UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB/A

(Mark One)

[X]      QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
         ACT OF 1934

               For the quarterly period ended September 30, 2003

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

               For the transition period from _____________ to _____________

                        Commission file number 333-83152


                                   Inyx, Inc.
        (Exact name of small business issuer as specified in its charter)

            Nevada                                       75-2870720
(State or other jurisdiction of)               (IRS Employer Identification No.)
  incorporation or organization

                825 Third Avenue, 40th Floor, New York, New York
                    (Address of principal executive offices)

                                 (212) 838-1111
                           (Issuer's telephone number)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing  requirements  for the past 90 days:
Yes [X] No [_].

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

         Check whether the registrant  filed all documents and reports  required
to be  filed  by  Section  l2,  13 or  15(d)  of  the  Exchange  Act  after  the
distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of November 10, 2003: 28,450,000 shares of common stock.

Transitional Small Business Disclosure Format (Check one):  Yes [ ] No [X]

Include whether Registrant is an accelerated filer:    Yes [ ] No [X]

<PAGE>

                                EXPLANATORY NOTE
                                ----------------

         Inyx,  Inc.  (the  "Company")  is filing this  Amended Form 10-QSB (the
"Amended  Form  10-QSB/A")  to restate  Items 1 and 2 of Part I contained in the
Company's  Quarterly  Report on Form 10-QSB (the "Original Form 10-QSB") for the
third quarter ended  September 30, 2003 as originally  filed with the Securities
and Exchange  Commission in November,  2003. This Amended Form 10-QSB/A reflects
the restatement of the previously  published  unaudited  consolidated  financial
statements  as of  September  30,  2003,  and  related  changes in  Management's
Discussion  and  Analysis  of  Financial  Condition  and  Results of  Operations
resulting from the matters discussed below.

         In the course of preparing its financial  statements for the year ended
December  31,  2003,  and after  further  review of the facts and  circumstances
surrounding certain business  acquisitions,  the Company determined that the net
assets of Miza  Pharmaceuticals  (UK) Ltd. ("Miza UK") acquired by the Company's
subsidiary,  Inyx Pharma Ltd., may have been controlled by parties affiliated to
the Company,  and that the sale of Doblique's  operating  assets  terminated its
previous  business  activities.  As a  consequence,  these  transactions,  which
initially  resulted in the  recognition  of  goodwill,  have been  restated  and
reflected as capital transactions,  and accordingly the Company has reversed all
of the goodwill  previously  recognized as other expenses and additional paid-in
capital  (see  Note  3  herein).   Also  to  comply  with  reverse   acquisition
presentation standards,  the Company's audited consolidated financial statements
for the year ended  December 31, 2002 have been  replaced with those of Miza UK,
the predecessor company to Inyx Pharma Ltd.

         In  addition,  for the periods  presented,  the Company has changed the
presentation  of  certain  non-recurring  costs by  classifying  them as  "Other
Expenses",  instead of  including  such costs in its general and  administrative
expenses (see Notes 3 and 10 herein);  has expensed  approximately  $504,000 for
stock options and  approximately  $202,000 for warrants that were granted during
the reporting period and which had not been previously recorded as expenses; and
has corrected the original translation of certain items and reclassified certain
balances to provide a more comprehensive presentation.

         This  Amended  Form  10-QSB/A  does not attempt to modify or update any
other  disclosures set forth in the Original Form 10-QSB,  except as required to
reflect the effects of the noted restatements.  Additionally,  this Amended Form
10-QSB/A does not purport to provide a general update or discussion of any other
developments after the date of the original filing. All information contained in
this Amended Form  10-QSB/A and the Original  Form 10-QSB is subject to updating
and supplementing as provided in the periodic reports that the Company has filed
and will file after the original  filing date with the  Securities  and Exchange
Commission.  In addition,  the filing of this Amended Form 10-QSB/A shall not be
deemed an admission  that the original  filing,  when made,  included any untrue
statement  of  material  fact or omitted a  material  fact  necessary  to make a
statement made therein not misleading.








                                       2
<PAGE>
<TABLE>
<CAPTION>

                         PART I -- FINANCIAL INFORMATION
                          Item 1. Financial Statements


                                   INYX, INC.
                           Consolidated Balance Sheets
       (Expressed in thousands of U.S. dollars, except for share amounts)


                                     Assets
                                                              September 30,    December 31,
                                                                   2003            2002
                                                               (Unaudited)
                                                              -------------    -------------
<S>                                                           <C>              <C>
Current assets:
      Cash                                                    $          15    $        --
      Accounts receivable, net of allowance for
      doubtful accounts of $58 (2002- $1,781)                         2,547            3,507
      Inventory, net                                                  1,082            1,704
      Other current assets                                            1,459              267
                                                              -------------    -------------
           Total current assets                                       5,103            5,478
                                                              -------------    -------------

Property, plant and equipment, net                                    4,908            5,134
Livestock, net

                                                              -------------    -------------
                                                                      4,908            5,134
                                                              -------------    -------------

                                                              $      10,011    $      10,612
                                                              =============    =============

                      Liabilities and Shareholders' Deficit

Current liabilities:
      Bank overdraft                                          $         154    $        --
      Line of credit with financial institution                       1,915            1,294
      Accounts payable                                                2,478            5,137
      Other current liabilities                                         706             --
      Current portion of term loans                                   1,450             --
                                                              -------------    -------------
           Total current liabilities                                  6,703            6,431
                                                              -------------    -------------

Term loans                                                            1,530            6,191
Convertible note                                                      4,013             --
Liabilities subject to compromise                                      --             21,935
                                                              -------------    -------------
                                                                     12,246           34,557
                                                              -------------    -------------

Shareholders' deficit:
      Preferred stock - $0.001 par value, 10,000,000 shares
        authorized -0- shares issued and outstanding                   --               --
      Common stock - $0.001 par value, 150,000,000 shares
        authorized, 25,450,000 (2002- 16,000,000) shares
        issued and outstanding                                           25               16
      Subscription Proceeds, net                                        374             --
      Foreign currency translation adjustment                          (107)          (1,503)
      Additional paid-in capital                                      6,642            8,006
      Accumulated deficit                                            (9,169)         (30,464)
                                                              -------------    -------------
           Total shareholders' deficit:                              (2,235)         (23,945)
                                                              -------------    -------------

Total liabilities and shareholders' deficit                   $      10,011    $      10,612
                                                              =============    =============
</TABLE>



The accompanying notes are an integral part of these consolidated financial
statements.



                                       3
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
                      Consolidated Statements of Operations
                                   (Unaudited)

       (Expressed in thousands of U.S. dollars, except for Share Amounts)



                                                     Nine Months Ended              Three Months Ended
                                                        September 30,                  September 30,
                                                    2003            2002            2003            2002
                                                ------------------------------------------------------------
<S>                                             <C>             <C>             <C>             <C>
Net revenues                                    $      8,134    $     20,862    $      3,067    $      5,005
Cost of sales                                          6,530          17,325           2,597           5,496
                                                ------------------------------------------------------------
       Gross profit                                    1,604           3,537             470            (491)

Expenses:
    General and administrative expenses                4,722           5,842           1,978           3,469
    Selling expenses                                     166             338              70             118
    Depreciation and amortization                        225           1,258              97             335
                                                ------------------------------------------------------------

          Total operating expenses                     5,113           7,438           2,145           3,922
                                                ------------------------------------------------------------

Loss from operations before
    other expenses                                    (3,509)         (3,901)         (1,675)         (4,413)

    Other expenses                                     5,949           1,055             781             545
                                                ------------------------------------------------------------

Loss before income tax benefit
    provision and discontinued operations             (9,458)         (4,956)         (2,456)         (4,958)

Income tax benefit                                       510             352             222             352
                                                ------------------------------------------------------------

Loss from continuing operations                       (8,948)         (4,604)         (2,234)         (4,606)

Loss from discontinued operations, net of tax            (25)           --              --              --
                                                ------------------------------------------------------------

Net loss                                        $     (8,973)   $     (4,604)   $     (2,234)   $     (4,606)
                                                ============================================================

Loss per share of common stock
    outstanding-basic and fully diluted
    from continuing operations                  $      (0.42)   $      (0.29)   $      (0.09)   $      (0.29)
                                                ============================================================
    after discontinuing operations              $      (0.42)   $      (0.29)   $      (0.09)   $      (0.29)
                                                ============================================================

Weighted-average number of shares
  outstanding - basic and fully diluted           21,308,425      16,000,000      25,161,957      16,000,000
                                                ============================================================
</TABLE>



The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


                                       4
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
           Consolidated Statements of Changes in Stockholders' Deficit
                          and Other Comprehensive Loss
                    (Expressed in thousands of U.S. dollars)
                     For the period ended September 30, 2003
                                                                                         Accumu-
                                                                                          lated
                                               Common Stock       Additio-    Stock       Other
                                            Number                  nal      Subscrip-   Compre-     Accumu-
                                              of         Par      Paid-in      tion      hensive      lated
                                            Shares      Value     Capital   Receivable    loss       Deficit     Total
                                           --------   --------   --------    --------   --------    --------    --------
<S>                                        <C>        <C>        <C>         <C>        <C>         <C>         <C>
Balances at
  December 31, 2002                          16,000   $     16   $  8,006    $   --     $ (1,503)   $(30,464)   $(23,945)

Administration settlement
adjustments/recapitalization                   --         --       (5,925)       --        1,503      30,464      26,042

Issuance of Stock for finders fees
on April 17, 2003                             2,450          2      1,302        --         --          --         1,304

Issuance of Stock for services
On April 17, 2003                             1,500          2        799        --         --          --           801

Issuance of Stock for reverse
acquisition of Doblique Inc.
on April 28, 2003                             5,000          5        214        --         --          (196)         23

Subscriptions receivable                       --         --         --          --         --          --          --

Issuance of stock options                      --         --          305        --         --          --           305

Issuance of warrants for services              --         --          747        --         --          --           747

Issuance of stock options                      --         --          199        --         --          --           199

Issuance of warrants for services              --         --          507        --         --          --           507

Subscriptions receivable                       --         --         --           374       --          --           374

Issuance of Stock net of  offering costs
of $11,800 on August 22, 2003                   500       --          488        --         --          --           488

Foreign currency translation
   adjustment                                  --         --         --          --         (107)       --          (107)

Net loss for the period                        --         --         --          --         --        (8,973)     (8,973)

                                           -----------------------------------------------------------------------------
Balance at September 30, 2003                25,450   $     25   $  6,642    $    374   $   (107)   $ (9,169)   $ (2,235)
                                           -----------------------------------------------------------------------------
</TABLE>


The  accompanying  notes are an integral  part of these  consolidated  financial
statements.


                                       5
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
                      Consolidated Statements of Operations
                                   (Unaudited)

       (Expressed in thousands of U.S. dollars, except for Share Amounts)


                                                                            Nine Months Ended             Three,Months Ended
                                                                               September 30,                 September 30,
                                                                        --------------------------------------------------------
                                                                            2003           2002           2003           2002
                                                                        -----------    -----------    -----------    -----------
<S>                                                                     <C>            <C>            <C>            <C>
Cash flows from operating activities:
      Loss for the period                                               $    (8,973)   $    (4,604)   $    (2,234)   $    (4,606)
      Adjustments to reconcile net loss to net cash
         (used in) provided by operating activities:
          Depreciation                                                          225          1,258             97            673
          Deferred income taxes                                                (530)        (1,014)          (231)        (1,367)
          Issuance of stock for services                                      2,103           --             --             --
          Issuance of options                                                 1,251           --              504           --
          Issuance of warrants                                                  507           --              202           --
          Issuance of shares in  recapitalization                             2,081           --             --             --
          (Increase) decrease in accounts receivables                        (2,547)          (171)           580          3,300
          (Increase) decrease in inventory                                   (1,082)           435           (237)            (9)
          (Increase) decrease in prepaids and other current assets             (910)          (177)           164            361
          Increase in accounts payables                                       2,478          3,172            378          2,039
          Increase in other current liabilities                                 699           --              562           --
                                                                        -----------    -----------    -----------    -----------
      Net cash provided by continuing                                        (4,698)        (1,101)          (215)           391
          operations
      Net cash (used in) provided by discontinuing
          operations                                                             60           --             --             --
                                                                        -----------    -----------    -----------    -----------
                  Net cash (used in) provided by operating activities        (4,638)        (1,101)          (215)           391
                                                                        -----------    -----------    -----------    -----------

Cash flows from investing activities:
      Purchase of fixed assets                                               (5,133)        (3,050)            (2)        (1,761)
                                                                        -----------    -----------    -----------    -----------
                  Net cash used in investing activities                      (5,133)        (3,050)            (2)        (1,761)
                                                                        -----------    -----------    -----------    -----------

Cash flows from financing activities:
      Proceeds from:
          Advances by stockholder                                               450           --              400           --
          Advances pursuant to line of credit                                 1,915          2,580           (379)        (2,444)
          Proceeds from issuance of demand note                                  50           --               50           --
          Proceeds from issuance of long term debt                            3,593            623           --            1,210
          Repayment of long term debt                                          (695)          --             (367)          --
          Proceeds from issuance of stock, net of issue                        --             --             --
              costs of $12 thousand                                             388           --              388           --
          Advances to affiliated and related parties                           --           (1,187)          --            1,724
          Procceds from issuance of promissory note                           4,013            762           --              146
                                                                        -----------    -----------    -----------    -----------

                  Net cash provided by financing activities                   9,714          2,778             92            636
                                                                        -----------    -----------    -----------    -----------

Effect of foreign exchange rate changes
      on cash and cash equivalents                                             (107)         1,382            (45)         1,196

Increase (decrease) in cash                                                    (164)             9           (170)           462

Cash at beginning of period                                                      25            534             31             81
                                                                        -----------    -----------    -----------    -----------

Cash including bank overdraft at end of period                          $      (139)   $       543    $      (139)   $       543
                                                                        ===========    ===========    ===========    ===========
</TABLE>


The  accompanying  notes are an integral  part of these  consolidated  financial
statements.



