U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(X)      Quarterly report under Section 13 of 15(d) of the Securities Exchange
         Act of 1934.

For the quarterly period ended NOVEMBER 30, 2002 or
                               -----------------

( )      Transition report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the transition period from __________ to __________.

Commission file number          0-19866
                       ----------------------------

                          PROTIDE PHARMACEUTICALS, INC.
                      (Exact name of small business issuer
                          as specified in its charter)

          MINNESOTA                                              36-3384240
-------------------------------                           ----------------------
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                           Identification Number)

1311 HELMO AVENUE, SAINT PAUL, MINNESOTA                              55128
--------------------------------------------------             -----------------
(Address of principal executive offices)             (Zip Code)


Issuers telephone number, including area code: (651) 730-1500


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

                               Yes _X_     No ___

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

THE NUMBER OF SHARES OF COMMON STOCK, PAR VALUE $.01 PER SHARE, OUTSTANDING ON
------------------------------------------------------------------------------
DECEMBER 31, 2002 WAS 4,029,134.
--------------------------------

Transitional small business format disclosure:

                               Yes ___     No _X_


                                       1
<PAGE>


                                Table of Contents

                          PROTIDE PHARMACEUTICALS, INC.
                          -----------------------------

                              Report on Form 10-QSB
                            for fiscal quarter ended
                                November 30, 2002

PART I-- FINANCIAL INFORMATION                                              Page
                                                                            ----

         ITEM 1.  Financial Statements

                  Balance Sheet as of August 31, 2002
                     and November 30, 2002                                    3

                  Statement of Operations-- Three months ended
                     November 30, 2002 and November 30, 2001                  5

                  Statement of Changes in Shareholders' Equity
                     for the year ended August 31, 2002 and the
                     three months ended November 30, 2002                     6

                  Statement of Cash Flows-- Three months ended
                     November 30, 2002 and November 30, 2001                  7

                  Notes to Financial Statements                               8


         ITEM 2.  Management's Discussion and Analysis of Financial
                     Conditions and Results of Operations                     9


PART II-- OTHER INFORMATION                                                  13


                                       2
<PAGE>


                         PART I -- FINANCIAL INFORMATION


ITEM 1 -- FINANCIAL STATEMENTS


PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET
                                              November 30,     August 31,
                                                 2002             2002
                                               ---------       ---------
ASSETS                                       (Unaudited)

CURRENT ASSETS

      Cash and cash equivalents                $ 165,473       $ 200,751
      Certificates of deposit                     80,934          80,934
      Trade receivables                           34,228          37,191
      Accrued interest receivable                  1,509           1,057
      Inventories                                 57,085          56,997
      Other                                        1,847           1,787
                                               ---------       ---------

                  Total current assets           341,076         378,717
                                               ---------       ---------

EQUIPMENT AND LEASEHOLD IMPROVEMENTS

      Laboratory and production equipment        226,937         226,937
      Office furniture and equipment              94,822          94,822
      Leasehold improvements                     138,426         138,426
                                               ---------       ---------
                                                 460,185         460,185
      Less accumulated depreciation             (418,789)       (412,012)
                                               ---------       ---------

                                                  41,396          48,173

OTHER ASSETS
       Patents, net                               43,950          44,828
                                               ---------       ---------

                  TOTAL ASSETS                 $ 426,422       $ 471,718
                                               =========       =========

See Notes to Financial Statements.


                                       3
<PAGE>


PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET


LIABILITIES AND SHAREHOLDERS' EQUITY
                                                  November 30,       August 31,
                                                      2002             2002
                                                  -----------       -----------
                                                  (Unaudited)
CURRENT LIABILITIES

      Accounts payable                            $    13,138       $    23,427

      Accrued liabilities                              31,800            30,056

      Bank note payable - current                      71,498            71,498
                                                  -----------       -----------

                  Total current liabilities           116,436           124,981
                                                  -----------       -----------

SHAREHOLDERS' EQUITY

      Common stock issued and outstanding              40,291            40,291

      Additional paid-in capital                    5,832,291         5,832,291
                                                  -----------       -----------
                                                    5,872,582         5,872,582

      Accumulated deficit                          (5,562,596)       (5,525,845)
                                                  -----------       -----------

                  Total shareholders' equity          309,986           346,737
                                                  -----------       -----------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY        $   426,422       $   471,718
                                                  ===========       ===========

See Notes to Financial Statements.


