Advisory Board. On October 5, 2006, Mr. Platon Tzouvalis MSc., Vice President of the company was appointed as President, replacing Mr. Constantine Poulios, who had resigned from the company to pursue other opportunities. On May 8, 2007, the Company appointed Dr. Evan Manolis to the Board of Directors and Scientific Committee. Dr. Manolis received his B.Sc. from University of Illinois at Chicago in 1987 and his M.D. in surgery from Southern Illinois University Medical School in 1991.  He received extensive postgraduate training in general surgery internship and residency from the Medical College in Ohio.  Dr. Manolis practices plastic surgery in Chicago and Orland Park, Illinois and has been in the profession for 16 years.  Our Current Focus  BioLED Technology On May 22, 2006, we signed a Joint Development Agreement with Molecular Vision Limited, a research company registered in London, England.  Molecular Vision Limited, has developed, within their fields of research at Imperial College London, a technology platform combining microfluidics with an optical detection system based on polymer Light Emitting Diodes (commonly referred to as pLED) to deliver potentially affordable, intelligent and readily portable Point-Of-Care (POC) medical diagnostic devices.  The technology platform combining microfluidics and pLED is known as BioLED Technology.  Under such Joint Development Agreement with Molecular Vision Limited, we acquired the exclusive rights to develop and commercialize the existing intellectual properties related to the BioLED Technology and have first refusal rights to develop any additional applications derived from Molecular Visions pipeline. On February 13, 2007 we entered into a Development Agreement with Molecular Vision Ltd. This agreement replaces the Development Agreement entered into on May 22, 2006. The replacement agreement extends terms for payments and amends various other terms. The replacement agreement also re-prices the exercise price of 2,000,000 options granted to Molecular Vision Ltd. from $2.00 to $0.50. On March 8, 2007, Acrongenomics partner, Molecular Vision Ltd., successfully demonstrated their BioLED Lab-on-a-Chip Technology using their patented, organic semi conductor technology in a high sensitivity, small size, medical diagnostic device that took place at Imperial College in London, UK.  The device demonstrated its technological capability to measure biomarkers with high sensitivity and at a low cost. Acrongenomics and Molecular Vision believe that this technology is capable of further miniaturization along with large scale, low cost manufacturing, which will bring forward disposable, Point-of-Care diagnostic for large range markers. On April 17, 2007 Acrongenomics was pleased to announce that its partner Molecular Vision had been successful in winning the £250,000 Royal Society Brian Mercer Award for Innovation 2007.  This is a prestigious award from the UKs Royal Society to develop low-cost, high throughput, reel to reel, manufacturing techniques for plastic electronics.         BioLED Technology We plan to develop the BioLED Technology in order to meet a great market demand in the medical diagnostics, biosensors and analytical instrumentation market sector by providing miniaturized chemical and biological detectors with high sensitivity and functionality at low cost.  Terms such as Lab-on-a-Chip or Point-of-Care Testing (POCT) describe the concept of having specialized, light weight, readily portable and easy to use devices to perform complex biological tests at the site where they are most needed.  Traditionally, most of the complex biological tests require specialized laboratories equipped with bulky, expensive equipment and highly trained personnel.  To realize the goal of portable diagnostic devices for Point-of-Care testing, one will need to overcome the difficulties of the lack of suitable miniaturization, low-power consumption and optical detection systems. By combining the microfluidic technology with the  pLED/OLED (Organic Light Emitting Diodes), we believe that BioLED Technology once developed, will offer medical devices at the Point Of Care level that will allow the quantitative and qualitative analysis of medical conditions with high sensitivity and functionality at low cost. Microfluidics refers to fluid flow in a network of microchannels which can be integrated on disposable, low cost Lab-on-a-Chip cartridges, while the flow of liquids or gases is controlled through valves and switches.  Microfluidics can automatically guide a test sample through the various stages of an assay, perform multiple functions including sample purification, mixing with analytes, labeling, reaction and separation of products.  Microfluidics can also be designed to guide the processed test sample to the integrated detection component of a Point-of-Care testing device. Low cost, organic semiconductor polymer Light Emitting Diodes (pLED) with tunable optical properties provide  BioLED Technology with low-power consumption and optical detectable components in a Point-of-Care testing device.  Under electrical excitation the polymer emits light via radiative combination of injected electrons and holes and therefore may be used as a light source.  The same structure can then be used in reverse as a photodetector by illuminating the polymer in order to generate a measurable electrical current. In a future Point-of-Care testing device based on the BioLED Technology, reagents of an assay will be mixed with the body fluid (blood, urine) through the microfluidic network.  