                                       6
<PAGE>

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            (Tabular amounts expressed in thousands of U.S. dollars,
                           except for share amounts)

NOTE 1:  BUSINESS DESCRIPTION AND PRESENTION
------   -----------------------------------

         Inyx,  Inc.   ("Inyx"  or  the  "Company")   through  its  wholly-owned
subsidiaries,  Inyx  Pharma  Limited  and  Inyx  Canada  Inc.,  is  a  specialty
pharmaceutical  company which focuses on the  development and  manufacturing  of
prescription and over-the-counter  ("OTC") aerosol  pharmaceutical  products and
drug  delivery   technologies   for  the  treatment  of  respiratory,   allergy,
dermatological and topical conditions.  Inyx's client base primarily consists of
large  ethical  pharmaceutical  corporations,   branded  generic  pharmaceutical
distributors, and biotechnology companies.

         Inyx was incorporated on March 28, 2000, in the State of Nevada,  under
the name Doblique,  Inc.  ("Doblique").  As Doblique, the Company was engaged in
the business of breeding and racing  thoroughbred  horses at various major horse
racing venues throughout the United States. On March 6, 2003, management decided
to discontinue the Company's  thoroughbred horse operation by selling the assets
of that operation to a third party.  Concurrent with the  discontinuance  of its
horse racing operations, Doblique concluded a reverse acquisition of Inyx Pharma
Limited  ("Inyx  Pharma"),  an  aerosol  pharmaceutical   manufacturing  company
incorporated  under the laws of England and Wales, and changed its name to Inyx,
Inc. ("Inyx").

         The  acquisition  of Inyx Pharma was  consummated on April 28, 2003, by
exchanging  16  million  shares  of the  Company's  restricted  common  stock in
exchange for 100% of the outstanding common stock of Inyx Pharma. As a result of
the  exchange,   the   stockholders   of  Inyx  Pharma  became  the  controlling
stockholders of the Company. In the aggregate they hold approximately 64% of the
Company's  outstanding  shares.  The  acquisition  has been  accounted  for as a
capital  transaction  under the reverse  acquisition  method of  accounting  for
business combinations.  Under this method, Inyx Pharma (the legal subsidiary) is
considered to have acquired Inyx,  Inc. (the legal parent)  effective  April 28,
2003 and continued as Inyx, Inc. thereafter.  The net assets of Inyx Pharma were
recorded at carrying value with no recognition of goodwill.

         On  March  7,  2003,   Inyx  Pharma   acquired   the  majority  of  the
pharmaceutical business assets of Miza Pharmaceuticals (UK) Ltd. ("Miza UK") out
of Administration, a United Kingdom form of Chapter 11 bankruptcy protection and
reorganization. As a result of the reverse acquisition method of accounting, the
consolidated  financial  statements  as of  December  31, 2002 and for the three
months and nine months period ended  September 30, 2002 presented  herein as the
comparative  historical  financial  statements  of Inyx,  reflect the  financial
position and results of operations of Miza UK, the  predecessor  company to Inyx
Pharma.

         As the Biopharma  Division was part of Miza UK but not acquired by Inyx
Pharma on March 7, 2003, its results of operation are included in actual results
for the period but excluded for comparative  purposes in the pro forma financial
results.  The results of operations  have been  presented in this manner to show
the Miza UK  operation  with and  without  the  Biopharma  Division  in order to
compare its results of operations, as the predecessor company, to Inyx.

         Additionally,  for the  comparative  three months and nine months ended
September 30, 2002,  operations relating to the business of the former Doblique,
Inc., now Inyx,  Inc., have been presented in the pro forma statements as if the
divestiture of assets and liabilities and the discontinuance of the thoroughbred
operation occurred on January 1, 2003.

         Inyx manages its operations and business as one operating segment.


                                       7
<PAGE>

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
-------  ------------------------------------------

(a)      Unaudited Consolidated Financial Statements

         The accompanying  consolidated  financial statements of the Company for
the  three-month  and nine-month  periods ended September 30, 2003 and 2002 have
been prepared in accordance with the instructions to Form 10QSB and,  therefore,
omit or condense certain  footnotes and other  information  normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles. It is suggested that these consolidated financial statements be read
in  conjunction  with the  Company's  financial  statements  and  notes  thereto
included in the  Company's  audited  financial  statements  on Form 8K/A for the
fiscal year ended  December  31,  2002 filed with the  Securities  and  Exchange
Commission on June 24, 2003.

         The accounting  policies followed for interim  financial  reporting are
the same as those  disclosed  in Note 1 of the  Notes  to  Financial  Statements
included in the Company's audited financial statements for the fiscal year ended
December 31, 2002, which are included in Form 8K/A filed with the Securities and
Exchange Commission on June 24, 2003.

         In the opinion of  management,  the  unaudited  consolidated  financial
statements include all necessary  adjustments  (consisting of normal,  recurring
accruals)  for a  fair  presentation  of  the  financial  position,  results  of
operations  and cash flow for the  interim  periods  presented.  The  results of
operations for the three-month  and nine-month  periods ended September 30, 2003
are not  necessarily  indicative of operating  results to be expected for a full
year.

(b)      Consolidation

         The accompanying consolidated financial statements include the accounts
of Inyx, Inc. and its wholly owned subsidiaries:  Inyx Pharma Limited, a company
formed  under the laws of  England  and Wales;  Inyx  Canada,  Inc. a  federally
incorporated Canadian Corporation; and Inyx Realty, Inc., a Florida corporation.
All   inter-company   accounts  and   transactions   have  been   eliminated  in
consolidation.

(c)      Use of Estimates

         The consolidated  financial  statements are prepared in conformity with
accounting  principles  generally accepted in the United States of America.  The
preparation of consolidated  financial statements,  in conformity with generally
accepted  accounting  principles,  requires  management  to make  estimates  and
assumptions.  Those  estimates and  assumptions  affect the reported  amounts of
assets and liabilities, the disclosure of contingent assets and liabilities, and
the reported amounts of revenues and expenses.  Actual results could differ from
those estimates.

         Estimates and assumptions are periodically  reviewed and the effects of
any material revisions are reflected in the consolidated financial statements in
the period that they are determined to be necessary.

(d)      Accounts Receivable

         Accounts  receivable  are  stated at net  realizable  value,  net of an
allowance for doubtful accounts.  Periodically,  management reviews all accounts
receivable and based on an assessment of whether they are collectible, estimates
the  portion,  if any, of the  balance  that will not be  collected  in order to
establish an allowance for doubtful  accounts.  Such  allowance was based on the
specific  identification  of  accounts  deemed  uncollectible  as of the date of
respective  financial  statements.  The provision for the allowance for doubtful
accounts is included in general and administrative expenses, in the accompanying
consolidated statement of operations.


                                       8
<PAGE>

(e)      Inventory

         Inventory  is  valued  using  the  first-in  and  first-out  method  of
accounting and is stated at the lower of cost or net realizable value.

(f)      Property, Plant and Equipment

         Property,  plant and  equipment is stated at cost,  net of  accumulated
depreciation and  amortization,  which is provided for by charges to income over
the  estimated  useful life of the assets  using the straight  line method.  The
useful life of assets ranges from 3-10 years for  equipment,  and up to 25 years
for buildings.  Leasehold improvements and capital leases are amortized over the
life of the  related  lease.  Expenditures  that  extend the useful  life of the
respective  assets  are  capitalized  and  depreciated  over  the  lives  of the
respected  asset.  Maintenance,  repairs and other  expenses  that do not extend
their useful life are expensed as incurred.

(g)      Impairment of Long Lived Assets

         The  Company  reviews  the  carrying  value of its long  lived  assets,
including intangibles, whenever events or changes in circumstances indicate that
the historical cost-carrying value of an asset may no longer be appropriate. The
Company  assesses  recoverability  of  the  carrying  value  of  the  assets  by
estimating  the  future  net cash  flows  expected  to result  from the  assets,
including eventual  disposition.  If the future net cash flows are less then the
carrying  value of the assets,  an  impairment  loss is  recorded,  equal to the
difference  between the asset's  carrying value and its  discounted  future cash
flow.  In performing  such  reviews,  management  takes into  consideration  the
current  operating  levels  including any idle  capacity,  alternative  uses for
production   utilizing  current  equipment,   and  growth  trends  and  industry
projections.

(h)      Financial Instruments

         Financial  instruments consist of cash, accounts  receivable,  accounts
payable,  working line of credit,  notes payable and long term obligations.  The
carrying values of these  financial  instruments  approximate  their fair market
value as of September 30, 2003 and December 31, 2002.

(i)      Revenue Recognition

         The  Company  recognizes  revenue  when (1)  persuasive  evidence of an
arrangement exists; (2) delivery has occurred or services rendered;  (3) the fee
is fixed or determinable; and (4) collectability is reasonably assured. Revenues
are  recognized  FOB shipping  point,  when products are shipped,  which is when
legal title and risk of loss is transferred to the Company's  customers,  and is
recorded  at the net  invoiced  value  of  goods  supplied  to  customers  after
deduction of sales discounts and sales and value added tax, where applicable. In
situations  where the Company receives payment in advance of the performance for
research and development  services,  such amounts are deferred and recognized as
revenue as the  related  services  are  performed.  As of  September  30,  2003,
deferred revenue amounting to $154,000 is included in other current liabilities.

         Non-refundable  fees are  recognized  as  revenue  over the term of the
arrangement,  based on the percentage of costs incurred to date, estimated costs
to  complete  and total  expected  contract  revenue.  Product  returns  are not
accepted.

         Shipping  costs are paid for by the Company's  customers.  Any shipping
and handling  costs  incurred by the company are included in costs of goods sold
in the accompanying consolidated statements of operations.



                                       9
<PAGE>

(j)      Per Share Data

         Basic  income  (loss) per share for each period is computed by dividing
income  (loss) for the period by the weighted  average  number of common  shares
outstanding  during the  period.  Diluted  loss per share does not  include  the
effects of common stock equivalents as they are anti-dilutive.

(k)      Concentration of Credit Risk

         The Company obtains detailed credit evaluations of customers  generally
without  requiring  collateral,  and  establishes  credit  limits  as  required.
Exposure to losses on receivables is  principally  dependent on each  customer's
financial  condition.  The Company  monitors its exposure for credit risk losses
and maintains an allowance for  anticipated  losses.  For the nine-month  period
ended  September  30, 2003,  three  customers  represented  42% and 35% of total
revenues and total  receivables  respectively,  For the nine-month  period ended
September 30, 2002 three customers represented 57% and 39% of total revenues and
total receivables, respectively.

(l)      Income Taxes

         The Company follows Statement of Financial  Accounting Standards (SFAS)
No. 109  "Accounting  for Income Taxes" Under the asset and liability  method of
SFAS 109,  deferred tax assets and liabilities are recognized for the future tax
consequences attributed to differences between the financial statements carrying
amounts  of  existing  assets and  liabilities  and their  respective  tax base.
Deferred  tax  assets and  liabilities  are  measured  using  enacted  tax rates
expected  to apply to  taxable  income  in the  years in which  those  temporary
differences are expected to be recovered or settled.  Under SFAS 109, the effect
on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.

(m)      Translation of Foreign Currency

         The Company's statements are translated in accordance with Statement of
Financial  Accounting Standards No. 52 (SFA No. 52), which requires that foreign
currency assets and liabilities be translated using the exchange rates in effect
at the balance  sheet  date.  Results of  operations  are  translated  using the
average  exchange rates prevailing  during the period.  For purposes of SFAS No.
52, the Company  considers  the U.S.  Dollar to be the reporting  currency.  The
accompanying  financial statements are presented in U.S. Dollars. The effects of
unrealized  exchange  fluctuations  on translating  foreign  currency assets and
liabilities  into U.S.  Dollars  are  accumulated  as a  cumulative  translation
adjustment  in  stockholders'  equity.  Realized  gains and losses from  foreign
currency  transactions  are included in the results of operation for the period.
Fluctuations arising from inter-company  transactions are of long term in nature
and are accumulated as cumulative translation adjustments.

