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 June 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 July 31, 2003: 24,950,000 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
second  quarter ended June 30, 2003 as originally  filed with the Securities and
Exchange  Commission in August,  2003.  This Amended Form 10-QSB/A  reflects the
restatement  of  the  previously  published  unaudited   consolidated  financial
statements as of June 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.  ("Inyx  Pharma"),  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.

         In  addition,  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  $747,000 for stock options and $305,000
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 share amounts)


                                     Assets
                                     ------

                                                                     June 30,     December 31,
                                                                      2003            2002
                                                                   (Unaudited)
                                                                  ----------------------------
<S>                                                               <C>             <C>
Current assets:
       Cash                                                       $         31    $       --
       Accounts receivable, net of allowance for
       doubtfull accounts of $33 (2002 - $1,781)                         3,127           3,507
       Inventory, net                                                      845           1,704
       Prepaid expenses and other current assets                         1,391             267
                                                                  ----------------------------
                   Total current assets                                  5,394           5,478
                                                                  ----------------------------

Property, plant and equipment, net                                       5,003           5,134

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

                   Total assets                                   $     10,397    $     10,612
                                                                  ============================

                      Liabilities and Stockholders' Deficit
                      -------------------------------------

Current liabilities:

       Borrowings under revolving line of credit                  $      2,294    $      1,294
       Accounts payable                                                  1,896           5,137
       Other current liabilities                                           453            --
       Current portion of term loans                                     1,386            --
                                                                  ----------------------------
                   Total current liabilities                             6,029           6,431
                                                                  ----------------------------

Term loans                                                               1,879           6,191
Convertible note                                                         4,013            --
Liabilities subject to compromise                                         --            21,935
                                                                  ----------------------------
                   Total liabilities                                    11,921          34,557
                                                                  ----------------------------

Stockholders' 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, 24,950,000 (2002 - 16,000,000) shares issued
       and outstanding                                                      25              16
       Subscription Proceeds, net                                         --              --
       Foreign currency translation adjustment                             (62)         (1,503)
       Additional paid-in capital                                        5,448           8,006
       Accumulated deficit                                              (6,935)        (30,464)
                                                                  ----------------------------
                   Total stockholders' deficit                          (1,524)        (23,945)
                                                                  ----------------------------

Total liabilities and stockholders' deficit                       $     10,397    $     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 per share amounts)



                                                 Six Months Ended June 30,     Three Months Ended June 30,
                                                    2003            2002           2003            2002
                                                -----------------------------------------------------------
<S>                                             <C>             <C>            <C>             <C>
Net revenues                                    $      5,068    $     15,857   $      5,068    $      8,410
Cost of sales                                          3,933          11,829          3,933           6,098
                                                -----------------------------------------------------------
          Gross profit                                 1,135           4,028          1,135           2,312

Expenses:
      General and administrative expenses              2,745           2,699          2,745           1,574
      Selling expenses                                    96             220             96             104
      Depreciation and amortization                      128             585            128             296
                                                -----------------------------------------------------------

                  Total operating expenses             2,969           3,504          2,969           1,974
                                                -----------------------------------------------------------

(Loss) income from operations before
      other expenses                                  (1,834)            524         (1,834)            338

Other expense                                          5,168             522          5,168             588
                                                -----------------------------------------------------------

(Loss) income before income tax benefit
      and discontinued operations                     (7,002)              2         (7,002)           (250)

Income tax benefit                                       288            --              288              75
                                                -----------------------------------------------------------

(Loss) income from continuing operations              (6,714)              2         (6,714)           (175)


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

Net (loss) income                               $     (6,739)   $          2   $     (6,714)   $       (175)
                                                ===========================================================

(Loss) income per share of common stock
      outstanding-basic and fully diluted
      from continuing operations                $      (0.35)   $       0.00   $      (0.30)   $      (0.01)
                                                ===========================================================
      after discontinuing operations            $      (0.35)   $       0.00   $      (0.30)   $      (0.01)
                                                ===========================================================

Weighted-average number of shares
  outstanding - basic and fully diluted           19,322,099      16,000,000     22,607,692      16,000,000
                                                ===========================================================
</TABLE>





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


                                       4
<PAGE>
<TABLE>
<CAPTION>


           Consolidated Statements of Changes in Stockholders' Deficit
                          and Other Comprehensive Loss
                    (Expressed in thousands of U.S. dollars)
                       For the period ended June 30, 2003
                                                                        Accumu-
                                                                         lated
                                         Common Stock      Additio-     Other
                                      Number                 nal       Compre-      Accumu-
                                        of         Par     Paid-in     hensive       lated
                                      Shares      Value    Capital       loss       Deficit     Total
                                     ------------------------------------------------------------------
<S>                                  <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

Net loss for the period                  --         --         --          --        (6,739)     (6,739)

Foreign currency translation
   adjustment                            --         --         --           (62)       --           (62)

                                     ------------------------------------------------------------------
Balance at June 30, 2003               24,950   $     25   $  5,448    $    (62)   $ (6,935)   $ (1,524)
                                     ------------------------------------------------------------------
</TABLE>





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

                                       5
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                    (Expressed in thousands of U.S. dollars)