The resulting mixture will be excited by the integrated, battery driven pLED and the resulting light-signal will be detected by the integrated photodetector, which will generate an electrical readout. A typical assay for disease markers comprises two steps.  First, specific immobilised antibodies are used to capture the protein markers inside the detection zone.  Secondly, fluorescently labelled detection antibodies specific to the protein marker are flowed over the detection zone.  The detection antibodies bind to captured protein markers and unbound excess detection antibodies are rinsed away.  The labelled antibodies can then be excited with our pLED light sources and any emitted fluorescence is detected with our organic photodiodes.  Without disease markers no detection antibodies are retained, resulting in zero fluorescence. This sandwich immunoassay format is applicable to most protein based disease markers as long as suitable specific antibodies are available. Market Potential Following a primary market research, a number of potential Point-of-Care diagnostic device applications were evaluated in terms of feasibility, market needs, generating revenue, market growth rate and competition. Among these, four disease areas were chosen to be our primary targets for BioLED device development. These Point-of-Care testing devices will enable on-the-spot quantitative and qualitative diagnosis from a few drops of blood, urine for:        Diabetes Management (Kidney Health Markers): The prevalence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% in 2030. The total number of people with diabetes is projected to rise from 171 million in 2000 to 366 million in 2030 (Global Prevalence of Diabetes. Diabetes Care 27:1047-1053, 2004). Microalbuminuria, a well known diabetic nephropathy marker, is defined by increased urinary Human Serum Albumin excretion.  The Albumin Blue 580 (AB 580) assay is based on a red emitting fluorophore with specific affinity to human serum albumin.  Upon binding to the human serum albumin, the fluorescence efficiency of AB 580 increases by two orders of magnitude. AB 580 shows significant fluorescence only when human serum albumin is present.  If diagnosed at an early stage, Microalbuminuria can be treated before its progression to the development of diabetic nephropathy (kidney failure). Approximately 25  30% of all diabetics
develop evidence of nephropathy. Cardiovascular Diseases (Cardiac Markers): Cardiovascular diseases are responsible for the deaths of 17 million people worldwide each year, making them the developed worlds leading cause of death according to the World Health Organization. 32 million heart attacks and strokes per year demonstrate the need for the development of accurate, cost efficient and accessible diagnostics. Conventional diagnostic techniques, however, are costly, time consuming and of limited predictive potential. A smarter diagnostic approach is the in vitro measurement of various cardiac biomarkers of high preventive value, using a Point-of-Care device. The cardiac biomarker tests are based on a sandwich immunoassay format.  The detectable species is the secondary antibody labelled with a fluorescent tag.  The antibodies to be used are anti-myoglobin (Myoglobin), CK-MB antibody (creatine kinase), anti-troponin I (Troponin I). Sexually Transmitted Diseases: Sexually Transmitted Diseases remain a major public health challenge in both developed and developing countries. According to the World Health Organization, more than 340 million new cases of sexually transmitted infections occur every year, worldwide, in people aged 15-49 years.  These infections can be a major cause of illness, infertility and even death. Most of them, however, can be treated and cured easily and with low cost, if diagnosed early enough. As previously discussed the sandwich immunoassay format is applicable to most protein based disease markers as long as suitable specific antibodies are available.  For sexually transmitted diseases, we suggest the following assays:  anti HIV-1 antibodies captured with HIV env antigen (HIV), Hepatitis B surface antigen (Hepatitis B), Anti-HCV (Hepatitis C), Chlamydia antigen (Chlamydia). Substances of Abuse: According to the World Drug Report 2005, 5% of the global population (translating into about 200 million people) have consumed illicit drugs at least once in the last 12 months. This number illustrates the severity of substance abuse as a major healthcare and socioeconomic problem. Diagnosis of substances of abuse is imperative to the judicial system, professional, professional sports, large corporations and healthcare. For substance of abuse, we target the following markers:  methamphetamine/M Amp (Ecstacy), tetrahydrocannabinol/THC (cannabis), benzoylecgonine (Cocaine).  Easy, fast, simple and on-site diagnosis has considerable commercial value and huge revenue generating potential. COMPLIANCE WITH GOVERNMENT REGULATION Once fully developed, we intend to market our BioLED Technology based Point-of-Care testing devices primarily to General Physicians  and clinics/health centres mainly in the United States and in Europe. We are aware that the production and marketing of  medical testing devices are subject to the laws and regulations of governmental authorities in the United States and all other countries where the devices will be marketed.  Specifically, in the United States, the Food and Drug Administration (FDA), among other agencies, regulates new product approvals to establish safety and efficacy of these products.  Governments in other countries have similar legal bodies handling the requirements for testing and marketing.        