NOTE 3:  RESTATEMENT OF SEPTEMBER 30, 2003 INTERIM FINANCIAL STATEMENTS
------   --------------------------------------------------------------

         The accompanying September 30, 2003 unaudited financial statements have
been restated as follows:
<TABLE>
<CAPTION>

                                           Originally      Adjustment               Restated
                                             filed         to restate
                                          ------------    ------------    ------------------------------
<S>                                       <C>             <C>             <C>
Balance sheet data

Property, plant and equipment, net        $      5,057    $       (149)   (c)               $      4,908
Goodwill                                  $     10,665    $    (10,665)   (a)               $       --
Total assets                              $     20,825    $    (10,814)   (a), (c)          $     10,011
Other current liabilities                 $        566    $        140    (g)               $        706



                                       10
<PAGE>

Current portion of term loans             $      1,400    $         50    (h)               $      1,450
Term loans                                $      1,580    $        (50)   (h)               $      1,530
Convertible note                          $      4,273    $       (260)   (b), (g)          $      4,013
Total liabilities                         $     12,366    $       (120)   (b)               $     12,246
Additional paid-in capital                $     11,305    $     (4,663)   (a), (e), (f)     $      6,642
Foreign Currency Translation Adjustment   $        (25)   $        (82)   (b), (c), (d)     $       (107)
Stockholders' equity (deficit)            $      8,459    $    (10,694)   (a), (b), (c)     $     (2,235)

Three months ended
   September 30, 2003
General and administrative expenses       $      1,908    $         70    (a), (h), (e)     $      1,978
Other expenses                            $        145    $        636    (a), (h), (f)     $        781
Net loss                                  $     (1,528)   $       (706)   (a), (e), (f)     $     (2,234)
Loss per share of common stock
outstanding-basic and fully diluted
   from continuing operations             $      (0.06)   $      (0.03)                     $      (0.09)
   after discontinuing operations         $      (0.06)   $      (0.03)                     $      (0.09)
Weighted average number of shares
   outstanding-basic and fully diluted      25,119,565          42,392    (j)                 25,161,957

Nine months ended
   September 30, 2003
General and administrative expenses       $      4,418    $        303    (a), (i), (e)     $      4,721
Other expenses                            $        304    $      5,645    (a), (i), (f)     $      5,949
Loss from continuing operations           $     (2,999)   $     (5,949)   (a), (e), (f)     $     (8,948)
Net loss                                  $     (3,024)   $     (5,949)   (a), (e),(f)      $     (8,973)
Loss per share of common stock
outstanding-basic and fully diluted
   from continuing operations             $      (0.18)   $      (0.24)                     $      (0.42)
   after discontinuing operations         $      (0.18)   $      (0.24)                     $      (0.42)
Weighted average number of shares
   outstanding-basic and fully diluted      16,521,245       4,787,180    (j)                 21,308,425
</TABLE>


         The restatement is primarily the result of the following adjustments:

(a)      Reversal of Goodwill

         On March 7, 2003,  Inyx  Pharma,  acquired the assets of Miza UK from a
court appointed  Administrator  in the United  Kingdom.  In connection with this
acquisition, Inyx Pharma issued approximately $7.1 million of debt to effect the
transaction  and  incurred  approximately  $1.2  million in  acquisition  costs.
Management recognized goodwill as set forth below:

Purchase price of Miza UK business assets by Inyx Pharma            $     8,333
Less:
Property, plant and equipment acquired                                   (5,136)
Inventory acquired                                                       (1,319)
                                                                    -----------
Goodwill                                                            $     1,878
                                                                    ===========


         On April 28, 2003, the Company  acquired all of the outstanding  common
shares of Inyx Pharma by issuing 16 million of the Company's  shares for all the
outstanding  and issued shares of Inyx Pharma.  As a result of the  transaction,




                                       11
<PAGE>

the  stockholders  of Inyx  Pharma  received  64% of the voting  interest of the
combined  company.  At that time,  management  viewed the sale of the  Company's
assets,  consisting of racehorses as a normal  operating  decision which did not
terminate  its  business  activities  thus not  converting  the Company  into an
operating public shell.  This transaction was viewed as a purchase and therefore
the Company recognized goodwill as follows:

Purchase price
                                                                    $    10,505
Less:
Net assets acquired from Inyx Pharma                                     (2,083)
                                                                    -----------
Goodwill                                                            $     8,422
                                                                    ===========


         After further review of the facts and  circumstances  surrounding these
transactions,  management concluded that the net assets of Miza UK may have been
controlled by parties affiliated to the Company, and that the sale of Doblique's
operating  assets  did  terminate  its  business  activities,   rendering  it  a
non-operating  public shell.  As a consequence,  the Company has reversed all of
the goodwill  previously  recognized of $10,665,000  (comprised of the aggregate
goodwill  arising  from the  above  acquisitions  plus  $365,000  of  legal  and
consulting fees, which had been charged to general and  administrative  expenses
during  the last  quarter  of  2003).  Approximately  $3,900,000,  $365,000  and
$6,400,000  of this  reversal were  classified  to other  expenses,  general and
administrative  expenses and  additional  paid-in  capital,  respectively.  As a
result of the restatement  these  transactions  are now accounted for as capital
transactions at the carrying value of the underlying net assets acquired with no
recognition of goodwill.

(b)      Correction of Foreign Exchange Rate Used When  Translating  Convertible
         Note

         Adjustment  of $120,000  to correct  the rates used when a  convertible
note was originally translated.

(c)      Correction  of Foreign  Exchange Rate Used When  Translating  Property,
         Plant and Equipment

         Adjustment of ($149,000) to correct erroneous rates used when property,
plant and equipment was originally translated.

(d)      Correction of Foreign  Exchange  Rate as a  Consequence  Of Reversal of
         Goodwill

         Adjustment  to  reverse  all  of  the  goodwill  previously  recognized
resulted in ($53,000) adjustment in foreign currency translation.

(e)      Retroactive Expensing of Stock Options

         In  accordance   with  SFAS  No.  123,   "Accounting  for  Stock  Based
Compensation",  as amended by SFAS 148, "Accounting for Stock-Based Compensation
- Transition and  Disclosure,  an amendment for FASB Statement No. 123",  during
the fourth quarter of 2003 the Company  elected,  to  retroactively  account for
employee stock  compensation  using the fair value method. As a result, the fair
value of stock-based  employee  compensation,  including unvested employee stock
options issued during the period ended  September 30, 2003,  were recorded as an
expense utilizing the modified  prospective method as set forth in SFAS 148. The
corresponding restatement to compensation expense of $1,251,000 and $504,000 has
been  included in general and  administrative  expenses for the  nine-month  and
three-month periods ended September 30, 2003 respectively.

(f)      Expensing of Warrants Issued for Services

         During the nine-month and three-month  periods ended September 30, 2003
the Company issued  detached stock warrants for investor  relations  services of
approximately  $507,000  and  $202,000   respectively.   It  was  determined  by


                                       12
<PAGE>

management  that this amount should have been recorded as other expenses  during
the period ended  September  30, 2003,  thus the reported  results of operations
have been restated accordingly.

(g)      Classification of Accrued Interest

         During its year-end audit for December 31, 2003, the Company determined
that accrued  interest of  approximately  $140,000  and $72,000,  which had been
classified along with the principle amount due on this note, in the consolidated
balance sheet for the nine-month  and  three-month  periods ended  September 30,
2003,  respectively,  should have been classified as other current  liabilities.
Accordingly  the Company has revised its  consolidated  balance sheet to reflect
this change in its corresponding classifications.

(h)      Classification of Demand Note

         During its year-end audit for December 31, 2003, the Company determined
that a portion of the Demand Note amounting to approximately  $50,000, which had
been  classified  in long-term  loans,  should  instead be classified as current
portion  of term  loans on the  consolidated  balance  sheet.  Accordingly,  the
Company has revised its  consolidated  balance  sheet to reflect  this change in
classification.

(i)      Classification for Comparative Purposes

         Certain amounts in the restated  consolidated  financial statements for
the  three-month  and nine- month  periods  ended  September  30, 2003 have been
reclassified  to conform with the year-end  presentation.  These amounts for the
three-month period ended September 30, 2003 were  approximately  $4,000 relating
to non-recurring  consulting fees, and $430,000  relating to investor  relations
expenses. For the nine-month period ended September 30, 2003, these amounts were
approximately  $799,000,  $16,000 and $430,000  relating to fair value of shares
issued for consulting  fees,  other non recurring  consulting fees, and investor
relations expenses, respectively.

(j)      Weighted Average Number of Shares

         In accordance with reverse acquisition accounting the 16,000,000 shares
issued by the Company in  exchange  for 100% of the  outstanding  shares of Inyx
Pharma are required to be used in the calculation of basic and diluted  earnings
(loss) per share retroactively for all periods presented.

NOTE 4:  INVENTORY
-------  ---------

         Inventories consist of the following:

                                                 September 30,     December 31,
                                                      2003             2002
                                                 ------------------------------
Finished goods                                   $           2    $         297
Work in process                                            275             --
Raw material                                               971            1,407
Less: Obsolescence provision                              (166)            --
                                                 ------------------------------
                                                 $       1,082    $       1,704
                                                 ==============================



                                       13
<PAGE>

NOTE 5:  PROPERTY, PLANT AND EQUIPMENT
-------  -----------------------------

         Property, plant and equipment consist of the following:


                                                 September 30,     December 31,
                                                      2003             2002
                                                 ------------------------------
Land and building                                $       1,603    $       1,690
Machinery and equipment                                  3,530            5,450
Depreciation                                              (225)          (2,006)
                                                 ------------------------------
                                                 $       4,908    $       5,134
                                                 ==============================

NOTE 6:  RELATED PARTY TRANSACTIONS
-------  --------------------------

         Included  in accounts  payable is an amount due to the  Chairman of the
Company of $409,000.  This loan is unsecured and does not bear  interest.  There
were no similar amounts in the comparative period.

NOTE 7:  COMPREHENSIVE INCOME
-------  --------------------

         Comprehensive  loss from foreign currency  translation  adjustments for
the nine months ended September 30, 2003 was $25,000 in the original 10QSB. This
amount  was  adjusted  to  ($107,000)  in this  restatement.  For the year ended
December  31,  2002  comprehensive  loss,  from  foreign  currency   translation
adjustments was $1,503,000.

NOTE 8:  SHAREHOLDERS' DEFICIT
-------  ---------------------

         On April 17, 2003 the Company  issued  2,450,000  shares of  restricted
common  stock as a fee to five  entities  as  finders'  fees for  their  role in
facilitating  the  transaction  with Inyx Pharma.  On April 21, 2003 the Company
issued  1,500,000  shares  of  restricted  common  stock  to  an  individual  as
consideration for business advisory and financial consulting services.

         On April 28, 2003 the Company  issued  16,000,000  shares of restricted
common stock for 100% of the issued and  outstanding  shares of Inyx Pharma in a
reverse merger acquisition.

         On August 22, 2003 the Company completed a private placement  financing
under which the Company  sold  500,000  shares of its common stock at a price of
$1.00 per  share,  and the  investors  also  received  a common  stock  purchase
warrant, with an exercise price of $1.50 per share, along with each common share
purchased. Neither the common shares nor the warrants are registered for trading
at this time.  As  announced by the Company on September 9, 2003 the proceeds of
the offering  were to be used to increase the  company's  working  capital.  The
investors  in this private  placement  included  the  Company's  Chairman and an
Outside Director of the Company.

         On October 30,  2003,  the Company  completed  a common  stock  private
placement  and issued  3,000,000  shares of Common  Stock,  This  issuance  is a
subsequent event and is not included in these financial statements, see Note 15.

NOTE 9:  STOCK BASED COMPENSATION
------   ------------------------

         On May 1, 2003 the Company  adopted a Stock Option Plan which  provides
for the granting of incentive  stock options and non qualified stock options for
the benefit of  employees,  officers and  directors.  The total number of shares
that may be issued under the plan amounts to 5,000,000.  The exercise  price per
share must be at least equal to the fair market price at the time of grant.  The
Company granted 2,755,000 options during the three-month  period ended September
30, 2003.

         Effective  May 1, 2003,  the  Company  implemented  the  provisions  of
Statement of Financial  Accounting Standard No. 123, "Accounting for Stock-Based
Compensation," ("FAS 123") to expense the fair value of stock options granted to
employees. On December 31, 2002, the Financial Accounting Standards Board issued


                                       14
<PAGE>

Statement of Financial Accounting Standards No. 148, "Accounting for Stock-Based
Compensation- Transition and Disclosure" ("FAS 148"), which provides alternative
methods of  transition  for  entities  that  change to the fair value  method of
accounting  for  stock-based  employee  compensation.  The  Company  adopted the
retroactive  restatement  method  under  FAS148 and restated the 2003 results of
operations  to reflect  stock-based  employee  compensation  cost under the fair
value accounting method in for all employee awards granted,  modified or settled
in  during  the  period  from May 1,  2003 the date the  Stock  Option  Plan was
adopted.

NOTE 10: EARNINGS (LOSS) PER SHARE
-------  -------------------------

         Basic loss per share  ("LPS") is computed  using the  weighted  average
number of common shares outstanding  during the period.  Diluted LPS is computed
using the weighted average number of common and dilutive potential common shares
outstanding  during the period.  Dilutive  potential  common  shares  consist of
common stock  issuable upon  exercise of stock options using the treasury  stock
method.  No  adjustments  to  earnings  were  made  for  purposes  of per  share
calculations.  The Company  has  reported a net loss for both the three and nine
month periods ended September 30, 2003 and 2002. As a result,  4,175,000  shares
of common stock  issuable  upon exercise of stock options and warrants have been
excluded from the  calculation  of diluted loss per share for both the three and
nine month periods ended  September  30, 2003 because their  inclusion  would be
antidilutive. At September 30, 2003, outstanding options and warrants to acquire
4,175,000 shares of common stock were not considered potentially dilutive common
shares due to the  exercise  price being higher than the stock price used in the
LPS calculation.

NOTE 11: WARRANTS
-------  ---------

         During the nine month  period  ended  September  30,  2003 the  Company
granted  1,420,000  warrants to purchase a maximum of 1,420,000  whole shares of
common stock of the Company at prices ranging from $1.10 to $3.10 per share. The
warrants expire at various dates between July 1, 2006 and September 27, 2008.

         This restatement  includes fair value of the warrants granted amounting
to $507,000  and  $202,000,  charged to other  expenses for the  nine-month  and
three-month periods ended September 30, 2003, respectively.

NOTE 12: OTHER EXPENSES
-------  --------------

         Other expenses consisted of the following:
<TABLE>
<CAPTION>

                                                         Nine Months Ended    Three Months Ended
                                                           September 30,         September 30,
                                                          2003       2002       2003       2002
                                                        -----------------------------------------
<S>                                                     <C>        <C>        <C>        <C>
Interest expense on debt                                $    304   $    920   $    145   $    410
Reversal of goodwill - Excess of purchase  price over
   carrying value of assets acquired                         707       --         --
Reversal of goodwill - Acquisition costs                   3,186       --         --
Warrants issued for services                                 507       --          202       --
Shares issued for consulting fees                            799       --         --
Consulting fees                                               16       --            4       --
Investor relations marketing expense                         430        430
Reorganization costs                                        --          135       --          135
                                                        -----------------------------------------

                                                        $  5,949   $  1,055   $    781   $    545
                                                        =========================================
</TABLE>


                                       15
<PAGE>

NOTE 13: DISCONTINUED OPERATIONS
-------  -----------------------

         Effective  March 6,  2003  the  Company  sold  assets  relating  to the
operations of Doblique, Inc., to a third party for cash and has discontinued the
business of owning and racing thoroughbred race horses. Accordingly, the results
of  operations  and  changes in cash flow of the  business  have been  disclosed
separately from those of continuing operations.

