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 MAY 31, 2003 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
JUNE 30, 2003 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
                                  May 31, 2003


<TABLE>
<CAPTION>


PART I-- FINANCIAL INFORMATION                                                                    Page
                                                                                                  ----
<S>                                                                                                <C>
         ITEM 1.        Financial Statements

                        Balance Sheet as of August 31, 2002
                           and May 31, 2003                                                        3

                        Statement of Operations -- Three months ended
                           May 31, 2003 and May 31, 2002 and nine
                           months ended May 31, 2003 and May 31, 2002                              5

                        Statement of Changes in Shareholders' Equity
                           for the year ended August 31, 2002 and the
                           nine months ended May 31, 2003                                          6

                        Statement of Cash Flows -- Nine months ended
                           May 31, 2003 and May 31, 2002                                           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                                                                       14

</TABLE>

                                        2

<PAGE>



                         PART I -- FINANCIAL INFORMATION


ITEM 1 -- FINANCIAL STATEMENTS


PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET

                                                     May 31,   August 31,
ASSETS                                                2003         2002
                                                   ---------    ---------
                                                  (Unaudited)
CURRENT ASSETS
      Cash and cash equivalents                    $ 144,444    $ 200,751
      Certificates of deposit                         80,934       80,934
      Trade receivables                               41,733       37,191
      Accrued interest receivable                      2,433        1,057
      Inventories                                     62,699       56,997
      Other                                            2,587        1,787
                                                   ---------    ---------

                  Total current assets               334,830      378,717
                                                   ---------    ---------

EQUIPMENT AND LEASEHOLD IMPROVEMENTS
      Laboratory and production equipment            229,474      226,937
      Office furniture and equipment                  94,822       94,822
      Leasehold improvements                         138,426      138,426
                                                   ---------    ---------
                                                     462,722      460,185
      Less accumulated depreciation                 (432,372)    (412,012)
                                                   ---------    ---------

                                                      30,350       48,173
OTHER ASSETS
       Patents, net                                   42,194       44,828
                                                   ---------    ---------

                  TOTAL ASSETS                     $ 407,374    $ 471,718
                                                   =========    =========


See Notes to Financial Statements.


                                        3

<PAGE>



PROTIDE PHARMACEUTICALS, INC.
BALANCE SHEET


                                                 May 31,       August 31,
LIABILITIES AND SHAREHOLDERS' EQUITY              2003           2002
                                               -----------    -----------
                                               (Unaudited)
CURRENT LIABILITIES
      Accounts payable                         $    10,419    $    23,427
      Accrued liabilities                           31,265         30,056
      Bank note payable - current                   71,498         71,498
                                               -----------    -----------

                  Total current liabilities        113,182        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                       (5,578,390)    (5,525,845)
                                               -----------    -----------

                  Total shareholders' equity       294,192        346,737
                                               -----------    -----------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $   407,374    $   471,718
                                               ===========    ===========


See Notes to Financial Statements.


                                        4

<PAGE>



PROTIDE PHARMACEUTICALS, INC.
STATEMENT OF OPERATIONS
(Unaudited)


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
                                          Three months ended             Nine months ended
                                                 May 31,                      May 31,
                                           2003          2002           2003            2002
----------------------------------------------------------------------------------------------
<S>                                   <C>            <C>            <C>            <C>
REVENUES
  Net sales                           $   109,573    $   123,503    $   391,630    $   285,443
  Cost of products sold                    27,302         36,484         89,289        109,570
----------------------------------------------------------------------------------------------

GROSS MARGIN                               82,271         87,019        302,341        175,873
----------------------------------------------------------------------------------------------

OPERATING EXPENSES
  Research and development                 36,910         37,185        110,031        111,292
  Sales and operations                     30,769         27,702         87,258         83,818
  Administration                           47,398         49,481        158,071        159,705
----------------------------------------------------------------------------------------------

  Total operating expenses                115,077        114,368        355,360        354,815

OPERATING INCOME (LOSS)                   (32,806)       (27,349)       (53,019)      (178,942)

OTHER INCOME (EXPENSE)
  Interest and investment income              828          1,693          2,635          5,554
  Other income                                  0              0              0          3,645
  Interest expense                           (699)          (818)        (2,161)        (2,693)
----------------------------------------------------------------------------------------------

  Total other income, net                     129            875            474          6,506

NET INCOME (LOSS)                     ($   32,677)   ($   26,474)   ($   52,545)   ($  172,436)
==============================================================================================

BASIC AND DILUTED LOSS PER
COMMON SHARE                          ($     0.01)   ($     0.01)   ($     0.01)   ($     0.05)
----------------------------------------------------------------------------------------------

WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING               4,029,134      3,736,386      4,029,134      3,734,253
==============================================================================================
</TABLE>

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            --            --            --       (52,545)       (52,545)
-----------------------------------------------------------------------------------------------------

