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

                                   FORM 10-QSB

(Mark One)

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

               For the quarterly period ended September 30, 2003

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

               For the transition period from _______________ to _______________

                        Commission file number 333-83152


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

              Nevada                                        75-28700720
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)


              801 Brickell Avenue, 9th Floor, Miami, Florida 33131
                    (Address of principal executive offices)

                                 (305) 789-6699
                           (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 [ ].



<PAGE>

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS

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

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

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


























                                       2
<PAGE>
<TABLE>
<CAPTION>

                         PART I - FINANCIAL INFORMATION
                          Item 1. Financial Statements
                        INYX, INC. (f/k/a Doblique, Inc.)
                           Consolidated Balance Sheets
                                 (In Thousands)

                                     Assets
                                     ------

                                                               September 30,     December 31,
                                                                    2003             2002
                                                                (Unaudited)
                                                               ------------------------------
<S>                                                            <C>              <C>
Current assets:
     Cash                                                      $          15    $          25
     Accounts receivables, net                                         2,547             --
     Inventory, net                                                    1,082             --
     Other current assets                                              1,459             --
                                                               ------------------------------
           Total current assets                                        5,103               25
                                                               ------------------------------

Property, plant and equipment, net                                     5,057               59
Goodwill                                                              10,665             --
                                                               ------------------------------
                                                                      15,722               59
                                                               ------------------------------

                                                               $      20,825    $          84
                                                               ==============================

                      Liabilities and Shareholders' Equity
                      ------------------------------------

Current liabilities:
     Bank overdraft                                            $         154    $        --
     Line of credit with financial institution                         1,915             --
     Accounts payable                                                  2,478                8
     Other current liabilities                                           566              223
     Current portion of term loans                                     1,400             --
                                                               ------------------------------
           Total current liabilities                                   6,513              231
                                                               ------------------------------

Term loans                                                             1,580             --
Convertible note                                                       4,273             --

Shareholders' equity:
       Preferred stock - $0.001 par value, 10,000,000 shares
     authorized -0- shares issued and outstanding
     Common stock - $0.001 par value, 150,000,000 shares
       authorized, 25,450,000 shares issued and outstanding               25                1
     Subscription Proceeds, net                                          374             --
     Foreign currency translation adjustment                             (25)            --
     Additional paid-in capital                                       11,305               48
     Accumulated deficit                                              (3,220)            (196)
                                                               ------------------------------
           Total shareholders' equity:                                 8,459             (147)
                                                               ------------------------------

Total liabilities and shareholders' equity                     $      20,825    $          84
                                                               ==============================
</TABLE>



See accompanying notes to financial statements.



                                       3
<PAGE>
<TABLE>
<CAPTION>

                       INYX, INC. (f/k/a Doblique, Inc.)
                     Consolidated Statements of Operations
                                  (Unaudited)
                    (In Thousands, Except per share amounts)


                                                      Nine Months Ended              Three Months Ended
                                                        September 30,                   September 30,
                                                ------------------------------------------------------------
                                                    2003            2002            2003            2002
                                                     (1)
                                                ------------------------------------------------------------
<S>                                             <C>             <C>             <C>             <C>
Net revenues                                    $      8,134           --       $      3,067    $       --
Cost of goods sold                                     6,530           --              2,597            --
                                                ------------------------------------------------------------
      Gross profit                                     1,604            --               470            --

Expenses:
    General and administrative expenses                4,418            --             1,908            --
    Selling expenses                                     166            --                70            --
    Depreciation and amortization                        225            --                97            --
                                                ------------------------------------------------------------

             Total operating expenses                  4,809            --             2,075            --
                                                ------------------------------------------------------------

Loss from operations before other expenses            (2,980)           --            (1,508)           --

Other expense:
    Interest expense                                     304            --               145            --
                                                ------------------------------------------------------------
                                                         304            --               145            --

Loss before for income taxe benefit and
    discontinued operations                           (3,509)           --            (1,750)           --

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

Loss from continuing operations                       (2,999)           --            (1,528)           --


Loss from discontinued operations, net of tax            (25)            (92)           --               (42)
                                                ------------------------------------------------------------

Net loss                                        $     (3,024)   $        (92)   $     (1,528)   $        (42)

Loss per share of common stock outstanding
 Basic and fully diluted
    From continuing operations                  $      (0.18)   $       --      $      (0.06)   $       --
                                                ============================================================
    Discontinued operations                     $      (0.00)   $      (0.02)   $       --      $      (0.01)
                                                ============================================================

Weighted-average number of shares
  outstanding - basic and fully diluted           16,521,245       5,000,000      25,119,565       5,000,000
                                                ============================================================
</TABLE>


(1) Five months of actual operations

See accompanying notes to financial statements.


                                       4
<PAGE>
<TABLE>
<CAPTION>

                        INYX, INC. (f/k/a Doblique, Inc.)
                            Statements of Cash Flows
                                   (Unaudited)
                                 (In Thousands)

                                                            Nine Months Ended               Three Months Ended
                                                               September 30,                  September 30,
                                                       ------------------------------------------------------------
                                                           2003            2002            2003            2002
                                                            (1)
                                                       ------------------------------------------------------------
<S>                                                    <C>             <C>             <C>             <C>
Cash flows from operating activities:
     Loss for the period                               $     (2,999)   $       --      $     (1,528)   $       --
     Adjustments to reconcile net loss to net cash
        provided by operating activities:
        Depreciation                                            225            --                97            --
        Deferred income taxes                                  (530)           --              (231)           --
        Issuance of stock for services                          799            --              --              --
        Change in non cash operating working capital         (1,380)           --             1,447            --
                                                       ------------------------------------------------------------
     Net cash (used in) provided from continuing             (3,885)           --              (215)           --
        operations
     Net cash (used in) provided from discontinuing
        operations                                               35             (23)           --               (15)
                                                       ------------------------------------------------------------
              Net cash used in operating activities          (3,850)            (23)           (215)            (15)
                                                       ------------------------------------------------------------

Cash flows from investing activities:
     Purchase of fixed assets                                (5,282)           --                (2)           --
     Goodwill and acquisition costs                            (841)           --              --              --
                                                       ------------------------------------------------------------
           Net cash  (used in) investing activities          (6,123)           --                (2)           --
                                                       ------------------------------------------------------------

Cash flows from financing activities:
     Proceeds from:
        Advances by stockholder                                 450            --               400            --
        Advances against line of credit                       1,915            --              (379)           --
        Proceeds from issuance of long term debt              3,643            --                50            --
        Repayment of long term debt                            (695)           --              (367)           --
        Proceeds from issuance of stock, net of issue
          costs of $12 thousand                                 388            --               388            --
        Procceds from issuance of promissory note             4,133
                                                       ------------------------------------------------------------

         Net cash provided by financing activities            9,834            --                92            --
                                                       ------------------------------------------------------------

Effect of foreign exchange rate changes
     on cash and cash equivalents                               (25)           --               (45)           --

Increase (decrease) in cash                                    (164)            (23)           (170)            (15)

Cash at beginning of period                                      25              27              31              19
                                                       ------------------------------------------------------------

Cash including bank overdraft at end of period         $       (139)   $          4    $       (139)   $          4
                                                       ============================================================
</TABLE>

(1) Five months of actual operations

See accompanying notes to financial statements.