NOTE 14:    SUPPLEMENTAL CASH FLOW INFORMATION
-------     ----------------------------------
<TABLE>
<CAPTION>
                                                               Nine months ended       Three months ended
                                                                 September 30,            September 30,
                                                                 2003        2002        2003        2002
                                                              ---------------------------------------------
<S>                                                           <C>         <C>         <C>         <C>
(a) Supplemental Disclosure of Cash Flow
    information
       Cash paid during the period for interest               $     172   $    --     $      84   $    --
(b) Supplemental Schedule of Non-Cash Investing Activities:
    Share issued for conversion of
    shareholder debt                                          $     100   $    --     $     100   $    --
</TABLE>

         There was no cash paid for income taxes during the periods presented.


NOTE 15: SUBSEQUENT EVENTS
--------------------------

         On October 29,  2003,  the  Company  closed the  private  placement  of
$4,500,000 in the Company's 7%  Convertible  Term Note due October 29, 2006. The
Convertible  Term is secured by a lien on the Company's  assets and the stock of
its principal  operating unit, Inyx Pharma,  Ltd.  Monthly payments of principal
plus  interest  on the unpaid  balance at the annual  rate of 7% will be payable
monthly  beginning  March 1, 2004.  The Company  has the option to issue  common
stock in lieu of debt service payments at the then-market price of the stock. In
addition,  at the option of the holder,  the debt may be  converted  into common
stock  at  a  fixed   conversion   price  of  $1.00  per  share.  As  additional
consideration,  the  purchaser  was issued a  five-year  Common  Stock  Purchase
Warrant to acquire 1,350,000 shares of common stock at a exercise price of $1.25
per share for the first 450,000  shares,  $1.50 per share for the second 450,000
shares  and $1.75 per share for the last  450,000  shares.  Inyx can call  these
Warrants for  redemption if the  Company's  stock price has closed above 200% of
the strike price for 20 consecutive days.

         On October 30,  2003,  the  Company  closed the  private  placement  of
$3,000,000 in common stock. The common stock placement,  which commenced October
9,  2003,  has  resulted  in the  issuance  of  3,000,000  shares  to a group of
institutions and other accredited investor purchasers. In addition to the common
shares,  the purchasers  received a five-year Stock Purchase  Warrant to buy one
share of common stock for each two shares acquired in the placement,  at a price
of $1.00 per share for half of such warrants and $1.35 for the  remainder.  Inyx
can call these  Warrants for  redemption if the Company'  stock price has closed
above 200% of the strike price for 20 consecutive days.

         Final private  placement  proceeds,  net of financing and related costs
amounting to approximately  $850,000,  were $6.7 million. The Company intends to
use  these  funds  to pay off  approximately  $3  million  of  term  debt to the
Company's  asset-based  lender,  make  approximately  $1.5  million  of  capital
expenditures,  with the  balance to be utilized  to fund the  Company's  working
capital needs.









                                       16
<PAGE>

                    PRO FORMA FINANCIAL STATEMENT INFORMATION

         The following condensed pro forma consolidated statements of operations
are based on the  assumption  that the  acquisition  of Inyx Pharma Limited took
place as of January 1, 2003 and includes the operations of Miza  Pharmaceuticals
(UK) Limited  ("Miza UK") the  predecessor to Inyx Pharma Limited for the period
January 1, 2003 to March 7, 2003 and Inyx Pharma Limited for the period March 7,
2003 to September 30, 2003. On March 7, 2003,  Inyx Pharma Limited  acquired the
operating  assets  of  Miza  UK  from  a  court  appointed  Administrator.   The
acquisition  did not include the operations of Miza's  Biopharma  Division which
have been eliminated for the purposes of these pro forma statements.

         For the periods  ended  September  30, 2003 and 2002,  and December 31,
2002, operations relating to the business of the former Doblique, Inc. now Inyx,
Inc. have been eliminated from these pro forma  statements as if the divestiture
of assets and liabilities and the discontinuance of related operations  occurred
on January 1, 2003 and January 1, 2002, respectively.





































                                       17
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
        Unaudited Pro Forma Condensed Combining Statements of Operations
               For the Nine Month Period Ended September 30, 2003
            (In thousands of U.S. dollars, Except per share amounts)

                                                                                                                    Adjusted
                                                                                        Combined     Pro Forma      Combined
                                              Inyx, Inc.   Inyx Pharma   Miza UK (1)      Total       Adj. (2)       Total
<S>                                          <C>           <C>           <C>           <C>           <C>           <C>

Net revenues                                 $     --      $    8,134    $    2,730    $   10,864    $     (334)   $   10,530
Cost of sales                                      --           6,530         2,269         8,799          (393)        8,406
                                             ----------    ----------    ----------    ----------    ----------    ----------
     Gross profit                                  --           1,604           461         2,065    $       59         2,124

Expenses:
    General and administrative expenses           2,731         1,991           568         5,290           (33)        5,257
    Selling expenses                               --             166            51           217                         217
    Depreciation and amortization                  --             225           228           453           120           573
    Management fees                                (619)          619          --            --                          --
                                             ----------    ----------    ----------    ----------    ----------    ----------

          Total operating expenses                2,112         3,001           847         5,960            87         6,047
                                             ----------    ----------    ----------    ----------    ----------    ----------

Loss from operations before other expenses       (2,112)       (1,397)         (386)       (3,895)          (28)       (3,923)

Other expense:
    Reorganization and administration              --            --              55            55                          55
    Acquisition costs                             1,996         1,897          --           3,893                       3,893
    Shares issued for consulting fees               799          --            --            --                          --
    Investor relations                              430          --            --            --                          --
    Consulting fees                                  16          --            --            --                          --
    Warrants issued for services                    507          --            --             507                         507
    Interest expense                               --             304           176           480           253           733
                                             ----------    ----------    ----------    ----------    ----------    ----------
                                                  3,748         2,201           231         4,935           253         5,188
Loss before income tax benefit
and discontinued operations                      (5,860)       (3,598)         (617)       (8,830)         (281)       (9,111)

Income tax benefit                                 --             510          --             510                         510

Loss from discontinued operations,
net of tax                                          (25)         --            --             (25)                        (25)
                                             ----------    ----------    ----------    ----------    ----------    ----------

Net loss                                     $   (5,885)   $   (3,088)   $     (617)   $   (8,345)         (281)   $   (8,626)
                                             ==========    ==========    ==========    ==========    ==========    ==========
</TABLE>


(1)  Results of  predecessor  company,  Miza UK,  including  the  operations  of
Biopharma division which was not included in the acquisition

(2)  Interest  and  depreciation  expense  are  adjusted  to reflect the charges
related  to pro forma debt and net fixed  assets as of the  closing of the asset
acquisition.  The activity relating to Biopharma division which was not included
in the acquisition is eliminated


                                       18
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
             Unaudited Pro Forma Combining Statements of Operations
               For the Nine Month Period Ended September 30, 2002
                    (Expressed in thousands of U.S. dollars)

                                                                                                        Adjusted
                                                                              Combined     Pro Forma    Combined
                                                 Inyx, Inc.   Miza UK (1)      Total        Adj.(2)       Total
<S>                                             <C>           <C>           <C>           <C>           <C>

Net Revenues                                    $     --      $   20,862    $   20,862    $   (2,729)   $   18,133
Cost of sales                                         --          17,325        17,325        (2,698)       14,627
                                                ----------    ----------    ----------    ----------    ----------
         Gross profit                                 --           3,537         3,537           (31)        3,506

Expenses:
     General and administrative expenses              --           5,842         5,842          (325)        5,517
     Selling expenses                                 --             338           338           (17)          321
     Depreciation and amortization                    --             920           920          (153)          767
                                                ----------    ----------    ----------    ----------    ----------

            Total operating expenses                  --           7,100         7,100          (495)        6,605
                                                ----------    ----------    ----------    ----------    ----------
Income from operations before other
  expenses                                            --          (3,563)       (3,563)          464        (3,099)

Other expenses (income) :
     Reorganization and administration                --             135           135          --             135
     Interest expense                                 --           1,258         1,258          --           1,258
                                                ----------    ----------    ----------    ----------    ----------
                                                      --           1,393         1,393          --           1,393
Income before income tax provision
and discontinued operations                           --          (4,956)       (4,956)          464        (4,492)

Income tax benefit                                    --             352           352          --             352
                                                ----------    ----------    ----------    ----------    ----------

Loss from continuing operations                       --          (4,604)       (4,604)          464        (4,140)

Loss from discontinued operations, net of tax          (92)         --             (92)         --             (92)
                                                ----------    ----------    ----------    ----------    ----------

Net income (loss)                               $      (92)   $   (4,604)   $   (4,696)   $      464    $   (4,232)
                                                ==========    ==========    ==========    ==========    ==========
</TABLE>


(1)  Results of  predecessor  company,  Miza UK,  including  the  operations  of
Biopharma division which was not included in the acquisition.

(2)  Interest  and  depreciation  expense  are  adjusted  to reflect the charges
related  to pro forma debt and net fixed  assets as of the  closing of the asset
acquisition.  The activity relating to Biopharma division which was not included
in the acquisition is eliminated


                                       19
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
             Unaudited Pro Forma Combining Statements of Operations
                      For the Year Ended December 31, 2002
                    (Expressed in thousands of U.S. dollars)
                                                                                                         Adjusted
                                                                             Combined      Pro Forma     Combined
                                                 Inyx, Inc.   Miza UK (1)      Total        Adj. (2)      Total
<S>                                             <C>           <C>           <C>           <C>           <C>

Net Revenues                                    $     --      $   24,644    $   24,644    $   (3,460)   $   21,184
Cost of sales                                         --          20,772        20,772        (3,450)       17,322
                                                ----------    ----------    ----------    ----------    ----------
         Gross profit
                                                      --           3,872         3,872           (10)        3,862
Expenses:
     General and administrative expenses              --           6,850         6,850          (394)        6,456
     Selling expenses                                 --             376           376           (13)          363
     Depreciation and amortization                    --           1,257         1,257        (1,083)          174
                                                ----------    ----------    ----------    ----------    ----------

            Total operating expenses                  --           8,483         8,483        (1,490)        6,993
                                                ----------    ----------    ----------    ----------    ----------
Income from operations before other
    expenses                                          --          (4,611)       (4,611)        1,480        (3,131)

Other expenses (income) :
     Reorganization and administration                --          25,049        25,049          --          25,049
     Interest expense                                 --           1,680         1,680        (1,217)          463
                                                ----------    ----------    ----------    ----------    ----------
                                                                                                            26,729
                                                                    --          26,729        (1,217)       25,512
Income before income tax provision
  and discontinued operations                         --         (31,340)      (31,340)        2,697       (28,643)

Income tax provision                                  --             352           352          (352)         --
                                                ----------    ----------    ----------    ----------    ----------

Loss from continuing operations                       --         (30,988)      (30,988)        2,345       (28,643)

Loss from discontinued operations, net of tax         (113)         --            (113)         --            (113)
                                                ----------    ----------    ----------    ----------    ----------

Net income (loss)                               $     (113)   $  (30,988)   $  (31,101)   $    2,345    $  (28,756)
                                                ==========    ==========    ==========    ==========    ==========
</TABLE>


(1)  Results of  predecessor  company,  Miza UK,  including  the  operations  of
Biopharma division which was not included in the acquisition.
(2)  Interest  and  depreciation  expense  are  adjusted  to reflect the charges
related  to pro forma debt and net fixed  assets as of the  closing of the asset
acquisition.  The activity relating to Biopharma division which was not included
in the acquisition is eliminated



                                       20
<PAGE>

Item 2.  Management's Discussion and Analysis or Plan of Operations

         The financial  information set forth in the following discussion should
be read in  conjunction  with,  and  qualified in its entirety by the  Company's
consolidated  financial statements and related notes appearing elsewhere in this
report.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

         Statements  that are not  historical  facts included in this report are
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation  Reform Act of 1995 that involve risks and  uncertainties  that could
cause actual results to differ from projected  results.  Such statements address
activities, events or developments that the Company expects, believes, projects,
intends or  anticipates  will or may  occur,  including  such  matters as future
capital, business strategies,  expansion and growth of the Company's operations,
cash flow,  marketing of products and services,  and development of new products
and  services.  Factors  that could cause  actual  results to differ  materially
("Cautionary  Disclosures")  are described  throughout  this report.  Cautionary
Disclosures include, among others: general economic conditions,  the markets for
and market price of the Company's  products and services,  the Company's ability
to find,  acquire,  market,  develop and produce new products and services,  the
strength and  financial  resources of the Company's  competitors,  the Company's
ability to find and retain skilled personnel, labor relations,  availability and
cost of material and equipment, the results of financing efforts, and regulatory
developments  and compliance.  All written and oral  forward-looking  statements
attributable  to the Company are  expressly  qualified in their  entirety by the
Cautionary Disclosures. The Company disclaims any obligation to update or revise
any  forward-looking  statement  to reflect  events or  circumstances  occurring
hereafter or to reflect the occurrence of anticipated or unanticipated events.

GENERAL

         Inyx,  Inc.   ("Inyx"  or  the  "Company")   through  its  wholly-owned
subsidiaries,  Inyx  Pharma  Limited  and  Inyx  Canada,  Inc.,  is an  emerging
specialty  pharmaceutical company. We focus our expertise on the development and
manufacturing   of   prescription   and    over-the-counter    ("OTC")   aerosol
pharmaceutical  products and drug  delivery  technologies  for the  treatment of
respiratory,  allergy,  dermatological and topical  conditions.  Our client base
primarily  consists of blue-chip ethical  pharmaceutical  corporations,  branded
generic pharmaceutical  distributors,  and biotechnology companies.  Although we
perform some sales and marketing functions, we have limited product distribution
capabilities  and  so we  depend  on our  customers'  distribution  channels  or
strategic partners to market and sell the pharmaceutical products we develop and
manufacture for them.