                                       4
<PAGE>


PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF OPERATIONS
(Unaudited)

--------------------------------------------------------------------------------
                                                        Three months ended
                                                           November 30,
                                                      2002              2001
--------------------------------------------------------------------------------
REVENUES

  Net sales                                       $   121,160       $    43,695

  Cost of products sold                                35,048            20,946
--------------------------------------------------------------------------------

GROSS MARGIN                                           86,112            22,749
--------------------------------------------------------------------------------
OPERATING EXPENSES

  Research and development                             35,451            35,621

  Marketing and sales                                  28,640            29,369

  Administration                                       59,000            54,994
--------------------------------------------------------------------------------
  Total operating expenses                            123,091           119,984

OPERATING LOSS                                        (36,979)          (97,235)

OTHER INCOME (EXPENSE)

  Interest and investment income                          959             2,116

  Interest expense                                       (731)           (1,022)
--------------------------------------------------------------------------------

  Total other income, net                                 228             1,094

NET LOSS                                          ($   36,751)      ($   96,141)
================================================================================

BASIC AND DILUTED LOSS PER COMMON SHARE
                                                  ($     0.01)      ($     0.03)

WEIGHTED AVERAGE NUMBER OF                          4,029,134         3,733,169
COMMON SHARES OUTSTANDING

================================================================================
 See Notes to Financial Statements


                                       5
<PAGE>


PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                                              Common Stock          Additional
                                         -----------------------      Paid-in     Accumulated
                                              Shares Amount           Capital       Deficit           Total
------------------------------------------------------------------------------------------------------------
<S>                                      <C>          <C>           <C>           <C>             <C>
BALANCE AT AUGUST 31, 2002               4,029,134    $   40,291    $5,832,291    ($5,525,845)    $  346,737

       Net loss for the period                                                        (36,751)       (36,751)
------------------------------------------------------------------------------------------------------------

BALANCE AT NOVEMBER 30, 2002             4,029,134    $   40,291    $5,832,291    ($5,562,596)    $  309,986
</TABLE>






                                       6
<PAGE>


PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF CASH FLOWS
(Unaudited)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
                                                                                      Three months
                                                                                          ended
                                                                                      November 30,
                                                                                ------------------------
                                                                                  2002            2001
--------------------------------------------------------------------------------------------------------
<S>                                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss for the period                                                      ($ 36,751)      ($ 96,141)
  Adjustments to reconcile net loss to
    Net cash used in operating activities:
          Depreciation and amortization                                            7,655           7,975
          Changes in assets and liabilities:
               (Increase) decrease in:
                   Accounts receivable                                             2,963           3,012
                   Accrued interest receivable                                      (452)            343
                   Inventories                                                       (88)         (1,229)
                   Other                                                             (60)         (1,285)
               Increase (decrease) in:
                   Accounts payable                                              (10,289)         (3,751)
                   Accrued liabilities                                             1,744         (24,506
--------------------------------------------------------------------------------------------------------

                   Net cash used in operating activities                         (35,278)       (115,582)
--------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Maturity of bank certificates of deposit, net                                        0          40,000
  Capital expenditures                                                                 0               0
--------------------------------------------------------------------------------------------------------

                   Net cash from investing activities                                  0          40,000
--------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING:
  Proceeds from issuing common stock subscriptions                                     0          25,004
  Principal payments on bank note payable                                              0            (477)
--------------------------------------------------------------------------------------------------------

                   Net cash provided by financing activities                     (35,278          24,527

                   Net increase (decrease) in cash
                     and cash equivalents                                        (35,278)        (51,055)

CASH AND CASH EQUIVALENTS:
  Beginning of period                                                            200,751         197,200
--------------------------------------------------------------------------------------------------------

  End of period                                                                $ 165,473       $ 146,145
========================================================================================================
</TABLE>

See Notes to Financial Statements.


                                       7
<PAGE>


PROTIDE PHARMACEUTICALS, INC.
NOTES TO FINANCIAL STATEMENTS -- NOVEMBER 30, 2002


NOTE A - BASIS OF PRESENTATION

     The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Item 310 of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
recurring adjustments) considered necessary for a fair presentation have been
included.

     The organization and business of the Company, accounting policies followed
by the Company and other information is contained in the notes to the Company's
financial statements filed as part of the Company's August 31, 2002 Form 10-KSB.
This quarterly report should be read in connection with such annual report.


NOTE B - CASH AND CASH EQUIVALENTS

     For purposes of reporting the statements of cash flows, the Company
considers all highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents.


NOTE C -  SHORT-TERM INVESTMENTS

     As of November 30, 2002, the Company had investments of $80,934 in
certificates of deposit. Certificates of deposit are made only with the highest
rated banks. The Company also utilizes a money market fund, which is restricted
by its charter to Tier 1 instruments, for a portion of its investments. At times
throughout the year, the Company's cash, cash equivalents and certificates of
deposit in financial institutions may exceed FDIC insurance limits. The Company
has not experienced any losses in such accounts.


