FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                Quarterly Report Under Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

For Quarter Ended November 30, 2001  Commission File Number  0-7405

                          MEDISCIENCE TECHNOLOGY CORP.
--------------------------------------------------------------------------------
  (Exact Name of Registrant as Specified in its Certificate of Incorporation)


                                   New Jersey
--------------------------------------------------------------------------------
         (State or other jurisdiction on incorporation or organization)


                                   22-1937826
--------------------------------------------------------------------------------
                    (I.R.S. Employer Identification Number)


               1235 Folkestone Way, Cherry Hill, New Jersey 08034
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


(Registrant's telephone number, including area code)  609-428-7952
                                                      ------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No

Registrant has not been involved in bankruptcy proceedings during the preceding
five years.

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of November 30, 2001.


            Title of Class                    Number of Shares Outstanding
            --------------                    ----------------------------
        Common Stock, par value                        36,926,870
           $.01 per share



<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
                                NOVEMBER 30, 2001


                                      INDEX
                                      -----


                                                                          PAGE
                                                                          ----
PART I.   Financial Information
Item 1.   Consolidated Financial Statements
          Consolidated Balance Sheets as at November 30, 2001
          (Unaudited) and February 28, 2001 (Audited)                       1
          Consolidated Statement of Operations for the Nine and
          Three Months Ended November 30, 2001 (Unaudited) and
          November 30, 2000 (Unaudited)                                     2
          Consolidated Statement of Cash Flows for the Nine
          Months Ended November 30 , 2001 (Unaudited) and
          November 30, 2000 (Unaudited)                                     3
          Consolidated Statement of Stockholders' Deficiency for
          the Nine Months Ended November 30, 2001 (Unaudited)               4
          Consolidated Statement of Stockholders' Deficiency for
          the Nine Months Ended November 30, 2000 (Unaudited)               5
          Exhibit to Statements of Operations                               6
          Notes to Financial Statements                                     7
Item 2.   Management's Plan of Operation                                  8 - 9
PART II.  Other Information                                                10
Item 1.   Legal Proceedings
Item 2.   Changes in Securities
Item 3.   Defaults Upon Senior Securities
Item 4.   Submission of Matters to Vote of Security Holders
Item 5.   Other Information
Item 6.   Exhibits and Reports on Form 8-K



<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                     ASSETS
                                     ------

                                                                November 30, 2001  February 28, 2001
                                                                   (Unaudited)        (Audited)
                                                                  ------------       ------------
<S>                                                               <C>                <C>
CURRENT ASSETS
--------------
      Cash and Cash Equivalents                                             --       $      7,120
      Other Assets                                                          --                 --
                                                                  ------------       ------------
           Total Current Assets                                             --              7,120
                                                                  ------------       ------------
PROPERTY, PLANT AND EQUIPMENT
                                                                                     ------------
      Net of Accumulated Depreciation $201,811 -
        November 30, 2001; $199,178 - February 28, 2001                  2,167              4,800
                                                                  ------------       ------------

TOTAL ASSETS                                                      $      2,167       $     11,920
                                                                                     ------------
                                                                  ============       ============
                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY
                    ----------------------------------------
CURRENT LIABILITIES
      Accounts Payable                                            $     12,171       $     14,943
      Other Accrued Liabilities                                      2,392,414          2,127,028
      Officer and Other Loans                                          167,729            152,229
                                                                  ------------       ------------
           Total Current Liabilities                                 2,572,314          2,294,200
                                                                  ------------       ------------
STOCKHOLDERS' DEFICIENCY
      Preferred Stock - $.01 Par Value; Authorized
        50,000 Shrs; Outstanding 2,074 Shrs;
        (Preference on Liquidation $20,740)                                 --                 21
      Common Stock $.01 Par Value, Authorized
        39,950,000 Shares; Outstanding 36,926,870 Shares               369,269            362,761
      Additional Paid-in Capital                                    18,385,990         18,274,977
      Accumulated Deficit                                          (21,325,406)       (20,920,039)
                                                                  ------------       ------------
           Total Stockholders' Deficiency                           (2,570,147)        (2,282,280)
                                                                  ------------       ------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIENCY                      $      2,167       $     11,920
--------------------------------------------                      ============       ============
</TABLE>



                "See Accompanying Notes to Financial Statements."