                                       5
<PAGE>

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1:  Business Description
------   --------------------

         Inyx, Inc. (the Company,) was  incorporated on March 28, 2000 under the
laws of the State of Nevada under the name Doblique,  Inc.  Concurrent  with the
divestiture  of  Doblique's   assets  and  the   discontinuance   of  Doblique's
operations,  the Company  changed its name to Inyx,  Inc. and on April 28, 2003,
the Company  concluded its  acquisition of Inyx Pharma Limited ("Inyx  Pharma").
The transaction consisted of an exchange of 100% of the outstanding common stock
of Inyx Pharma for 16 million  shares of the Company's  restricted  common stock
(the "Exchange"), representing approximately 64% of the shares outstanding after
the Exchange,  as a result of which Inyx Pharma became a wholly owned subsidiary
of the Company.

         The Company  and its  subsidiaries  are  primarily  in the  business of
manufacturing   pharmaceuticals   aerosol  sprays  along  with   irrigation  and
injectible solutions. The Company operates its business as a single segment.

NOTE 2:  Summary of Significant Accounting Policies
------   ------------------------------------------

Consolidation
-------------

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

Accounting Estimates
--------------------

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Accounts Receivable
-------------------

         Accounts  receivable are stated at the face amount net of allowance for
doubtful  accounts.  Generally accepted  accounting  principles require that the
allowance method be used to reflect bad debts. A provision for doubtful accounts
has been established to reflect an allowance for uncollectible amounts.

Inventory
---------

         Inventory  is stated at the  lower of cost or  market  (net  realizable
value) on a first-in first-out basis.


                                       6
<PAGE>

Property and Equipment
----------------------

         Property and  equipment  are stated 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.

Amortization
------------

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 as follows:

               Trade name and trade mark          15 years
               Customer list                      12 years
               Distribution routes                12 years

Long Lived Assets
-----------------

         The Company  continually  evaluates the carrying  value of property and
equipment,  goodwill and other intangible  assets to determine whether there are
any impairment  losses.  If indicators of impairment are present for assets used
in  operations,  and future  cash flows are not  expected  to be  sufficient  to
recover  the assets  carrying  amount,  an  impairment  loss would be charged to
expense in the period identified.

Financial Instruments
---------------------

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

Revenue Recognition
-------------------

         Revenues are recognized  when products are shipped and risk of loss has
transferred to the customer.

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.

Basic weighted and dilutive average number of shares outstanding is as follows:

                                                       Three Months Ended
                                                -------------------------------
                                                September 30,     September 30,
                                                    2003              2002
                                                    ----              ----

      Basic and diluted weighted average
         Number of shares outstanding            25,119,565        5,000,000


Concentration of Credit Risk
----------------------------

         The Company obtains detailed credit evaluations of customers  generally
without  requiring  collateral,  and  establishes  credit  limits  as  required.
Exposure to losses on receivables is  principally  dependent on each  customer's
financial  condition.  The Company  monitors its exposure for credit risk losses
and maintains an allowance  for  anticipated  losses.  For the nine month period


                                       7
<PAGE>

ended  September  30,  2003  three  customers  represented  42% and 35% of total
revenues and total receivables respectively,  there was no similar concentration
of risk for the comparative period in 2002.

Income Taxes
------------

         The  Company  has  adopted  SFAS 109 and this  pronouncement  caused no
material changes on the financial statements.

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.

Unaudited Consolidated Interim Financial Statements
---------------------------------------------------

         The accompanying  consolidated  financial statements of the Company for
the  three-month  and nine-month  periods ended  September 30, 2003 and 2002 are
unaudited.

         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.   Preparing
consolidated  financial  statements  requires  management to make  estimates and
assumptions  that affect the reported amounts of assets,  liabilities,  revenues
and expenses.  Actual results may differ from these  estimates.  Interim results
are not  necessarily  indicative  of  results  for a full year.  The  results of
operations  for  the  three-month  period  ended  September  30,  2003  are  not
necessarily indicative of operating results to be expected for a full year.

NOTE 3:  Inventory
------   ---------

         Inventories consist of the following:

                            September 30, 2003    December 31, 2002
                              (In thousands)        (In thousands)
                              --------------        --------------
Finished goods                  $      2              $   --

Work in process                      275                  --

Raw materials                        971                  --

   Obsolescence Provision           (166)                 --
                                --------              --------

                                $  1,082              $   --
                                ========              ========



                                       8
<PAGE>

NOTE 4:  Property Plant and Equipment
------   ----------------------------

Property plant and equipment  consist of the following at September 30, 2003 and
December 31, 2002.


                            September 30, 2003    December 31, 2002
                              (In thousands)        (In thousands)
                              --------------        --------------
Land and Building               $ 1,650               $  --

Machinery and Equipment           3,632                  --

Livestock                          --                      75

Depreciation                       (225)                  (16)
                                -------               -------

                                $ 5,057               $   (59)
                                =======               =======

NOTE 5:  Related Party Transaction
------   -------------------------

         Included  in  Accounts  Payable - other,  is an amount due to the major
stockholder of the Company of $409,000.

NOTE 6: Comprehensive Income
------  --------------------

         Comprehensive  loss from foreign currency  translation  adjustments for
the nine  months  ended  September  30,  2003 was  $25,000.  There  were no such
adjustments in the comparative period in prior year.

NOTE 7:  Shareholders' Equity
------   --------------------

         On April 17, 2003 the Company  issued  2,450,000  shares of  restricted
common stock as a fee to Saintsbury  Management Corp.,  Grosvenor Trust Company,
Ltd., Liberty Management LLC,  TriFinity Venture  Corporation,  and BPL Corp. 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
Mr. Jordan Slatt as consideration for business advisory and financial consulting
services.  On June 26, 2003, the Company filed an S-8 registration  statement to
register the Slatt securities.

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

         On August 22, 2003 the Company completed a private placement  financing
under which the Company  sold  500,000  shares of its common stock at a price of
$1.00 per  share,  and the  investors  also  received  a common  stock  purchase
warrant, with an exercise price of $1.50 per share, along with each common share
purchased. Neither the common shares nor the warrants are registered for trading
at this time.  As  announced by the Company on September 9, 2003 the proceeds of
the  offering  will be used to  increase  the  company's  working  capital.  The
investors in this private placement  included the Company's  Chairman,  Dr. Jack
Kachkar,  and an Outside Director of the Company,  Mr. James Douglas Brown. (For
more information, see page 31.)


                                       9
<PAGE>

         On October  30,  2003 The  Company  completed  a common  stock  private
placement  and issued  3,000,000  shares of Common  Stock,  This  issuance  is a
subsequent event and is not included in these financial statements, see Note 14.