NOTE D -  NOTES PAYABLE BANK

     During April 1997 the Company borrowed $100,000 from a local bank with the
proceeds used for financing a portion of the tenants' improvements in the
Company's new facility. In February 2001 the loan was renegotiated with a
different Bank. The new loan is secured by a certificate of deposit at this
bank. The interest rate for this loan, currently 4%, is tied to the certificate
of deposit rate.


NOTE E -  LOSS PER COMMON SHARE

     Basic loss per share is computed based upon the weighted average number of
common shares outstanding during the period. Stock options for 307,000 shares
were not included in the computation of diluted loss per share as the results
were antidilutive.


                                       8
<PAGE>


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


INTRODUCTION
     a. BACKGROUND AND PRODUCTS

     In January 2001 Celox Laboratories, Inc. and Protide Pharmaceuticals, Inc.,
merged with the surviving corporation named Protide Pharmaceuticals, Inc.

     Protide Pharmaceuticals, Inc. ("Protide" or the "Company") is a
biotechnology company devoted to the discovery, development and
commercialization of technologies and processes in clinical cell therapy and
transfusion medicine, specifically in the areas of cancer, genetic disorders,
cell engineering and transplantation. The focus of Protide is in the area of
gene therapy, cell therapy and contract manufacturing for companies and
educational institutions that are working in these areas.

     Celox Laboratories, Inc. will continue to market products that are sold for
research purposes. Celox was formed in 1985 as a Company that researches,
develops, manufactures, and markets cell biology products that are used in the
propagation of cells derived from mammals, including humans, and other species.
These specialized cell growth products are used primarily in academic,
pharmaceutical and other commercial laboratories to improve the growth,
productivity and quality of cell-derived medical and other biological products
such as vaccines, monoclonal antibodies, interferons, and human growth factor.
The Company has developed non-serum based products for the growth of human and
other mammalian cells.

     The Company markets more than 16 different research products under the
Celox Laboratories brand name. The Company's proprietary products consist of
four different serum-free supplements and two cell freezing solutions. The
Company also manufactures five basal media formulations, a series of buffered
saline solutions, other cell biology reagents, and a variety of custom
formulations.

     During the first quarter of fiscal 2001 the Company introduced the new
product STEMSOL(TM). STEMSOL(TM) is a sterile filtered, USP Grade Dimethyl
Sulfoxide (DMSO) used in a cryopreservation solution for, among other things,
bone marrow, peripheral-blood stem cells and cord blood preservations. In
addition, DMSO/Dextran was introduced in the first quarter of fiscal 2001 and is
also used as a cryopreservative for these critical cells. These products are
labeled for research use only, not for human use.

     The Company has received a Drug Master File classification from the Food
and Drug Administration (FDA) for TCM(TM). This classification could expedite
the FDA approval process for customers who want to use the Company's TCM(TM)
product for manufacturing purposes.

     During the third quarter of fiscal 2000, the Company entered into an
agreement to manufacture specialized solutions for the processing of pancreatic
islet cells for transplants. These cells may be used instead of whole organ
transplants. During the first quarter of fiscal 2002 an order was received from
a second transplant center for these specialized solutions. The revenue from
this order was reflected in the second quarter of fiscal 2002. Orders for these
solutions have continued in fiscal 2003.


                                       9
<PAGE>


     b. VIASTEM(TM)

     In March 1995, the Company filed a patent application for ViaStem(TM) in
the U.S. Patent and Trademark Office. The Company received the U.S. Patent in
early December 1996. This patent provides protection of the Company's
ViaStem(TM) technology through March of 2015. A second U.S. Patent was received
in August 1998. This second patent broadened the patented uses of ViaStem(TM) in
bone marrow transplantation and related therapies. The Company has also filed
the documents needed for an International Patent Application as required by the
Patent Cooperation Treaty. In October 1998 the Company received notice from the
New Zealand and Australian Patent Office that a patent on ViaStem(TM) had been
granted by each of the respective countries. In March 2000 notice was received
from the Patent Office in Canada that a patent had been issued for ViaStem(TM).
The Company received notice from the Russian Patent Office in May 2000 of the
official issue date for the patent for ViaStem(TM) in Russia. In March 2002 a
patent for ViaStem(TM) was received from the Mexican Patent Office. Protide
received notice from the Japan Patent Office that a patent on ViaStem(TM) had
been granted in Japan. Initial reports from other countries that have reviewed
the international patent application have been positive. Due to the unique
nature of ViaStem(TM), the Company pursued the patent process for this product.