                                                                Six Months Ended     Three Months Ended
                                                                     June 30,             June 30,
                                                               ----------------------------------------
                                                                 2003       2002       2003       2002
                                                               ----------------------------------------
<S>                                                            <C>        <C>        <C>        <C>
Net (loss) income for the period                               $(6,739)   $     2    $(6,714)   $  (175)
Adjustments to reconcile net (loss) income to net cash
  used in operating activities:
     Depreciation                                                  128        585        128        296
     Deferred income taxes                                        (299)       353       (299)       168
     Issuance of stock for services                              2,103       --        3,155
     Issuance of stock options                                     747
     Issuance of warrants                                          305
     Issuance of stock in recapitalization                       2,081       --        2,081       --
Changes in assets and liabilities
     (Increase) decrease in accounts receivables                (3,127)    (3,471)    (3,127)    (2,926)
     (Increase) decrease in inventory                             (845)       444       (845)       260
     (Increase) decrease in prepaid and other current assets    (1,074)      (538)    (1,073)      (183)
     Increase in accounts payable and
     accrued liabilities                                         2,237      1,749      2,237      1,106
                                                               ----------------------------------------
Net cash used in continuing
     operations                                                 (4,483)      (876)    (4,457)    (1,454)

Net cash provided from discontinuing
     operations                                                     60       --         --         --
                                                               ----------------------------------------
            Net cash used in operating activities               (4,423)      (876)    (4,457)    (1,454)
                                                               ----------------------------------------


Purchase of fixed assets                                        (5,131)    (1,289)    (5,131)      (685)
                                                               ----------------------------------------

            Net cash  used in investing activities              (5,131)    (1,289)    (5,131)      (685)
                                                               ----------------------------------------


Advances by stockholder                                             50       --          109       --
Advances persuant to line of credit                              2,294      5,024      2,294      2,604
Proceeds from issuance of long term debt                         3,593       --        3,593
Repayment of long term debt                                       (328)      (587)      (328)      (214)
Proceeds from issuance of promissory note                        4,013       --        4,013       --
Advances to affiliated and related parties                        --       (2,911)      --         (458)
                                                               ----------------------------------------

            Net cash provided by financing activities            9,622      1,526      9,681      1,932
                                                               ----------------------------------------


on cash and cash equivalents                                       (62)       186        (62)       242

                                                                     6       (453)        31         35

                                                                    25        534       --           46
                                                               ----------------------------------------

                                                               $    31    $    81    $    31         81
                                                               ========================================
</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 share amounts)


NOTE 1:  BUSINESS DESCRIPTION AND PRESENTATION
------   -------------------------------------

         Inyx,  Inc.   ("Inyx"  or  the  "Company")   through  its  wholly-owned
subsidiary,  Inyx Pharma Limited ("Inyx  Pharma") 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 six  months  period  ended  June 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 pro forma three months and six months
ended June 30, 2003, 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 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 six-month periods ended June 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  subsidiary,  Inyx Pharma Limited,  a company
formed  under the laws of England  and Wales.  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 June 30, 2003 and December 31, 2002, respectively.

(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 for the performance of
research and development  services,  such amounts are deferred and recognized as
revenue as the related services are performed. For the three-month and six-month
periods  ended June 30,  2003,  deferred  revenues  amounting  to  $274,000  are
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>
<TABLE>
<CAPTION>

(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  three-month  and
six-month  periods ended June 30, 2003,  three customers  represented 44% of the
Company's net revenues.  For the three months and six months ended June 30, 2002
three  customers  represented  68%  and  67%  of  the  Company's  net  revenues,
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 JUNE 30, 2003 INTERIM FINANCIAL STATEMENTS
------   ---------------------------------------------------------

         The accompanying June 30, 2003 unaudited financial statements have been
restated as follows:

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

Property, plant and equipment, net        $      5,152    $       (149)   (c)             $      5,003
Goodwill                                  $     10,665    $    (10,665)   (a)             $       --
Total assets                              $     21,211    $    (10,814)   (a), (c)        $     10,397
Other current liabilities                 $        385    $         68    (g)             $        453
Convertible note                          $      4,201    $       (188)   (b), (g)        $      4,013
Total liabilities                         $     12,041    $       (120)   (b)             $     11,921


                                       10
<PAGE>

Additional paid-in capital                $     10,817    $     (5,369)   (a), (e), (f)   $      5,448
Foreign currency translation adjustment   $         20    $        (82)   (b), (c), (d)   $        (62)
Stockholders' equity (deficit)            $      9,170    $    (10,694)   (a), (b), (c)   $     (1,524)

Three months ended
   June 30, 2003
General and administrative expenses       $      2,511    $        234    (a), (h), (e)   $      2,745
Other expenses                            $        159    $      5,009    (a), (h), (f)   $      5,168
Net loss                                  $     (1,471)   $     (5,243)   (a), (e), (f)   $     (6,714)
Loss per share of common stock
outstanding-basic and fully diluted
   from continuing operations             $      (0.08)   $      (0.22)                   $      (0.30)
   after discontinuing operations         $      (0.08)   $      (0.22)                   $      (0.30)

Weighted average number of shares
   outstanding-basic and fully diluted      19,223,077       3,384,615    (i)               22,607,692

Six months ended
   June 30, 2003
General and administrative expenses       $      2,510    $        235    (a), (h), (e)   $      2,745
Other expenses                            $        159    $      5,009    (a), (h), (f)   $      5,168
Loss from continuing operations           $     (1,470)   $     (5,244)   (a), (e), (f)   $     (6,714)
Net loss                                  $     (1,495)   $     (5,244)   (a), (e), (f)   $     (6,739)
Loss per share of common stock
outstanding-basic and fully diluted
   from continuing operations             $      (0.12)   $      (0.23)                   $      (0.35)
   after discontinuing operations         $      (0.12)   $      (0.23)                   $      (0.35)

Weighted average number of shares
   outstanding-basic and fully diluted      12,150,829       7,171,270     (i)              19,322,099
</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,
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


                                       11
<PAGE>

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).  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

         An  adjustment  of $120,000  to correct the rate used when  convertible
note was originally translated.

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

         An adjustment  of  ($149,000)  to correct the rate used when  property,
plant and equipment was originally translated.

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

         An  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 June 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 $747,000 has been included
in general and administrative expenses.