BALANCE AT MAY 31, 2003            4,029,134   $    40,291   $ 5,832,291   ($5,578,390)   $   294,192

</TABLE>





                                        6

<PAGE>



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

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                                                                      Nine months ended
                                                                          May 31,
                                                                   ---------------------
                                                                     2003         2002
----------------------------------------------------------------------------------------
<S>                                                               <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss for the period                                      ($ 52,545)   ($172,436)
     Adjustments to reconcile net loss to
       Net cash used in operating activities:
             Depreciation and amortization                           22,994       23,926
             Changes in assets and liabilities:
                  (Increase) decrease in:
                      Accounts receivable                            (4,542)     (20,293)
                      Accrued interest receivable                    (1,376)      (1,720)
                      Inventories                                    (5,702)      (4,140)
                      Other                                            (800)        (959)
                  Increase (decrease) in:
                      Accounts payable                              (13,008)      (4,685)
                      Accrued liabilities                             1,209      (22,905)
----------------------------------------------------------------------------------------

                      Net cash used in operating activities         (53,770)    (203,212)
----------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Maturity of bank certificates of deposit, net                        0       40,000
     Capital expenditures                                            (2,537)           0
----------------------------------------------------------------------------------------

                      Net cash from investing activities             (2,537)      40,000
----------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING:
     Proceeds from issuing common stock subscriptions                     0       65,004
     Principal payments on bank note payable                              0         (649)
----------------------------------------------------------------------------------------
                      Net cash provided by financing activities           0       64,355

                      Net decrease in cash
                        and cash equivalents                        (56,307)     (98,857)

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

     End of period                                                $ 144,444    $  98,343
========================================================================================

</TABLE>

See Notes to Financial Statements.


                                        7

<PAGE>




PROTIDE PHARMACEUTICALS, INC.
NOTES TO FINANCIAL STATEMENTS -- MAY 31, 2003


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 May 31, 2003, 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 and has been renewed annually. 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. Protide also provides contract
manufacturing for companies and educational institutions.

     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 cord blood stem cells. These products are
labeled for research use only, not for human use.

     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.


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.


                                        9

<PAGE>



     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. In March 2003 Protide
received notice that the European Patent Office intended to grant a patent for
ViaStem(TM). 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 12, 2003 the Company signed an agreement with the University of
Minnesota Physicians Outreach Laboratories (UMPOL), a Minnesota nonprofit
Corporation, to complete the preclinical testing for the Company's ViaStem(TM)
product. This agreement supersedes an agreement which was executed on March 31,
2000, by Protide with Fairview-University Medical Center (FUMC) University of
Minnesota, Minneapolis, MN. FUMC was to 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. This new PI will be part of the UMPOL
preclinical test program.

     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 China.

      In addition, the Company's Celox product line is distributed in Japan
through Funakoshi Co., LTD, a well-established Japanese distributor.

     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.

                                       10

<PAGE>




     RESULTS OF OPERATIONS

     During the quarter ended May 31, 2003, the Company had net sales of
$109,573 which was a decrease of $13,930 or 11% from $123,503 reported in the
same quarter for the prior fiscal year. For the nine months ended May 31, 2003
net sales totaled $391,630 versus $285,443 in the same period in the previous
fiscal year. This is an increase of $106,187 or 37% from the previous year. The
decrease between years for the current quarter as compared to the previous
fiscal year is attributable to decreased orders from the Pacific Rim countries
due to the SARS epidemic as well as a general reduction in repeat orders due to
the Iraq conflict, tensions in the Mideast and concerns over the West Nile virus
which has led to reduced cord blood collections and stem cell processing. The
large increase for the nine month reporting period results primarily from
increased sales of new products during the first six months of this fiscal year,
the amount and timing of contract manufacturing orders, and orders received from
distributors.

     The Company had a net loss of ($32,677) for the quarter ended May 31, 2003
compared to a net loss of ($26,474) for the same period in the previous fiscal
year. For the nine months ended May 31, 2003 the company had a net loss of
($52,545) compared to a net loss of ($172,436) for the comparable period in the
previous fiscal year. The net loss in the three month reporting period as
compared to the loss in the previous fiscal year results from a reduction in
sales as reported above coupled with a decrease in cost of sales and steady
operating expenses. For the nine month reporting period, the decreased loss
results from substantially increased sales, lower cost of sales and a small
increase in operating expenses. On a per share basis, the loss of ($32,677)
resulted in ($0.01) for the quarter ended May 31, 2003 compared to a loss of
($0.01) in the three months ended May 31, 2002. For the nine month reporting
period, the loss of ($52,545) equaled ($0.01) on a per share basis compared to a
loss of ($0.05) in the nine months ended May 31, 2002.

     The cost of products sold was $27,302 or 25% of net sales for the three
months ended May 31, 2003, as compared to $36,484 or 30% of net sales for the
three months ended May 31, 2002. The decreased percentage for the current
quarter results from the mix of products sold to higher margin products as
compared to the previous fiscal year. For the nine month period ending May 31,
2003 the cost of products sold was $89,289 or 23% of net sales compared to
$109,570 or 38% of sales for the nine months ended May 31, 2002. The decrease
between the nine month reporting periods results from substantially higher sales
and the mix of products sold.