     On March 31, 2000, Protide Pharmaceuticals, Inc. (the then wholly owned
subsidiary of Celox) entered into an agreement with Fairview-University Medical
Center (FUMC), Minneapolis, MN. FUMC will provide collecting, processing and
assaying of human peripheral blood stem cells as part of Protide's clinical
investigation of ViaStem(TM). In the second quarter of fiscal 2002, the FUMC
named a new Principal Investigator (PI) at the University of Minnesota to
complete the additional information requested by the FDA after the departure of
the original PI from the University.

     During May 2000 the Company submitted an application to the Food and Drug
Administration (FDA) to initiate human clinical trials for ViaStem(TM). This was
the first submission ever made by the Company to the FDA for testing in human
subjects. In August 2000 the Company announced that it had received notice from
the FDA that the clinical trial on had been placed on clinical hold pending
further information. The Company intends to submit the additional requested
information to the FDA in the near future.


     c. DISTRIBUTION/MARKETING

     The Company continues to sell its products on a direct basis to customers
around the world. In addition the Company has formed the following distribution
avenues:

     The Company has a nonexclusive worldwide distribution agreement with ICN
Pharmaceuticals, Inc. (NYSE:ICN), Costa Mesa, CA. Under the agreement, ICN is
marketing Celox' TCM(TM), TCH(TM), TM-235(TM) serum replacement products as well
as Cellvation(TM). The Company has also entered into an agreement with ICN to
custom manufacture certain of the Company's basal media and balanced salt
solutions to ICN for worldwide distribution. ICN manufactures and markets a
broad range of prescription and over-the-counter pharmaceuticals, medical
diagnostic products and biotechnology research products in North and Latin
America, Eastern and Western Europe and the Pacific Rim countries.

     In 1997, the Company began providing its proprietary products to Sigma
Chemical Company (NASDAQ:SIAL), St. Louis, MO. under a private label
distribution agreement for worldwide distribution.

     In 1997, the Company entered into a nonexclusive distribution agreement
with TaKaRa Shuzo Co., Ltd., Biomedical Group, Kyoto, Japan. Under the
agreement, TaKaRa will initially market Celox' proprietary product
Cellvation(TM). TaKaRa's Biomedical Group leads the industry in several areas
owing to the international scope of its research operations which span from the
People's Republic of China to North America and Europe. TaKaRa will market
Cellvation(TM) in Japan, Taiwan, Korea and People's Republic of China.


                                       10
<PAGE>


     The Company also has distribution of its STEMSOL(TM) and DMSO/Dextran
products in Europe and the Pacific Rim through various non-exclusive agreements
with local distributors. In addition, the Company's product line is distributed
in Japan through Funakoshi Co., LTD, a well-established Japanese distributor.


     RESULTS OF OPERATIONS

     During the quarter ended November 30, 2002, the Company had net sales of
$121,160 which was an increase of $77,465 or 177% from $43,695 reported in the
same quarter for the prior year. The increase between years results primarily
from the amount and timing of custom orders, orders received from distributors
and increased sales of the new products.

     The Company had a net loss of $36,751 for the quarter ended November 30,
2002 compared to a net loss of $96,141 for the same period in the previous year.
The decreased loss results from substantially increased sales offset somewhat by
a small increase in operating expenses. On a per share basis, the loss for the
quarter ended November 30, 2002 equaled .009 which was rounded up to 1 cent
versus a 3 cent loss in the comparable period in fiscal 2001.

     The cost of products sold was $35,048 or 29% of net sales for the three
months ended November 30, 2002, as compared to $20,946 or 48% of net sales for
the three months ended November 30, 2001. The decreased percentage for the
current quarter results from substantially higher sales as well as the mix of
products sold.

     An operating loss of $36,979 was generated for the quarter ended November
30, 2002 compared to an operating loss of $97,235 for the same period in the
previous year. The decrease between years resulted from substantial sales
increases along with decreases in marketing and sales and research and
development expenses offset by increased administrative expenses.

     The Company received interest and investment income of $959 during the
quarter ended November 30, 2002 as compared to $2,116 in the prior year.
Investment income is derived primarily from the investment of the proceeds from
recent private placements. The decrease in investment income during the quarter
and the nine month reporting period as compared to the previous year results
from significantly lower interest rates available for investment balances.

     Operating expenses increased $3,107 (3%) to $123,091 from $119,984 for the
quarter ended November 30, 2002 as compared to the prior year. The increase for
the reporting period as compared to the prior fiscal year results from an
increase in administrative costs offset by lower marketing and sales expenses
and lower research and development expenses.