(f)      Expensing of Warrants Issued for Services

         As of June 30, 2003 the Company  issued  detached  stock  warrants  for
investor  relations  services of  approximately  $305,000.  It was determined by
management  that this amount should have been recorded as other expenses  during
the period ended June 30, 2003,  thus the reported  results of  operations  have
been restated accordingly.


                                       12
<PAGE>

(g)      Classification of Accrued Interest

         During the year end audit of its December 31, 2003  financial  results,
the Company determined that accrued interest of approximately  $68,000 which had
been  classified  along  with  the  principle  amount  due  on  a  note  in  the
consolidated  balance sheet for the three month and six month periods ended June
30, 2003 should have been classified as other current liabilities.  Accordingly,
the Company has revised its consolidated balance sheet to reflect this change in
classification.

(h)      Classification for Comparative Purposes

         Certain amounts in the restated  consolidated  financial statements for
the   three-month  and  six-  month  periods  ended  June  30,  2003  have  been
reclassified  to conform  with the  year-end  presentation.  These  amounts were
approximately $799,000 and $12,000,  relating to fair value of shares issued for
consulting fees and other non-recurring consulting fees, respectively.

(i)      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

            Inventory consisted of the following:

                                                     June 30,      December 31,
                                                       2003            2002
                                                   ----------------------------
Finished goods                                     $         11    $        297
Work in process                                             311            --
Raw material                                                523           1,407
Less: Obsolescence provision                               --              --
                                                   ----------------------------
                                                   $        845    $      1,704
                                                   ============================

NOTE 5:           PROPERTY, PLANT AND EQUIPMENT

         Property, plant and equipment consist of the following:


                                                     June 30,      December 31,
                                                       2003            2002
                                                   ----------------------------
Land and building                                  $      1,603    $      1,690
Machinery and equipment                                   3,528           5,450
Depreciation                                               (128)         (2,006)
                                                   ----------------------------
                                                   $      5,003    $      5,134
                                                   ============================


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

         Included  in  other  current  liabilities,  as of  June  30,  2003 is a
stockholder  loan  amount  due to the  Chairman  of  the  Company  approximating
$109,000.  This loan is  unsecured  and does not bear  interest.  There  were no
similar amounts in the comparative period.



                                       13
<PAGE>

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

         Comprehensive   income   (loss)  from  foreign   currency   translation
adjustments  for the six months  ended June 30, 2003 was $20,000 in the original
10QSB.  This amount has been  adjusted to ($62,000)  (see Note 3). There were no
such adjustments in the prior year's comparative period.

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.

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 June 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
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 earnings per share ("EPS") is computed using the weighted average
number of common shares outstanding  during the period.  Diluted EPS 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 six
month  periods ended June 30, 2003 and 2002.  As a result,  3,055,000  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
six  month  periods  ended  June  30,  2003  because  their  inclusion  would be
anti-dilutive.  At June 30,  2003,  outstanding  options and warrants to acquire
3,055,000 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
EPS calculation.

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

         The Company granted  300,000  warrants to purchase a maximum of 300,000
whole  shares of common  stock of the  Company at prices  ranging  from $1.10 to
$3.10 per share, during the three month period ended June 30, 2003. The warrants
expire on September 26, 2006.


                                       14
<PAGE>
<TABLE>
<CAPTION>

         The  restatement  includes  $305,000  charged to Other  Expenses in the
consolidated statement of operations relating to the 300,000 warrants issued for
services during the three month period ended June 30, 2003.

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

         Other expenses (income) consisted of the following:

                                                          Six Months Ended        Three Months Ended
                                                               June 30,               June 30,
                                                          2003        2002         2003        2002
                                                        ----------------------------------------------
<S>                                                     <C>         <C>          <C>         <C>
Reversal of goodwill - Acquisition costs                $   3,186   $    --      $   3,186   $    --
Shares issued for consulting fees                             799        --            799        --
Reversal of goodwill - Excess of purchase  price over
   carrying value of assets acquired                          707        --            707        --
Warrants issued for services                                  305        --            305        --
Interest expense on debt                                      159         848          159         358
Consulting fees                                                12        --             12        --
Management fees                                              --          (326)        --           230
                                                        ----------------------------------------------

                                                        $   5,168   $     522    $   5,168   $     588
                                                        ==============================================
</TABLE>


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>

                                                   Six months ended June 30,     Three months ended June 30,
                                                      2003           2002            2003           2002
                                                  ------------   ------------    ------------   ------------
<S>                                               <C>            <C>             <C>            <C>
(a) Supplemental Disclosure of Cash Flow
    information
       Cash paid during the period for interest   $         88   $         --    $         88   $         --
</TABLE>

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

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

         On July 1,  2003  the  Company  entered  into a two year  Business  and
Corporate  Development  Advisory Consulting Services Agreement (the "Agreement")
with a  consultant  to  provide  advice  and  council  regarding  the  Company's
strategic   business  and  development   plans  and  other   consulting   needs.
Consideration for this Agreement amounts to approximately  $170,000 over the two
year term.


                                       15
<PAGE>



PRO FORMA FINANCIAL STATEMENT INFORMATION

         The following condensed pro forma consolidated statements of operations
is 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  company 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 June 30, 2003.  On March 7, 2003,  Inyx Pharma  acquired
the  majority  of 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 June 30, 2003 and 2002 and  December  31,  2002,
operations relating to the business of the former Doblique,  Inc. now Inyx, Inc.
have been adjusted in these pro forma statements as if the divestiture of assets
and liabilities and the discontinuance of related operations occurred on January
1, 2003 and 2002, respectively.





