NOTE 8:  Stock Based Compensation
------   ------------------------

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

         The Company  applies the  intrinsic  value based  method of  Accounting
Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees,
and  related  interpretations  in  accounting  for its  stock  option  plan.  No
stock-based  employee  compensation  cost is  reflected  in net  income,  as all
options  granted under the plan had an exercise  price equal to the market value
of the underlying common stock on the date of grant. The Company's pro forma net
income (loss) and earnings  (loss) per share would have been as indicated  below
had the fair value of all option  grants been  charged to salaries,  wages,  and
benefits  in  accordance   with  SFAS  No.  123,   Accounting  for   Stock-Based
Compensation (in thousands, except per share data):
<TABLE>
<CAPTION>


                                      Nine Months Ended         Three Months Ended
(in thousands)                           September 30,              September 30,
                                    ------------------------------------------------
                                       2003         2002         2003         2002
                                    ------------------------------------------------
<S>                                 <C>          <C>          <C>          <C>

Reported net loss                   $  (3,024)   $    --      $  (1,528)   $    --
Less:
Stock based employee compensation
(net of tax) using the fair value
method                                  1,818         --            887         --
                                    ------------------------------------------------

Pro forma net loss                     (4,842)        --         (2,415)        --
                                    ------------------------------------------------


Reported net loss per share             (0.18)       (0.00)       (0.06)       (0.00)
                                    ------------------------------------------------

Pro Forma net loss per share        $   (0.29)   $   (0.00)   $   (0.10)   $   (0.00)
                                    ================================================
</TABLE>


These pro forma amounts may not be  representative  of future  disclosures since
the  estimated  fair value of stock  options is  amortized to expense over their
vesting period. Additional options may be granted in the future.

NOTE 9:  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 nine


                                       10
<PAGE>

month periods ended September 30, 2003 and 2002. As a result,  4,175,000  shares
of common stock  issuable  upon exercise of stock options and warrants have been
excluded from the  calculation  of diluted loss per share for both the three and
nine month periods ended  September  30, 2003 because their  inclusion  would be
antidilutive. At September 30, 2003, outstanding options and warrants to acquire
4,175,000 shares of common stock were not considered potentially dilutive common
shares due to the  exercise  price being higher than the stock price used in the
EPS calculation.

NOTE 10: Warrants
-------  --------

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

NOTE 11: Acquisitions
-------  ------------

         On April 28, 2003, the Company acquired 100% of the outstanding  common
stock of Inyx Pharma Limited ("Inyx Pharma") by issuing 16,000,000 shares of the
Company's  common  stock.  Total cost of  acquisition  included  $1.6 million of
additional  indirect costs of which $334,000 was paid in cash and the balance by
issuing stock as  consideration  for finders fees. Inyx Pharma Limited is in the
business of  manufacturing  pharmaceutical  aerosol sprays along with irrigation
and injectible  solutions.  The transaction resulted in recording of goodwill in
the amount of $8.71  million,  which the Company  will assess on an annual basis
for impairment.

         On March 7, 2003, Inyx Pharma,  the Company's  fully owned  subsidiary,
acquired the business assets of Miza UK from the court appointed  Administrator,
the transaction was recorded as a purchase and resulted in recording of goodwill
amounting to $1.95  million.  Additionally,  Inyx Pharma  issued $7.5 million in
debt to effect the transaction.

NOTE 12: 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 13: Supplemental Cash Flow Information
-------  ----------------------------------













                                       11
<PAGE>
<TABLE>
<CAPTION>

                                           Nine months ended September 30,  Three months ended September 30,
                                                     (unaudited)                       (unaudited)

                                                  2003         2002                 2003         2002
                                                 ------       ------               ------       ------
<S>                                              <C>          <C>                  <C>          <C>
(a) Supplemental Disclosure of Cash Flow
Information:
     Cash paid during the period for:
     Interest                                    $  172       $ --                 $   84       $ --


(b) Supplemental Schedule of Non-Cash
Investing Activities:
     Share issued for conversion of
     shareholder debt                            $  100       $ --                 $  100       $ --
</TABLE>

NOTE 14: Subsequent Event
-------  ----------------

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

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

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



                                       12
<PAGE>
<TABLE>
<CAPTION>

                    PRO FORMA FINANCIAL STATEMENT INFORMATION
                    -----------------------------------------

       The following is a condensed consolidated balance sheet showing the
 fair values of assets acquired and liabilities assumed as of December 31, 2002

                        INYX INC. (f/k/a Doblique, Inc.)
              Unaudited Pro Forma Condensed Combining Balance Sheet
                                December 31, 2002
                                 (In thousands)



                                                         Inyx, Inc.     (1)      Miza UK        (2)        (3)
                                                                        Pro     December 31,    Pro        Pro        Combined
                                                            2002       Forma        2002       Forma      Forma        Total
Assets                                                  (Unaudited)     Adj     (Unaudited)     Adj        Adj      (Unaudited)
Current assets:
<S>                                                      <C>         <C>         <C>         <C>         <C>         <C>
      Cash                                               $     25                $   --                              $     25
      Accounts receivable, net                                                      3,507      (3,507)                   --
      Inventory                                                                     1,704        (498)                  1,206
      Prepaid and other assets                                                        267                                 267
                                                         --------                --------                            --------
            Total current assets                               25                   5,478                               1,498

Property, plant and equipment, net                                                  5,134         945                   6,079
Livestock, net                                                 59         (59)                                           --
Goodwill                                                                                        2,902       8,716      11,618
Investment in subsidiary                                               10,159                             (10,159)       --
                                                         --------                --------                            --------
            Total assets                                 $     84                $ 10,612                           $ 19,195
                                                         ========                ========                           ========

Liabilities and Stockholders' Deficit:
Current liabilities
      Accounts payable/accrued expense                          8          (8)      5,137      (3,612)                  1,525
      Line of credit with financial institution                                     1,294        (772)                    522
      Due to shareholder                                      223         111        --                                   334
                                                         --------                --------                            --------
            Total current liabilities                         231                   6,431                               2,381

Notes Payable                                                                       6,191       1,276                   7,467
Liabilities subject to compromise                            --        21,935     (21,935)                               --
                                                         --------                --------                            --------
            Total liabilities                                 231                  34,557                               9,848
                                                         --------                --------                            --------

Stockholders' equity (deficit):
      Common stock                                              1          18       8,022      (8,006)         (2)         33
Subscription receivable                                                                                       641         641
      Additional paid in capital                               48       9,807                   1,904      (2,082)      9,677
      Foreign currency translation adjustment                                      (1,503)                             (1,503)
      Accumulated deficit                                    (196)        172     (30,464)     30,987                     499
                                                         --------                --------                            --------
      Total stockholders' equity (deficit)                   (147)                (23,945)                              9,347
                                                         --------                --------                            --------
  Total liabilities and Stockholders' equity (deficit)   $     84                  10,612                              19,195
                                                         ========                ========                            ========

</TABLE>

(1) To record acquisition of all the issued and outstanding common stock of Inyx
Pharma in a stock for stock reverse merger  requiring the issuance of 16,000,000
of the  Company's  common  stock and to  eliminate  the assets  and  liabilities
relating to the business of owning and racing horses

(2) This is the adjustment to remove liabilities and assets not acquired as part
of the  purchase  transaction  and to reflect  debt  incurred  for  purposes  of
financing the purchase.  The assets acquired were also adjusted to reflect their
fair market value on the acquisition date.

(3) To  eliminate  subsidiary  equity  and to record  goodwill  relating  to the
acquisition of the issued and outstanding common stock of Inyx Pharma


                                       13
<PAGE>

         PRO FORMA FINANCIAL STATEMENT INFORMATION (Continued)
         -----------------------------------------

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

         For the periods  ended  September  30, 2002 and December 31, 2002,  the
operations of Miza UK as  predecessor  to Inyx Pharma  Limited are presented for
comparative analysis after the elimination of Miza's Biopharma division.

