SECURITIES  AND  EXCHANGE  COMMISSION
              Washington,  D.C.  20549

                    FORM  10-QSB
(Mark  One)
[X]  QUARTERLY  REPORT  UNDER  SECTION  13  OR  15(d)
     OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934

          For  the  quarterly  period  ended
                   September  30,  2001
or

[  ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR
      15(d)  OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934
      For  the  transition  period  from    to

          Commission  file  number   0-29699

           GALENA  ACQUISITION  CORPORATION
   (Exact  name  of  registrant  as  specified  in  its
                     charter)

Delaware                              52-2218872

(State  or  other  jurisdiction    (I.R.S.  Employer
of  incorporation  organization)    or  Identification
                                    No.)

               128  Joo  Seng  Road
            #03-00  Singapore  368356

(Address  of  principal  executive  offices  (zip  code)

                011  65  96852238

(Registrant's  telephone  number,  including  area  code)

Indicate  by  check  mark  whether  the  registrant  (1)
filed  all  reports  required  to  be  filed  by  Section
13  or  15(d)  of  the  Securities  Exchange  Act  of  1934
during  the  last  12  months  (or  for  such  shorter
period  that  the  registrant  was  required  to  file
such  reports),  and  (2)  has  been  subject  to  such
filing  requirements  for  the  past  90  days.

Yes   X                  No

Indicate  the  number  of  shares  outstanding  of  each
of  the  issuer's  classes  of  common  equity,  as  of  the
latest  practicable  date.

Class                 Outstanding  at  September 30, 2001
Common  Stock,
------------------    -----------------------------
par  value  $0.0001                6,750,000


<PAGE>
           PART  I  --  FINANCIAL  INFORMATION

ITEM  1.  FINANCIAL  STATEMENTS

           GALENA  ACQUISITION  CORPORATION
           (A  Development  Stage  Company)
                As  of  September  30,  2001
                    (Unaudited)

                       ASSETS

Cash
                                     $    375
                                     --------
TOTAL  ASSETS                         $   375
                                     ========

LIABILITIES  AND  STOCKHOLDER'S  EQUITY

LIABILITIES                          $     -
                                     --------
STOCKHOLDER'S  EQUITY

Preferred  Stock,  $.0001  par
 value,  200,000,000  shares
 authorized,  none  issued  and
 outstanding                               -

Common  Stock,  $.0001  par  value,
 500,000,000  shares  authorized,
 6,750,000  issued  and  outstanding     675
Additional  paid-in  capital             535
Deficit  accumulated  during
 development  stage                     (835)
                                       --------
                                         375
                                       --------
Total  Stockholder's  Equity             375
                                       --------
TOTAL  LIABILITIES  AND
   STOCKHOLDER'S  EQUITY               $ 375
                                       ========

  See  accompanying  notes  to  financial  statements

<PAGE>


<TABLE>
<CAPTION>
           GALENA  ACQUISITION  CORPORATION
           (A  Development  Stage  Company)
               Statement  of  Operations


<BTB>            For  the three        For  the three        For the nine          For the nine          March  24,1999
                 Months  Ended         Months  ended         Months ended          Months ended          (Inception)to
                 September  30,2001    September 30, 2000    September 30, 2001    September 30, 2000    September  30, 2001

<S>                    <C>              <C>                        <C>                   <C>                   <C>
Income             $     -               $     -               $      -            $    -                 $    -

Expenses
  Organization           -                     -                      -                 -                     535
  Expenses

  General  and
  Administrative
  Expenses                                     -                    300                 -                     300
                  ----------           ------------------     -----------------    -----------------      ----------------

Total  expenses                                -                    300                 -                     835
                  ----------           ------------------     -----------------    -----------------      ----------------
NET  LOSS                                      -                   (300)                -                    (835)
                   =========           ==================     =================    =================      ================

NET  LOSS  PER
SHARE  BASIC  AND
DILUTED            $    -                $     -              $  (.0001)             $  -                 $ (.0002)
                   =========           ==================     =================    =================      ================

WEIGHTED  AVERAGE
NUMBER  OF  SHARES
BASIC AND DILUTED  6,750,000                5,000,000          5,706,140             5,000,000            5,291,403
                   =========           ==================     =================    =================      ================

</TABLE>
               See  accompanying  notes  to  financial  statements



<PAGE>


             GALENA  ACQUISITION  CORPORATION
            (A  Development  Stage  Company)
        Statement  of  Changes  in  Stockholder's  Equity
       For  the  Period  From  March  24,  1999  (Inception)
                      To  September  30,  2001

                                                      Deficit
                                                      Accumu-
                                                      lated
                                                      During
                      Common  Stock       Additional  Develop-
                                           Paid-In     ment
                      Shares     Amount    Capital     Stage     Total

Common  Stock
  Issuance           5,000,000    $  500   $  -       $  -      $  500

Contribution  of
 Services               -            -       535         -         535

