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|   | Texas                           | 59-2220004             |   |
|--------|---------------------------------|------------------------|--------|
|   | (State or other jurisdiction of | (I.R.S. Employer       |   |
|   | incorporation or organization)  | Identification Number) |   |

|   Large accelerated filer o Accelerated filer o |   | Non-accelerated filer oSmaller reporting company x |
|---------------------------------------------------------------------|--------|--------------------------------------------------------------|

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| PART I – FINANCIAL INFORMATION                                                     |   |
|-----------------------------------------------------------------------------------------------|--------|
|                                                                                          |   |
| ITEM 1 – FINANCIAL STATEMENTS                                                      |   |
|                                                                                          |   |
| Condensed Consolidated Balance Sheets as of March 31, 2010 (Unaudited) and                    |   |
|            December 31, 2009 (Audited) | 2      |
|                                                                                          |   |
| Unaudited Condensed Consolidated Statements of Operations for the three months ended          |   |
| March 31, 2010 and 2009                                                                       | 3      |
|                                                                                          |   |
| Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended          |   |
| March 31, 2010 and 2009                                                                       | 4      |
|                                                                                          |   |
|  Notes to unaudited condensed consolidated financial statements                          | 5      |
|                                                                                          |   |
| ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION                           |   |
| AND RESULTS OF OPERATIONS                                                                     | 9      |
|                                                                                          |   |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                            | 11     |
|                                                                                          |   |
| ITEM 4T. CONTROLS AND PROCEDURES                                                              | 11     |
|                                                                                          |   |
| PART II. OTHER INFORMATION                                                                    |   |
|                                                                                          |   |
| ITEM 1.    Legal Proceedings                                              | 12     |
| ITEM 1A  Risk Factors. – not required                                         |   |
| ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds    | 12     |
| ITEM 3.    Defaults upon Senior Securities                                | 12     |
| ITEM 4.    Removed and reserved                                           |   |
| ITEM 5.    Other Information                                              | 12     |
| ITEM 6.    Exhibits                                                       | 13     |
|                                                                                          |   |
| SIGNATURE                                                                                     | 14     |