                                       16
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
        Unaudited Pro Forma Condensed Combining Statements of Operations
                  For the Six Month Period Ended June 30, 2003
             (In thousands of U.S. dollars, xcept 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                                 $      --      $     5,068    $     2,730    $     7,798    $      (334)   $     7,464
Cost of sales                                       --            3,933          2,269          6,202           (393)         5,809
                                             -----------    -----------    -----------    -----------    -----------    -----------
     Gross profit                                   --            1,135            461          1,596             59          1,655

Expenses:
    General and administrative expenses            1,651          1,094            568          3,313            (33)         3,280
    Selling expenses                                --               96             51            147                           147
    Depreciation and amortization                   --              128            228            356            120            476
    Management fees                                 (619)           619           --             --                            --
                                             -----------    -----------    -----------    -----------    -----------    -----------

       Total operating expenses                    1,032          1,937            847          3,816             87          3,903
                                             -----------    -----------    -----------    -----------    -----------    -----------

Loss from operations before other expenses        (1,032)          (802)          (386)        (2,220)           (28)        (2,248)

Other expense:
    Administration expense                          --             --               55             55                            55
    Acquisition costs                              1,996          1,897           --            3,893                         3,893
    Shares issued for consulting                     799           --             --              799                           799
    Consulting fee                                    12           --             --               12                            12
    Warrants issued for services                     305           --             --              305                           305
    Interest expense                                --              159            176            335            253            588
                                             -----------    -----------    -----------    -----------    -----------    -----------
                                                   3,112          2,056            231          5,399            253          5,652
Loss before income tax benefit
   and discontinued operations                    (4,144)        (2,858)          (617)        (7,619)          (281)        (7,900)

Income tax benefit                                  --              288           --              288                           288

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

Net loss                                     $    (4,169)   $    (2,570)   $      (617)   $    (7,356)   $      (281)   $    (7,637)
                                             ===========    ===========    ===========    ===========    ===========    ===========
</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





                                       17
<PAGE>
<TABLE>
<CAPTION>

                                   INYX, INC.
             Unaudited Pro Forma Combining Statements of Operations
                  For the Six Month Period Ended June 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                                    $       --      $     15,857    $     15,857    $     (1,845)   $     14,012
Cost of sales                                           --            11,829          11,829          (1,795)         10,034
                                                ------------    ------------    ------------    ------------    ------------
         Gross profit                                   --             4,028           4,028             (50)          3,978

Expenses:
     General and administrative expenses                --             2,699           2,699            (228)          2,471
     Selling expenses                                   --               220             220             (17)            203
     Depreciation and amortization                      --               585             585            (153)            432
                                                ------------    ------------    ------------    ------------    ------------

            Total operating expenses                    --             3,504           3,504            (398)          3,106
                                                ------------    ------------    ------------    ------------    ------------

Income from operations before other
   expenses (income)                                    --               524             524             348             872

Other expenses (income) :
     Management fees                                    --              (326)           (326)           --              (326)
     Interest expense                                   --               848             848            --               848
                                                ------------    ------------    ------------    ------------    ------------
                                                        --               522             522            --               522
Income before income tax provision
   and discontinued operations                          --                 2               2             348             350

Income tax provision                                    --              --              --              (105)           (105)
                                                ------------    ------------    ------------    ------------    ------------

Loss from continuing operations                         --                 2               2             243             245

Loss from discontinued operations, net of tax            (50)           --               (50)           --               (50)
                                                ------------    ------------    ------------    ------------    ------------

Net income (loss)                               $        (50)   $          2    $        (48)   $        243    $        195
                                                ============    ============    ============    ============    ============
</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 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


                                       19
<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
subsidiary,  Inyx  Pharma  Limited,  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 June 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


                                       20
<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 $125,959 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 April 21,  2003,  we entered into a two year  Business  Advisory and
Financial  Consulting Services Agreement with a consultant to provide advice and
counsel regarding the Company's  strategic  business plans. As consideration for
this Consulting  Agreement,  we issued 1,500,000 shares of restricted securities
to the  Consultant.  We  subsequently  filed an S-8  registration  statement  to
register those securities on June 26, 2003.

         On April 22, 2003,  we  announced  that we had agreed to acquire all of
the issued and  outstanding  securities  of Inyx  Pharma  Limited,  a  specialty
pharmaceutical  company  incorporated under the laws of England and Wales ("Inyx
Pharma").  Pursuant to that announcement,  on April 17, 2003, we entered into an
Agreement, with five parties, in which we agreed to issue 2,450,000 of shares of
restricted common stock as a fee to these parties for their role in facilitating
the transaction with Inyx Pharma.

         On May 1, 2003 we adopted a Stock  Option  Plan that  provides  for the
granting of incentive  stock  options and non  qualified  stock  options for the
benefit of employees,  officers and directors,  and those persons who we believe
may have made a valuable contribution to our Company. 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.  On
June 26,  2003,  we filed an S-8  registration  statement  to register our Stock
Option Plan.

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


                                       21
<PAGE>

acquired  one aerosol  pharmaceutical  manufacturing  site (the Miza UK Aerosols
Division)  and a  pharmaceutical  product  development  operation  (the  Miza UK
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,  which 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  $747,000  for stock  options and
$305,000 for warrants that were granted during the reporting  period,  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 June 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 Six-Month Periods Ended June 30, 2003

         As described  above,  the financial  statements for the three-month and
six-month   periods   ended  June  30,  2003  have  been   restated  to  reverse
approximately  $10.7  million  of  goodwill.  Additionally,  as  a  result  of a
correction to foreign exchange rate originally used when  translating  property,
plant and equipment (approximately ($150,000)), the value of our total assets as
of  June  30,  2003  has  been  reduced  from  approximately  $21.2  million  to
approximately $10.4 million.


                                       22
<PAGE>

         As a result of a  correction  to  foreign  exchange  rates,  originally
utilized  when  translating  the  amount of a  convertible  note  (approximately
$120,000),  our total  liabilities  as of June 30, 2003 have been  reduced  from
approximately $12.0 million to approximately $11.9 million.

