FORM 10-QSB



SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



Quarterly Report Under Section 13 or 15 (d)

of the Securities Exchange Act of 1934



For the Quarter Ended March 31, 2008Commission File No.000-52771



PURAMED BIOSCIENCE, INC.

(Exact name of registrant as specified in its charter)



Minnesota20-5510104

(State or other jurisdiction of

              (I.R.S. Employer


incorporation or organization)

              Identification No.)




1326 Schofield Avenue

Schofield, WI  54476

(Address of principal executive offices)



(715) 359-6373

(Issuers telephone number)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.



YESXNO______



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule12b-2 of the Exchange Act. (Check one):



Large accelerated filer ___

              Accelerated filer ___

              Non-accelerated filer _X_




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  YESNOX



Indicate the number of shares outstanding of each of the issuers classes of common stock as of the latest practicable date.



Class

              Outstanding at May 2, 2008


Common stock, $001 par value

              5,615,345 shares




Transitional Small Business Disclosure Format (Check One):

              Yes ____

              No  _X__











PURAMED BIOSCIENCE, INC.INDEXPart I - Financial InformationItem 1.  Condensed Financial Statements

              

              

              3Condensed Balance Sheet

              

              

              3Unaudited Condensed Statements of Operations

              

              4Unaudited Condensed Statemetns of Cash Flows

              

              5Condensed Notes to Unaudited Financial Statements

              

              6-7Item 2.  Management's Discussion and Analysis ofFinancial Condition and Results of Operations

              

              8Item 3.  Controls and Procedulres

              

              

              

              14Part II - Other InformationItem 2.  Unregistered Private Sale of Common Stock

              

              15Item 5.  Other Information

              

              

              

              15Item 6.  Exhibits

              

              

              

              

              15Signatures

              

              

              

              

              

              15






2







PART I  FINANCIAL INFORMATION



Item 1.CONDENSED FINANCIAL STATEMENTS



PURAMED BIOSCIENCE, INC.

(A Development Stage Company)

Condensed Balance Sheets





March 31,

              

              June
      30,2008

              

              2007ASSETS

              (Unaudited)

              

              (Audited)Current AssetsCash

              $                      2,108

              

              $                    97,173Prepaid Expenses

              2,085

              

              2,000Total Current Assets

              4,193

              

              99,173Property and EquipmentComputer Software

              1,218

              

              1,218Accumulated Depreciation - Computer Software

              (394)

              

              (90)Net Property and Equipment

              824

              

              1,128Other AssetsPuraMed Bioscience Products, net of accumulatedamortization of $46,394 and $10,390, respectively

              289,639

              

              325,642Trademarks

              3,938

              

              3,229Patent

              3,374

              

              -Total Other Assets

              296,951

              

              328,871Total Assets

              $                  301,968

              

              $                  429,172LIABILITIES AND STOCKHOLDERS' EQUITYCurrent LiabilitiesAccounts Payable

              $                      9,767

              

              $                         689Accounts Payable - Related party

              -

              

              18,171Accrued Expenses

              2,894

              

              -Notes Payable - Officers'

              39,485

              

              -Total Current Liabilities

              52,146

              

              18,860Total Liabilities

              52,146

              

              18,860Stockholders' EquityUndesignated shares, 5,000,000 shares authorized, none issued

              -

              

              -Common Stock, $.001 par value, 45,000,000 sharesauthorized, 5,615,345 shares and 5,015,345 shares issuedand outstanding, respectively

              5,615

              

              5,015Additional paid in capital

              701,279

              

              579,878Deficit accumulated during the development stage

              (457,072)

              

              (174,581)Total Stockholders' Equity

              249,822

              

              410,312Total Liabilities & Stockholders' Equity

              $                  301,968

              

              $                  429,172See notes to unaudited condensed financial statements.




3







PURAMED BIOSCIENCE, INC.