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| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES                                                                                                                                                                                                  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                 |   |
| March 31, 2010 (Unaudited) December 31, 2009 (Audited)                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                                                                                |   | March 31, 2010 |   |   | December 31, 2009 |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| CURRENT ASSETS:                                                                                                                                                                                                                                       |   |   |   |   |   |   |
| Cash                                                                                                                                                                                                                                                  |   | $ | 2,552 |   |   | $ | (4,363 | ) |
| Accounts Receivable, net                                                                                                                                                                                                                              |   |   | 32,438 |   |   |   | 30,003 |   |
| Inventory, net                                                                                                                                                                                                                                        |   |   | 130,289 |   |   |   | 130,668 |   |
| Notes Receivable, current                                                                                                                                                                                                                             |   |   | 45,822 |   |   |   | - |   |
| Interest Receivable                                                                                                                                                                                                                                   |   |   | 37,945 |   |   |   | - |   |
| Total Current Assets                                                                                                                                                                                                                                  |   |   | 249,046 |   |   |   | 156,308 |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Property and Equipment, net                                                                                                                                                                                                                           |   |   | 2,264 |   |   |   | 2,750 |   |
| Intangible Assets - Patent, net                                                                                                                                                                                                                       |   |   | 484,794 |   |   |   | 497,552 |   |
| Intangible Assets - Marketing Contacts, net                                                                                                                                                                                                           |   |   | 3,978,424 |   |   |   | 4,083,120 |   |
| Deferred Loan Costs                                                                                                                                                                                                                                   |   |   | - |   |   |   | 5,318 |   |
| Prepaid and Other Assets                                                                                                                                                                                                                              |   |   | 1,000 |   |   |   | 27,549 |   |
| Notes Receivable, long-term                                                                                                                                                                                                                           |   |   | 1,500,000 |   |   |   | - |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                                                                                                                                                          |   | $ | 6,215,528 |   |   | $ | 4,772,597 |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)                                                                                                                                                                                                     |   |   |   |   |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Accounts Payable                                                                                                                                                                                                                                      |   | $ | 231,523 |   |   | $ | 261,161 |   |
| Royalties Payable                                                                                                                                                                                                                                     |   |   | 385,138 |   |   |   | 383,013 |   |
| Accrued Liabilities                                                                                                                                                                                                                                   |   |   | 391,226 |   |   |   | 391,972 |   |
| Accrued Interest                                                                                                                                                                                                                                      |   |   | 112,893 |   |   |   | 55,806 |   |
| Notes Payable - related parties                                                                                                                                                                                                                       |   |   | 1,850,980 |   |   |   | 712,272 |   |
| Notes payable, net of discount                                                                                                                                                                                                                        |   |   | 610,448 |   |   |   | 653,386 |   |
| Total Current Liabilities                                                                                                                                                                                                                             |   |   | 3,582,208 |   |   |   | 2,457,610 |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Long-Term Liabilities                                                                                                                                                                                                                                 |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                                                                                                                                                     |   |   | 3,582,208 |   |   |   | 2,457,610 |   |
|                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIENCY)                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Preferred Stock, $10 par value, 5,000,000 shares authorized; 0  issued and outstanding.                                                                                                                                                     |   |   | - |   |   |   | - |   |
| Common Stock:  $0.001 par value;  100,000,000 shares authorized; 34,748,160  issued and 34,744,071 outstanding as of  March 31, 2010 and 32,937,310 issued and 32,933,221 outstanding as of December 31, 2009 |   |   | 34,748 |   |   |   | 32,937 |   |
| Additional Paid-in Capital                                                                                                                                                                                                                            |   |   | 21,222,296 |   |   |   | 19,661,267 |   |
| Stock Subscription Receivable                                                                                                                                                                                                                         |   |   | (292,074 | ) |   |   | (292,074 | ) |
| Treasury Stock                                                                                                                                                                                                                                        |   |   | (12,039 | ) |   |   | (12,039 | ) |
| Accumulated Deficit                                                                                                                                                                                                                                   |   |   | (18,319,611 | ) |   |   | (17,075,104 | ) |
| Total Stockholders' Equity (Deficiency)                                                                                                                                                                                                               |   |   | 2,633,320 |   |   |   | 2,314,987 |   |
| TOTAL LIABILITIES AND STOCKHOLDERS'                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| EQUITY (DEFICIENCY)                                                                                                                                                                                                                                   |   | $ | 6,215,528 |   |   | $ | 4,772,597 |   |

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| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES      |   |
|-----------------------------------------------------------|--------|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009        |   |
|                                                      |   |   |   |   |   |   |
|                                                      |   | 2010 |   |   | 2009 |   |
|                                                      |   |   |   |   |   |   |
| Revenues                                                  |   | $ | 66,690 |   |   | $ | 53,428 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Cost of Revenue                                           |   |   | 20,397 |   |   |   | 310,145 |   |
|                                                      |   |   |   |   |   |   |   |   |
| Gross Profit (Loss)                                       |   |   | 46,293 |   |   |   | (256,717 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| GENERAL AND ADMINISTRATIVE EXPENSES                       |   |   |   |   |   |   |   |   |
|    General and Administrative Expenses     |   |   | 387,843 |   |   |   | 210,089 |   |
|    Depreciation and Amortization           |   |   | 117,940 |   |   |   | 5,447 |   |
| INCOME (LOSS) FROM CONTINUING OPERATIONS:                 |   |   | (459,490 | ) |   |   | (472,253 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSES):                                  |   |   |   |   |   |   |   |   |
|    Loss on Debt Settlement                 |   |   | (720,657 | ) |   |   | - |   |
|    Interest Income                         |   |   | 25,994 |   |   |   | 659 |   |
|    Interest Expense                        |   |   | (90,354 | ) |   |   | (37,663 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                  |   |   | (1,244,507 | ) |   |   | (509,257 | ) |
|    Current Tax Expense                     |   |   | - |   |   |   | - |   |
|    Deferred Tax Expense                    |   |   | - |   |   |   | - |   |
| NET LOSS                                                  |   | $ | (1,244,507 | ) |   | $ | (509,257 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share of common stock:         |   | $ | (0.04 | ) |   | $ | (0.02 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| Weighted average number of common shares outstanding      |   |   | 33,948,681 |   |   |   | 27,238,010 |   |