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























                                       14
<PAGE>
<TABLE>
<CAPTION>

                        INYX, INC. (f/k/a Doblique, Inc.)
        Unaudited Pro Forma Condensed Combining Statements of Operations
               For the Nine Month Period Ended September 30, 2003
                                 (In Thousands)
                                                                                         Pro Forma
                                                                Inyx         Miza UK         Adj.
                                               Inyx, Inc.      Pharma          (1)           (2)         Total
                                               ----------    ----------    ----------    ----------    ----------
<S>                                            <C>           <C>           <C>           <C>           <C>
Net Revenues                                   $     --      $    8,134    $    2,396                  $   10,530
Cost of goods sold                                   --           6,530         1,876                       8,406
                                               ----------    ----------    ----------                  ----------
        Gross profit                                 --           1,604           520                       2,124

Expenses:
    Livestock and Jockey expenses                       2          --            --              (2)         --
    General and administrative expenses             2,436         1,991           535            (9)        4,953
    Selling expenses                                                166            51                         217
                                               ----------    ----------    ----------                  ----------

            Total operating expenses                2,438         2,157           586                       5,170
                                               ----------    ----------    ----------                  ----------

(Loss) from operations before other expenses       (2,438)         (553)          (66)                     (3,046)

Other expense (income):
    Administration expense                           --            --              55           (55)         --
    Loss on sale of livestock                          11          --            --             (11)         --
    Management fees                                  (619)          619          --                          --
    Interest expense                                  304           429           733
    Depreciation and amortization                       3           225           348            (3)          573
                                               ----------    ----------    ----------                  ----------
                                                     (605)        1,148           832                       1,306

Loss before Income tax benefit                     (1,833)       (1,701)         (898)                     (4,351)

Income tax benefit                                   --             510           269                         779
                                               ----------    ----------    ----------                  ----------

Net loss                                       $   (1,833)   $   (1,191)   $     (629)                 $   (3,572)
                                               ==========    ==========    ==========                  ==========
</TABLE>


(1) Excluding the activity of Biopharma  division  which was not included in the
acquisition  (2) This is the  adjustment  to remove the  results  of  operations
relating to the business of owning and racing horses The Company divested itself
of this business on March 6, 2003.




                                       15
<PAGE>
<TABLE>
<CAPTION>

                        INYX, INC. (f/k/a Doblique, Inc.)
        Unaudited Pro Forma Condensed Combining Statements of Operations
               For the Nine Month Period Ended September 30, 2002
                                 (In Thousands)
                                                                               Pro
                                                                              Forma
                                                              Miza UK          Adj.
                                               Inyx, Inc.        (1)           (2)         Total
                                               ----------    ----------    ----------    ----------
<S>                                            <C>           <C>           <C>           <C>
Net revenues                                   $       44    $   18,133    $      (44)   $   18,133
Cost of goods sold                                   --          14,627                      14,627
                                               ----------    ----------                  ----------
        Gross profit                                   44         3,506                       3,505

Expenses:
    Livestock and Jockey expenses                      78          --             (78)            0
    General and administrative expenses                26         5,517           (26)        5,516
    Selling expenses                                                318                         318
                                               ----------    ----------                  ----------

            Total operating expenses                  104         5,834                       5,834
                                               ----------    ----------                  ----------

(Loss) from operations before other expenses          (60)       (2,329)                     (2,329)

Other expense (income):
    Loss on sale of livestock                          16                         (16)
    Interest expense                                                418                         418
    Depreciation and amortization                      16           283           (16)          283
                                               ----------    ----------                  ----------
                                                       32           701                         701

Loss before Income tas benefit                        (92)       (3,030)                     (3,030)

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

Net loss                                       $      (92)   $   (2,678)                 $   (2,678)
                                               ==========    ==========                  ==========
</TABLE>


(1) Excluding the activity of Biopharma  division  which was not included in the
acquisition  (2) This is the  adjustment  to remove the  results  of  operations
relating to the  business  of owning and racing  horses.  The  Company  divested
itself of this business on March 6, 2003.


                                       16
<PAGE>
<TABLE>
<CAPTION>

         Unaudited Pro Forma Condensed Combining Statement of Operations
                      For the Year Ended December 31, 2002
                                 (In thousands)


                                            Inyx, Inc.       Pro        Miza         Pro
                                             12 Months      Forma    12 Months      Forma
                                               Ended         Adj        Ended        Adj
                                            December 31,            December 31,             Combined
                                                2002         (1)         2002        (2)       Total
                                              --------    --------    --------    --------    --------
<S>                                           <C>         <C>         <C>           <C>       <C>
Net revenues                                  $     54    $    (54)   $ 24,644      (3,460)   $ 21,184
Cost of goods sold                                                      20,772      (3,450)     17,322
                                              --------                --------                --------
      Gross profit                                  54                   3,872                   3,862

Expenses:
      Livestock & jockey expenses                   96         (96)                               --
      General and administrative                    32         (32)      6,850        (394)      6,456
      Selling expenses                                                     376         (13)        363
                                              --------                --------                --------
                                                   128                   7,226                   6,819
                                              --------                --------                --------
(Loss) from operations before
  other expenses                                   (74)                 (3,354)                 (2,957)
                                              --------                --------                --------

Other expenses:
      Reorganization & administration costs       --                    25,049                  25,049
      Loss on sale of livestock                     17         (17)                               --
      Interest expense                            --                     1,680      (1,217)        463
      Depreciation and amortization                 22         (22)      1,257      (1,083)        174
                                              --------                --------                --------
                                                    39                  27,986                  25,686
                                              --------                --------                --------

(Loss) before tax benefit                         (113)       (113)    (31,340)      2,697     (28,643)

Income tax benefit                                --                       352        (352)       --
                                              --------                --------                --------

Net (loss)                                    $   (113)               $(30,988)               $(28,643)
                                              ========                ========                ========
</TABLE>


(1) This is an adjustment  to remove the results of  operations  relating to the
business  of owning and  racing  Horses.  The  Company  divested  itself of this
business on March 6, 2003.

(2)  Interest  and  depreciation  expense  are  adjusted  to reflect the charges
related to pro forma debt and net fixed assets as they were as of the closing of
the asset  acquisition;  the elimination of activity  relating to the Bio Pharma
division which was not included in the acquisition.



                                       17
<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 financial
statements of the Company included elsewhere herein.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

         This quarterly report contains certain  forward-looking  statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to  the  Company  or  management.   When  used  in  this  document,   the  words
"anticipate,"   "believe,"   "estimate,"   "expect"  and  "intend"  and  similar
expressions,  as they relate to the Company or its  management,  are intended to
identify forward-looking statements. Such statements reflect the current view of
the  Company   regarding  future  events  and  are  subject  to  certain  risks,
uncertainties  and  assumptions,  including the risks and  uncertainties  noted.
Should  one or more of  these  risks or  uncertainties  materialize,  or  should
underlying assumptions prove incorrect,  actual results may vary materially from
those  described  herein  as  anticipated,   believed,  estimated,  expected  or
intended. In each instance,  forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.