The Regulatory Process FDA in the United States and Medical Devices Directive in Europe, are the official bodies that cover the regulatory requirements for medical devices. Medical devices are classified into Class I, II, and III. Regulatory control increases from Class I to Class III. The device classification regulation defines the regulatory requirements for a general device type. Most Class I devices are exempt from Pre market Notification 510(k); most Class II devices require Pre market Notification 510(k); and most Class III devices require Pre-market Approval (PMA). Class I devicesare defined as non-life sustaining. These products are the least complicated and their failure poses little risk. Class II devicesare more complicated and present more risk than Class I, though are also non-life sustaining. They are also subject to any specific performance standards. Class III devicessustain or support life, so that their failure is life threatening. The basic regulatory requirements that manufacturers of medical devices distributed in the U.S. must comply with are: Pre-market Notification 510(k), unless exempt, or Pre-market Approval (PMA), Establishment registration on form FDA-2891, Medical Device Listing on form FDA-2892, Quality System (QS) regulation, Labeling requirements, and Medical Device Reporting (MDR) We envisage that our devices will be classified as Class I. Our devices will be used to diagnose rather than treat medical conditions. Additionally BioLED medical devices are non-invasive and the assays that will be used for testing are already existed in the market. BioLED technology, once developed, will cover a great medical niche and it may undergo fast track review since there is no other such technology available in the market. Therefore we endeavor that regulatory procedures will be relatively benign and quick. Regardless of how our technology is regulated, the Federal Food, Drug, and Cosmetic Act and other Federal statutes and regulations govern or influence the research, testing, manufacture, safety, labeling, storage, record-keeping, approval, distribution, use, reporting, advertising and promotion of our future products. Noncompliance with applicable requirements can result in civil penalties, recall, injunction or seizure of products, refusal of the government to approve or clear product approval applications or to allow us to enter into government supply contracts, withdrawal of previously approved applications and criminal prosecution. Product Approval in the United States We are currently only in the developmental stage of our technology, and therefore, we have not begun the process of seeking regulatory approval from the  FDA.  Once BioLED Technology is fully developed, we intend to consult with an FDA advisor to assist us in determining our path in the process toward gaining regulatory approval. There can be no assurance that our technology and potential products will ultimately receive regulatory approval.        We believe that BioLED Technology, if successfully developed, may be considered appropriate as part of a medical device and will be then subjected to the requirements of FDA for clinical testing to demonstrate safety and effectiveness prior to the approval. Product Approval in Europe If we successfully develop our BioLED Technology and potential Point-of-Care testing devices and seek regulatory approval in Europe, we believe our BioLED Technology may be regulated in Europe as a Class I Sterile, Class IIb or Class III medical device, under the authority of the Medical Device Directives being implemented by European Union member countries.  These classifications apply to medical laboratory equipment and supplies including, among other products, many devices that are used for the collection and processing of blood for patient therapy. The applicable regulations vest the authority to permit affixing of the CE Mark with various notified bodies.  These are private and state organizations which operate under license from the member states of the European Union to certify that appropriate quality assurance standards and compliance procedures are followed by developers and manufacturers of medical device products or, alternatively, that a manufactured medical product meets a more limited set of requirements.  Notified bodies are also given the responsibility for determination of the appropriate standards to apply to a medical product.  Receipt of permission to affix the CE Mark enables a company to sell a medical device or product in all European Union member countries.  Other registration requirements may also need to be satisfied in certain countries.  We have not received permission from a notified body to affix the CE Mark to our BioLED
Technology, nor have we as yet requested such permission. DISTRIBUTION METHODS FOR OUR PRODUCTS Once fully developed, we intend to market our BioLED Technology based Point-of-Care testing devices primarily to General Physicians  and clinics/health centres mainly in the United States and in Europe. STATUS OF PRODUCT On March 8, 2007 a demonstrator device was presented  at Imperial College in London, using MVL's patented, organic semiconductor technology in a high sensitivity, small size, medical diagnostic device. The device demonstrated its technological capability to measure biomarkers with high sensitivity and at low cost.  DEPENDENCE ON ONE OR A FEW MAJOR CUSTOMERS We do not yet have any customers or customer contracts.  We intend to have many customers and do not anticipate any dependence on one or more customers.  EMPLOYEES The Company currently does not have any employees.  Mr. Platon Tzouvalis, President and Mr. Manos Topoglidis, CTO are currently bound by consulting agreements dated October 1, 2006 which terminate March 31, 2007.The company is currently negotiating employment contracts for both Mr. Tzouvalis and Mr. Topoglidis.  