(A Development Stage Company)



Unaudited Condensed Statements of Operations



Period fromMay 9, 2006Three Months Ended

              

              

              Three Months Ended

              

              

              Nine Months Ended

              

              

              Nine Months Ended

              

              

              (inception) toMarch 31,

              

              

              March 31,

              

              

              March 31,

              

              

              March 31,

              

              

              March 31,2008

              

              

              2007

              

              

              2008

              

              

              2007

              

              

              2008Revenues

              $

              -

              

              $

              -

              

              $

              -

              

              $

              -

              

              $

              -Cost of Sales

              

              -

              

              

              -

              

              

              -

              

              

              -

              

              

              --

              

              

              -

              

              

              -

              

              

              -

              

              

              -Gross Profit

              

              -

              

              

              -

              

              

              -

              

              

              -

              

              

              -Operating ExpensesSelling, general and

              

              38,057

              

              

              1,945

              

              

              62,743

              

              

              12,675

              

              

              92,780administrative expensesAmortization and depreciation

              

              12,103

              

              

              -

              

              

              36,308

              

              

              -

              

              

              46,788Consulting fees

              

              886

              

              

              -

              

              

              172,561

              

              

              -

              

              

              237,147Research and development

              

              597

              

              

              14,680

              

              

              10,879

              

              

              56,456

              

              

              80,357Total Operating Expenses

              

              51,643

              

              

              16,625

              

              

              282,491

              

              

              69,131

              

              

              457,072Net Loss

              $

              (51,643)

              

              $

              (16,625)

              

              $

              (282,491)

              

              $

              (69,131)

              

              $

              (457,072)Loss per Common Share -Basic and Diluted

              $

              (0.01)

              

              $

              -

              

              $

              (0.05)

              

              $

              -Average number of  common sharesoutstanding basic and diluted

              

              5,615,345

              

              

              -

              

              

              5,314,254

              

              

              -See notes to unaudited condensed financial statements.






4







PURAMED BIOSCIENCE, INC.

(A Development Stage Company)



Unaudited Condensed Statements of Cash Flows



Period from May 9,Nine Months Ended

              

              

              Nine Months Ended

              

              

              2006 (inception) toMarch 31, 2008

              

              

              March 31, 2007

              

              

              March 31, 2008Cash Flows from operating activitiesNet Loss

              $

              (282,491)

              

              $

              (69,131)

              

              $

              (457,072)Adjustments to reconcile net loss to net cash used inoperating activitiesStock issued for services

              

              30,000

              

              

              -

              

              

              30,000Non-cash consulting expenses (see Note D)

              

              92,000

              

              

              -

              

              

              92,000Depreciation

              

              304

              

              

              -

              

              

              393Amortization

              

              36,004

              

              

              -

              

              

              46,394Changes in non-cash operating working capital items:Prepaid Expenses

              

              (85)

              

              

              -

              

              

              (2,085)Accounts Payable - Related party

              

              (18,171)

              

              

              -

              

              

              -Accounts Payable

              

              9,078

              

              

              -

              

              

              9,767Accrued Expenses

              

              2,894

              

              

              -

              

              

              2,894Net cash used for operating activities

              

              (130,467)

              

              

              (69,131)

              

              

              (277,709)Cash Flows from investing activitiesPatent acquisition costs

              

              (3,374)

              

              

              -

              

              

              (3,374)Purchase of property and equipment

              

              -

              

              

              -

              

              

              (1,218)Trademark acquisition costs

              

              (709)

              

              

              -

              

              

              (3,938)Net cash used for investing activities

              

              (4,083)

              

              

              -

              

              

              (8,530)Cash Flows from financing activitiesProceeds from officers

              

              39,485

              

              

              -

              

              

              39,485Proceeds from spin off

              

              -

              

              

              -

              

              

              174,393Proceeds from equity investee

              

              -

              

              

              69,131

              

              

              74,469Net cash provided by financing activities

              

              39,485

              

              

              69,131

              

              

              288,347Net (decrease) increase in cash

              

              (95,065)

              

              

              -

              

              

              2,108Cash at Beginning of Period

              

              97,173

              

              

              -

              

              

              -Cash at End of Period

              $

              2,108

              

              $

              -

              

              $

              2,108See notes to unaudited condensed financial statements.