OVERVIEW, SIGNIFICANT EVENTS

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

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

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

         On  September  9, 2003 the Company  announced  that it had  completed a
private  placement  financing under which the Company sold 500,000 shares of its
common stock at a price of $1.00 per share,  and the  investors  also received a
common stock purchase warrant,  with an exercise price of $1.50 per share, along
with each common share  purchased.  The proceeds of the offering will be used to
increase the Company's working capital.  The investors in this private placement
included the Company's  Chairman,  Dr. Jack Kachkar,  and an Outside Director of
the Company,  Mr. James Douglas  Brown.  (For more  information,  Item-5 of this
report.)


                                       18
<PAGE>

         On October 16,  2003,  the Company  announced  the  appointment  of Mr.
Orestes Lugo as an independent  board member to its Board of Directors.  At that
time, the Company also announced that Mr. Lugo, a certified  public  accountant,
would chair Inyx's audit committee. The Company's audit committee is represented
by two independent directors, Mr. Lugo and Mr. Douglas Brown.

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

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

         RESULTS OF OPERATIONS

         Three-Months  and  Nine-Months  Period (Five Months Actual  Operations)
Ended September 30, 2003

         The following discussion of the Company's results of operations for the
three and nine month periods ended  September 30, 2003 focuses on the operations
of its wholly owned subsidiary, Inyx Pharma Limited, which was acquired on April
28, 2003. All of the Company's  revenues are generated by Inyx Pharma.  Prior to
the  acquisition  of Inyx  Pharma,  the  Company  divested  itself  of all prior
operations  conducted  as  Doblique,  Inc.  The  timing  and  reporting  of  the
acquisition  is such  that the  substance  of the  discussion  centering  on the
Company's  basic  financial  statements  refers  primarily to the three and nine
months ended September 30, 2003.

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

         Net Revenue

         Net revenues for the three-months  and nine-months  ended September 30,
2003 were  $3.1  million  and $8.1  million  respectively.  These  revenues  are
attributed  solely to the newly  acquired  business of Inyx Pharma and represent


                                       19
<PAGE>

business  activity from April 28, 2003 the date of  acquisition to September 30,
2003.  For the three months  period and nine months  period ended  September 30,
2003,  the  Company's  top  three  customers   accounted  for  $1.3  million  or
approximately  43% and $3.4 million or approximately  42% of the Company's total
net revenues, respectively.

         Pro forma net revenues for the nine month  period ended  September  30,
2003 were $10.5  million as compared to $18.1  million for the nine month period
ended  September 30, 2002.  Pro forma net revenues  decreased by $7.6 million or
approximately  42% as compared to the pro forma revenue in the comparable period
in 2002.  The decrease is attributed to the fact that Inyx Pharma's  predecessor
company,  Miza  Pharmaceuticals  (UK) Limited  ("Miza UK"),  was acquired out of
Administration.  Although most of the customer  base was retained,  the level of
revenues has not yet been restored to the levels  experienced by the predecessor
company prior to the Administration  period.  The top three customers  accounted
for $4.4  million or 42% of pro forma net  revenues  for the nine months  period
ended  September 30, 2003 as compared to $10.3 million or 57% of total pro forma
net revenue for the nine months period ended September 30, 2002.

         The Company's  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 its
clients'  products.  Future  contract  revenues are dependant upon the Company's
clients  maintaining  or  obtaining  regulatory  approval  for the sale of their
products in their designated markets.

         The Company has been actively marketing itself to its customer base and
expects 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.  Presently,  the  Company's  manufacturing  facility  is
operating at an average of 35% of  capacity.  Revenues  and  therefore  capacity
utilization is expected to increase as more new customer  contracts and purchase
orders are  undertaken  with  increasing  marketing and  commercial  activities.
Additionally,  the  Company  expects to be able to  increase  its  manufacturing
activities as customers' raw material and component  inventory  requirements are
restored to normal business operational levels.

         Although the Company does not  presently  derive any revenues  from the
sale of its own  products,  it expects to  increase  its  revenues  through  the
addition of its own product lines in selected  pharmaceutical market sectors, to
be distributed  through certain customers.  The Company expects that these types
of revenues would include direct sales,  royalty payments and licensing fees. At
this time, no agreements for such fees or distribution are in place.

         Cost of Goods Sold

         Cost of goods sold is associated  with  manufacturing  and  development
revenues and includes materials, labor, factory overheads and technical affairs,
which includes quality control and quality assurance and regulatory support Cost
of goods sold amounted to $2.6 million or approximately  85% of net revenues for
the  three  month  period  ended   September  30,  2003,  and  $6.5  million  or
approximately  80% of net revenues for the nine month period ended September 30,
2003.


                                       20
<PAGE>

         Pro forma cost of goods sold for the nine month period ended  September
30, 2003 amounted to $8.4 million or approximately 80% of net pro forma revenues
as compared to pro forma costs of goods sold of $14.6  million or  approximately
81% of net pro forma  revenues  for the nine month period  ended  September  30,
2002.  The cost of goods sold as a percentage  of revenues is mostly  consistent
with the comparative  period. In the second half of 2002 the predecessor company
entered the  Administration  period which  impacted the overall sales levels and
reduced  operations  to an average of 35% of total  manufacturing  capacity.  In
addition  the  predecessor  company  started  the  process of phasing out of the
Chlorofluorocarbon  ("CFC") based respiratory product line, due to environmental
regulations.  As a result of the CFC phase out, the Metered Dose Inhaler ("MDI")
line  accounted  for less then 15% of overall  production  for the period  ended
September 30, 2003.  Historically  CFC  production  has lower  material costs as
compared  to the non CFC  products.  The  Company  is now  focused on phasing in
non-CFC   version  of  products,   known  as   Hydrofluoroalkane-based   ("HFA")
respiratory MDI's.

         The  Company  expects  the cost of goods  sold to be  improved  as more
customer  contracts  are  initiated or renewed and the capacity  utilization  is
enhanced.

         Additionally,  the  Company  expects to start  incurring  research  and
development costs as part of its cost of goods sold once it commences developing
its  own  pharmaceutical  products.  These  costs  would  include  salaries  and
intellectual  property development costs. The Company expects that such research
and  development  costs  would be offset by better  market  pricing  for its own
products.

         Gross Profit

         Gross Profit amounted to $470,000 or approximately  15% of net revenues
for the three  months  period  ended  September  30,  2003 and $1.6  million  or
approximately  20% of net revenues for the nine month period ended September 30,
2003.

         Pro forma gross profit for the nine month period  ended  September  30,
2003  amounted to $2.1  million or 20% of net  revenues as compared to pro forma
gross profit of $3.5 million or  approximately  19% of net revenues for the nine
month period ended  September 30, 2002.  The pro forma 2003 results  include the
results of Miza UK's  business  which  operated in  Administration  in the first
financial  quarter of the year, the phase out of the CFC products,  and one-time
start up costs  relating  to the  integration  of the  newly  acquired  business
operations  of Inyx Pharma.  The deferral of key  development  projects has also
been the main reason for gross project reduction.  The pro forma results for the
comparative  nine month period  include the results of Miza UK's business  which
operated in Administration in the last two months of the period.

         The Company  expects gross profit to be restored to levels  experienced
by the  business  assets  acquired  by Inyx Pharma  prior to the  Administration
period as more customer  contracts are initiated or renewed,  and  manufacturing
capacity utilization is increased, therefore improving gross profitability.