         Due to the reversal of originally  recognized goodwill arising from the
issuance of stock to Inyx Pharma  shareholders,  our paid-in capital was reduced
by  approximately  $6.4  million.  This  reduction  was offset by  approximately
$305,000 and $747,000  relating to the fair value of stock options and warrants,
respectively,  which were not previously recognized. As a result, as of June 30,
2003, our  additional  paid in capital has decreased  from  approximately  $10.8
million to approximately $5.4 million.

         As of June 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 (net
adjustment of  approximately  $29,000),  our originally  reported  stockholders'
equity of $9.2  million  has been  adjusted to a  stockholders'  deficit of $1.5
million.

         Additionally,  for the three-month and six-month periods ended June 30,
2003,   we  have   restated  our  general  and   administrative   expenses  from
approximately  $2.5 million to approximately  $2.7 million.  This is a result of
the  expensing  of  approximately   $750,000  in  employee  stock  options,  and
approximately  $300,000  in  legal  and  consulting  costs  associated  with our
reversal  of  previously  recorded  goodwill.   These  charges  to  general  and
administrative  expenses  were  offset  by  a  classification  of  approximately
$810,000 of non  recurring  costs  consisting  of  consulting  costs,  primarily
associated  with the  issuance of stock to a consultant  are  presented as other
expenses in this restatement.

         To be consistent with our year-end classification, "Other Expenses" for
the  three-month  and six-month  periods ended June 30, 2003 have increased from
approximately  $160,000 to approximately  $5.2 million.  As noted above, this is
due to a  classification  of  approximately  $810,000 of  consulting  costs from
general and  administrative  expenses and a charge of approximately  $305,000 of
costs associated with the expensing of warrants issued for corporate development
assistance.  Additionally,  approximately  $3.9 million of 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  losses  for the  three-month  and
six-month periods ended June 30, 2003 have increased from an approximately  $1.5
million loss to an approximately  $6.7 million loss. Based on a weighted average
of 19.3 million shares outstanding, basic and fully-diluted,  the loss per share
has  increased  from  $0.12  loss  per  share to $0.35  loss per  share  for the
reporting periods.

Consolidated Results

         The  accompanying   consolidated  financial  information  includes  the
accounts of Inyx,  Inc. and its  wholly-owned  subsidiary,  Inyx Pharma Limited,
incorporated under the laws of England and Wales. All inter-company accounts and
transactions  have been eliminated in  consolidation.  For the six-month  period
ended June 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.

         As noted above,  the following  discussion of the Company's  results of
operations  for the three and six month  periods  ended June 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 three-month
and  six-month  periods  ended June 30,  2003,  is  primarily  in  reference  to
approximately  two months of operations  commencing on April 28, 2003 and ending
on June 30, 2003.


                                       23
<PAGE>

         As  a  consequence,  a  more  extensive  comparative  analysis  of  the
Company's operations for the three and six month periods ended June 30, 2003 and
June 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 six
month  periods  ended June 30, 2003 and June 30, 2002,  respectively,  have been
adjusted to eliminate financial results  attributable to the Biopharma Division.
In a separate column within our pro forma 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 six-month period ended June 30, 2003 the Biopharma Division had
net revenues of  approximately  $334,000,  costs of goods sold of  approximately
$395,000, and general and administrative  expenses of approximately $33,000. For
the comparative six-month period ended June 30, 2002, the Biopharma Division had
net  revenues  of   approximately   $1.85  million,   costs  of  goods  sold  of
approximately $1.8 million, and general and administrative expenses of $228,000.

         Prior  to our  acquisition  of  Inyx  Pharma,  we  divested  all  prior
operations conducted as Doblique, Inc. Therefore, for the periods ended June 30,
2003 and June 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 six-month  periods ended June 30,
2003 were  approximately  $5.1 million as compared to revenues of  approximately
$8.4 million for the three months  ended June 30, 2002 and  approximately  $15.9
million  for  the  six  months  ended  June  30,  2002.  Revenues  decreased  by
approximately  $3.3 million or approximately 39% for the three months ended June
30, 2003 and decreased by approximately  $10.8 million or approximately  68% for
the six  months  ended June 30,  2003.  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  three-month  and  six-month  periods  ended  June  30,  2003,
therefore,  only include  approximately  two months of operations  commencing on
April 28,  2003 and ending on June 30,  2003 as  compared  to six full months of
operations for our predecessor company, for the period ending June 30, 2002.

         For the three-month and six-month  periods ended June 30, 2003, our top
three customers accounted for approximately $2.2 million or approximately 44% of
our  total net  revenues.  These  customers  were the  Merck  Generics  group of
companies ("Merck  Generics"),  accounting for approximately $1.3 million in net
revenues or  approximately  25% of total net revenues for the reporting  period;
Genpharm  Inc.  accounting  for  approximately   $595,000  in  net  revenues  or
approximately 12% of total net revenues for the reporting  period;  and Convatec
Limited accounting for $345,000 in net revenues or approximately 7% of total net
revenues for the reporting period.

         Pro forma net  revenues,  including  the  Biopharma  Division,  for the
six-month period ended June 30, 2003 were approximately $7.8 million as compared
to  approximately  $15.9  million in net  revenues  for the pro forma six months


                                       24
<PAGE>

ended June 30, 2002. Pro forma net revenues for the six-month  period ended June
30, 2003  decreased  by  approximately  $8.1  million or  approximately  51%, as
compared to net revenues for the comparable period in 2002.