         We  intend  to  expand  our  product   development  and   manufacturing
activities into our own lines of prescription and OTC  pharmaceutical  products,
but as of September 30, 2003, we had not yet  commercialized or marketed our own
products or drug delivery applications.  Additionally, a material element of our
growth  strategy  is  to  expand  our  existing   business   through   strategic
acquisitions of pharmaceutical products and drug delivery technologies which are
complementary with our expertise in the aerosol pharmaceutical sector.

         Our Company was incorporated  under the laws of Nevada in March 2000 as
Doblique,  Inc.  In July  2002,  we  became a  publicly-traded  company  when we
completed a registration  statement for the sale by our principal stockholder of
2,450,000  shares of common  stock.  Our common  stock is traded on the NASDAQ's
Over-the-Counter Bulletin Board ("OTCBB"). We voluntarily file annual, quarterly
and periodic  reports with the  Securities and Exchange  Commission  pursuant to
Section 15(d) of the Securities Exchange Act of 1934.

         Prior to March  2003,  we were in the  business  of owning  and  racing
thoroughbred  horses at various major horse racing tracks  throughout the United
States.  In March  2003,  the assets of that  operation  were sold for cash to a


                                       21
<PAGE>

third party,  and the Company  discontinued  the business of breeding and racing
thoroughbred  race horses.  On March 26, 2003, we announced that our controlling
stockholder  had accepted an  unsolicited  offer to sell a controlling  block of
2,250,000  shares  of  common  stock,  representing  approximately  45%  of  the
Company's then issued and outstanding  shares,  to Medira  Investments,  LLC. As
part of that  transaction,  our controlling  stockholder also provided a release
and discharge of all  liabilities to the Company.  At that time, our controlling
stockholder was owed  approximately  $126,000 by the Company.  Additionally,  on
March  26,  2003,  we  announced  that  we  would  pursue  strategic  investment
opportunities  in a number of sectors within the  pharmaceutical,  biotechnology
and medical devices  industries.  Such opportunities  would include research and
development,    manufacturing,    distribution,    and   intellectual   property
acquisitions.

         On July 1, 2003,  we  commenced  operations  of Inyx  Canada,  Inc.,  a
wholly-owned  Canadian  subsidiary,   which  provides  management  and  business
development  services  to our parent  company.  We do not  presently  derive any
revenues from Inyx Canada.

         On August 26, 2003, we announced that we had filed an original  listing
application  for  our  common  stock  on  the  American  Stock  Exchange.   That
application is presently being reviewed by the Exchange.

         On  September  8,  2003,  we   incorporated   a  wholly  owned  Florida
incorporated   subsidiary,   "Inyx  Realty,   Inc.".  This  subsidiary  provides
administrative  support services,  including leased property  management for our
Florida offices.

         On September  9, 2003,  we  announced  that we had  completed a private
placement  financing under which we sold 500,000 shares of our common stock at a
price of $1.00 per share,  and that the  investors  also received a common stock
purchase  warrant,  with an exercise  price of $1.50 per share,  along with each
common share  purchased.  The proceeds of the offering  will be used to increase
our working  capital.  The  investors  in this  private  placement  included our
Chairman,  Dr. Jack  Kachkar;  an outside  director of the  Company,  Mr.  James
Douglas Brown; and three of our shareholders.

Acquisition of Inyx Pharma

         On April 28, 2003, we acquired all of the outstanding  common shares of
Inyx Pharma in a transaction  accounted for as a reverse acquisition of Doblique
by Inyx  Pharma,  where we  exchanged  16 million  of our common  shares for all
outstanding and issued shares of Inyx Pharma.  As a result of such  transaction,
the   stockholders   of  Inyx  Pharma  became  our   controlling  and  principal
stockholders,  owning  approximately  64% of our outstanding  stock at the time;
Inyx Pharma became our wholly-owned  subsidiary;  and on May 6, 2003, we changed
our name to Inyx,  Inc. Inyx Pharma focuses its expertise on the development and
manufacturing   of   prescription   and    over-the-counter    ("OTC")   aerosol
pharmaceutical  products and drug  delivery  technologies  for the  treatment of
respiratory,  allergy,  dermatological,  and topical  conditions.  Inyx Pharma's
client base is comprised of blue-chip ethical pharmaceutical companies,  branded
generic firms and biotechnology groups.

         Prior to our reverse  acquisition  with Inyx  Pharma,  we were a public
company with nominal  operations  and assets.  As a result of the  accounting of
this transaction as a reverse  acquisition,  and for comparative  purposes only,
the historical  financial  statements of Inyx Pharma are presented herein as our
own historical statements.

         On March 7, 2003, Inyx Pharma had acquired the majority of the business
assets of Miza  Pharmaceuticals  (UK) Limited ("Miza UK") from a court-appointed
Administrator  (the United  Kingdom  equivalent of a Chapter 11  court-appointed
trustee), the purchase excluded the operations of Miza UK's Biopharma Division (
the  "Biopharma  Division").  Through  the Miza UK  purchase,  Inyx  Pharma  had
acquired  one aerosol  pharmaceutical  manufacturing  site (the Miza UK Aerosols
Division)  and a  pharmaceutical  product  development  operation  (the  Miza UK


                                       22
<PAGE>

Development Division).  In connection with this acquisition,  Inyx Pharma issued
approximately  $7.1  million in debt to effect the  transaction  and incurred an
additional $1.2 million in acquisition costs.

         We  initially  recognized  approximately  $10.7  million of goodwill in
these  transactions.  After  further  review  of  the  facts  and  circumstances
regarding these  transactions,  we have concluded that the net assets of Miza UK
may have been controlled by parties  affiliated to the Company and that the sale
of our racehorses,  prior to our reverse merger with Inyx Pharma,  did terminate
our operating  activities at the time, rendering Doblique a non-operating public
shell. As a consequence,  these  transactions  which  initially  resulted in the
recognition   of  goodwill   have  been   restated  and   reflected  as  capital
transactions.  Accordingly  we  have  reversed  all of the  previously  recorded
goodwill which included  approximately $3.9 million in other expenses,  $370,000
which was classified under general and administrative expenses, and $6.4 million
of additional  paid-in  capital,  that arose from the issuance of shares to Inyx
Pharma stockholders.

         In addition,  in this restatement,  we have changed the presentation of
certain  non-recurring  costs by classifying them as other expenses,  instead of
including  such  costs in our  general  and  administrative  expenses,  and have
corrected the original  translation  of certain items and  reclassified  certain
balances to provide a more comprehensive presentation.

         We have also expensed  approximately $1.3 million for stock options and
approximately  $510,000 for warrants  that were  granted  during the  nine-month
period ended September 30, 2003, and which had not been  previously  recorded as
expenses.

Currency Exchange Rates and Hedging Activities

         The functional  currency of our Company's U.K.  subsidiary is the Great
Britain Pound  ((pound)).  Our Company's  financial  statements  are reported in
United States  Dollars ($) and are  translated in accordance  with  Statement of
Financial  Accounting  Standards No. 52, which  requires  that foreign  currency
assets and  liabilities be translated  using the exchange rates in effect at the
balance  sheet date.  Results of  operations  are  translated  using the average
exchange  rates  prevailing  during the period.  For purposes of SFAS No. 52, we
consider  the dollar to be the  reporting  currency.  The effects of  unrealized
exchange  fluctuations  on translating  foreign  currency assets and liabilities
into  dollars  are  accumulated  as  a  cumulative   translation  adjustment  in
stockholders'   equity.   Realized  gains  and  losses  from  foreign   currency
transactions   are  included  in  the  results  of  operation  for  the  period.
Fluctuations arising from inter-company  transactions are of long term in nature
and are accumulated as cumulative translation adjustments.

         As of  September  30, 2003,  we had not  utilized any  currency-hedging
programs.  However,  as we intend to utilize US-based financing sources,  and as
the significant majority of our revenues are in Pounds Sterling, we are planning
to  establish  a  commercial   banking   relationship  with  a  major  financial
institution that will also provide us with  currency-hedging  advisory including
our  participation in  currency-forward  contracts for the purpose of mitigating
foreign exchange losses.

RESULTS OF OPERATIONS

Restatement   Of  Three-Month   and  Nine-Month   Periods  (Five  Months  Actual
Operations) Ended September 30, 2003

         As described  above,  the financial  statements for the three-month and
nine-month  periods  ended  September  30,  2003 have been  restated  to reverse
approximately  $10.7  million  of  goodwill.   Additionally,   as  a  result  of
corrections  to  foreign  exchange  rates,   originally  used  when  translating
property, plant and equipment (approximately ($150,000)), the value of our total
assets as of  September  30,  2003 has been  reduced  from  approximately  $20.8
million to approximately $10.0 million.


                                       23
<PAGE>

         As a  result  of  corrections  to  foreign  exchange  rates  originally
utilized  when  translating  the amounts of a  convertible  note  (approximately
$120,000) and the reclassification of accrued interest, our total liabilities as
of  September  30, 2003 have been reduced from  approximately  $12.4  million to
approximately $12.2 million.

         Due to the  reversal of  originally  recognized  goodwill  amounting to
approximately $6.4 million of paid-in capital arising from the issuance of stock
to Inyx Pharma  shareholders,  and the  issuance of stock  options and  warrants
valued at  approximately  $1.7 million,  our additional paid in capital has been
reduced in net by approximately  $4.7 million.  As a result, as of September 30,
2003, our  additional  paid in capital has decreased  from  approximately  $11.3
million to approximately $6.6 million.

         As of September 30, 2003,  due to the reversal of  approximately  $10.7
million of goodwill, and the correction to the foreign exchange rates originally
used for  translation of property,  plant and equipment and a convertible  note,
our originally reported  stockholders'  equity of $8.5 million has been adjusted
to a stockholders' deficit of approximately $2.2 million.

         Additionally,  for the nine-month  period ended  September 30, 2003, we
have restated our general and  administrative  expenses from  approximately $4.4
million to  approximately  $4.7  million.  This is a result of the  expensing of
approximately $1.3 million in employee stock options, and approximately $300,000
in legal and consulting  costs  associated with our reverse  acquisition of Inyx
Pharma,  previously  recorded as  goodwill,  and now included in our general and
administrative  expenses.  These charges to general and administrative  expenses
were offset by a classification  of approximately  $800,000 of consulting costs,
primarily  associated  with  the  issuance  of  stock  to  a  consultant,   plus
approximately $450,000 of non-recurring  consulting and investor relations costs
from general and administrative expenses into other expenses, thereby increasing
our  general and  administrative  costs by  approximately  $300,000  net.  Other
expenses are costs that we believe are non-recurring in nature.

         To be consistent with our year-end classification, "Other Expenses" for
the nine-month period ended September 30, 2003 have increased from approximately
$300,000  to  approximately  $5.6  million.  As  noted  above,  this is due to a
classification  of  approximately  $800,000 of consulting costs from general and
administrative expenses into other expenses, and approximately $510,000 of costs
associated  with the  expensing  of warrants  issued for  corporate  development
assistance.  Additionally,  approximately $3.9 million of acquisition  expenses,
previously recorded as goodwill, are now included in other expenses.

         As a result of these expenses and the  classification  of certain items
previously  recorded as goodwill,  our net loss for the three-month period ended
September 30, 2003 has  increased  from an  approximate  $1.5 million loss to an
approximately  $2.2 million loss; and for the nine-month  period ended September
30, 2003, from an approximate $3.0 million loss to an approximately $9.0 million
loss. For the three-month  period ended September 30, 2003,  based on a weighted
average of 25.2 million shares  outstanding,  basic and fully-diluted,  the loss
per share has increased  from $0.06 loss per share to $0.09 loss per share.  For
the nine-month  period ended September 30, 2003,  based on a weighted average of
21.3 million shares outstanding, basic and fully-diluted, the loss per share has
increased from $0.18 loss per share to $0.42 loss per share.

Consolidated Results

         The  accompanying   consolidated  financial  information  includes  the
accounts of Inyx, Inc. and its wholly-owned  subsidiaries,  Inyx Pharma Limited,
incorporated under the laws of England and Wales; Inyx Canada, Inc., formed as a
federally  incorporated Canadian  corporation;  and Inyx Realty, Inc., a Florida
corporation.  All of the Company's  revenues are  generated by Inyx Pharma.  All
inter-company  accounts and transactions  have been eliminated in consolidation.
For the three-month and nine-month periods ended September 30, 2003, we operated
in one business segment,  contract manufacturing of pharmaceutical products. All
other business  activities were deemed to be in support of our primary  purpose.
Segmentation  of our business will occur as we move into  additional  activities
discussed herein.


                                       24
<PAGE>

         As noted above,  the following  discussion of the Company's  results of
operations for the three-month  and nine-month  periods ended September 30, 2003
are being restated and focus on the  operations of our wholly owned  subsidiary,
Inyx Pharma,  which was acquired on April 28, 2003.  Prior to our acquisition of
Inyx Pharma,  we divested  all prior  operations  conducted  as  Doblique,  Inc.
Therefore,  the timing and reporting of the  acquisition  of Inyx Pharma is such
that the substance of the discussion  centering on our actual  results,  for the
nine-month  period  ended  September  30,  2003,  is  primarily  in reference to
approximately five months of operations  commencing on April 28, 2003 and ending
on September 30, 2003.

         As  a  consequence,  a  more  extensive  comparative  analysis  of  the
Company's  operations for the three-month and nine-month periods ended September
30, 2003 and September 30, 2002, respectively, can be found in those sections of
this discussion dealing with pro forma financial statement information.

Pro Forma Results

         As the Biopharma business was part of Miza UK in 2002, but not acquired
by Inyx Pharma on March 7, 2003,  the pro forma  results of  operations  for the
three-month  and nine-month  periods ended  September 30, 2003 and September 30,
2002,   respectively,   have  been  adjusted  to  eliminate   financial  results
attributable  to  the  Biopharma  Division.  In a  separate  column  within  our
financial statements,  the operations of the Biopharma Division,  for the period
prior to the merger, are shown on a stand-alone basis. The results of operations
have  been  presented  in this  manner  to show the Miza UK  operation  with and
without the Biopharma  Division in comparing its results of  operations,  as the
predecessor  company, to our results of operations.  Additionally,  interest and
depreciation  expenses were adjusted to reflect the charges related to pro forma
debt and net fixed assets as of the closing of the  acquisition of the assets of
Miza UK by Inyx Pharma.