         Additionally,  the Company expects to increase its gross  profitability
through the addition of its own product lines,  which the Company expects can be
sold at higher margins in selected  pharmaceutical market sectors.  Although the
Company  does  not  currently  derive  any  revenues  from  the  sale of its own
products, it expects to commence developing and commercializing its own products
in the pharmaceutical aerosol sector by the end of 2004.


                                       21
<PAGE>

         General and Administrative Expenses

         General and administrative  expenses, which includes corporate overhead
costs  (including  administrative  support costs incurred by Inyx Canada),  were
$1.9 million or 62% of net revenues for the three months period ended  September
30, 2003 and $4.4 million or 54% of net revenues for the nine month period ended
September 30, 2003.

         Pro forma general and administrative  expenses were $4.9 million or 47%
of pro forma net revenues for the nine month periods ended September 30, 2003 as
compared to pro forma general and administrative expenses of $5.5 million or 30%
of net revenues for the nine month ended  September  2002. The pro forma general
and administrative expenses increased by 17% as a percentage of net revenues.

         The major  reason for the  increase in the  general and  administrative
expenses  for the pro forma  nine  month  period is  mostly  due to  significant
one-time non  recurring  costs that were  incurred by the Company in its reverse
acquisition of Inyx Pharma,  including start up and integration costs. These one
time  non-recurring  costs amounted to  approximately  $1.5 million and included
business  consulting  fees of $800,000,  accounting and legal costs of $125,000,
and corporate development and investor relations costs of $575,000.

         Also,  during the nine month  period  ended  September  30,  2003,  pay
adjustment for key employees amounted to approximately  $112,000.  Directors and
liability  insurance premiums amounted to $42,000 in the nine month period ended
September  30,  2003.  In addition,  product  liability  and property  insurance
premiums  were  approximately  $179,000  higher in the nine month  period  ended
September 30, 2003 as compared to the same period in prior year.

         As the Company  continues to implement  its corporate  development  and
growth strategy,  concomitant with expected increasing  revenues,  it expects to
incur additional administrative costs due to the addition of senior business and
financial executives to its management team.

         Selling Expenses

         Selling expenses were $70,000 or 2 % of net revenues and $166,000 or 2%
of net revenues for the three and nine months periods ended  September 30, 2003,
respectively.

         Pro forma selling  expenses  amounted to $217,000 or 2% of net revenues
and $318,000 or  approximately  2% of net  revenues  for the nine month  periods
ended  September  30,  2003  and 2002  respectively.  Selling  expense  consists
primarily of salaries,  commissions  and  marketing  costs  associated  with the
commercial  department  of  the  business.  Pro  forma  selling  expenses  as  a
percentage  of revenues have  slightly  increased  due to  increasing  marketing
efforts following acquisition of the Inyx Pharma business.  The Company has been
actively marketing itself to its customer base and the pharmaceutical  market in
order to increase contract manufacturing and development revenues.

         Operating Loss/Income

         Loss from  operations  amounted to $1.5  million or 49% of net revenues
and $2.98  million or  approximately  37% of net revenues for the three and nine
months periods ended September 30, 2003 respectively.


                                       22
<PAGE>

         Pro  forma  loss  from  operations  for the nine  months  period  ended
September 30, 2003 amounted to $3 million or approximately  29% of pro forma net
revenues as  compared to pro forma  income  from  operations  amounting  to $2.3
million or  approximately  13% of pro forma net  revenues for the same period in
prior year. Pro forma loss from operations  increased by $717,000 from the prior
period, due mostly to one time start up and business integration,  marketing and
corporate development costs.

         The  balance  of the pro  forma  loss is due to costs  relating  to the
Administration  process during the pro forma period.  During the  Administration
process,  the  financial  performance  of the business  assets  acquired by Inyx
Pharma  was  adversely  affected  due  to  administration  costs,  the  lack  of
components and supplies, and subsequent shipping delays to customers.

         Interest Expense

         Interest expense  amounted to $145,000,  and $304,000 for the three and
nine month periods ended September 30, 2003 respectively.

         Pro forma  interest  expense for the nine month period ended  September
30, 2003 amounted to $733,000 or approximately 7% of net revenues as compared to
$418,000 or  approximately  2% of net revenue  for the nine month  period  ended
September 30, 2002.  Interest  expense for the nine month period ended September
30,  2003  relates to the Inyx Pharma  indebtedness  including  working  capital
obtained to finance the acquisition of the Miza UK business assets.

         Depreciation and Amortization

         Depreciation and amortization expenses were $97,000 or approximately 3%
of net revenue for the three month period ended  September 30, 2003 and $225,000
or approximately 3% of net revenue for the nine month period ended September 30,
2003.  There were no significant  additions to fixed assets during the three and
nine months periods ended September 30, 2003.

         Pro forma depreciation expense amounted to $573,000 or approximately 5%
of net revenues for the nine month period ended  September  30, 2003 as compared
to $283,000 or  approximately 2% of net revenues for the nine month period ended
September 30, 2002.

         The Company  states the value of its  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.

         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.

         Net Income/Loss

         Net loss for the three-months and nine-months  ended September 30, 2003
was $1.5 million and $3 million respectively.


                                       23
<PAGE>

         Pro forma net loss for the nine month period ended  September  30, 2003
amounted to $3.6  million as compared to pro forma net loss of $2.7  million for
the nine months  ended  September  30,  2002.  Pro forma net loss  increased  by
$895,000 or 33%. The major reason for the change is  attributed  to the start up
costs incurred in connection with the  acquisition  regarding the share exchange
transaction with Inyx Pharma,  one time start up and integration,  marketing and
corporate  development costs for the combined  business,  and the phasing out of
the CFC production in line with the Montreal protocol.

         Although  the  business   assets  of  Miza  UK  were  acquired  out  of
Administration,  most of the customer base was retained and prior results may be
indicative of future  operations.  The Company expects to achieve  profitability
and have positive cash flows from the operations it acquired. However, there can
be no assurance that the Company's forecasts will be met.

         The Company expects  profitability to be restored to levels experienced
by the  business  assets  acquired  by Inyx Pharma  prior to the  Administration
period,  as more customer  contracts are initiated or renewed and  manufacturing
capacity utilization is increased, therefore improving gross margins.



         EXPECTATIONS

         Although the Company's 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 entered into during 2003 should enable the Company to
restore its 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 each of the  Company's  2003 and 2004  revenues  and  then  increase  to $1.2
million in 2005.  Gross  profit is  expected  to exceed 30% as a  percentage  of
revenues.   Upon  commencement  of  commercial   manufacturing,   the  increased
manufacturing volume will also contribute to the Company's overall profitability
due  a  result  of  increased  capacity   utilization  and  subsequent  overhead
absorption.

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


                                       24
<PAGE>

         LIQUIDITY AND CAPITAL RESOURCES

         The Company has financed its operations  primarily through revenue from
contract manufacturing and product development contracts,  stockholders' equity,
credit   facilities,   and  financing  of  property,   equipment  and  inventory
acquisitions.  Additionally,  the Company has been  dependant  on funding of its
working capital from its major stockholders in the form of stockholder loans.