5







PURAMED BIOSCIENCE, INC.

(A Development Stage Company)



Condensed Notes to Unaudited Financial Statements



A.  Basis of Presentation



The condensed balance sheet as of March 31, 2008, the condensed statements of operations for the three and nine month periods ended March 31, 2008 and 2007 and the condensed statements of cash flows for the nine month periods ended March 31, 2008 and 2007 have been prepared by PuraMed Bioscience, Inc. (the "Company") without audit.  In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows as of March 31, 2008 and for the three and nine month periods ended March 31, 2008 and 2007 presented herein have been made.



Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  These financial statements should be read in conjunction with the Company's financial statements and notes thereto for the fiscal year ended June 30, 2007 included in the Registration Statement on Form 10-KSB of the Company filed with the SEC on August 16, 2007.



B.  Going Concern



At March 31, 2008, the Company had negative working capital of ($47,953) and thus has none of the funds needed to accomplish its planned business strategy or support its projected expenses.  The Company plans to obtain the needed working capital primarily through sales of its common stock, which there is no assurance it will be able to accomplish.  If the Company cannot obtain substantial working capital through common stock sales or other sources (if any), it will be forced to curtail its planned business operations.  If the Company is unable to obtain additional financing, its ability to continue as a going concern is doubtful.



C.  Accounting Policies



Loss per common share - Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding.  Diluted loss per common share assumes the exercise of stock options and warrants using the treasury stock method, if dilutive.



D.  Related Party Transactions



In April 2007, the Company entered into consulting agreements with Messrs. Mitchell and Higgins.  Under the terms of the agreements, the Company pays Messrs. Mitchell and Higgins each $8,000 monthly for a period of twelve months.  Either party may terminate the agreements for any reason at any time.  As of December 31, 2007 the agreements were terminated and on March 10, 2008, the officers agreed to forgive the amounts owed to them which totaled $92,000.  This $92,000 in consulting services was treated as additional paid-in capital contributed by the officers.  In addition, for the first quarter of 2008, the officers have elected not to receive a salary.



On November 27, 2007, Mr. Mitchell, the CEO of the Company, loaned PuraMed $6,285 payable on demand.  In addition, during the first quarter of 2008, a total amount of $8,200 was loaned to the Company by Mr. Mitchell and is payable on demand.



6







PURAMED BIOSCIENCE, INC.

(A Development Stage Company)



Condensed Notes to Financial Statements



D.  Related Party Transactions (Continued)



During the first quarter 2008, Mr. Higgins, the CFO of the Company, loaned PuraMed $25,000 which is payable on demand.



Prior to 2008, the Company reimbursed Accelerated Drug Delivery, LLC (ADD), a company owned by Messrs. Mitchell and Higgins, monthly for salaries incurred by ADD, LLC's office manager and controller.  As of January 1, 2008, all payroll salaries will be paid by PuraMed rather than outsourcing through ADD.



E.  Stockholder's Equity



Effective November 15, 2007, the company issued 600,000 shares to Messrs. Mitchell and Higgins (300,000 each) in consideration for their past services.



On November 19, 2007 the Articles of Incorporation were amended to change the amount of authorized common shares to 45,000,000 as well as authorizing 5,000,000 shares as undesignated.  In addition, the par value of common stock was changed from no par value per share to $.001 par value per share.



During April of 2008, the officers loaned the Company a total of $13,500 which is payable on demand.



F.  Reclassifications



During the nine months ended March 31, 2008, the Companys common stock was assigned a par value of $.001.  All of the common stock presentations for 2007 have been reclassified to represent the correct par value presentation.



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Item 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



The following discussion should be read and considered along with our condensed financial statements and related notes included in this 10-QSB.  These financial statements were prepared in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP).  This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions.  Our actual results may differ substantially from those anticipated in these forward-looking statements as a result of various factors including those set forth in the Risk Factors section of our Form 10-KSB filing for fiscal year ending June 30, 2007 filed with the SEC on August 16, 2007.