Net  loss  for
 nine  months
 ended  December
 31,  1999               -            -        -         (535)   (535)
                      --------     -----   ------       -----    -----
Balance  at
 December 31, 1999    5,000,000      500     535         (535)    500

Net  loss  for  the
 year  ended  December
 31,  2000                -           -        -            -       -
                       --------     -----   ------       -----    -----
Balance  at  December
 31,  2000            5,000,000      500     535         (535)    500

Common  stock  issued
 for  cash            6,500,000      650       -            -     650

Purchase  and
  cancellation  of
  common  stock      (4,750,000)    (475)      -           -     (475)

Net  loss  for  the
 nine  months  ended
 September  30,  2001     -            -       -         (300)   (300)
                       --------     ------   ------     ------   -----
BALANCE  AT
SEPTEMBER  30,  2001  6,750,000     $ 675     $535      $(835)    $375
                     ==========     ======   ======     ======   =====

                See  accompanying  notes  to  financial  statements



<PAGE>

<TABLE>
<CAPTION>
                        GALENA  ACQUISITION  CORPORATION
                        (A  Development  Stage  Company)
                           Statements  of  Cash  Flows

                                                                       March  24, 1999
<BTB>                                September 30,    September 30,    (Inception) to
                                         2001           2000           September  30, 2001

CASH  FLOWS  FROM  OPERATING
    ACTIVITIES:
<S>                                        <C>          <C>                <C>
Net loss                                $ (300)         $  -               (835)
 Adjustment  to  reconcile  net
 loss  to  net  cash
 used  by  operating  activities

 Contributed  expenses                      -              -                535
                                         --------      ---------        ----------
 Net  cash  used  in  Operating
  Activities                              (300)            -               (300)
                                         --------      ---------        ----------
CASH  FLOWS  FROM  INVESTING
 ACTIVITIES                                -               -                  -
                                         --------      ---------        ----------
CASH  FLOWS  FROM  FINANCING  ACTIVITIES:

 Purchase  and  cancellation  of
    Common stock                          (475)            -               (475)

 Proceeds  from  issuance  of
  common  stock                            650             -              1,150
                                         --------      ---------        ----------
Net  cash  provided  by
 financing  activities                     175             -                675
                                         --------      ---------        ----------
INCREASE  (DECREASE)IN
  CASH AND CASH EQUIVALENTS               (125)            -                375

CASH  AND  CASH  EQUIVALENTS
 BEGINNING  OF PERIOD                      500            500                 -
                                         --------      ---------         ----------
CASH  AND  CASH  EQUIVALENTS
  END  OF PERIOD                         $ 375          $ 500            $  375
                                         ========      =========         ==========

</TABLE>

NOTE  1  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

A.  Organization  and  Business  Operations

     Galena  Acquisition  Corporation  (a  development
stage  company)  ("the  Company")  was  incorporated  in
Delaware  on  March  24,  1999  to  serve  as  a  vehicle  to
effect  a  merger,  exchange  of  capital  stock,  asset
acquisition  or  other  business  combination  with  a
domestic  or  foreign  private  business.

     On  March  28,  2001,  the  Company  increased  its
authorized  capital  from  a  total  of  120,000,000
shares,  consisting  of  100,000,000  common  shares  and
20,000,000  undesignated  preferred  shares,  to  a
total  of  700,000,000  shares,  consisting  of
500,000,000  common  shares  and  200,000,000
undesignated  preferred  shares.

     On  March  30,  2001,  the  Company  issued
6,500,000  common  shares  to  Janford  International
Limited,  a  Hong  Kong  corporation,  for  a  total
price  of  $650  and  redeemed  and  cancelled  4,750,000
of  the  outstanding  5,000,000  common  shares  owned  by
TPG  Capital  Corporation,  its  then  sole  shareholder,
for  a  total  price  of  $475.

   At  September  30,  2001,  the  Company  had  not  yet
commenced  any  formal  business  operations,  and  all
activity  to  date  relates  to  the  Company's
formation.  The  Company's  fiscal  year  end  is
December  31.

The  Company's  ability  to  commence  operations  is
contingent  upon  its  ability  to  identify  a
prospective  target  business  or  otherwise  raise
additional  capital.

B.  Use  of  Estimates

     The  preparation  of  the  financial  statements
requires  management  to  make  estimates  and
assumptions  that  affect  the  reported  amounts  of
assets  and  liabilities  and  disclosure  of  contingent
assets  and  liabilities  at  the  date  of  the  financial
statements  and  the  reported  amounts  of  revenues  and
expenses  during  the  reporting  period.  Actual
results  could  differ  from  those  estimates.

C.  Cash  and  Cash  Equivalents

     For  purposes  of  the  statement  of  cash  flows,
the  Company  considers  all  highly  liquid  investments
purchased  with  an  original  maturity  of  three  months
or  less  to  be  cash  equivalents.