The company has one additional consultant.. RISK FACTORS Much of the information included in this annual report includes or is based upon estimates, projections or other forward looking statements.  Such forward looking statements include any projections and estimates made by us      and our management in connection with our business operations.  While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Such estimates, projections or other forward looking statements involve various risks and uncertainties as outlined below.  We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other forward looking statements. Shares of our common stock are speculative, especially since we are in the development-stage of our new business.  We operate in a volatile sector of business that involves numerous risks and uncertainties.  The risks and uncertainties described below are not the only ones we face.  Other risks and uncertainties, including those that we do not currently consider material, may impair our business.  If any of the risks discussed below actually occur, our business, financial condition, operating results or cash flows could be materially adversely affected.  This could cause the trading price of our securities to decline, and you may lose all or part of your investment.  Prospective investors should consider carefully the risk factors set out below. RISKS RELATED TO OUR BUSINESS We have not earned any revenues since our incorporation and only have a limited operating history in our current business of developing our proprietary BioLED Technology, which raise doubt about our ability to continue as a going concern. Our company has a limited operating history in our current business of developing Point-of-Care testing devices based on our proprietary BioLED Technology and must be considered in the development stage.  We have not generated any revenues since our inception and we will, in all likelihood, continue to incur operating expenses without significant revenues until we successfully develop our BioLED Technology and commercialise our future Point-of-Care testing devices.  Our primary source of funds has been the sale of our common stock.  We cannot assure that we will be able to generate any significant revenues or income.  These circumstances make us dependent on additional financial support until profitability is achieved.  There is no assurance that we will ever be profitable, and we have a going concern note as described in an explanatory paragraph to our consolidated financial statements for the year ended
December 31, 2006. Our likelihood of profit depends on our ability to develop and commercialise products based on our BioLED Technology, which is currently in the development stage.  If we are unable to complete the development and commercialisation of our future Point-of-Care testing devices successfully, our likelihood of profit will be limited severely. Our BioLED Technology is in the development stage and we have not begun the regulatory approval process.  We have not realized a profit from our operations to date and there is little likelihood that we will realize any profits in the short or medium term.  Any profitability in the future from our business will be dependent upon successful commercialisation of our future Point-of-Care testing devices, which will require significant additional research and development as well as clinical trials. If we encounter problems or delays in the research and development of our BioLED Technology and our future Point-of-Care testing devices, we may not be able to raise sufficient capital to finance our operation during the period required to resolve the problems or delays. We, and any of our potential collaborators, may encounter problems and delays relating to research and development, regulatory approval and intellectual property rights of our technology.  Our research and development programs may not be successful.  Our BioLED Technology and our future Point-of-Care testing devices may not prove to be safe and efficacious in clinical trials.  If any of these events occur, we may not have adequate resources to continue operations for the period required to resolve the issue delaying commercialisation and we may not be      able to raise capital to finance our continued operation during the period required for resolution of that issue.  Accordingly, we may be forced to discontinue or suspend our operations. We need to raise additional financing to support the research and development of the BioLED Technology but we cannot be sure that we will be able to obtain additional financing on terms favourable to us when needed.  If we are unable to obtain additional financing to meet our needs, our operations may be adversely affected or terminated. Our ability to continue to develop the BioLED Technology and commercialise its future Point-of-Care testing devices is dependent upon our ability to raise significant additional financing when needed.  If we are unable to obtain such financing, we will not be able to fully develop our technology and commercialise our future Point-of-Care testing devices.  Our future capital requirements will depend upon many factors, including: 
        continued scientific progress in our research and development programs; 
        costs and timing of conducting clinical trials and seeking regulatory approvals and patent prosecutions; 
        competing technological and market developments; 
        our ability to establish additional collaborative relationships; and 