                                        1

<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
                      CONSOLIDATED STATEMENT OF OPERATIONS
              FOR THE NINE MONTHS ENDED NOVEMBER 30, 2001 AND 2000
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                   NINE MONTHS                         THREE MONTHS
                                        -------------------------------       -------------------------------
                                            2001               2000               2001               2000
                                            ----               ----               ----               ----
<S>                                     <C>                <C>                <C>                <C>
Net Sales                               $         --       $         --       $         --       $         --
Cost of Sales                                     --                 --                 --                 --
                                        ------------       ------------       ------------       ------------
      Gross Profit                                --                 --
General and Administrative Expense           362,964            535,567             75,741            173,343
Product Development Expense                       --                 --                 --                 --
Advertising, Travel and Marketing             42,570             37,997              8,565              2,456
                                        ------------       ------------       ------------       ------------
      Total Expenses                         405,534            573,564             84,306            175,799
                                        ------------       ------------       ------------       ------------
Other Income                                     167                434                 42                 46
                                        ------------       ------------       ------------       ------------
Net Loss                                $   (405,367)      $   (573,130)      $    (84,264)      $   (175,753)
                                        ============       ============       ============       ============
Net Loss Per Common Share, Basic
    and Diluted                         $       (.01)      $       (.02)                $-       $      (0.01)
                                        ============       ============       ============       ============
Weighted Average Number of Shares
  of Common Stock Outstanding             36,606,212         36,181,686         36,879,710         36,226,130
                                        ============       ============       ============       ============
</TABLE>


      Supplemental Disclosure

           In November 2001, Preferred Shareholders converted 1 share of
Preferred for 10 shares of Common

                "See Accompanying Notes to Financial Statements."

                                        2

<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
               FOR THE SIX MONTHS ENDED NOVEMBER 30, 2000 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                   2001           2000
                                                                                   ----           ----
<S>                                                                             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
      Net Loss                                                                  $(405,367)      $(573,130)
      Adjustment for Item Not Requiring Cash Outlay
           Depreciation                                                             2,633           2,842
           Stock Issued for Services                                               72,500          65,000
                                                                                ---------       ---------
           Subtotal                                                              (330,234)       (505,288)
      Changes in Assets and Liabilities:
           Decrease (Increase) in Other Assets                                         --          20,191
           Increase (Decrease) in Accounts Payable                                 (2,772)         (5,334)
           Increase (Decrease) in Other Accrued Liabilities                       265,386         428,578
           Increase (Decrease) In Officer and Other Loans                          15,500           7,856
                                                                                ---------       ---------
                Net Cash Flows Provided by (Used for) Operating Activities        (52,120)        (53,997)


                                                                                ---------       ---------

CASH FLOWS  FROM INVESTING ACTIVITIES                                                  --              --
-------------------------------------                                           ---------       ---------


CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
      Proceeds from Issuance of Common Stock                                       45,000          37,500
                                                                                ---------       ---------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   (7,120)        (16,497)
------------------------------------------------
CASH AND CASH EQUIVALENTS
      Beginning Balance                                                             7,120          17,066
                                                                                ---------       ---------
      Ending Balance                                                            $      --       $     569
                                                                                =========       =========
</TABLE>



                "See Accompanying Notes to Financial Statements."

                                        3

<PAGE>


                          MEDISCIENCE TECHNOLOGY CORP.
               CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
                   FOR THE NINE MONTHS ENDED NOVEMBER 30, 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                             Preferred
                                               Stock                      Common Stock
                                             Number of      Preferred       Number of    Common     Additional Paid   Accumulated
                                              Shares          Stock          Shares       Stock       in Capital        Deficit
                                           ------------   ------------   ------------  ------------  ------------    ------------
<S>                                               <C>     <C>              <C>         <C>           <C>             <C>
Balance February 28, 2001                         2,074   $         21     36,276,130  $    362,761  $ 18,274,977    $(20,920,039)
Conversion of Preferred Stock into Common        (2,074)           (21)        20,740           208          (187)             --
Issuance of Stock for Services                       --             --         50,000           500        12,000              --
Issuance of Stock for Cash and Services              --             --        580,000         5,800        99,200              --
Net Loss for the Nine Months Ended
      November 30, 2001                              --             --             --            --            --        (405,367)
                                           ------------   ------------   ------------  ------------  ------------    ------------
Balance November 30, 2001                            --   $         --     36,926,870  $    369,269  $ 18,385,990    $(21,325,406)
                                           ============   ============   ============  ============  ============    ============
</TABLE>


                "See Accompanying Notes to Financial Statements."