         For the pro  forma  six  months  ended  June 30,  2003,  our top  three
customers  accounted for approximately  $3.3 million or approximately 42% of pro
forma net  revenues as  compared to the six months  ended June 30, 2002 when our
top three customers accounted for approximately $10 million or approximately 67%
of our total  net  revenues  for that  reporting  period.  For the pro forma six
months  ended  June 30,  2003,  our top three  customers  were  Merck  Generics,
accounting  for  approximately  $1.7 million or  approximately  22% of total net
revenues  for the  reporting  period;  Genpharm,  accounting  for  approximately
$950,000 in net  revenues or  approximately  12% of total net  revenues  for the
reporting period;  and Convatec,  accounting for  approximately  $650,000 in net
revenues or approximately 8% of total net revenues for the reporting period.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  net  revenues  for the pro forma  six-month  period ended June 30, 2003
amounted to approximately  $7.5 million as compared to approximately $14 million
for the six months ended June 30, 2002, a decrease of approximately $6.5 million
or approximately 46% 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 six-month period ended
June 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  27%  of  available  capacity.   Revenues  and,  therefore  capacity
utilization,  are  expected to increase as new customer  contracts  and purchase


                                       25
<PAGE>

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 six-month  periods ended June 30,
2003 were  approximately $3.9 million or approximately 78% of net revenues ($5.1
million)  as  compared  to  cost of  sales  of  approximately  $6.1  million  or
approximately 73% of net revenues ($8.4 million) for the three months ended June
30, 2002, and  approximately  $11.8 million or approximately 75% of net revenues
($15.9  million) for the six months ended June 30, 2002. Cost of sales increased
slightly as a percentage of net revenues for the two comparative periods.

         Pro forma cost of sales for the  six-month  period  ended June 30, 2003
amounted to $6.2 million or  approximately  79% of pro forma net revenues  ($7.8
million)  as  compared  to cost of  sales  of  approximately  $11.8  million  or
approximately  74% of net revenues  ($15.9 million) for the pro forma six months
ended June 30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  pro forma cost of sales for the  six-month  period  ended June 30, 2003
were  approximately  $5.8 million or approximately 78% of pro forma net revenues
($7.5  million)  as  compared  to pro forma cost of sales of  approximately  $10
million or approximately 72% of pro forma net revenues ($14 million) for the six
months ended June 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.

         The six percent increase in our pro forma 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 sales  as a  percentage  of net
revenues 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 gross 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
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 six-month  periods ended June 30,
2003 amounted to approximately $1.1 million or approximately 22% of net revenues
($5.1  million) as compared to a gross profit of  approximately  $2.3 million or


                                       26
<PAGE>

approximately 27% of net revenues ($8.4 million) for the three months ended June
30, 2002,  and  approximately  $4 million or  approximately  25% of net revenues
($15.9  million)  for the six months  ended  June 30,  2002.  Gross  profit as a
percentage of net revenues decreased by 5% for the three-month period ended June
30, 2003 as compared to the same period in 2002.

         Pro forma gross  profit for the  six-month  period  ended June 30, 2003
amounted to  approximately  $1.6 million or  approximately  20% of pro forma net
revenues ($7.8  million),  as compared to a gross profit of $4 million or 25% of
net revenues ($ 15.9 million) for the pro forma six months ended June 30, 2002.

         Excluding  the  Biopharma  Division,  pro forma  gross  profit  for the
six-month period ended June 30, 2003 amounted to  approximately  $1.7 million or
approximately  22% of pro forma net  revenues  ($7.5  million),  as  compared to
approximately $4 million in gross profit or  approximately  28% of pro forma net
revenues  ($14  million) for the six months ended June 30, 2002.  Gross  profit,
excluding the Biopharma  Division,  as a percentage of net revenues decreased by
6% for the  six-month  period ended June 30, 2003 as compared to the same period
in 2002.

         The  decrease  in the gross  profit  for both the  actual and pro forma
six-month period ended June 30, 2003 as compared to actual and pro forma periods
ended June 30, 2002 is primarily due to the following:  By the time that Miza UK
was  acquired by Inyx Pharma on March 7, 2003,  the Miza UK business had been in
Administration  for a period of seven months commencing on September 4, 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.  We have  already  restarted a
number of such development  projects,  and 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.

         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.

         We believe that we can also 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 contract manufacturing services.

General and Administrative Expenses

         General  and  administrative  expenses,  including  corporate  overhead
costs,  for the  three-month  and  six-month  periods  ended June 30,  2003 were
approximately  $2.7 million or approximately  54% of net revenues ($5.1 million)
as compared to general and administrative expenses of approximately $1.5 million
or  approximately  19% of net revenues ($8.4 million) for the three months ended
June 30,  2002,  and  approximately  $2.7  million or  approximately  17% of net
revenues ($15.9 million) for the six months ended June 30, 2002.


                                       27
<PAGE>

         Pro forma general and administrative  expenses for the six-month period
ended June 30, 2003 were  approximately $3.3 million or approximately 42% of pro
forma net  revenues for the period  ($7.8  million),  as compared to general and
administrative  expenses of approximately  $2.7 million or approximately  17% of
net revenues ($15.9 million) for the pro forma six months ended June 30, 2002.

         Excluding the Biopharma Division,  pro forma general and administrative
expenses for the six- month period ended June 30, 2003 amounted to approximately
$3.3 million or approximately  44% of pro forma net revenues ($7.5 million),  as
compared to approximately  $2.5 million in pro forma general and  administrative
expenses or  approximately  18% of pro forma net revenues  ($14 million) for the
six months ended June 30, 2002.

         The increases in the general and  administrative  expenses for both the
actual and pro forma six-month periods ended June 30, 2003 as compared to actual
and pro forma periods ended June 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 six months ended June 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 of approximately $2.4 million,  based on six months
of operations.