        the effect of commercialisation activities and facility expansions if and as required. We have limited financial resources and to date, no cash flow from operations and we are dependent for funds on our ability to sell our common stock, primarily on a private placement basis.  There can be no assurance that we will be able to obtain financing on that basis in light of factors such as the market demand for our securities, the state of financial markets generally and other relevant factors.  Any sale of our common stock in the future will result in dilution to existing stockholders.  Furthermore, there is no assurance that we will not incur debt in the future, that we will have sufficient funds to repay our future indebtedness or that we will not default on our future debts, jeopardizing our business viability.  Finally, we may not be able to borrow or raise additional capital in the future to meet our needs or to otherwise provide the capital necessary to conduct the development of our BioLED
Technology and commercialisation of our future Point-of-Care testing devices, which might result in the loss of some or all of your investment in our common stock. If we fail to obtain and maintain required regulatory approvals for our BioLED Technology and its potential Point-of-Care testing devices, our ability to commercialise the BioLED Technology will be limited severely. We must obtain the approval from the FDA and respective European regulatory bodies prior to the commercialisation of our future Point-of-Care testing devices. We may also be required to obtain additional approvals from foreign regulatory authorities to commence our marketing activities in those jurisdictions.  If we cannot demonstrate the safety, reliability and efficacy of our BioLED Technology, the Food and Drug Administration or other regulatory authorities could delay or withhold regulatory approval of our technology and our potential products. Furthermore, even if we obtain regulatory approval, that approval may be subject to limitations on the indicated uses for which they may be marketed.  Even after granting regulatory approval, the Food and Drug Administration, other regulatory agencies, and governments in other countries will continue to review and inspect marketed products, manufacturers and manufacturing facilities.  Later discovery of previously unknown problems with a product, manufacturer or facility may result in restrictions on the product or manufacturer, including a withdrawal of the product from the market.  Further, governmental regulatory agencies may establish additional regulations which could prevent or delay regulatory approval of our technology and our future Point-of-Care testing devices.        Even if we obtain regulatory approvals to commercialise our future Point-of-Care testing devices based on our BioLED Technology, we may encounter a lack of commercial acceptance of our Point-of-Care testing devices, which would impair the profitability of our business. We intend that our potential products will be used as an alternative to the specialized laboratories equipped with bulky and expensive equipment.  Current methods of laboratory testing have been widely practiced for a number of years, and our technology and products may not be accepted by the marketplace as readily as these or other competing processes and methodologies.  Additionally, our BioLED Technology may not be employed in all potential applications being investigated, and any reduction in applications would limit the market acceptance of our technology and our potential revenues.  As a result, even if we obtain all required regulatory approvals, we cannot be certain that our BioLED Technology will be adopted at a level that would allow us to operate profitably. If we do not keep pace with our competitors and with technological and market changes, our technology and products may become obsolete and our business may suffer. The market for our products is very competitive, is subject to rapid technological changes and varies for different individual products.  According to our market research, we believe that currently there are not many approaches in competition to our products, however, there are many  private companies from which information is difficult to obtain. Many of our competitors have significantly greater resources, more product candidates and have developed product candidates and processes that indirectly compete with our products.  Our competitors may have developed, or could in the future develop, new products that compete directly with our products or even render our products obsolete.  Our technology is designed to combine the use of microfluidics and pLED as the basis for Point-of-Care testing devices.  Even if we are able to demonstrate improved or equivalent results, researchers and practitioners may not use our products and we will suffer a competitive disadvantage.  Finally, to the extent that others develop new products that address the targeted application for our products, our business will suffer. We depend to a significant extent on certain key personnel, the loss of any of whom may materially and adversely affect our company. Our success depends on a significant extent to the continued services of certain highly qualified scientific and management personnel, including our President and Vice President, Platon Tzouvalis, our Chief Financial Officer, Ron Lizée, and our Chief Technology Officer, Manos Topoglidis.  We face competition for qualified personnel from numerous industry sources, and there can be no assurance that we will be able to attract and retain qualified personnel on acceptable terms.  