         For the  nine-month  period ended  September  30, 2003,  the  Biopharma
Division  had net  revenues of  approximately  $335,000,  costs of goods sold of
approximately  $395,000,  and total operating expenses of approximately $90,000.
For the  comparative  nine-month  period ended September 30, 2002, the Biopharma
Division had net revenues of approximately $2.7 million,  costs of goods sold of
approximately  $2.7  million,  and total  operating  expenses  of  approximately
$500,000.

         Prior  to our  acquisition  of  Inyx  Pharma,  we  divested  all  prior
operations  conducted  as  Doblique,  Inc.  Therefore,  for  the  periods  ended
September 30, 2003 and September 30, 2002, respectively,  operations relating to
the business of the former Doblique have also been eliminated from our pro forma
statements  as  if  the   divestiture   of  assets  and   liabilities   and  the
discontinuance  of related  operations  of the  Doblique  business  occurred  on
January 1, 2003 and January 1, 2002, respectively.

Net Revenues

         Net revenues for the three-month and nine-month periods ended September
30, 2003 were approximately $3.1 million and $8.1 million,  respectively.  These
revenues were  attributed  solely to the newly acquired  business of Inyx Pharma
and  represent  approximately  five months of business  activity  from April 28,
2003, the date of our reverse acquisition of Inyx Pharma, to September 30, 2003.
In comparison, net revenues for the three months and nine months ended September
30, 2002 were approximately $5.0 million and $20.1 million, respectively.

         The decrease in net revenues for the comparative periods is a result of
Inyx Pharma buying the majority of the assets of Miza UK excluding the Biopharma
Division out of Administration, and due to the timing of our reverse acquisition
of Inyx Pharma on April 28, 2003.  Our net revenues  for the  nine-month  period
ended September 30, 2003, therefore,  only includes approximately five months of
operations  as compared to nine full months of  operations  for our  predecessor
company during the comparative period.


                                       25
<PAGE>

         For the  three-month  and nine-month  periods ended September 30, 2003,
our top three customers  accounted for $1.3 million or approximately  43% of our
total net  revenues,  and $3.4  million  or  approximately  42% of our total net
revenues,  respectively.  In  comparison,  for the  three-month  and  nine-month
periods ended September 30, 2002, our predecessor  company's top three customers
accounted for approximately 63% and 57% of total net revenues, respectively.

         Pro forma net revenues for the  nine-month  period ended  September 30,
2003 were $10.9  million as compared to $20.9  million for the nine months ended
September  30, 2002.  Pro forma net  revenues  decreased  by  approximately  $10
million or  approximately  48% as  compared  to pro forma net  revenues  for the
comparable period in 2002. The decrease is primarily attributed to the fact that
Inyx Pharma's  predecessor  company,  Miza  Pharmaceuticals  (UK) Limited ("Miza
UK"), was acquired out of Administration. Although most of the customer base was
retained,  the  level  of  revenues  has not yet  been  restored  to the  levels
experienced by the predecessor company prior to the Administration period.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  pro  forma  net  revenues  for the pro forma  nine-month  period  ended
September  30,  2003  amounted  to  approximately  $10.5  million as compared to
approximately  $18.1  million for the nine months  ended  September  30, 2002, a
decrease of approximately  $7.6 million or approximately 42% for the comparative
pro forma period.

         Our revenues are derived from pharmaceutical  manufacturing and product
formulation and development  outsourcing services,  including product stability,
commercial  scale-up,  and validation  and  regulatory  support for our clients'
products.  Any future revenues will be dependant upon our clients maintaining or
obtaining regulatory approval for the sale of their products in their designated
markets.  Although we do not currently  derive any of our revenues from the sale
of our own  products,  we believe  that we can increase our revenues and achieve
greater  margins  through  the  addition  of our own  product  lines in selected
pharmaceutical  market sectors,  with marketing to be conducted  through certain
strategic customers. We expect that these types of revenues would include direct
sales,  royalty  payments and licensing  fees of our planned  products.  At this
time, we have not commercialized any of our own proprietary products and we have
no agreements for such fees or distribution agreements finalized.

         The  decrease  in pro  forma net  revenues  for the nine  months  ended
September  30, 2003 as compared to the  comparative  period in 2002 is primarily
attributed  to the fact that Inyx  Pharma's  predecessor  company,  Miza UK, was
acquired  out of  Administration.  Although  most of the  predecessor  company's
customer  base was retained,  previous  levels of net revenues have not yet been
restored  to the levels  experienced  by the  predecessor  company  prior to the
administration period. This is primarily due to the Administration process where
there were a number of business and revenue interruptions due to product release
delays and lack of components.  This adversely  affected customer  confidence as
clients either halted on-going  production  requirements and development support
projects,  or did not initiate  new  commercial  activities  due to the business
uncertainties of Administration.

         It has also taken time since our reverse  acquisition of Inyx Pharma to
start-up a number of client  projects due to the required  regulatory  approvals
and the  production  commissioning  and  validation  processes  involved  in the
pharmaceutical  manufacturing  industry.  We believe that as we continue to meet
our  clients'   product   development,   commercialization   and   manufacturing
requirements,  and invest to  continually  improve  our  production  facilities'
manufacturing  and quality  systems,  we can  restore  customer  confidence  and
restore previously experienced revenue levels.

         Additionally,  we have been actively marketing to our customer base and
expect revenues from  manufacturing  and development  revenues to be restored to
levels  experienced by the business  assets acquired by Inyx Pharma prior to the
Administration   period.   Excluding   the   CFC-metered   dose  inhaler   (MDI)
manufacturing line, which is being phased into a CFC-free  manufacturing  system
due to environmental requirements, our manufacturing operations are operating at
an  average  30%  of  available  capacity.   Revenues  and,  therefore  capacity


                                       26
<PAGE>

utilization,  are  expected to increase as new customer  contracts  and purchase
orders are  obtained.  We also expect to be able to increase  our  manufacturing
activities as customers' raw material and component  inventory  requirements are
restored to normal business  operational levels.  Also, we believe our expertise
in converting from CFC to CFC-free  aerosol  pharmaceuticals,  particularly  the
production of hydrofluoroalkane (HFA) non-ozone-depleting aerosol pharmaceutical
products should  generate  increasing  business with increasing  demand for such
products, due to environmental regulatory requirements.

Cost of Sales

         Cost  of  sales  for  the  three-month  and  nine-month  periods  ended
September 30, 2003 amounted to approximately  $2.6 million or approximately  85%
of net revenues,  and  approximately  $6.5 million or  approximately  80% of net
revenues,  respectively. In comparison, cost of sales for the three months ended
September 30, 2002 were approximately $5.5 million or 110% of net revenues,  and
approximately  $17.3 million or  approximately  83% of net revenues for the nine
months ended September 30, 2002. During September, 2002, our predecessor company
had  entered the  administration  period and so  revenues  were  reduced and not
sufficient enough to offset the cost of sales during that month.

         Pro forma cost of sales for the nine-month  period ended  September 30,
2003  amounted to  approximately  $8.8 million or  approximately  81% of net pro
forma  revenues as compared to pro forma costs of sales of  approximately  $17.3
million or approximately 83% of net pro forma revenues for the nine months ended
September 30, 2002. The cost of goods sold as a percentage of revenues is mostly
consistent  with  the  comparative  period.  In the  second  half of  2002,  our
predecessor company entered the administration period which impacted the overall
sales levels and reduced operations to an average of 25% of total  manufacturing
capacity.   In  addition,   our  predecessor  company  started  the  process  of
transitioning the Chlorofluorocarbon ("CFC") based respiratory product line, due
to  environmental  regulations.  As a result of the CFC transition,  the Metered
Dose Inhaler  ("MDI") line now accounts for less then 15% of overall  production
at our  manufacturing  operation.  Historically,  CFC production  also has lower
material costs as compared to the non CFC or HFA products.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  pro forma cost of sales for the nine-month  period ended  September 30,
2003 amounted to approximately  $8.4 million or  approximately  80% of pro forma
net  revenues,  as  compared to pro forma cost of sales of  approximately  $14.6
million or approximately 81% of net revenues for the pro forma nine months ended
September 30, 2002.

         Our  cost  of  sales  costs  are  associated  with   manufacturing  and
development revenues and include our costs for product components and materials,
labor,  factory overheads and technical affairs,  which includes quality control
and quality assurance regulatory support.

         Excluding the administration period, the slight increase in our cost of
sales as a percentage of revenues between the comparative  periods is mostly due
to a reduction of the use of our manufacturing capacity,  thereby reducing fixed
overhead cost absorption and concomitantly  increasing manufacturing costs, on a
per unit  basis.  We  expect  that our cost of sales to be  restored  to  levels
previously  experienced by the business assets acquired by Inyx Pharma, prior to
the administration  period, as more customer contracts are initiated or renewed,
and therefore increasing the use of our manufacturing capacity.

         Even though we have  experienced  moderate raw material and labor price
increases since our reverse acquisition of Inyx Pharma, due to inflation and new
vendor  relationships,  we  expect  the  cost of  goods  sold  percentage  to be
maintained or reduced as more customer  contracts are initiated or renewed,  and
our  capacity  utilization  is  enhanced.  With  improved  fixed  overhead  cost
absorption, we expect to improve our profit margins.

         However,  we also expect to start  incurring  research and  development
costs as part of our cost of goods  sold once we pursue the  development  of our


                                       27
<PAGE>

own proprietary  pharmaceutical  products. Such costs would include intellectual
property  development costs and salaries for the required  additional  technical
staff. We expect that such research and  development  costs would increase costs
in the short term,  but would be offset by the higher  profit  margins long term
for our own products as compared to the margins for our  contract  manufacturing
services.

Gross Profit

         Gross Profit for the three-month and nine-month periods ended September
30,  2003  amounted  to  approximately  $470,000  or  approximately  15%  of net
revenues,  and approximately  $1.6 million or approximately 20% of net revenues,
respectively.  In comparison,  there was a gross loss for the three months ended
September  30, 2002  amounting to  approximately  $490,000 or negative 9% of net
revenues,  and a gross profit of approximately $3.5 million or approximately 17%
of net revenues for the nine months ended September 30, 2002.  During September,
2002,  our  predecessor  company had entered  the  administration  period and so
revenues were reduced and therefore not sufficient  enough to offset the cost of
sales  during  that  month.  As a result,  there was a gross  loss for the three
months ended September 30, 2002.

         Pro forma gross profit for the  nine-month  period ended  September 30,
2003 amounted to approximately  $2.1 million or 19% of pro forma net revenues as
compared  to  a  pro  forma  gross  profit  of  approximately  $3.5  million  or
approximately  17% of net revenues for the nine months ended September 30, 2002.
The pro forma 2003  results  include  the results of Miza UK's  business,  which
operated in Administration in the first financial quarter of the year.

         Excluding  the  Biopharma  Division,  pro forma  gross  profit  for the
nine-month  period  ended  September  30, 2003  amounted to  approximately  $2.1
million  or  approximately  20%  of pro  forma  net  revenues,  as  compared  to
approximately $3.5 million in gross profit or approximately 19% of pro forma net
revenues for the nine months ended September 30, 2002.

         As a result of the  administration  process,  our  predecessor  company
experienced a significant  decline in  profitability  due to periods of business
interruption  caused  by the  lack of  materials,  components  and  supplies  to
manufacture  finished  goods  for  customers,  as  well  as a lack  of  customer
marketing and sales efforts.

         Additionally,   research  and  development   contract   customers  were
unwilling to continue  development  projects during the  Administration  period.
Customer product  development  projects are usually initiated to provide product
manufacturing and regulatory support.  This type of service usually spans over a
period  of six  months  to two  years,  but due to the  uncertainty  during  the
administration  period,  most  clients in the  latter  part of 2002 and into the
first  quarter of 2003 either  stopped the progress of on-going  projects or did
not initiate new product  development  projects.  During the three  month-period
ended  September 30, 2003, we commenced a number of such  development  projects,
including those for a non-CFC  respiratory  product with a leading  pan-European
generic  pharmaceutical  manufacturer,  and for the development of a dermatology
product for another large generic pharmaceutical company.

         We expect that as we continue to meet our clients' product development,
commercialization  and  manufacturing  requirements  we can  continue  to  build
customer confidence in order to improve our profitability in this area.

         Additionally,  our  research and  development  contract  services  have
higher gross margins than our contract  manufacturing  services  because we only
have to  account  for our own  labor  support  costs  while  charging  out  such
professional  services we provide to our customers at agreed  higher  rates.  We
therefore  expect  gross  profitability  levels  to  increase  as more  customer
contracts  are  initiated  or renewed  for our  contract  development  services,
particularly  for those  development  products  which allow us to  increase  the
utilization of our production capacity by commercializing such products.


                                       28
<PAGE>

         We also believe that we can improve our gross  profit  margins  through
the addition of our own pharmaceutical product lines, which we believe may offer
greater  profit margins than those  provided by our contract  manufacturing  and
product development  services.  Although we do not currently derive any revenues
from  the  sale of our own  products,  we  expect  to  commence  developing  and
commercializing  our own  proprietary  products  in the  pharmaceutical  aerosol
sector by the end of 2004.

General and Administrative Expenses

         General and administrative  expenses for the three-month and nine-month
periods   ended   September  30,  2003  were   approximately   $2.0  million  or
approximately 64% of net revenues,  and $4.7 million or approximately 58% of net
revenues,  respectively. In comparison, for the three months ended September 30,
2002, general and administrative expenses amounted to approximately $3.5 million
or  approximately  69%  of net  revenues,  and  approximately  $5.8  million  or
approximately 28% of net revenues for the nine months ended September 30, 2002.