         For  the   three-month   period  ended  June  30,  2003,   general  and
administrative  expenses increased by approximately $1.2 million to $2.7 million
or a 43%  increase,  as compared to the three month  period ended June 30, 2002.
The increase is attributed to the following  items;  stock options  compensation
approximated  $747,000 or 64% of the total increase,  there were no similar type
of compensation  in the  comparative  period;  insurance  expenses  increased by
approximately   $161,000  or  14%;  corporate  and  business  development  costs
increased  by   approximately   $150,000  or  13%;   rent  costs   increased  by
approximately   64,000  or  6%;  legal  and  consulting  costs  associated  with
acquisition and integration transactions approximated $362,000 or an increase of
30%; and other legal and accounting fees increased by $177,000 or 15%.

         These noted increases have been offset by a decreases consisting of the
following:  approximately  $115,000  or  a  10%  decrease  associated  with  the
Biopharma division, which was not included in the acquisition; realized exchange
rate  loss  decreased  by  approximately   $176,000  or  15%;  and  maintenance,
utilities, and other costs decreased by approximately $257,000 or 22%.

         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
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 six-month  periods ended June
30, 2003 were  approximately  $100,000 or approximately 2% of net revenues ($5.1
million)  as  compared  to  selling  expenses  of   approximately   $100,000  or
approximately  2% of net revenues ($8.4 million) for the three months ended June
30, 2002, and approximately  $220,000 or approximately 1% of net revenues ($15.9
million) for the six months ended June 30, 2002.


                                       28
<PAGE>

         Pro forma selling expenses for the six-month period ended June 30, 2003
amounted to approximately $150,000 or approximately 2% of pro forma net revenues
($7.8  million)  as compared to selling  expenses of  approximately  $220,000 or
approximately  1% of net revenues  ($15.9  million) for the pro forma six months
ended June 30, 2002.

         Excluding the Biopharma  Division,  selling  expenses for the pro forma
six-month   period   ended  June  30,  2003  were   approximately   $150,000  or
approximately 2% of net revenues ($7.5 million), as compared to selling expenses
of approximately  $200,000 or approximately 1% of net revenues ($14 million) for
the pro forma six months ended June 30, 2002.

         Selling  expense  consists  primarily  of  salaries,   commissions  and
marketing costs associated with the commercial department of the 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.

Depreciation and Amortization

         Depreciation  and   amortization   expenses  for  the  three-month  and
six-month   periods  ended  June  30,  2003  were   approximately   $130,000  or
approximately  3% of net revenues ($5.1 million) as compared to depreciation and
amortization  expenses  of  approximately  $300,000 or  approximately  4% of net
revenues  ($8.4  million)  for  the  three  months  ended  June  30,  2002,  and
approximately  $600,000 or  approximately 4% of net revenues ($15.9 million) for
the six months ended June 30, 2002.

         Pro forma  depreciation  and  amortization  expenses  for the pro forma
six-month  period  ended June 30,  2003  amounted to  approximately  $360,000 or
approximately  5% of pro  forma net  revenues  ($7.8  million)  as  compared  to
depreciation   and   amortization   expenses   of   approximately   $600,000  or
approximately  4% of net revenues  ($15.9  million) for the pro forma six months
ended June 30, 2002.

         Excluding  the  Biopharma   Division,   depreciation  and  amortization
expenses  for the  pro  forma  six-  month  period  ended  June  30,  2003  were
approximately  $500,000 or approximately  6% of net revenues ($7.5 million),  as
compared to depreciation and amortization expenses of approximately  $430,000 or
approximately  3% of net  revenues  ($14  million)  for the pro forma six months
ended June 30, 2002.

         For the comparative periods, our depreciation and amortization expenses
are less than our predecessor company's  depreciation and amortization costs due
to the carrying  value of our  predecessor  company's  total assets prior to the
administration period.

         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

         For the  three-month  and six-month  periods  ended June 30, 2003,  our
losses from  operations  before other expenses  amounted to  approximately  $1.8
million as  compared to the three  months  ended June 30, 2002 when there was an
operating  income of approximately  $338,000,  and the six months ended June 30,
2002 when our predecessor  company had an operating income before other expenses
amounting to approximately $524,000.


                                       29
<PAGE>

         For the pro forma  six-month  period  ended  June 30,  2003,  we had an
operating loss before other expenses of  approximately  $2.2 million as compared
to an operating income before other expenses amounting to approximately $520,000
for the pro forma six months ended June 30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  pro forma loss from operations  before other expenses for the six-month
period ended June 30, 2003 amounted to approximately $2.2 million as compared to
an operating income before other expenses of approximately  $1.2 million for the
six months ended June 30, 2002.

         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.

Other Expenses

         Other expenses for the three-month and six-month periods ended June 30,
2003 were  approximately  $5.2 million or approximately 100% of net revenues for
the   period   ($5.1   million),   based  on   approximately   two   months   of
revenue-generating  operations.  In comparison,  other net expenses  amounted to
approximately  $588,000 or  approximately  4% of net revenues ($8.4 million) for
the  three  months  ended  June  30,  2002,   and   approximately   $522,000  or
approximately  5% of net revenues  ($15.9 million) for the six months ended June
30, 2002.

         Other expenses for the pro forma  six-month  period ended June 30, 2003
amounted to  approximately  $5.4 million or  approximately  69% of pro forma net
revenues ($7.8 million), as compared to other expenses of approximately $520,000
or approximately 3% of net revenues ($15.9 million) for the pro forma six months
ended June 30, 2002. For the 2002  comparative pro forma period,  other expenses
have been offset by inter-company management fees of approximately $325,000.

         Excluding  the  Biopharma  Division,  other  expenses for the pro forma
six-month  period ended June 30, 2003 were  approximately  $5.7 or approximately
76%  of  net  revenues  ($7.5  million),   as  compared  to  other  expenses  of
approximately $520,000 or approximately 4% of net revenues ($14 million) for the
pro forma six months ended June 30, 2002.