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| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES                              |   |
|-----------------------------------------------------------------------------------|--------|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                         |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009                                |   |
|                                                                              |   |   |   |   |   |   |
|                                                                              |   | March 31, 2010 |   |   | March 31, 2009 |   |
| Cash flows from operating activities                                              |   |   |   |   |   |   |
| Net loss from continuing operations                                               |   | $ | (1,244,507 | ) |   | $ | (509,257 | ) |
|   Adjustments to reconcile net loss to net cash used in operating activities |   |
|    Depreciation and amortization                                   |   |   | 117,940 |   |   |   | 5,447 |   |
|    Deferred costs - amortization                                   |   |   | 5,318 |   |   |   | - |   |
|    Amortization of discount                                        |   |   | 8,337 |   |   |   | - |   |
|    Stock paid for services                                         |   |   | 70,050 |   |   |   | - |   |
|    Loss on debt settlement                                         |   |   | 720,657 |   |   |   | - |   |
|    Non-cash expense                                                |   |   | 22,019 |   |   |   | 73,833 |   |
| Changes in assets and liabilities:                                                |   |   |   |   |   |   |   |   |
| Increase decrease in prepaid expenses                                             |   |   | (1,000 | ) |   |   | (68,811 | ) |
|    (Increase) decrease in accounts receivable                      |   |   | (2,435 | ) |   |   | 5,101 |   |
|    (Increase) decrease in inventory                                |   |   | 379 |   |   |   | 30,535 |   |
|    (Increase) decrease in interest receivable                           |   |   | (37,945 | ) |   |   | - |   |
|    (Increase) decrease in prepaids and other assets                     |   |   | 27,549 |   |   |   | - |   |
|    Increase (decrease)  in dividends and royalties       |   |   | 2,125 |   |   |   | 1,226 |   |
|    Increase (decrease) in accounts payable and accrued liabilities |   |   | (30,384 | ) |   |   | 38,253 |   |
|    Increase (decrease) accrued interest payable                    |   |   | 57,087 |   |   |   | - |   |
| Net cash flows used in operating activities                                       |   |   | (284,810 | ) |   |   | (423,673 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from investing activities                                              |   |   |   |   |   |   |   |   |
|    Cash paid in acquisitions                                       |   |   | (100,000 | ) |   |   | - |   |
|    Purchase of notes receivable - related party                    |   |   | (103,950 | ) |   |   | - |   |
|    Proceeds from notes receivable - related party                  |   |   | 41,413 |   |   |   | - |   |
| Net cash flows used in investing activities                                       |   |   | (162,537 | ) |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                              |   |   |   |   |   |   |   |   |
|    Proceeds from notes payable - related parties                   |   |   | 512,587 |   |   |   | 327,070 |   |
|    Payment on notes payable - related parties                      |   |   | (7,050 | ) |   |   | - |   |
|    Proceeds from notes receivable                                  |   |   | 102,500 |   |   |   | - |   |
|    Payments on notes payable                                            |   |   | (153,775 | ) |   |   | - |   |
|    Proceeds from short term debt                                        |   |   | - |   |   |   | 200,000 |   |
| Net cash flows provided by financing activities                                   |   |   | 454,262 |   |   |   | 527,070 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Increase (decrease) in cash                                                       |   |   | 6,915 |   |   |   | 103,397 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                    |   |   | (4,363 | ) |   |   | 1,142 |   |
| Cash and cash equivalents, end of period                                          |   | $ | 2,552 |   |   | $ | 104,539 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Cash paid during the period for:                                                  |   |   |   |   |   |   |   |   |
|    Interest                                                        |   | $ | - |   |   | $ | 9,000 |   |
|    Income taxes                                                    |   |   | - |   |   |   | - |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Non-cash investing and financing activities:                                      |   |   |   |   |   |   |   |   |
| For the three months ended March 31, 2010 and 2009                                |   |   |   |   |   |
|    Common stock contributed to obtain note payable                      |   | $ | - |   |   | $ | 68,000 |   |
|    Common stock issued for debt conversion                              |   |   | 1,492,790 |   |   |   | - |   |