         Capital Resources
         -----------------

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


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

         In connection with the private  placement of $3,000,000 in common stock
the Company granted  five-year  warrants to purchase up to 1.5 million shares of
Common Stock of the Company at an exercise  price of $1.00 per share for half of
such warrants and $1.35 for the remainder.  While the Company is not entitled to
receive any proceeds from the sale of the warrants or the shares of common stock
by the holders of the warrants,  the Company receives the exercise price payable
per share by each warrant  holder in connection  with the purchase of the shares
of common  stock by such  holders  from the  Company.  Anticipated  proceeds are
estimated at $1.8 million.

         As  additional  consideration  to Laurus Funds in  connection  with the
private  placement of $4,500,000 in the Company's 7%  Convertible  Term Note the
Company granted a five-year Common Stock Purchase  Warrant to acquire  1,350,000
shares  of  common  stock at a  exercise  price of $1.25 per share for the first
450,000  shares,  $1.50 per share for the  second  450,000  shares and $1.75 per
share for the last 450,000  shares.  Inyx can call these Warrants for redemption
if the  Company's  stock price has closed  above 200% of the strike price for 20
consecutive days. Estimated proceeds from the exercise of these warrants amounts
to approximately $2.0 million.

         The Company  believes that existing  credit  facilities,  recent equity
placements  and cash  generated  from  operations  are sufficient to finance its
current operations and working capital requirements for at least the next twelve
months. However, as a result of the long lead time required to order specialized
raw  materials  and  components  necessary  for the  manufacture  of some of its
customers'  products,  the  Company may require  additional  working  capital to
support  the  purchase  and  storage  of such  supplies,  in order to meet those
customers' delivery date requirements.  Additionally,  as the Company expects to
increase its capital  expenditures and proprietary product development  spending
over the next few years as part of its growth  strategy,  it may be  required to
raise  additional  funds  through  new  borrowings  or through  the  issuance of
additional debt or equity securities.


                                       25
<PAGE>

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

         Three month period ended September 30, 2003

         The net cash used in operating  activities  for the three months period
ended September 30, 2003 was $215,000. The net cash used in operating activities
includes a net loss from  continuing  operations  of $1.53  million  adjusted by
non-cash  charges which include  depreciation and amortization of $97,000 offset
with deferred income taxes of $231,000. Net change in non cash operating working
capital  increased by $1.45  million,  attributed  to a net increase in accounts
receivables  and other  current  assets  amounting to  $848,000,  an increase in
accounts payables and accrued liabilities  amounting to $583,000 and an decrease
in subscription receivable amounting to $374,000. This was offset by an increase
in inventory of $237,000 and deferred revenues amounting to $121,000.

         The net cash  provided  by  financing  activities  for the three  month
period ended  September  30, 2003 was  approximately  $92,000.  During the three
month period proceeds from a private placement, net of issuance costs of $12,000
amounted to  $388,000,  Proceeds  from issuing a  Promissory  Note  amounting to
$50,000,  advances from a significant Stockholder were $400,000.  These proceeds
were offset with debt repayments amounted to $746,000.

         The net cash used by investing activities during the three month period
ended September 30, 2003 was $2,000.

         Nine month (five months of actual  operations)  period ended  September
30, 2003

         The net cash used in operating  activities  for the nine months  period
ended  September  30,  2003 was $3.89  million.  The net cash used in  operating
activities  includes  a net loss  from  continuing  operations  of $3.0  million
adjusted by non-cash  charges which include  depreciation  and  amortization  of
$225,000,  and  issuance  of stock as  compensation  of  services  amounting  to
$799,000  offset by deferred  income taxes of  $530,000.  Net change in non cash
operating working capital  decreased by $1.38 million,  mostly attributed to the
start up of operations  under Inyx Pharma,  including a net increase in accounts
receivables  and other current  assets  amounting to $3.3 million as compared to
the same period in the prior year.  Inventory also increased by $1.1 as compared
to same  period in prior  year,  this was  offset  by an  increase  in  accounts
payables  and accrued  liabilities  amounting to $2.48  million,  an increase in
deferred revenue of $155,000 and a decrease in subscription receivable amounting
to $374,000.

         The net cash provided by financing activities for the nine month period
ended September 30, 2003 was approximately  $9.8 million.  During the nine month
period the long term debt issued  amounting to $3.6  million and  proceeds  from
issuance of promissory notes amounting to $4.1 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 $1.95
million  was used to support  operations.  A  significant  stockholder  provided
$450,000 in advances  and  proceeds  from a private  placement,  net of issuance
costs of $12,000 amounted to $388,000, in the nine month periods ended September
30,  2003.  The above  proceeds  were offset with debt  repayment  amounting  to
$695,000.


                                       26
<PAGE>

         The net cash used by investing  activities during the nine month period
ended  September 30, 2003 was $6.1  million.  During the nine month period ended
September  30, 2003 $5.3  million was used for  acquisition  of fixed assets and
$841,000 related to out of pocket direct costs of acquisition.

         Item 3. Controls and Procedures

         The  Company  carried out an  evaluation  of the  effectiveness  of the
design and  operation  of its  disclosure  controls and  procedures  pursuant to
Exchange Act Rule 13a-14.  This  evaluation was done under the  supervision  and
with the  participation  of the Company's  Chairman,  and its Vice  President of
Finance.  Based  upon  that  evaluation,   they  concluded  that  the  Company's
disclosure  controls and  procedures  are effective in gathering,  analyzing and
disclosing  information needed to satisfy the Company's  disclosure  obligations
under the Exchange Act.


























                                       27
<PAGE>

         PART II-- OTHER INFORMATION

         Item 2.  Changes in Securities

         The following equity securities were issued by Registrant during the
second quarter of 2003.

         On July 1, 2003,  the Company  finalized a media  relations  consulting
agreement  with Patrick W.H.  Garrard/dba/The  Garrard Group of West Redding CT,
originally   proposed  to  the  Company  in  April  of  2003.  As  part  of  the
consideration  for this  agreement,  the Company  issued  warrants to purchase a
maximum of 200,000  shares of common stock of the Company at prices ranging from
$1.10 to $2.60 per share. The warrants expire on July 1, 2008.

         On  August  15,  2003,  the  Company  entered  into a one  time  public
relations agreement with Capital Financial Media, Inc. for an investor relations
program  consisting of an  advertisement  report on the Company.  As part of the
consideration  for this  agreement,  the  Company  issued  warrants  to purchase
100,000 whole shares of common stock of the Company at prices ranging from $1.10
to $2.60 per share. The warrants expire on July 1, 2006.

         On August 25,  2003,  the Company  entered  into a one-year  investment
banking  agreement with Duncan  Capital LLC for investment  banking and investor
advisory services. As part of the consideration for this agreement,  the Company
issued warrants to purchase  300,000 whole shares of common stock of the Company
at a price of $1.25 per share. The warrants expire on August 25, 2008.