D.  Income  Taxes

     The  Company  accounts  for  income  taxes  under
the  Financial  Accounting  Standards  Board  of
Financial  Accounting  Standards  No.  109,  "Accounting
for  Income  Taxes"  ("Statement  109").  Under
Statement  109,  deferred  tax  assets  and  liabilities
are  recognized  for  the  future  tax  consequences
attributable  to  differences  between  the  financial
statement  carrying  amounts  of  existing  assets  and
liabilities  and  their  respective  tax  basis.
Deferred  tax  assets  and  liabilities  are  measured
using  enacted  tax  rates  expected  to  apply  to
taxable  income  in  the  years  in  which  those
temporary  differences  are  expected  to  be  recovered
or  settled.  Under  Statement  109,  the  effect  on
deferred  tax  assets  and  liabilities  of  a  change  in
tax  rates  is  recognized  in  income  in  the  period
that  includes  the  enactment  date.  There  were  no
current  or  deferred  income  tax  expense  or  benefits
due  to  the  Company  not  having  any  material
operations  for  the  period  ending September 30,  2001.

NOTE  2  STOCKHOLDER'S  EQUITY

        A.  Preferred  Stock

     As  of  September  30, 2001 the Company was authorized to issue 200,000,000
shares  of  preferred  stock at $.0001 par value, with such designations, voting
and  other  rights and preferences as may be determined from time to time by the
Board  of  Directors.


        B.  Common  Stock

     As  of  September  30, 2001 the Company was authorized to issue 500,000,000
shares  of  common  stock  at $.0001 par value. At inception, the Company issued
5,000,000 shares of its common stock to TPG Capital Corporation ("TPG") pursuant
to  Rule  506  for  an  aggregate  consideration of $500 of which 4,750,000 were
redeemed  and  cancelled  for an aggregate redemption price of $475 on March 30,
2001.  On March 30, 2001, the Company issued 6,500,000 shares of common stock to
Janford  International  Ltd.,  a  Hong  Kong  corporation,  for  an  aggregate
consideration  of  $650  resulting  in  a  change  of  control  of  the Company.


      C.  Additional  Paid-In  Capital

     Additional  paid-in  capital  at  September 30,
2001  represents  the  fair  value  of  the  amount  of
organization  and  professional  costs  incurred  by  TPG
on  behalf  of  the  Company.  (See  Note  3)

NOTE  3  AGREEMENT

     On  March  24,  1999,  the  Company  signed  an
agreement  with  TPG,  a  related  entity  (See  Note  4).
The  Agreement  called  for  TPG  to  provide  the
following  services,  without  reimbursement  from  the
Company,  until  the  Company  entered  into  a  business
combination  as  described  in  Note  1A:

       1.  Preparation  and  filing  of  required
            documents  with  the  Securities  and
            Exchange  Commission.
       2.  Location  and  review  of  potential  target
            companies.
       3.  Payment  of  all  corporate,
            organizational,  and  other  costs
            incurred  by  the  Company.


NOTE  4    RELATED  PARTIES

     Legal  counsel  to  the  Company  is  a  firm  owned
by  a  former  director  of  the  Company  who  also  owns  a
controlling  interest  in  the  outstanding  stock  of
TPG.

      Janford  International  Limited,  the
controlling  shareholder  of  the  Company,  (See  Note
2(B))  is  controlled  by  the  sole  director  and
president  of  the  Company.

NOTE 5  SUBSEQUENT EVENTS

  On October 2, 2001 the Company filed a Certificate
of Amendment to the Company's Certificate of Incorporation with the Secretary
of State of the State of Delaware changing the par value of the Company's
preferred stock from $.0001 per share to $.10 per share.



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

         Management  of  the  Registrant  is
considering  making  an  acquisition  or  other
business  combination  offer  to  a  certain  public
Australian  corporation.  If  the  Registrant  does
pursue  such  an  offer,  there  will  be  significant
obstacles  to  its  conclusion,  including  negotiating
the  terms  of  the  offer,  arranging  financing,  if
required,  and  obtaining  required  approvals  by  the
Australian  company  and\or  its  shareholders.  In
addition,  the  acquisition  offer  may  require  review
and\or  approval  by  appropriate  agencies  of  the
Australian  Government,  which  might  either  prohibit
the  transaction  or  require  modifications  in  its
terms  which  might  be  unacceptable  to  one  or  both
parties.  The  offer  may  not  be  made,  or,  if  made,
may  not  be  accepted.

           PART  II  --  OTHER  INFORMATION

ITEM  1.  LEGAL  PROCEEDINGS

     There  are  no  legal  proceedings  against  the
Company  and  the  Company  is  unaware  of  such
proceedings  contemplated  against  it.

ITEM  2.  CHANGES  IN  SECURITIES

     Not  applicable.

ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES

     Not  applicable.

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

     Not  applicable.

ITEM  5.  OTHER  INFORMATION

     Not Applicable.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

     (a)     Exhibits

     (b)     Reports  on  Form  8-K

                    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.


GALENA  ACQUISITION  CORPORATION

By:  /s/  Patrick  Peh
         President

Dated:  October 25, 2001