Background



PuraMed BioScience, Inc. (PuraMed or the Company) was incorporated in Minnesota on May 9, 2006 as a wholly-owned subsidiary of Wind Energy America, Inc. (formerly Dotronix, Inc.) for the purpose of engaging in the business of developing and marketing non-prescription over-the-counter healthcare products to remedy various ailments.



In late 2006, PuraMeds former parent company decided to spin off its PuraMed subsidiary and related healthcare products business. Accordingly, on April 12, 2007, Wind Energy America, Inc. effected a spin-off of PuraMed to stockholders of Wind Energy America, Inc. on a pro rata dividend basis of one common share of PuraMed for each five common shares of Wind Energy America, Inc. Since the April 12, 2007 effective date of the spin-off, PuraMed and Wind Energy America, Inc. have operated separately, with their respective managements, businesses, assets and capital structures being completely independent from each other.



The actual distribution date for PuraMed stock from this spin-off could not occur until after our Form 10-SB Registration Statement of PuraMed became effective with the Securities and Exchange Commission (SEC).  Our Form 10-SB registration is now effective and on February 22, 2008, the company started the distribution process of common stock related to the spin-off.



Detailed information regarding this spin-off of PuraMed from Wind Energy America, Inc. (formerly Dotronix, Inc.) is contained in a Form 8-K and exhibit thereto which were filed with the SEC April 10, 2007, and can be readily accessed at the SEC websitewww.sec.gov.



Overview of Business



The Company is engaged in the business of developing and marketing a line of non-prescription medicinal or healthcare products to be marketed through various retail channels under the PuraMed BioScience brand and trademark. The Company has recently completed all product development and design packaging for its initial two products, PuraMed Migraine and PuraMed Sleep, and expects to begin their commercial introduction to the marketplace during the first half of calendar 2008.



Product development and design packaging of all PuraMed products have been conducted entirely by the Companys two principal officers, Russell Mitchell and James Higgins:  Messrs. Mitchell and Higgins have extensive and lengthy experience in new product development and marketing of non-prescription medical products and nutritional supplements and the many varied promotional activities involved in their marketing rollouts. For example, Mitchell Health Technologies served as the master broker for the launch of Quigley Corps Cold-Eeze treatment for common colds, which within 18 months exceeded $70 million in annual wholesale revenues. The Company considers the long and successful professional



8







involvement of its management team in our industry to be a valuable asset to draw upon to achieve the future growth and profitability anticipated by the Company.



The Company intends to enter the OTC healthcare products marketplace by employing direct consumer marketing via print and TV ads and commercials followed by broad retail distribution through mass merchandisers, drug stores and food chains. PuraMed is currently undergoing substantial activities directed toward its initial commercial launch of PuraMed brand products.



PuraMed Migraine



PuraMed Migraine provides acute relief from migraine headaches, and contains the herbs feverfew and ginger as principal ingredients. PuraMed believes that its specific formulation of these herbs for its migraine remedy is unique and proprietary, providing relief from these severe headaches in minutes. The Company believes it will capture a material segment of the huge migraine headache remedy market. We believe that Americans spend in excess of $6 billion annually on headache pain relievers, and that over half of sufferers of migraine headaches rely exclusively on non-prescription medications.



We believe that at least 30 million Americans suffer from chronic migraine headaches with over 20 million of them having severe migraine conditions. Thus migraine headaches constitute a severe and disabling condition for millions of people. We further believe that the economic burden alone to the U.S. economy is in excess of $20 billion annually.



PuraMed Migraine is effective, available as a non-prescription remedy, free of significant side effects, and affordable compared to more expensive migraine drugs based on prescription chemical formulations.



PuraMed Sleep



PuraMed Sleep is a new class of non-prescription sleep aid without any known side effects, and contains a proprietary blend of natural ingredients including Valerian, St. Johns Wort, and Chamomile. We believe the PuraMed blend of these ingredients provides an effective remedy for insomnia and other sleep disorders. The sleep aid market features products based primarily on chemical antihistamines.