         Pro forma general and administrative expenses for the nine-month period
ended September 30, 2003 were approximately $5.3 million or approximately 49% of
pro forma net  revenues,  as  compared to pro forma  general and  administrative
expenses of  approximately  $5.8 million or  approximately  28% of pro forma net
revenues for the nine months ended September 30, 2002. The pro forma general and
administrative expenses increased by 21% as a percentage of net revenues between
the comparative pro forma periods.

         Excluding the Biopharma Division,  pro forma general and administrative
expenses  for the nine-  month  period  ended  September  30,  2003  amounted to
approximately  $5.3 million or approximately  50% of pro forma net revenues,  as
compared to approximately $5.5 million in general and administrative expenses or
approximately  30% of pro forma net revenues for the nine months ended September
30, 2002.

         The significant  increases in the general and  administrative  expenses
for both the actual and pro forma  nine-month  periods ended September 30, 2003,
as compared to the actual and pro forma  nine-month  periods ended September 30,
2002,  are largely  attributable  to a number of business  ramp-up and corporate
overhead costs that we had to incur after our reverse acquisition of Inyx Pharma
on April 28, 2003. These costs included fees and other costs associated with the
hiring of a number of key  personnel,  consulting,  legal and  accounting  fees,
higher  insurance  costs,  and  increased  business  and  corporate  development
activities, including travel and communication expenses.

         In  comparison,  for the nine months  ended  September  30,  2002,  our
predecessor company did not have significant legal,  accounting,  and consulting
fees, or corporate  development  and public  company costs,  and therefore,  had
lower general and administrative expenses.

         The  increase  in  general  and  administrative  expenses  between  the
comparative   periods  is  attributed  to  the  following  items:  stock  option
compensation   approximated   $1.3  million,   there  was  no  similar  type  of
compensation  in  the  comparative   period;   insurance  expenses  amounted  to
approximately  $400,000 as compared to approximately $230,000 of insurance costs
for the comparative  period in 2002;  corporate and business  development  costs
increased  to  approximately  $475,000,  there  were  no  similar  costs  in the
comparative  period in 2002;  legal and  consulting  costs  associated  with our
reverse  acquisition  transaction with Inyx Pharma  approximated  $300,000,  and
other legal and accounting fees amounted to approximately  $265,000, as compared
to approximately $40,000 of such costs during the comparative period in 2002.

         As we  continue  to  implement  our  corporate  development  and growth
strategy, we expect to incur additional administrative costs due to the addition
of senior business and financial  executives to our management  team. We believe
that  as we grow  our  business  and  begin  to  introduce  our own  proprietary


                                       29
<PAGE>

products,   which  we  believe  will  have  better  margins  than  the  contract
development and manufacturing fees that we presently receive from our customers,
we can offset these administrative incremental costs on a long-term basis.

Selling Expenses

         Selling  expenses for the  three-month  and  nine-month  periods  ended
September 30, 2003 amounted to approximately $70,000 or approximately 2 % of net
revenues,  and  approximately  $170,000  or  approximately  2% of net  revenues,
respectively.  In  comparison,  selling  expenses  for the  three  months  ended
September  30,  2002 were  approximately  $120,000  or  approximately  2% of net
revenues, and approximately $340,000 or approximately 2% of net revenues for the
nine months ended September 30, 2002.

         Pro forma selling  expenses for the nine-month  period ended  September
30, 2003 amounted to approximately $220,000 or approximately 2% of pro forma net
revenues, as compared to pro forma selling expenses of approximately $340,000 or
approximately  2% of net pro forma revenues for the nine months ended  September
30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma, selling expenses for the pro forma nine-month period ended September 30,
2003 amounted to  approximately  $220,000 or  approximately  2% of pro forma net
revenues, as compared to pro forma selling expenses of approximately $320,000 or
approximately  2% of net revenues for the pro forma nine months ended  September
30, 2002.

         Selling  expenses  consist  primarily  of  salaries,   commissions  and
marketing costs associated with the commercial department of our business. As we
do not have a sales organization,  our selling expenses have remained consistent
as a percentage of net revenues between the comparative  periods. We expect that
our selling expenses will increase  slightly as a result of our increasing sales
and marketing efforts.

Depreciation and Amortization

         Depreciation  and   amortization   expenses  for  the  three-month  and
nine-month  periods  ended  September  30, 2003 were  approximately  $100,000 or
approximately 3% of net revenues, and approximately $225,000 or approximately 3%
of net revenues,  respectively.  In comparison,  depreciation  and  amortization
expenses  for the three  months  ended  September  30,  2002 were  approximately
$335,000 or approximately 7% of net revenues,  and approximately $1.3 million or
approximately 6% of net revenues for the nine months ended September 30, 2002.

         Pro forma  depreciation  and  amortization  expenses for the nine-month
period  ended  September  30,  2002  amounted  to   approximately   $450,000  or
approximately  4%  of  pro  forma  net  revenues,   as  compared  to  pro  forma
depreciation   and   amortization   expenses   of   approximately   $920,000  or
approximately  4% of pro forma net revenues for the nine months ended  September
30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  depreciation  and  amortization  expenses for the pro forma  nine-month
period  ended  September  30,  2003  amounted  to   approximately   $575,000  or
approximately  5%  of  pro  forma  net  revenues,   as  compared  to  pro  forma
depreciation   and   amortization   expenses   of   approximately   $770,000  or
approximately  4% of net revenues for the pro forma nine months ended  September
30, 2002.

         For the comparative periods, our depreciation and amortization expenses
are  less  than  our  predecessor  company's  due to the  carrying  value of our
predecessor  company's assets prior to the administration  period (approximately
$16.5 million), as compared to the carrying value of our assets,  (approximately
$5.0 million).


                                       30
<PAGE>

         We state the value of our property and equipment at cost.  Depreciation
is computed using the  straight-line  method based on the estimated useful lives
of the  assets,  which  range  from 50 years  for  buildings  to 3-10  years for
equipment.

         The amortization of trademarks and trade names,  and other  intangibles
is determined  utilizing the straight-line  method based on the estimated useful
lives of the intangibles.

         Goodwill  is not  amortized  but will be  subject  to annual  review to
determine whether there is any impairment of the value ascribed to it.

Operating Income or Loss From Operations Before Other Expenses

         Loss from  operations  before other  expenses for the  three-month  and
nine-month  periods  ended  September 30, 2003  amounted to  approximately  $1.7
million and approximately $3.5 million,  respectively.  In comparison,  the loss
from  operations  before other expenses for the three months ended September 30,
2002  amounted  to  approximately  $4.4  million,  and  there  was a  loss  from
operations  before  other  expenses of  approximately  $3.9 million for the nine
months ended September 30, 2002.

         For the pro forma nine-month  period ended September 30, 2003, we had a
loss from operations  before other expenses of  approximately  $3.9 million,  as
compared  to  a  loss  from  operations  before  other  expenses   amounting  to
approximately  $3.6  million for the pro forma nine months ended  September  30,
2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  pro forma loss from operations before other expenses for the nine-month
period ended  September 30, 2003  amounted to  approximately  $3.9  million,  as
compared  to  a  pro  forma  loss  from  operations  before  other  expenses  of
approximately $3.1 million for the nine months ended September 30, 2002.

         There was a slightly higher loss from operations  before other expenses
during the comparative periods in 2002 as our predecessor company,  Miza UK, had
entered  the  administration  period  in  September,   2002,  thereby  adversely
affecting revenues and profitability.  During the  administration  process,  the
financial  performance of those business  assets  acquired by Inyx Pharma,  were
adversely  affected due to  administration  costs,  the lack of  components  and
supplies, and subsequent shipping delays to customers.

         We have  experienced  losses  from  operations  before  other  expenses
between the  comparative  periods  primarily  as a result of our  reduced  gross
profit and the increased  general and  administrative  expenses we have incurred
since our reverse acquisition and integration of the Inyx Pharma business.  This
includes the incremental  general and  administrative  costs associated with the
growth of our business as a publicly-held specialty pharmaceutical company.

         As  a  result  of  the  administration   process   experienced  by  our
predecessor  company, it will take us time to improve the financial  performance
of the  business  assets  acquired  by Inyx  Pharma.  During the  administration
process,  the financial  performance of the business acquired by Inyx Pharma was
adversely  affected due to operating  inefficiencies  which occurred during that
period as a result of a lack of components and supplies and subsequent  shipping
delays to customers.

         In order to improve the  performance of the business assets acquired by
Inyx  Pharma,  we need to  improve  customer  confidence  in order  to  increase
purchase orders and contracts,  and enhance the utilization of our manufacturing
capacity  to improve  our gross  margins.  Additionally,  we plan to develop and
market our own  proprietary  pharmaceutical  products  which we expect will have
better margins than our contract manufacturing business.


                                       31
<PAGE>

Other Expenses

         Other  expenses  for  the  three-month  and  nine-month  periods  ended
September  30,  2003 were  approximately  $780,000 or  approximately  25% of net
revenues,  and approximately  $5.9 million or approximately 73% of net revenues,
respectively.  In comparison,  other expenses amounted to approximately $545,000
or  approximately  11% of net revenues for the three months ended  September 30,
2002, and approximately $1.1 million or approximately 5% of net revenues for the
nine months ended September 30, 2002.

         Other expenses for the pro forma nine-month  period ended September 30,
2003 amounted to approximately  $4.9 million or  approximately  45% of pro forma
net revenues,  as compared to other  expenses of  approximately  $1.4 million or
approximately  7% of net revenues for the pro forma nine months ended  September
30, 2002.

         Excluding  the  Biopharma  Division,  other  expenses for the pro forma
nine-month  period ended September 30, 2003 were  approximately  $5.2 million or
approximately  49% of pro forma net  revenues,  as  compared  to pro forma other
expenses of  approximately  $1.4  million or  approximately  8% of pro forma net
revenues for the pro forma nine months ended September 30, 2002.

         Other  expenses for the  three-month  period ended  September  30, 2003
amounted to approximately $780,000 and were comprised of the following: interest
expenses of  approximately  $145,000;  costs  associated with specific  one-time
consultants'  fees and investor  relations  marketing  expenses of approximately
$435,000;  and  approximately  $200,000 for warrants  issued pursuant to various
corporate development and consulting agreements.  In comparison,  other expenses
for the three months ended September 30, 2002 amounted to approximately $545,000
and  were  comprised  of  interest  expenses  of  approximately   $410,000,  and
administration reorganization costs of approximately $135,000.

         Other  expenses  for the  nine-month  period ended  September  30, 2003
amounted to  approximately  $5.9 million and were  comprised  of the  following:
interest  expenses  of  approximately  $305,000;  other  non-recurring  expenses
relating to the reversal of goodwill  amounting to  approximately  $3.9 million;
costs associated with specific one-time consultants' fees and corporate investor
relations  activities amounting to approximately $1.2 million; and approximately
$510,000 for  warrants  issued  pursuant to various  corporate  development  and
consulting agreements.  In comparison,  other expenses for the nine months ended
September  30,  2002  amounted  to  approximately   $1.1  million  and  included
approximately  $920,000  in interest  expenses  plus  approximately  $135,000 of
administration reorganization costs.

         The  other  expenses  that  we have  incurred  in the  three-month  and
nine-month  periods  ended  September  30,  2003 were  primarily  related to our
reverse  acquisition  of Inyx Pharma on April 28,  2003,  and then  subsequently
identifying  ourselves  as  a  specialty  pharmaceutical  company.  These  other
expenses include business integration, corporate development and other financing
costs,  and the  subsequent  adjustment  to reverse  these  costs as part of the
goodwill we originally recognized in that Inyx Pharma reverse acquisition.

         Interest expenses,  as part of other expenses for the nine-month period
ended  September  30, 2003,  relate to the Inyx Pharma  indebtedness,  including
working capital obtained by Inyx Pharma,  to finance the acquisition of the Miza
UK business assets.

Income Tax Benefit

         For the  three-month  and nine-month  periods ended September 30, 2003,
our tax benefit,  net of valuation  allowance,  was  approximately  $220,000 and
$510,000,  respectively.  In comparison, for the nine months ended September 30,
2002, the income tax benefit amounted to approximately $350,000.


                                       32
<PAGE>

         We have not made any  provisions  for United States  federal or foreign
taxes that may result  from  future  remittances  of  undistributed  earnings of
foreign  subsidiaries,  because  it is  expected  that  such  earnings  will  be
permanently reinvested in our foreign operations.

Net Income/Loss

         For the  three-month  and nine-month  periods ended September 30, 2003,
our net loss  amounted to  approximately  $2.2  million and  approximately  $9.0
million, respectively. In comparison, for the three months and nine months ended
September 30, 2002,  net losses in each period  amounted to  approximately  $4.6
million.

         For the pro forma nine-month  period ended September 30, 2003, we had a
pro forma net loss of approximately $8.3 million, as compared to a pro forma net
loss of approximately $4.7 million for the pro forma nine months ended September
30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  the pro  forma  net  loss for the pro  forma  nine-month  period  ended
September 30, 2003 was  approximately  $8.6 million,  as compared to a pro forma
net loss of  approximately  $4.2  million  for the pro forma nine  months  ended
September 30, 2002.

         The increase on our net loss for the  comparative  periods has resulted
primarily from the  transitioning  of the CFC production to non-CFC use, in line
with the Montreal Protocol;  low gross profit margins as we continue our efforts
to  increase  the use of our  manufacturing  capacity;  as well as an  increased
amount of business and corporate  development  expenditures required to grow our
company and evolve into an integrated pharmaceutical company.

         Although the business  assets acquired by Inyx Pharma were acquired out
of  Administration,  most of the customer  base of the  predecessor  company was
retained  and its prior  results,  which  had been  profitable  in 2001,  may be
indicative of the future operations.  Additionally, the Biopharma Division which
historically had contributed losses to the predecessor company, Miza UK, was not
acquired by Inyx Pharma.