                                        4

<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
               CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
                   FOR THE NINE MONTHS ENDED NOVEMBER 30, 2000
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                      Preferred
                                        Stock                   Common Stock
                                      Number of     Preferred     Number of      Common      Additional Paid    Accumulated
                                        Shares        Stock        Shares        Stock         in Capital         Deficit
                                    ------------  ------------  ------------  ------------    ------------     ------------
<S>                                        <C>    <C>             <C>         <C>             <C>              <C>
Balance February 29, 2000                  2,074  $         21    35,976,130  $    359,761    $ 18,215,977     $(20,588,721)
Issuance of Stock for Cash                    --            --       150,000         1,500          36,000               --
Issuance of Stock for Services                --            --       100,000         1,000          64,000               --
Net Loss for the Nine Months Ended
      November 30, 2000                       --            --            --            --              --         (573,130)
                                    ------------  ------------  ------------  ------------    ------------     ------------
Balance November 30, 2000                  2,074  $         21    36,226,130  $    362,261    $ 18,315,977     $(21,161,851)
                                    ============  ============  ============  ============    ============     ============
</TABLE>






                "See Accompanying Notes to Financial Statements."

                                        5

<PAGE>



                       EXHIBIT TO STATEMENTS OF OPERATIONS
                  WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

<TABLE>
<CAPTION>
                                                                           Weighted
                  Common Stock                                              Average
                 $.01 Par Value          Common          Number of         Number of
                   Issued and            Stock             Shares            Shares
                  Outstanding         Equivalents       Outstanding       Outstanding
               ------------------    --------------   ---------------- ------------------

<S>                <C>                     <C>           <C>               <C>
March 2001         36,276,130              -             36,276,130
April 2001         36,276,130              -             36,276,130
May 2001           36,276,130              -             36,276,130
June 2001          36,276,130              -             36,276,130
July 2001          36,856,130              -             36,856,130
August 2001        36,856,130              -             36,856,130
September 2001     36,856,130              -             36,856,130
October 2001       36,856,130              -             36,856,130
November 2001      36,926,870              -             36,926,870        36,606,212

</TABLE>



                                        6

<PAGE>



                          MEDISCIENCE TECHNOLOGY CORP.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2001
                                   (UNAUDITED)


NOTE 1     RESULTS OF OPERATIONS

           The financial statements, in the opinion of management, include all
           adjustments and accruals necessary for a fair presentation.

           The results of operations for each interim period are not necessarily
           indicative of results to be expected for the year due to the
           unpredictability of market factors, product development, competition
           and sales in general.

           These financial statements should be read in conjunction with the
           Company's most recent audited financial statements dated February 28,
           2001.

NOTE 2     OTHER ACCRUED LIABILITIES

           Other accrued liabilities consist of the following:


                                  November 30, 2001       February 28, 2001
                                  -----------------       -----------------
Legal and Professional Fees          $  258,850              $  180,100
Research and Development              1,084,898                 962,399
Salaries and Wages                    1,011,333                 943,833
Other                                    37,333                  40,696
                                     ----------              ----------
           Total                     $2,392,414              $2,127,028
                                     ==========              ==========


                                        7

<PAGE>



                         MANAGEMENT'S PLAN OF OPERATION


The Company is engaged in the design and development of diagnostic medical
devices that detect cancer using light induced native tissue fluorescence
spectroscopy to distinguish between pre-malignant, malignant, and normal or
benign tissue. Both pre-clinical and clinical study results support the
Company's belief that its proprietary technology, when fully developed, will be
a useful and commercially viable adjunct to the physician for screening and
diagnosis of cancer.