Accordingly, our PuraMed Sleep product provides a wide open market opportunity for an effective, natural alternative to prescription medications, which are somewhat addictive and often cause withdrawal symptoms and other side effects.



We have priced PuraMed Sleep as a premium sleep aid product, which provides us with a projected gross margin of approximately 80%. This large margin should leave us substantial room for ample introductory promotion, product allowances and other incentives conducive to achieving rapid market penetration.



Similar to the migraine remedy market, the market for sleep aid products represents a very large segment of the overall healthcare products marketplace. We believe that over half of all adults in the U.S. suffer from sleep disorders, and that many of them experience persistent insomnia. The National Center on Sleep Disorders has reported that there are as many as 70 million problem sleepers in the U.S. with many of them suffering from chronic sleep disorders. We believe that insomnia is second only to pain as a healthcare complaint.



9







Future PuraMed Products



We have completed development of additional PuraMed non-prescription products, which we intend to launch commercially over the next couple years after establishing a solid market for our initial two products. These other PuraMed products include:



PuraMed Tension Headache provides relief for common tension headaches which afflict a majority of American adults from time to time. The PuraMed remedy providing headache relief features a unique proprietary formulation of St. Johns Wort and common aspirin.



PuraMed Smokers Pal provides relief from the symptoms associated with nicotine withdrawal with the added benefit of an appetite suppressant.



PuraMed Leg Cramps provides relief of problematic leg cramps associated with Restless Leg Syndrome affecting a large segment of the population in the U.S.



PuraMed Gastro/Intestinal provides relief of symptoms associated with nighttime reflux disorders.



When introduced commercially, these other products will be packaged and branded much like the initial PuraMed products, since we intend to devote substantial efforts and resources toward gaining a favorable and consistent brand and packaging for all PuraMed products to attempt to make them instantly recognizable on retail store shelves.



Sublingual Delivery System



All PuraMed non-prescription medications will be absorbed by the user through the use of under-the tongue application known as sublingual. The use of sublingual delivery provides fast relief for whatever ailment or condition is being treated. Unlike the majority of pills and medications absorbed through the stomach directly, PuraMed products are placed and absorbed directly under the tongue. Advantages of sublingual dispensing of drugs and medications include faster acting absorption for quick relief, improved efficacy, less stomach upset, and fewer side effects.



PuraMed has secured reliable contract manufacturers to produce and package PuraMed medications in easy-to-use sublingual dispensers, which contractors are experienced in the production of this specific type of dispenser. PuraMed believes that its benchmark use of sublingual dispensers will distinguish its products favorably in comparison to most competing OTC products now in the marketplace.



Regulation of PuraMed Products



Unlike prescription drugs or medications, non-prescription healthcare remedies such as PuraMed products do not require FDA approval prior to entering the market. They are nonetheless subject to substantial FDA and other federal regulations governing their use, labeling, advertising, manufacturing and ingredients. PuraMed believes that its current and proposed development, formulation, marketing and other practices and procedures will comply fully with all governmental regulations applicable to PuraMed Products.



Business Structure



PuraMed will function primarily as a research and development, marketing and sales organization. Product manufacturing, packaging, product fulfillment and other operations will be outsourced to experienced and reliable third parties through contracts controlled by PuraMed. PuraMed believes this



10







structure will reduce significantly the development stage costs and development time related to launching each PuraMed product commercially.



Product Manufacturing



Production and packaging of PuraMed products will be outsourced to various contract manufacturers known by PuraMeds management from prior substantial business and contract dealings. Due to the business and contacts developed by PuraMed management over the past years with leading contract manufacturers, PuraMed is convinced it can obtain professional and timely production, packaging and delivery of all PuraMed products.



Sales and Marketing



PuraMed intends to launch its initial two products commercially through the following three-phase process:



Phase One Rollout:  Direct Response. A series of print advertisements will be published nationally in secondary market newspapers, which initial ads will allow PuraMed to test and refine our advertising message. After refining this initial advertising and identifying primary customer bases, PuraMed will create and have broadcasted television infomercials as well as standard TV commercials. PuraMed will also employ website and toll-free telephone access in conjunction with its print and TV direct response campaigns. PuraMed anticipates beginning its Phase One Rollout during the second quarter of calendar 2008.