The loss of service of any of our key personnel could have a material adverse effect on our operations or financial condition.  In the event of the loss of services of such personnel, no assurance can be given that we will be able to obtain the services of adequate replacement personnel.  We do not maintain key person insurance on the lives of any of our officers or employees. Our success depends in large part on our ability to develop and protect our BioLED Technology and its potential Point-of-Care testing devices.  If our patents and proprietary right agreements do not provide sufficient protection for our BioLED Technology and its potential Point-of-Care testing devices, our business and competitive position will suffer. We rely on an exclusive license relating to the BioLED Technology granted to us by Molecular Vision Limited.  If we materially breach such agreement or otherwise fail to materially comply with such agreement, or if such agreement expires or is otherwise terminated by us, we may lose our rights under the license granted by Molecular Vision Limited.  At the latest, the license will terminate when the patents underlying the license expire.  The underlying patents will expire in approximately 2018.  Also, the scope of the patents licensed to us may not be sufficiently broad to offer meaningful protection.  In addition, the patents licensed to us could be successfully challenged, invalidated or circumvented so that our patent rights would not create an effective competitive barrier.  We also intend to seek patent protection for any of our future Point-of-Care testing devices once we have completed their
development.  We also rely on proprietary know-how that we seek to protect, in part, by confidentiality agreements with our employees, consultants, suppliers and licensees.  These agreements may be breached, and we      might not have adequate remedies for any breach.  If this were to occur, our business and competitive position would suffer. We may be subject to intellectual property litigation such as patent infringement claims, which could adversely affect our business. Our success will also depend in part on our ability to develop our technology and commercially viable products without infringing the proprietary rights of others.  Although we have not been subject to any filed infringement claims, other patents could exist or could be filed which would prohibit or limit our ability to develop our BioLED Technology and market our potential Point-of-Care testing devices in the future.  In the event of an intellectual property dispute, we may be forced to litigate.  Intellectual property litigation would divert management's attention from developing our technology and marketing our future Point-of-Care testing devices and would force us to incur substantial costs regardless of whether we are successful.  An adverse outcome could subject us to significant liabilities to third parties, and force us to curtail or cease the development and commercialisation of our BioLED Technology. Potential product liability claims could adversely affect our future earnings and financial condition. We face an inherent business risk of exposure to product liability claims in the event that the use of our future products results in adverse affects.  As a result, we may incur significant product liability exposure.  We may not be able to maintain adequate levels of insurance at reasonable cost and/or reasonable terms.  Excessive insurance costs or uninsured claims would add to our future operating expenses and adversely affect our financial condition. Because some of our officers and directors are located in non-U.S. jurisdictions, you may have no effective recourse against the management for misconduct and may not be able to enforce judgement and civil liabilities against our officers, directors, experts and agents. Most of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of their assets are located outside the United States.  As a result, it may be difficult for you to enforce within the United States any judgments obtained against our officers or directors, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any U.S. state. RISKS RELATED TO OUR COMMON STOCK Because we do not intend to pay any dividends on our common stock, investors seeking dividend income or liquidity should not purchase shares of our common stock. We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate paying any such dividends for the foreseeable future.  Investors seeking dividend income or liquidity should not invest in our common stock. Our stock is considered a penny stock and certain securities rules may hamper the tradability of our shares in the market. Shares of our common stock are subject to rules adopted by the Securities and Exchange Commission that regulate broker-dealer practices in connection with transactions in penny stocks.  Penny stock is defined to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our common stock are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors.  The term accredited investor refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a
transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the      compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account.  The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to