While we believe that our diagnostic technology will be broadly useful in
multiple organ systems, each approved indication will require a separate, costly
and time-consuming pre-marketing approval (PMA). We plan to carefully select and
prioritize our targeted indications to maximize the return on development and
clinical investments. We regard our seminal U.S. "516" and other related patents
(such as 5, 131, 398) as pioneering, blocking and dominant in the area of cancer
diagnosis using fluorescence spectroscopy both in-vivo and in-vitro.

Until July, 1998, the Company provided annual funding grants to the
Mediphotonics Laboratory of the City University of New York in accordance with a
budget of activities and expenditures negotiated between the Company and the
University. The arrangement was renewable annually and could be terminated
without cause by either party upon 90 days prior written notice. The contract
with CUNY was extended by agreement at no cost until October 1, 1998. Because of
funding limitations, the Company was unable to renew its contract following
expiration of the October, 1998 extension. The Company plans to resume its
support of relevant programs when, and if, current fund raising efforts are
successful.

In April, 1999, the Company and the City University initiated a joint effort
with Sarnoff Corporation of Princeton NJ for the purpose of developing a
commercial imaging system based on the Company's technology, and on the
engineering background and expertise, and certain proprietary technology of
Sarnoff.

In November, 1999, Frank S. Castellana, M.D., Eng. Sc. D. joined its executive
team as President and Chief Executive Officer, effective February 1, 2000. The
Company announced that it was seeking investment partners to support the funding
of a joint effort between itself, Sarnoff Corporation, and the Mediphotonics
Laboratory of the City University of New York to develop and commercialize an
advanced, second generation version of its proprietary two-dimensional
fluorescence imaging system for early cancer detection. Effective June 1, 2001
with notice to the Board of Directors Dr. Castellana voluntarily terminated his
employment agreement and additionally waived all salary to that date. He felt
that he could not satisfy the Company's needs and choose to step aside. Dr.
Castellana now has a full time consulting business and the Company expects to
use his consulting services in the future.

Effective July 9th 2001 Peter Katevatis, Esq. Chairman CEO on behalf of the
Company entered into a three year employment relationship with Mr. Sidney
Braginsky as the new President and COO. Mr. Braginsky was formerly with OLYMPUS
OPTICAL LTD for 27 years most recently as President CEO of OLYMPUS AMERICA,
Inc., the Olympus US subsidiary. OLYMPUS LTD. is a multi-national corporation
headquartered in Tokyo Japan and a world leader in microscopes, endoscopes,
automatic blood and fluid chemistry analyzers measuring research, industrial and
consumer products. The Company will seek investment and/or corporate partners to
support the funding of a joint effort between itself, Sarnoff Corporation, and
the Mediphotonics Laboratory of the City University of New York to develop and
commercialize an advanced, second generation version of its proprietary
two-dimensional fluorescence imaging system for early cancer detection. Mr.
Braginsky is a present board member of, NOVEN Pharmaceuticals, REDOX
Pharmaceuticals, ELECTRO-OPTICAL SYSTEMS, Inc., ESTEK CARDIOLOGY, Chairman of
Double D Venture Funds LLC and Chairman of the Board of City College of New
York's Robert Chambers Laboratory.

Pursuant to the terms of such agreement, Mr. Braginsky is to be paid $100,000
per annum. In addition, on the date of this Agreement, MDSC will grant to
Employee an incentive stock option / Warrant pursuant to the 1999 Plan (the
"Option") to purchase a total of 2,000,000 shares of MDSC common stock. (i)
1,850,000 shares of MDSC Common Stock at option price of $.1.00 per share, and
(ii) 150,000 shares at $.25 per share. Sidney Braginsky's ability to exercise
these options and remaining shares under the warrant is subject to a series of
milestones described in his employment agreement. The Company may have to
recognize compensation expense in the future on these options and warrants
calculated as the difference between the option and warrant prices and the fair
market value of the Company's common stock on the date the milestones are
achieved. This option shall be effected as to any adjustment in the


<PAGE>



event of first round funding, stock splits, reverse stock splits, warrants,
etc., excepting however contract rights, agreements anti-dilution rights, etc.
(reflected in corporate SEC filings) in Peter Katevatis and Dr. Robert Alfano
founders.