Phase Two Rollout:  Retail Drugstores. PuraMed expects to develop substantial product sales and a defined customer base from its direct response marketing phase by the summer of 2008. It will then begin marketing through approximately 18,000 retail drugstores already targeted by PuraMed, including Walgreens, Rite Aid, CVS and others. Due to PuraMeds management having extensive and good relationships with targeted retail outlets for PuraMed products, PuraMed believes it has the ability to place its products on the shelf in all its targeted retail outlets.



Phase Three Rollout:  Further Retail Outlets.A few months after beginning the Phase Two Rollout, PuraMed will launch Phase Three which will consist of placing PuraMed products in a further approximately 21,000 targeted retail outlets including mass merchandisers such as Wal-Mart and Target, food store chains such as SuperValu, Kroger and Safeway, and additional well-known regional drugstores.



PuraMed has selected its targeted retailers according to various material criteria, including cost of entry, geography, demographics and consumer preference.



After achieving initial distribution for PuraMed products, PuraMed will initiate a comprehensive and ongoing promotional campaign directed toward consumer groups it has identified from its product rollouts.



Results of Operations



Revenues



Since our 2006 inception, we have generated no revenues.



11







Operating Expenses



From our inception in May 2006, through March 31, 2008, we have incurred total operating expenses of $457,072 including $92,780 of selling, general and administrative expenses, $46,788 of amortization and depreciation expenses, $237,147 of consulting fees and $80,357 of research and development expenses.



Selling, general and administrative expenses consist primarily of facility rent and maintenance and administrative overhead costs.



Amortization and depreciation expenses consist of amortization of intellectual property and depreciation of computer software.



Consulting fees include payments to our management and salaries outsourced for accounting and administrative personnel.



Research and development expenses consist primarily of product development and marketing strategy costs.



Comparison of Operations for Three Months Ended March 31, 2008 and 2007



Revenue



There were no revenues for the three months ended March 31, 2008 and 2007.



Selling, General and Administrative Expenses



Selling, general and administrative expenses for the three months ended March 31, 2008 were $38,057 compared to $1,945 for the three months ended March 31, 2007.  Increased selling, general and administrative expenses for the three month period of 2008 compared to the same three month period of 2007 were due primarily to increases in such expenses to prepare for commercial operations.



Amortization and Depreciation



Amortization and depreciation expenses for the three months ended March 31, 2008 were $12,103 compared to $0 for the three months ended March 31, 2007.  Increased amortization and depreciation expenses for the three month period of 2008 compared to the same three month period of 2007 were due primarily to the amortization of the intellectual property received during our spin-off from our parent company in April 2007.



Consulting Fees



Consulting fees for the three months ended March 31, 2008 were $886 compared to a $0 for the three months ended March 31, 2007.  These fees include payments for outsourcing our payroll to the office manager and controller.



Research and Development Expenses



Research and development expenses for the three months ended March 31, 2008 were $597 compared to $14,680 for the three months ended March 31, 2007.  Decreased research and development expenses were due to decreased development needed as we approached commercial production.



12







Net Losses



Net losses for the three months ended March 31, 2008 were $51,643 compared to $16,625 for the three months ended March 31, 2007.  These increased losses were due to operating and incurring expenses as a separate entity since the spin-off from our parent company in April 2007.



Comparison of Operations for Nine Months Ended March 31, 2008 and 2007



Revenue



There were no revenues for the nine months ended March 31, 2008 and 2007.



Selling, General and Administrative Expenses



Selling, general and administrative expenses for the nine months ended March 31, 2008 were $62,743 compared to $12,675 for the nine months ended March 31, 2007.  Increased selling, general and administrative expenses for the nine month period of fiscal 2007 compared to the same nine month period of fiscal 2006 were due primarily to increases in such expenses to prepare for commercial operations.