these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. Management and Administration Services During the first half  of 2006  we occupied office space consisting of approximately 1,200 square feet, located at 38A Posidonos Avenue 17455 Alimos, Athens, Greece, for certain marketing support and research supervision functions.  We rent this space, along with reception, photocopy and facsimile transmission services from EuroGenet Labs, Inc. a related party for $2,000 per monthon a month to month basis.  On June 30, 2006 we terminated this arrangement with EuroGenet. On July 1, 2006 we entered into a management agreement with CASAD Sarl for office space and administration services for our corporate headquarters in Geneva Switzerland.  We currently occupy approximately 1500 sq. feet  on a month to month basis for a fee of $10,000 per month. PLAN OF OPERATION This discussion and analysis should be read in conjunction with our financial statements and the notes thereto included elsewhere in this annual report.  Our consolidated financial statements are prepared in accordance with United States generally accepted accounting principles.  All references to dollar amounts in this section are in United States dollars unless expressly stated otherwise.  Please see our Note on Forward Looking Statements and Risk Factors for a list of our risk factors. We are engaged in the business of the development of BioLED Technology, combining microfluidics and polymer Light Emitting Diodes (pLED) for use in future Point-of-Care diagnostic devices.  On May 22, 2006, we entered into a joint development agreement with Molecular Vision Limited to acquire the exclusive rights to develop and commercialize the BioLED Technology in the medical fields of diabetes management, cardiac diseases, sexually transmitted diseases and substances of abuse. Under the Joint Development Agreement, Molecular Vision Limited will continue to use reasonable endeavours to conduct research projects to further advance and develop the BioLED Technology.  In exchange for the research and development activities carried out by Molecular Vision Limited, we will pay Molecular Vision Limited the amount of £3,450,000 over the next 3 years as well as 30% of all gross revenue that we will receive
from any future sale/license of the developed Point-of-Care testing devices.  On February 13, 2007 we entered into a Development Agreement with Molecular Vision Ltd.. This agreement replaces the Development Agreement entered into on May 22, 2006. The replacement agreement extends terms for payments and amends various other terms. The replacement agreement also re-prices the exercise price of 2,000,000 options granted to Molecular Vision Ltd. from $2.00 to $0.50.  Over the next twelve months, we plan to continue our cooperation with Molecular Vision Limited to pursue our primary objective of developing the first generic prototype of the BioLED Technology platform.  We intend to first focus on the development of light sources, filters and detectors for fluorescence detection.  We also intend to develop microfluidics and microchips for blood handling and fine tuning integration of microchips for fluorescence detection. At the same time, we also intend to work with Molecular Vision Limited to begin setting up the prototype Point-of-Care testing device for diabetes management.  In this regard, we plan to begin evaluation and selection of      chemiluminescence assay.  We also plan to fabricate our first Point-of-Care device and hopefully by the summer of 2007 we will be able to conduct our first chemiluminescence based albumin and creatinine detection with urine samples.  When we are ready to begin regulatory activities, we may begin the process by determining exactly what we need to do and who we need to contact, for submitting all relevant files to the Food and Drug Administration (FDA) for approval. We have not generated any revenues and our operating activities have resulted in a loss of $158,142 for the three months ended March 31, 2007.  This negative cash flow is attributable to our operation expenses, including but not limited to, research and development expense and the payment of our audit fees and legal fees.  We anticipate that our operating expenses will increase as we intend to conduct detailed development of our first prototype Point-of-Care diagnostic device and work towards its completion.  We estimate our expenses in the next twelve months will be approximately $3,600,000, generally falling in two major categories: research and development costs and general and administrative expenses. Research and Development Costs For the next twelve months, we estimate that our research and development costs will be approximately $2,500,000.  We will make payments to Molecular Vision Limited as required under the Development Agreement for Molecular Vision Limited to carry out the research and development projects we have outlined for the next twelve months. General and Administrative Expenses For the next twelve months, we estimate that our general and administrative expenses will be approximately $1,100,000.  These expenses will include approximately $720,000 on consulting, stock-based compensation and investor relations, approximately $200,000 on office supplies, office rent, travel and accommodations and $180,000 on professional fees, which consist primarily of accounting, auditing fees for the year-end audit and legal fees for securities advice, directors liability insurance and cost of fundraising. We do not expect to generate any revenues in the next twelve months.  Our future products will likely not be ready for sale for at least 1 year, if at all. Results of Operations We have earned no revenue since our inception.  We are still in the development stage and do not anticipate earning any revenues until such time as we can establish an alliance with targeted companies to market or distribute the results of our research projects. However, we have been successful in attracting potential investors and shareholders through various private placements.    