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| a)   | An asset has been recorded for the $1,500,000 Senior Secured Convertible Promissory Note Receivable issued by Private Access, Inc. (the “Private Access Note”). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | A liability has been recorded for the note payable obligation of $1,000,000, which includes accrued interest, incurred by VHGI in conjunction with the Private Access Note transaction. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Related party                                   | Nature of relationship                                                                 | Terms of the agreement                                                                                                                                                                                                                                                                              | Principal amount                |
|-------------------------------------------------|----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|                                            |                                                                                   |                                                                                                                                                                                                                                                                                                |                            |
| H.E.B., LLC, a Nevada limited liability company | Scott Haire is the managing member of H.E.B., LLC                                      | Series of funds advanced under two separate, unsecured lines of credit totaling $1 million dated November 26, 2003 and November 4, 2004, both at 10% per annum; no maturity date; unused lines available at March 31, 2010 total $50,988.  Accrued interest at March 31, 2010 is $58,196. | $  949,012                 |
| Commercial and Financial Holdings, LLC          | Commercial Holdings has provided previous lines of credit to affiliates of H.E.B., LLC | Unsecured notes with interest accrued at rates of 8% and 10% per annum until paid in full with no maturity date. Accrued interest at March 31, 2010 is $24,002.                                                                                                                                     |     501,968 |
| VHGI Holdings, Inc.                        | Scott Haire is a majority shareholder of WMT and VHGI                                  | Unsecured note at 9% interest per annum with February 1, 2011 maturity date.  Accrued interest at March 31, 2010 is $5,244                                                                                                                                                                |     400,000 |
| TOTAL                                           |                                                                                   |                                                                                                                                                                                                                                                                                                | $1,850,980                      |

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|   | Exhibit No. |
|--------|-------------|

|   | 2.1 | Agreement and Plan of Merger, dated as of September 17, 2009, by and among BioPharma Management Technologies, Inc., a Texas corporation, Wound Management Technologies, Inc., a Texas corporation, BIO Acquisition, Inc., and the undersigned shareholders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Articles of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed April 11, 2008) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Articles of Amendment to Articles of Incorporation (Incorporated by reference to Exhibit A to the Company’s Information Statement filed with the Commission on May 13, 2008) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | Bylaws  (Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed April 11, 2008) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Asset Purchase Agreement, dated as of September 29, 2009, by and among Wound Management Technologies, Inc., Resorbable Orthopedic Products, LLC, and members thereof. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed October 2, 2009) |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Royalty Agreement dated as of September 29, 2009, by and between RSI-ACQ, LLC and Resorbable Orthopedic Products, LLC. (Incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed October 2, 2009) |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3 | Purchase Agreement, dated February 1, 2010, by and between VirtualHealth Technologies, Inc., Wound Management Technologies, Inc., and VPS Holdings, LLC. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 8, 2010) |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Promissory Note dated February 1, 2010. (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed February 8, 2010) |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 | Veriscrip Royalty Agreement, dated February 1, 2010, between VirtualHealth Technologies, Inc. and Secure eHealth, LLC. (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed February 8, 2010) |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.6 | Distribution Agreement dated September 1, 2009 between Wound Care Innovations, LLC and Pharma Technology International, LLC. * |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1* | Certification of Principal Executive Officer and Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 302 of the Sarbanes-Oxley Act of 2002* |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1* | Certification of Principal Executive Officer and Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002* |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *  Filed herewith |
|--------|-----------------------------|

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|                     | WOUND MANAGEMENT TECHNOLOGIES, INC. |                                                          |
|--------------------------|-------------------------------------|---------------------------------------------------------------|
|                     |                                |                                                          |   |
| Date: May 18, 2010  | By:                                 | /s/  Scott A. Haire                                      |   |
|                     |                                | Scott A.  Haire, Chairman of the Board,        |   |
|                     |                                | Chief Executive Officer and Principal Financial Officer  |   |
|                     |                                |                                                          |   |

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