     An operating loss of ($32,806) was generated for the quarter ended May 31,
2003 compared to an operating loss of ($27,349) for the same period in the
previous fiscal year. For the nine months ended May 31, 2003 an operating loss
of ($53,019) was generated compared to an operating loss of ($178,942) for the
nine months ended May 31, 2002. The increase between years for the three month
reporting period results from reduced sales coupled with slightly increased
operating expenses. The decrease between years for the nine month reporting
periods resulted from substantial sales increases offset slightly by increased
operating expenses.

     The Company received interest and investment income of $828 during the
quarter ended May 31, 2003 as compared to $1,693 in the prior fiscal year.
Interest and investment income for the nine months ended May 31, 2003 totaled
$2,635 versus $5,554 in the comparable reporting period in the previous fiscal
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.






                                       11

<PAGE>



     Operating expenses increased $709 (1%) to $115,077 from $114,368 for the
quarter ended May 31, 2003 as compared to the comparable reporting period in the
prior fiscal year. The small increase between the respective reporting periods
resulted from lower administrative and research and development expenses offset
by a small increase in sales and operations expenses. For the nine months ended
May 31, 2003 operating expenses increased by $545 to $355,360 from $354,815 for
the reporting period as compared to the prior fiscal year.

     Research and development costs decreased by $275 (1%) to $36,910 from
$37,185 for the three months ended May 31, 2003 as compared to the three months
ended May 31, 2002. For the nine months ended May 31, 2003 research and
development costs decreased by $1,261 (1%) to $110,031 from $111,292 from the
same reporting period in the prior fiscal year. The small decrease between years
for both of the respective reporting periods 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 ViaStemTM.

     Sales and operations expenses increased by $3,067 (11%) to $30,769 from
$27,702 for the three months ended May 31, 2003 as compared the comparable
reporting period in the previous fiscal year. For the nine month reporting
period ended May 31, 2003, sales and operations expenses increased by $3,440
(4%) to $87,258 from $83,818. The increase for the three month reporting period
as well as the six month reporting period as compared to the comparable periods
in the prior fiscal year results from increased commissions due to increased
sales offset by reduced expenditures in several other areas in the sales and
operations department. The Company expects that sales and operations expenses
will fluctuate based on sales volume, introduction of new products, new studies,
and as new advertising materials are developed.

     Administrative expenses decreased by $2,083 (4%) for the three months ended
May 31, 2003 compared to the comparable period in the previous fiscal year to
$47,398 from $49,481. The decrease for the three month reporting period as
compared to the previous fiscal year is due to lower salaries and benefits
offset by higher health insurance premiums. For the nine months ended May 31,
2003 administrative expenses decreased by $1,634 as compared to the previous
fiscal year to $158,071 from $159,705. The small decrease is a combination of
lower salaries and benefits offset by increased health insurance premiums as
well as reduced legal and professional fees expended in connection with the
introduction of new products, agreements and matters related to the advancement
of ViaStemTM.


LIQUIDITY AND CAPITAL RESOURCES

     Capital resources on hand at May 31, 2003 include cash and short-term
investments of $144,444 and net working capital of $221,648 This represents a
decrease of $56,307 (28%) in cash and short-term investments and a decrease of
$32,088 (13%) 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
lease term expires on January 31, 2004. The original lease contains provisions
for a renewal option for the Company. There is no guarantee however, that the
terms of a new lease will be equal to or better than the existing 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 2004. The balance of
the tenant improvements over this amount was paid with Company funds.





                                       12

<PAGE>






     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 $10,000 during fiscal 2003
on capital expenditures. This does not include costs for preclinical and
clinical trials for ViaStem(TM). Through May 2003 the Company has made capital
expenditures totaling $2,537. The Company believes that its capital resources on
hand at May 31, 2003 together with revenues from product sales, will be
sufficient to meet its cash requirements for the fiscal year.








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.












                                       13

<PAGE>



                          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     302 and 906 Certifications

           (B) REPORTS ON FORM 8-K

           None





                                   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: July 11, 2003              By: /s/ Milo R. Polovina
                                      ----------------------------------
                                      Milo R.  Polovina, President & CEO
                                      (Principal Financial Officer)



                                       14

<PAGE>




                            CERTIFICATION PURSUANT
                             TO U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO
                          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Milo R. Polovina, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Protide
Pharmaceuticals, Inc;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statement, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date with 90 days prior to the filing date of this report (
the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditor any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: July 11, 2003.
                                  By: /s/ Milo R. Polovina
                                      ----------------------------------
                                      Milo R. Polovina, Chairman of the
                                      Board, President & CEO






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<PAGE>


                            CERTIFICATION PURSUANT
                             TO U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO
                          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David E. Tess, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Protide
Pharmaceuticals, Inc;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statement, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date with 90 days prior to the filing date of this report (
the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditor any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: July 11, 2003.
                                  By: /s/ David E. Tess
                                      ----------------------------------
                                      David E. Tess
                                      Vice President Finance



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