         On  September  9, 2003 the Company  announced  that it had  completed a
private  placement  financing under which the Company sold 500,000 shares of its
common stock at a price of $1.00 per share,  and the  investors  also received a
common stock purchase warrant,  with an exercise price of $1.50 per share, along
with each common share  purchased.  A total of 500,000  two-year  warrants  were
issued by the Company as part of this  private  placement.  The Company can call
these Warrants for redemption if the Company' stock price has closed at or above
$5.00 per share for five (5)  consecutive  trading  days.  The  proceeds  of the
offering  were  utilized  to  increase  the  company's   working  capital.   The
subscribers in this private placement included the Company's Chairman,  Dr. Jack
Kachkar,  for 100,000  shares and warrants to purchase  100,000  whole shares of
common stock of the Company at a price of $1.50 per share;  an outside  director
of the  Company,  Mr.  James  Douglas  Brown for 100,000  shares and warrants to
purchase 100,000 whole shares of common stock of the Company at a price of $1.50
per share;  Mr. Jordan Slatt for 200,000 shares and warrants to purchase 200,000
whole  shares  of common  stock of the  Company  at a price of $1.50 per  share;
Saintsbury  Management  Corp. for 50,000 shares and warrants to purchase  50,000
whole shares of common  stock of the Company at a price of $1.50 per share;  and
Liberty Management,  LLC for 50,000 shares and warrants to purchase 50,000 whole
shares of common stock of the Company at a price of $1.50 per share. Neither the
common shares nor the warrants are  registered for trading at this time although
the holders of these securities have registration rights.

         On September  12, 2003,  the Company  issued Mr. Rick Iler of Westport,
Massachusetts,  warrants to purchase  20,000 whole shares of common stock of the
Company at a prices ranging from $1.25 to $2.00 per share.  The warrants  expire
on September 12, 2006.  These  warrants  were issued to Mr. Iler for  consulting
services provided to the Company.


                                       28
<PAGE>

         Item 5. Other Information.

         On July 1, 2003,  the Company  finalized a media  relations  consulting
agreement  with Patrick W.H.  Garrard/dba/The  Garrard  Group of West Redding CT
("Garrard"),  originally  proposed  to the  Company in April of 2003.  Under the
agreement,  Garrard is to provide the Company investor, public, trade, and media
relations and marketing  consulting  services.  Consideration for this agreement
amounts  to  $120,000  plus  approved   expenses  over  a   twelve-month   term.
Additionally,  as part of the  consideration  for this  agreement,  the  Company
issued Garrard, five-year warrants to purchase a maximum of 200,000 whole shares
of common stock of the Company at prices ranging from $1.10 to $2.60 per share.

         On  August  15,  2003,  the  Company  entered  into a one  time  public
relations agreement with Capital Financial Media, Inc. for an investor relations
program consisting of an advertisement  report on the Company to be prepared and
distributed in the United States by Capital  Financial Media.  Consideration for
this  agreement  amounts to  $360,000,  to be paid over four  installments,  and
includes all costs and expenses for the creation,  coordination and distribution
of the advertising on the Company.  Additionally,  as part of the  consideration
for this  agreement,  the Company  issued  Capital  Financial  Media  three-year
warrants to purchase a maximum of 100,000  whole  shares of common  stock of the
Company at prices ranging from $1.10 to $2.60 per share.

         On August 25,  2003,  the Company  entered  into a one-year  investment
banking  agreement with Duncan  Capital LLC for investment  banking and investor
advisory  services.  Consideration  for this agreement amounts to a monthly cash
retainer of $7,500 plus  reasonably  incurred  expenses in  connection  with the
agreement;  an 8% cash fee for any capital raised by Duncan for the Company; and
five-year  warrants  equal to 10%  coverage on any equity,  debt or  convertible
security issued as part of any financing completed by the Company. Additionally,
as part of the  consideration  for this  agreement,  the Company  issued  Duncan
five-year  warrants  to purchase  300,000  whole  shares of common  stock of the
Company at a price of $1.25 per share.

         On September 9, 2003,  the Company  announced  that it had  completed a
private  placement  financing under which the Company sold 500,000 shares of its
common stock at a price of $1.00 per share,  and the  investors  also received a
common stock purchase warrant,  with an exercise price of $1.50 per share, along
with each common share purchased.  The proceeds of the offering were utilized to
increase the Company's  working  capital.  The Company did not pay any financing
fees as part of the private  placement.  As a result of the  issuance of 500,000
shares of its common  stock  under  this  private  placement,  the  Company  had
25,450,000 shares of its common stock outstanding as of September 9, 2003.

         As a result of the  issuance of  3,000,000  shares of its common  stock
under an equity  private  placement  completed at the end of October,  2003, the
Company  subsequently then had 28,450,000 shares of its common stock outstanding
as of October 30, 2003.

         All  subsequent  events  to the  reporting  period  have  been  further
described in the Management Discussion and Analysis, Item 2 above.




                                       29
<PAGE>

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

         (a)      Exhibits

                  10.20    Consulting  Agreement  executed  July  1,  2003  with
                           Patrick W.H.  Garrard/dba/The  Garrard  Group of West
                           Redding CT.

                  10.21    Public  Relations  Agreement  with Capital  Financial
                           Media, Inc., dated August 15, 2003

                  10.22    Investment banking agreement with Duncan Capital LLC,
                           dated August 25, 2003.

                  10.23.1  Stock  Purchase  Warrant  for  200,000  shares of the
                           Company's    common    stock   with    Patrick   W.H.
                           Garrard/dba/The  Garrard  Group of West  Redding  CT,
                           dated July 1, 2003.

                  10.23.2  Stock  Purchase  Warrant  for  100,000  shares of the
                           Company's common stock with Capital  Financial Media,
                           Inc., dated August 15, 2003.

                  10.23.3  Stock  Purchase  Warrant  for  100,000  shares of the
                           Company's  common stock with Dr. Jack Kachkar,  dated
                           August 22, 2003.

                  10.23.4  Stock  Purchase  Warrant  for  100,000  shares of the
                           Company's  common stock with Mr. James Douglas Brown,
                           dated August 22, 2003.

                  10.23.5  Stock  Purchase  Warrant  for  200,000  shares of the
                           Company's  common stock with Mr. Jordan Slatt,  dated
                           August 22, 2003.

                  10.23.6  Stock  Purchase  Warrant  for  50,000  shares  of the
                           Company's  common  stock with  Saintsbury  Management
                           Corp., dated August 22, 2003.

                  10.23.7  Stock  Purchase  Warrant  for  50,000  shares  of the
                           Company's common stock with Liberty Management,  LLC,
                           dated August 22, 2003.

                  10.23.8  Stock  Purchase  Warrant  for  300,000  shares of the
                           Company's common stock with Duncan Capital LLC, dated
                           August 25, 2003.

                  10.23.9  Stock  Purchase  Warrant  for  20,000  shares  of the
                           Company's  common  stock with Mr.  Rick  Iler,  dated
                           September 12, 2003.

                  31.1     Certification  of Jack Kachkar  under  Section 302 of
                           the Sarbanes-Oxley Act of 2002 is furnished hereby.

                  31.2     Certification of Rima Goldshmidt under Section 302 of
                           the Sarbanes-Oxley Act of 2002 is provided hereby.


                                       30
<PAGE>

                  32.1     Certification  of Jack Kachkar  under  Section 906 of
                           the Sarbanes-Oxley Act of 2002 is furnished hereby.

                  32.2     Certification of Rima Goldshmidt under Section 906 of
                           the Sarbanes-Oxley Act of 2002 is provided hereby.

         (b)      Reports on Form 8-K.

         None




                                   SIGNATURES

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

         Date:    November 13, 2003

                                                     INYX, INC.


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