The five critical milestones (each, a "Critical Milestone") described in the
Business Plan for Sidney Braginsky to accomplish with appropriate funding to the
Company are:

     (i)    preclinical toxicity studies within 9 months of the initial funding
            contemplated by the Business Plan (the "Initial Funding Date"),

     (ii)   device development and preclinical validation within 15 months of
            the Initial Funding Date,

     (iii)  phase I clinical trials within 24 months of the Initial Funding
            Date,

     (iv)   phase 111 clinical trials and PMA submission to the FDA within
            34-1/2 months of the Initial Funding Date and

     (v)    PMA approval within 36 months of the Initial Funding Date.

On June 14, 2001 Peter Katevatis, Esq. Chairman CEO entered into an agreement
with Drexel University, a Pennsylvania non-profit institution of higher
education wherein the parties agreed to explore a mutually satisfactory
arrangement or collaboration to develop uses for Mediscience's technology in the
field of fluorescence medical imaging. Drexel's successful efforts leading to
such funding would provide Drexel with compensation and/or equity interest from
Mediscience. This contract matter is in continued negotiations with outside
counsel acting for Drexel.

The principal issue currently facing the Company is a lack of the financial
resources and liquidity required to maintain business momentum and to properly
leverage intellectual property assets; the resolution of this issue is the
highest priority of management. In the absence of the availability of such
financing on a timely basis, the Company may be forced to materially curtail or
cease its operations.

Two important derivative issues relate to the Company's research and licensing
agreements with the City University of New York. The Company has an outstanding
financial obligation to the University for work conducted during the period
August 1997 through July 1998. In 1999, an agreement was reached to extend the
time for payment until June 30, 2000. In October 2000, the Company and the City
University entered into a second agreement, which further extended the time for
payment until October 31, 2001. The time period for negotiating a minimum
royalty agreement on certain patents, which have or will pass the five-year
period for commercialization, was also extended until October 31, 2001. While we
are actively working to negotiate additional time extensions there is no
guarantee that we will be successful, and if so, that any subsequent agreements
will be on terms favorable to the Company. In addition, according to the terms
of our research and licensing agreement with the University, the Company must
negotiate a minimum royalty Agreement within 5 years of the date of filing for
all licensed patents for which product commercialization has not yet occurred.
As of the date of this filing, nine patents for which the Company has an
exclusive license from the Research Foundation have passed the five-year
commercialization window. The Company has negotiated with the Research
Foundation and extended the period of exclusivity for this intellectual
property. If the Company is unsuccessful in future negotiations, it could lose
rights to several of its key patents. The Company holds and totally owns certain
patents independent of CUNY that are not so affected which are seminal to its
basic technology.

The Company has entered into a three-year agreement on very favorable terms
(83.3%) with a New Jersey corporate taxpayer, Public Service Electric and Gas
Co. of New Jersey to purchase the NOL. The Company applied again as of June 25,
2001 (second of three year Agreement). On September 27, 2001 Peter Katevatis,
Esq. successfully re-negotiated this percentage increasing it from 83.3% to
87.0%. On November 16, 2001 the New Jersey Economic Development Authority
advised that our (2nd) application for State fiscal year 2002 (July 1, 2001 to
June 30, 2002) was approved with authority to transfer $278,008 from present
total tax benefits of $513,070 based on our total State audited NOL as of 2001
of $5,700,779. Under the negotiated terms of our agreement with PSE&G the
Company expects to receive $241,867 in proceeds in January 2002.


<PAGE>



                           PART II - OTHER INFORMATION


Item 1.    Legal Proceedings
           -----------------

           None

Item 2.    Changes in Securities
           ---------------------

           As of November 30, 2001 Preferred Stock Shareholders converted Series
           A Preferred at the rate of ten (10) shares of Mediscience Common for
           each share of Preferred with a total issuance of 20,740 shares.

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.    Exhibits and Reports on Form 8-K
           --------------------------------



<PAGE>


                                   SIGNATURES



PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.

                                               MEDISCIENCE TECHNOLOGY CORP.
                                               ----------------------------
                                                       (REGISTRANT)







DATE: January 11, 2002                     By:  /s/ Peter Katevatis
      ----------------                          -------------------------
                                                PETER KATEVATIS
                                                Chairman/CEO


                                          By:   /s/ John M. Kennedy
                                                -------------------------
                                                JOHN M. KENNEDY
                                                Treasurer
                                                Chief Accounting Officer