Amortization and Depreciation



Amortization and depreciation expenses for the nine months ended March 31, 2008 were $36,308 compared to $0 for the nine months ended March 31, 2007.  Increased amortization and depreciation expenses for the nine month period of 2008 compared to the same nine month period of 2007 were due primarily to the amortization of the intellectual property received during our spin-off from our parent company in April 2007.



Consulting Fees



Consulting fees for the nine months ended March 31, 2008 were $172,561 compared to a $0 for the nine months ended March 31, 2007.  These fees include payments for outsourcing payroll costs to the office manager and controller and payments to our two officers, which $92,000 in fees have subsequently been forgiven and are no longer owed to them.



Research and Development Expenses



Research and development expenses for the nine months ended March 31, 2008 were $10,879 compared to $56,456 for the nine months ended March 31, 2007.  Decreased research and development expenses for the fiscal 2007 period compared to the fiscal 2006 period were due to decreased development needed as we approach commercial production.



Net Losses



Net losses for the nine months ended March 31, 2008 were $282,491 compared to $69,131 for the nine months ended March 31, 2007.  These increased losses were due to operating and incurring expenses as a separate entity since the spin-off from our parent company in April 2007.



Financial Condition, Liquidity and Capital Resources



As of March 31, 2008, the Company had limited cash of $2,108 and a working capital deficit of ($47,953).  On April 9, 2008, Mr. Mitchell loaned the Company $3,500 and on April 18, 2008, Mr.



13







Higgins loaned the Company $10,000, both payable on demand, to cover monthly overhead expenses.  Mr. Mitchell and Mr. Higgins will continue to loan the Company funds as needed until we obtain anticipated capital from sales of our equity securities.



We intend to raise the funds needed to implement our plan of operation through private sales of our equity securities. There is no assurance, however, that we will be successful in raising the necessary capital to implement our business plan, either through debt or equity sources.



Critical Accounting Policies



PuraMed Bioscience Products:



PuraMed Bioscience products consist primarily of the cost of trade secrets, formulas, scientific and manufacturing know-how, trade names, marketing material and other intellectual property and are amortized on a straight-line basis over an estimated useful life of seven years.



The carrying value is reviewed periodically or when factors indicating impairment are present.  The impairment loss is measured as the amount by which the carrying value of the assets exceeds the fair value of the assets.  The Company believes that no impairment exists at March 31, 2008.



Forward-Looking Statements



The Private Securities Litigation Reform Act of 1985 provides a safe harbor for forward-looking statements made by the Company.  All statements, other than statements of historical fact, which address activities, actions, goals, prospects, or new developments that we expect or anticipate will or may occur in the future, including such things as prospects for obtaining additional capital and our goal of participating in new business ventures and other such matters are forward-looking statements.  Any one or a combination of factors could materially affect our financial condition and ability to achieve our goal. These factors include competition for business opportunities, unexpected costs or expenses, legal and regulatory matters, and conditions in the capital markets. Because of the factors listed above, risk factors identified in our Registration Statement on Form 10-KSB for the year ended June 30, 2007 filed
      with the Securities and Exchange Commission, and other unknown factors beyond our control, actual results may differ from those in the forward-looking statements.



Item 3. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures.

As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act)).  Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Companys disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.



Changes in internal controls.

There were no changes in the Companys internal controls over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Companys internal control over financial reporting.



14







PART II  OTHER INFORMATION



Item 2.  Unregistered Private Sale of Common Stock



None



Item 5.  Other Information



None

Item 6.  Exhibits



See Exhibit Index below



PURAMED BIOSCIENCEINC.

EXHIBIT INDEX

QUARTERLY REPORT ON FORM 10-QSB

FOR QUARTER ENDED MARCH 31, 2008



31.1*

              Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.




31.2*

              Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.




32.1*

              Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.




*Filed herewith



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PURAMED BOISCIENCE, INC.

(Registrant)



Dated:  May 14, 2008




/s/ Russell W. Mitchell


Russell W. Mitchell


Chairman and Chief Executive Officer






Dated:  May 14, 2008




/s/ James W. Higgins


James W. Higgins


Chief Financial and Operating Officer






15