         Other expenses for the three-month and six-month periods ended June 30,
2003 amounted to approximately $5.2 million and were comprised of the following;
interest  expenses  of  approximately  $160,000;  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 investor relations
activities amounting to approximately  $810,000;  and approximately $305,000 for
warrants  issued  pursuant  to  various  corporate  development  and  consulting
agreements.


                                       30
<PAGE>

         In comparison other expenses for the three months period ended June 30,
2002 were comprised of interest expense  approximating  $850,000 which is offset
by management  fees of $325,000,  resulting in net other  expenses  amounting to
approximately  $525,000.  For the six month  period  ended  June 30,  2002 other
expenses  comprised  of  interest  expense  of  approximately   $360,000  and  a
management fee expense of approximately $230,000.

         The expenses that we incurred in the three-month and six-month  periods
ended June 30, 2003 were primarily  related to our acquisition of Inyx Pharma on
April 28, 2003 and the  subsequent  adjustment to reverse these costs as part of
the goodwill we originally recognized.

         We have incurred these business integration,  corporate development and
financing  costs  in  acquiring  Inyx  Pharma  and  identifying  ourselves  as a
specialty  pharmaceutical  company.  We expect  that we will  continue  to incur
corporate development costs as we continue to develop our Company.

Income Tax Benefit

         For the three-month and six-month  periods ended June 30, 2003, our tax
benefit, net of valuation allowance, was approximately $290,000.

         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 six-month  periods ended June 30, 2003, our net
loss  amounted to  approximately  $6.7  million as compared to the three  months
ended June 30, 2002 when the net loss amounted to  approximately  $180,000,  and
the six months ended June 30, 2002 when our predecessor company had a net income
of approximately $2,000.

         For the pro forma  six-month  period ended June 30, 2003,  we had a net
loss of  approximately  $7.4 million as compared to a net loss of  approximately
$50,000 for the pro forma six months ended June 30, 2002.

         Excluding  the  Biopharma  Division,  which  was not  acquired  by Inyx
Pharma,  for the pro forma  six-month  period ended June 30, 2003, the pro forma
net  loss  was  approximately  $7.6  million  as  compared  to a net  income  of
approximately $195,000 for the pro forma six months ended June 30, 2002.

         The increase on our net loss for the  comparative  periods has resulted
primarily  from 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 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 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.


                                       31
<PAGE>

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.

         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.

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 June 30,
2003, outstanding  stockholder loans amounted to approximately $110,000 and this
amount was owed to our Chairman. This stockholder loan is unsecured and does not
bear  interest.   However,   there  is  no  binding  obligation  for  our  major
stockholders to provide additional future funding.

         Our Company is  presently  engaged in a private  placement  of up to $3
million  of our  common  stock  which we expect  to close in the  autumn of 2003
although  there is no guarantee  that we will be able to  successfully  complete
this financing.

         We believe that our existing credit  facilities,  equity  placement and
cash generated from operations are sufficient to finance our current  operations
and working  capital  requirements.  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  require  additional
working  capital to support the purchase and storage of such supplies,  in order
to meet those customers' delivery date requirements.

         Additionally,  we also expect to increase our capital expenditures over
the next few years as part of our growth strategy. Therefore, we may be required
to raise funds through additional  borrowings or 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.




                                       32
<PAGE>

Analysis of Cash Flows

         Three-month and six-month periods ended June 30, 2003

         The net cash  used in  operating  activities  for the  three-month  and
six-month  periods ended June 30, 2003 was approximately  $4.5 million.  The net
cash used in operating activities includes a net loss from continuing operations
of  approximately  $6.7  million,  adjusted by non-cash  charges  which  include
depreciation  of  approximately  $130,000 and net  securities  issuance costs of
approximately  $5.2  million.  The  securities  costs  we  incurred  during  the
three-month  and  six-month  periods  ended June 30, 2003 were  associated  with
employee  stock  options  amounting  to  approximately  $750,000,  warrants  for
investor  relations  services  amounting to approximately  $305,000,  and shares
issued to consultants and in relation to our reverse  acquisition of Inyx Pharma
amounting to approximately $4.2 million. These non-cash charges were offset by a
deferred income tax asset of  approximately  $300,000,  consisting of a net loss
carried forward. Working capital changes reducing cash flow from operations were
due to an  increase  in  accounts  receivable  of  approximately  $3.1  million,
increases in our inventory amounting to approximately  $845,000, and an increase
in prepaid deposits and other current assets of approximately $1.1 million,  all
resulting from increasing new sales and business  development  activities  since
our reverse acquisition of Inyx Pharma.  Working capital changes increasing cash
flow from operations  were primarily due to an increase in accounts  payable and
accrued liabilities of approximately $2.2 million.

         Investing  activities for the three-month  and six-month  periods ended
June 30, 2003 reduced cash flow by 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  three-month and
six-month  periods  ended June 30, 2003 was  approximately  $9.6  million.  Cash
provided  by the  issuance  of long term debt  amounting  to $3.6  million,  and
proceeds  from the issuance of promissory  notes  amounting to $4.0 million were
used  for  acquisition  of the  business  assets  of Miza UK  including  working
capital.  The  remainder  of the cash  provided  from the  proceeds of a line of
credit  amounting to $2.3 million was used to support  operations.  Our Chairman
provided approximately $110,000 and $50,000 in stockholder advances in the three
month  and six  month  periods  ended  June 30,  2003,  respectively.  We repaid
approximately  $330,000  of our  long  term  debt  during  the  three-month  and
six-month periods ended June 30, 2003.

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 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 six-month  periods  ended June 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.




                                       33
<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, thereunto duly
authorized.

Date:    June 23, 2004

                                                     INYX, INC.


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





















                                       34