         We believe that  profitability can be restored to levels experienced by
the business assets acquired by Inyx Pharma prior to the Administration  period,
as more customer contracts are initiated or renewed, and manufacturing  capacity
utilization  is increased,  thereby  improving  gross margins and  profitability
opportunities.

         We also believe that we can improve  gross profit  margins  through the
addition of our own pharmaceutical product lines, which may offer greater profit
margins than those provided by our contract  manufacturing  services.  We expect
that this strategic business  initiative will allow us to earn greater revenues,
improve  our gross  margins,  and offset a number of our  expenditures,  thereby
significantly improving our profitability potential.

EXPECTATIONS

         Although our  subsidiary,  Inyx Pharma  acquired the business assets of
Miza UK out of  Administration,  most of the  customer  base  was  retained  and
results prior to the Administration  period,  when the operation was profitable,
may be indicative of the future operations.

         Certain  contracts we have entered into during 2003 should enable us to
restore  revenues  and  profitability  levels  previously   experienced  by  the
predecessor  business  operation,  prior  to the  administration  period.  These
contracts include a respiratory development and commercialization  contract with
a leading  pan-European  generic  pharmaceutical  manufacturer and a dermatology
development and commercialization contract with Stiefel Laboratories, Inc.


                                       33
<PAGE>

         Initially,  these agreements are expected to add approximately $800,000
to our 2003 and 2004 revenues, respectively, and then increasing to $1.2 million
in 2005.  Gross  profit is  expected  to exceed 30  percent as a  percentage  of
revenues  as a result  of these  agreements.  Upon  commencement  of  commercial
manufacturing  for these  clients,  we expect that the  increased  manufacturing
volume  will  also  contribute  to our  overall  profitability  as a  result  of
increased manufacturing capacity utilization and subsequent overhead absorption.

         Additionally,  we expect  to  increase  our  revenue  and  subsequently
enhance our profitability  opportunities through the addition of our own product
lines, which we believe can be sold at higher margins in selected pharmaceutical
market sectors,  through direct sales, and royalty and licensing fees.  Although
we do not currently  derive any revenues  from the sale of our own products,  we
expect to commence  developing  our own products in the  pharmaceutical  aerosol
sector by the end of 2004. Such products would include  generic  pharmaceuticals
and drug delivery devices.

LIQUIDITY AND CAPITAL RESOURCES

         We  have  financed  our  operations  primarily  through  revenues  from
contract  manufacturing and product development  contracts,  stockholder equity,
credit  facilities,  and the  financing of  property,  equipment  and  inventory
acquisitions.  Additionally, we have been dependant on additional funding in the
form of stockholder loans for our working capital requirements.  As of September
30, 2003,  outstanding  stockholder  loans amounted to  approximately  $450,000.
Approximately  $410,000  of this amount was owed to our  Chairman.  This loan is
unsecured and does not bear interest.  However,  there is no binding  obligation
for our major stockholders to provide additional future funding.

Capital Resources

         On  September  9, 2003 we  announced  that we had  completed  a private
placement  financing  under which we sold 500,000  shares of our common stock to
certain  existing  stockholders  at a price of  $1.00  per  share,  and that the
investors also received a common stock purchase warrant,  with an exercise price
of $1.50 per share, along with each common share purchased.  The proceeds of the
offering were used to increase our working capital.

         On November 3, 2003, we filed a Form 8K reporting  the  completion of a
private  placement  that  resulted in final net proceeds of  approximately  $6.7
million. Financing and related expenses for that financing amounted to $850,000.

         Additionally, in connection with that private placement of $3.0 million
in common  stock,  we granted  five-year  warrants to purchase up to 1.5 million
shares of our common  stock at an exercise  price of $1.00 per share for half of
such warrants and $1.35 for the remainder.  While we are not entitled to receive
any proceeds  from the sale of the warrants or the shares of common stock by the
holders of the warrants,  we are entitled to receive the exercise  price payable
per share by each warrant  holder in connection  with the purchase of the shares
of common stock by such  holders.  Anticipated  proceeds  are  estimated at $1.8
million.

         Also, as additional  consideration  to Laurus Funds in connection  with
the private  placement of $4.5 million in a 7% Convertible Term Note, we granted
Laurus Funds a five-year  Common  Stock  Purchase  Warrant to acquire  1,350,000
shares of our common stock at a exercise  price of $1.25 per share for the first
450,000  shares,  $1.50 per share for the  second  450,000  shares and $1.75 per
share for the last 450,000 shares.  We can call these Warrants for redemption if
our stock  price has closed  above 200% of the strike  price for 20  consecutive
days.  Estimated  proceeds  from the  exercise  of  these  warrants  amounts  to
approximately $2.0 million.

         We  believe  that  our  existing  credit   facilities,   recent  equity
placements  and cash  generated  from  operations  are sufficient to finance our
current  operations  and working  capital  requirements  on a short-term  basis.


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<PAGE>

However,  as a result of the long lead time  required to order  specialized  raw
materials and components necessary for the manufacture of some of our customers'
products,  we may be required to raise additional working capital to support the
purchase  and  storage  of such  supplies,  in  order to meet  those  customers'
delivery date requirements.  Additionally,  as we expect to increase our capital
expenditures  and  proprietary  product  development  spending over the next few
years as part of our growth strategy, on a longer-term basis, we may be required
to raise  additional  funds  through new  borrowings  or through the issuance of
additional debt or equity securities.

         Also,  in the event that we make  significant  future  acquisitions  or
changes in our capital structure, we may also be required to raise funds through
additional  borrowings or the issuance of additional debt or equity  securities.
We are  presently  actively  pursuing  acquisitions  that may require the use of
substantial  capital  resources.  There are no present agreements or commitments
with respect to any such acquisitions.

Analysis of Cash Flows
----------------------

         Three-Month Period Ended September 30, 2003

         The net cash used in operating  activities for the  three-month  period
ended  September  30,  2003 was  approximately  $215,000.  The net cash  used in
operating  activities  includes  a  net  loss  from  continuing   operations  of
approximately   $2.2  million   adjusted  by  non-cash   charges  which  include
depreciation  and  amortization  of  approximately  $100,000 and net  securities
issuance costs of approximately  $705,000.  These securities issuance costs were
associated with employee stock options  amounting to approximately  $505,000 and
the issuance of warrants  amounting to  approximately  $200,000.  These non-cash
charges were offset by a deferred  income tax asset of  approximately  $230,000,
consisting of a net loss carried forward.  Working capital changes reducing cash
flow from  operations  were due to an increase  in our  inventory  amounting  to
approximately  $240,000.  Working  capital  changes  increasing  cash  flow from
operations  were due to a decrease in our accounts  receivable of  approximately
$580,000,  a decrease  in prepaids  and other  current  assets of  approximately
$165,000,  and an increase in our accounts payable and other current liabilities
of approximately $940,000.

         Cash used for investing  activities  for the  three-month  period ended
September 30, 2003 amounted to approximately $2,000.

         The net cash  provided  by  financing  activities  for the  three-month
period  ended  September  30,  2003 was  approximately  $90,000.  In addition to
stockholder advances amounting to approximately $400,000, which were provided by
our Chairman, we received cash proceeds, net of issuance costs, of approximately
$390,000 from a private placement of our common stock and approximately  $50,000
due to the issuance of a promissory  note.  These cash  proceeds  were offset by
debt repayments of approximately $750,000 which were made during the three-month
period ended September 30, 2003.

         Nine-Month  (Five Months Of Actual  Operations)  Period Ended September
30, 2003

         The net cash used in operating  activities  for the nine months  period
ended September 30, 2003 was  approximately  $4.7 million.  The net cash used in
operating  activities  includes  a  net  loss  from  continuing   operations  of
approximately   $9.0  million   adjusted  by  non-cash   charges  which  include
depreciation and amortization of $225,000,  and net securities issuance costs of
approximately  $5.9 million.  These costs were  associated  with the issuance of
stock as compensation of services amounting to approximately  $2.1 million,  the
issuance of employee stock options amounting to approximately $1.2 million,  the
issuance of warrants amounting to approximately $510,000, and a recapitalization
of  approximately  $2.1 million due to the  presentation of shareholders  equity
(deficit) in accordance with reverse  acquisition  accounting of the Inyx Pharma
transaction.  These  non-cash  charges  were offset by deferred  income taxes of
approximately  $530,000,  consisting  of a net  loss  carried  forward.  Working
capital  changes  reducing cash flow from  operations were due to an increase in
our inventory  amounting to approximately $1.1 million,  an increase in accounts


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<PAGE>

receivable of approximately $2.5 million,  and an increase in prepaids and other
current assets of  approximately  $910,000.  Working capital changes  increasing
cash flow from  operations  were due to an increase in our accounts  payable and
other current liabilities of approximately $3.2 million.

         The net cash used for investing activities during the nine-month period
ended September 30, 2003 amounted to approximately  $5.1 million,  primarily due
to  the  purchase  costs  of  the  fixed  assets  associated  with  our  reverse
acquisition of Inyx Pharma.

         The net cash provided by financing activities for the nine-month period
ended  September  30,  2003 was  approximately  $9.7  million.  In  addition  to
stockholder  advances  amounting to  approximately  $450,000,  we received  cash
proceeds,  net of  issuance  costs,  of  approximately  $390,000  from a private
placement of our common  stock.  Proceeds  from the issuance of debt amounted to
approximately  $9.6  million and  consisted of  approximately  $1.9 million from
advances on a line of credit used to support our operations,  approximately $3.6
million from the issuance of a long-term debt note,  approximately  $4.0 million
from the issuance of a long-term  promissory note, and $50,000 from the issuance
of a short-term demand note. The cash provided by the issuance of long term debt
amounting to $3.6 million,  and proceeds from the issuance of a promissory  note
amounting to $4.0 million were used for  acquisition  of the business  assets of
Miza UK including  working  capital.  The above  proceeds  were offset with debt
repayments amounting to $695,000.

External Sources of Liquidity
-----------------------------

         Our cash needs for the  remainder of 2003 will be primarily  related to
capital  expenditures,  additional  working  capital to purchase  materials  and
components to meet increasing production requirements, and the necessary working
capital to meet increasing corporate development costs.

         It is anticipated that we may need to spend  approximately $2.5 million
in capital  expenditures on a short-term basis for our Inyx Pharma manufacturing
operation.  As a result of renewed  customer  contracts,  new customer  purchase
orders,  increasing  corporate  development  and marketing  costs,  we will also
require an additional $2.5 million in short-term working capital.  Approximately
$1.5 million of working  capital will be utilized to purchase raw  materials and
components  in advance  to  complete  customers'  production  requirements.  The
remainder of the working  capital is required to meet our  increasing  corporate
costs as we expand our business and corporate  development  programs,  including
investor relation expenses, acquisition due diligence costs and consulting fees.

         For the  three-month  and nine-month  periods ended September 30, 2003,
our existing credit facilities and capital resources were sufficient to fund the
capital we  required to  adequately  operate our  business.  However,  on both a
short-term and long-term basis, we will be required to continually raise capital
through  additional  borrowings  or the  issuance of  additional  debt or equity
securities  in order to operate our  business  and  implement  our  business and
growth strategies.

SUBSEQUENT EVENTS

         On October 16, 2003, we announced the  appointment  of Mr. Orestes Lugo
as an outside  board  member to our Board of  Directors.  At that time,  we also
announced that Mr. Lugo, a certified  public  accountant,  would chair our audit
committee.  Our audit committee is now represented by two outside directors, Mr.
Lugo and Mr. Douglas Brown.

         On October 29,  2003,  we closed the private  placement of $4.5 million
through  a 7%  Convertible  Term  Note  which  is  due  October  29,  2006.  The
Convertible Term Note is secured by a lien on our assets and the outstanding and
issued stock of our principal operating unit, Inyx Pharma, Ltd. Monthly payments
of principal  plus interest on the unpaid  balance at the annual rate of 7% will
be payable  monthly  beginning March 1, 2004. We have the option to issue common
stock in lieu of debt service payments at the then-market price of the stock. In
addition,  at the option of the holder,  the debt may be  converted  into common
stock  at  a  fixed   conversion   price  of  $1.00  per  share.  As  additional


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<PAGE>

consideration,  the holder of the  Convertible  Term Note was issued a five-year
Common Stock Purchase  Warrant to acquire  1,350,000 shares of common stock at a
exercise price of $1.25 per share for the first 450,000 shares,  $1.50 per share
for the second 450,000  shares and $1.75 per share for the last 450,000  shares.
The Company can call these Warrants for redemption if our stock price has closed
above 200% of the strike price for 20 consecutive days.

         On October 30, 2003, we closed the private placement of $3.0 million in
common stock. The common stock placement,  which commenced  October 9, 2003, has
resulted in the  issuance of  3,000,000  shares to a group of  institutions  and
other  accredited  investor  purchasers.  In addition to the common shares,  the
purchasers  received  a  five-year  Stock  Purchase  Warrant to buy one share of
common stock for each two shares acquired in the placement,  at a price of $1.00
per share for half of such warrants and $1.35 for the remainder. The Company can
call these  Warrants for redemption if the Company' stock price has closed above
200% of the strike price for 20 consecutive days.





















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<PAGE>

Item 6.  Exhibits and Reports on FORM 8-K.

         (a)      Exhibits

         31.1     Certification  by CEO  pursuant  to 18  USC  Section  1350  as
                  adopted by Section 302 of the Sarbanes-Oxley Act of 2002.

         31.2     Certification  by CFO  pursuant  to 18  USC  Section  1350  as
                  adopted by Section 302 of the Sarbanes-Oxley Act of 2002.

         32.1     Certification  by CEO  pursuant  to 18  USC  Section  1350  as
                  adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

         32.2     Certification  by CFO  pursuant  to 18  USC  Section  1350  as
                  adopted by Section 906 of the Sarbanes-Oxley Act of 2002.




                                   SIGNATURES

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

         Date:         June 23, 2004

                                                     INYX, INC.


                                                     By: /s/ Rima Goldshmidt
                                                        ------------------------
                                                        Rima Goldshmidt,
                                                        Vice President Finance

















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