This has allowed our company to meet all of our overhead obligations as well as maintaining our continuous pursuit to complete our product research and development. During the first quarter of 2007 we sold 460,909 common shares in various private placements for total gross proceeds of $335,000. We incurred operating expenses in the amount of $158,142 for the three months ended March 31, 2007, compared with expenses of $364,484 the same period from the previous year.  The operating expenses of $158,142 incurred during the three (3) months ended March 31, 2007 included, $30,000 for rent and management fees, nil for research and development, $9,282 for office expenses, travel, bank charges (net of interest income), transfer agents, and foreign exchange, nil for public relations, $47,136 for appraisals, accounting, auditing and legal fees, $47,400 for consultations, and $24,324 for stock-based compensation. Financial Condition and Liquidity We had cash on hand of $257,176 as at March 31, 2007, compared with $4,552 as at March 31, 2006.  We had a working capital of $16,157 at March  31, 2007, compared to a working capital deficit of $185,025 as at March 31, 2006.        Our present cash reserves of $257,176 is only sufficient to meet our cash requirements for one or two months.  We will have to raise additional funds from the private placement of our securities to meet our budgeted operating expenses of $3,600,000 for the next twelve months. Subsequent to March 31, 2007, the Company sold 699,295 common shares @ $1.10 per share for total gross proceeds of $769,224, before any commission pay-outs and received another 100,000 share subscriptions @ $1.10 per share for a value of $110,000.  Our cash on hand plus the proceeds from the sale of shares was required to fulfill the majority of our obligations under our Development Agreement with Molecular Vision.  Prior to the filing of our quarterly 10-QSB for March 31, 2007, approximately $80,000 remained to be paid to Molecular Vision of the $1,128,438 required. If we are successful on completing an equity financing, existing shareholders will experience a dilution of their interest in our company.  In the event we are not successful in obtaining such financing when necessary, we may not be able to proceed with implementation of all our proposed projects in our business plan. Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders. Critical Accounting Policies and Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires our management to make estimates and assumptions that affect the reported amount 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. Our management routinely makes judgments and estimates about the effects of matters that are inherently uncertain. PART II  OTHER INFORMATION Item 1.
        Legal Proceedings We know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation.  There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder are an adverse party or has a material interest adverse to us. Item 2.
        Recent Sales of Unregistered Securities and Use of Proceeds None Item 3.
        Defaults Upon Senior Securities None Item 4.
        Submission of Matters to a Vote of Security Holders. The first proposal to elect Platon Tzouvalis, Ronald Lizée and Dr. Manos Topoglidis as directors or our Company was passed by 99.9% of the votes cast by shareholders, or 8,144,242 common shares in favour of the resolution, 0 common shares against the resolution and 3,200 common shares abstaining from the resolution. The second proposal to ratify the appointment of Amisano Hanson as the independent auditors of the Company was passed by 99.9% of the votes cast by shareholders, or 8,144,192 common shares in favour of the resolution, 3,200 common shares against the resolution and 50 common shares abstaining from the resolution.        Item 5.
        EXHIBITS.(3)
        Articles of Incorporation and By-laws3.1
        Articles of Incorporation (incorporated by reference from our registration statement on Form 10-SB filed May 24, 2002, as amended).3.2
        Bylaws, as amended (incorporated by reference from our registration statement on Form 10-SB filed May 24, 2002, as amended).(10)
        Material Contracts10.1
        Agreement for the Sale of Stock between our company and Dr. Leftheris Georgakopoulos dated February 13, 2006 (incorporated by reference from our current report on Form 8-K filed February 16, 2006).10.2
        Development Agreement between our company and Molecular Vision Limited.(31)
        Section 302 Certification31.1*
        Rule 13a-14(a) Certification of Principal Executive Officer.31.2*
        Rule 13a-14(a) Certification of Principal Financial Officer and Principal Accounting Officer.(32)
        Section 906 Certification32.1*
        Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2*
        Certification of Principal Financial Officer and Principal Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *filed herewith SIGNATURES In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ACRONGENOMICS, INC.  By:
        /s/ Platon Tzouvalis Platon Tzouvalis, President (Principal Executive Officer) Date: June 4, 2007 By:
        /s/ Ron Lizée Ron Lizée, Chief Financial Officer, Secretary and Director (Principal Financial Officer and Principal Accounting Officer) Date: June 4, 2007        Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By:
        /s/ Platon Tzouvalis Platon Tzouvalis, President (Principal Executive Officer) Date: June 4, 2007 By:
        /s/ Ron Lizée Ron Lizée, Chief Financial Officer, Secretary and Director (Principal Financial Officer and Principal Accounting Officer) Date: June 4, 2007