     Research and development costs decreased by $200 to $35,451 from $35,621 in
the current quarter as compared to the previous fiscal year. The small decrease
between years results from lower expenditures in the areas of salaries and
professional fees as compared to the prior year. The Company expects the costs
of research and development to fluctuate based on the status of preclinical and
clinical trials for ViaStem(TM).

     Marketing expenses decreased by $729 (2%) to $28,640 from $29,369 for the
quarter ended November 30, 2002 as compared to the previous year. The decrease
for the current quarter as compared to the prior fiscal year results from
reduced expenditures in several areas in the marketing department. The Company
expects that marketing and sales expenses will fluctuate based on introduction
of new products, new studies, and as new advertising materials are developed.


                                       11
<PAGE>


     Administrative expenses increased by $4,006 (7%) for the quarter ended
November 30, 2002 compared to the previous fiscal year to $59,000 from $54,994
The increase for the three month reporting period is due to higher health
insurance premiums as well as the amount and timing of legal and professional
fees expended in connection with the introduction of new products, agreements
and matters related to the advancement of ViaStem(TM).


LIQUIDITY AND CAPITAL RESOURCES

     Capital resources on hand at November 30, 2002 include cash and short-term
investments of $165,473 and net working capital of $224,640. This represents a
decrease of $35,278 (18%) in cash and short-term investments and a decrease of
$29,096 (11%) in net working capital as compared to August 31, 2002.

     The Company is leasing approximately 9,500 square feet of office,
laboratory and warehouse space in St. Paul, MN under a seven year lease. The
Company moved into the new facility during March 1997. As partial payment for
tenant improvements in the new facility, the Company borrowed $100,000 from a
local bank. In February 2000 the loan was renegotiated with a different bank.
The new loan is secured by a certificate of deposit at this bank. The interest
rate for this loan, currently 4%, is tied to the certificate of deposit rate.
The loan is for a one year term with a maturity in February 2003. The balance of
the tenant improvements over this amount was paid with Company funds.

     During the second quarter of fiscal 2001, 50,000 shares were issued as a
result of a private placement participant exercising warrants.

     During the fourth quarter of fiscal 2001, the Company sold subscriptions
for 157,659 units of common stock and a warrant at $0.47 per unit in a private
offering.

     The Company sold additional subscriptions for 53,200 units of common stock
and a warrant for $0.47 in the first quarter of fiscal 2002 and additional
subscriptions for 85,106 units of common stock and a warrant for $0.47 in the
second quarter of fiscal 2002.

     The Company intends to pursue additional financing, subject to prevailing
market conditions. There is no guarantee however, that the Company will be able
to successfully raise an adequate amount of additional funds with terms that are
favorable to the Company. In addition, there can be no assurance that the
Company will be able to obtain the necessary FDA approvals for ViaStem(TM).

     The Company anticipates spending approximately $30,000 during fiscal 2003
on capital expenditures. This does not include costs for clinical trials for
ViaStem(TM). Through November 2002 the Company has made no capital expenditures.
The Company believes that its capital resources on hand at November 30, 2002
together with revenues from product sales, will be sufficient to meet its cash
requirements for the fiscal year.


                                       12
<PAGE>


FORWARD LOOKING INFORMATION

     Information contained in this Form 10-QSB contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, which can be identified by the use of forward-looking terminology such
as "may", "will", "expect", "plan", "anticipate", "estimate" or "continue" or
the negative thereof or other variations thereon or comparable terminology.
There are certain important factors that could cause results to differ
materially from those anticipated by some of these forward-looking statements.
Investors are cautioned that all forward-looking statements involve risks and
uncertainty. The factors, among others, that could cause actual results to
differ materially include the Company's ability to obtain FDA approval for its
clinical products, the ability of the Company to raise additional capital and
the ability to execute its business plan.


                          PART II -- OTHER INFORMATION


ITEM I. -- LEGAL PROCEEDINGS

     The Company is not presently involved in any material legal proceedings.


ITEM 2. -- CHANGES IN SECURITIES

     None


ITEM 3. -- DEFAULTS UPON SENIOR SECURITIES

     None


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

     None


ITEM 5. -- OTHER INFORMATION

     None


ITEM 6. -- (A) EXHIBITS

               99.1   906 Certifications

           (B) REPORTS ON FORM 8-K

               None


                                       13
<PAGE>


                                   SIGNATURES

     In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                               PROTIDE PHARMACEUTICALS, INC.


Dated: January 10, 2003                    By: /S/ Milo R. Polovina
                                               ---------------------------------
                                               Milo R. Polovina, President & CEO
                                               (Principal Financial Officer)


                                       14