SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998

                                       OR

[      ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934

           FOR THE TRANSITION PERIOD FROM _______________ TO ________________


                                  EUROMED, INC.
             (Exact name of registrant as specified in its charter)

                         COMMISSION FILE NUMBER 0-27720
<TABLE>
<S>                                                                                      <C>


                                 NEVADA                                                    88-0317700
                     (State or other jurisdiction of                                    (I.R.S. Employer
                     incorporation or organization)                                    Identification No.)

                       8214 Westchester, Suite 500
                               DALLAS, TX                                                     75225
                (Address of principal executive offices)                                   (Zip Code)
</TABLE>

                                 (214) 220-0693
              (Registrant's telephone number, including area code)

           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.

                                    Yes No X

 
 






<PAGE>


                                      INDEX

                          PART I. FINANCIAL INFORMATION

                                                                        PAGE NO.
                                                                 --------------

ITEM 1.       FINANCIAL STATEMENTS (UNAUDITED):

         Balance Sheets -
                  December 31, 1996 and June 30, 19983

         Statements of Operations -
                  Three months and six months ended June 30, 1997 and 1998     4

         Statements of Cash Flows -
                  Six months ended June 30, 1997 and 1998                      5

         Notes to Financial Statements                                         6

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS7


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS 9

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS  10

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K   10



<PAGE>




                                                                   
                                  EUROMED, INC.

                                 BALANCE SHEETS


                                                    December 31,       March 31,
                                                     1997                 1998
                                                                     (Unaudited)

ASSETS

Current Assets
     Cash                                             $   232,170 $  736,140
     Receivables -
         Proceeds from sale of subsidiary                 670,000         -
         Due from EuroMed Europe, B.V.                    300,000     300,000
     Prepaid assets                                                     6,000
                                                        --------- -----------

         TOTAL CURRENT ASSETS                           1,202,170    1,042,140
                                                       --------   -------------

         TOTAL ASSETS                                  $1,202,170   $1,042,140
                                                      =========  =========


LIABILITIES

Current liabilities
     Accounts payable and accrued liabilities         $    88,223   $    57,000
                                                     ---------      -----------

         TOTAL CURRENT LIABILITIES                        88,223        57,000
                                                     -           -----------

Stockholders' Equity
     Common Stock, par value $.01 per share;
         20,000,000 shares authorized; 1,430,000
         shares issued and outstanding                     14,300        14,300
     Additional paid-in capital                        10,167,138    10,167,138
     Retained (deficit)                                (8,935,241)  (9,064,048)
                                                       ----------    ----------
                                                        1,246,197    1,117,390 
 Less:  23,000
Treasury Shares, at cost                                (132,250)     (132,250)
                                                     -----------     --------

         TOTAL STOCKHOLDERS' EQUITY                     1,113,947     985,140
                                                      -------       -----------

         TOTAL LIABILITIES AND
           STOCKHOLDERS' EQUITY                       $1,202,170    $1,042,140
                                                                 ==========







                            See accompanying notes to
                             financial statements.

                                  EUROMED, INC.

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                       Three months ended                  Six months ended
                                                     June 30,         June 30,          June 30,        June 30
                                                        1997             1998             1997            1998
                                                     ---------        ----------        --------        ------
<S>                                                 <C>             <C>             <C>             <C>   

Sales                                                $           - $           -  $            - $           -
Cost of goods sold                                               -             -               -             -
                                                     ------------- -------------  -------------- -------------

   Gross profit                                             -                -                 -             -

Selling, general and administrative expenses            177,408         50,688           443,520       128,807
                                                     ----------     ----------       -----------    ----------
Operating (Loss)                                     (177,408)         (50,688)         (443,520)     (128,807)

Income tax (expense) benefit                                     -             -               -             -
                                                     ------------- -------------  -------------- -------------

(Loss) from continuing operations                     (177,408)        (50,688)         (443,520)     (128,807)

Discontinued operations:
   Loss from discontinued operations                 (377,402)               -          (442,644)            -
   Estimated loss on disposal of
       discontinued operations                             -                -                  -                -
                                                     ---------------- ---------------- ------------------ ----------------

       Net (loss)                                    $ (554,810)    $  (50,688)      $  (886,164)   $ (128,807)
                                                     ==========     ==========       ===========    ==========

Weighted Average Number of
   Common Shares Outstanding                          3,575,000      1,430,000         3,757,143     1,430,000
                                                     ==========     ==========       ===========    ==========
(Loss) per share:
   Continuing operations                             $       (.05) $      (.04)    $        (.12) $       (.09)
   Discontinued operations -
       Loss on operations                                (.10)               -              (.12)            -
       Estimated loss on disposal of
         discontinued operations                                 -             -               -             -
                                                     ------------- -------------  -------------- -------------

       Total                                         $       (.15)$       (.04)    $        (.24)  $      (.09)
                                                     ============ ============     =============   ===========
</TABLE>












                            See accompanying notes to
                             financial statements.

                                  EUROMED, INC.

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                   Six months ended
                                                                       June 30,                  June 30,
                                                                         1997                        1998
                                                                       ---------                 --------
<S>                                                                      <C>                   <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net                                                                    $  (443,520)              $ (128,807)
Changes in operating assets and liabilities:
     Prepaid expenses                                                     5,482                    (6,000)
     Accounts payable                                                        88,483                  (31,223)
                                                                       ------------              -----------

     Net cash (used in) continuing operations                             (349,555)                (166,030)
                                                                       -----------               ----------

Net cash provided by discontinued operations                               326,203                     -
                                                                       -----------               ----------------

     Net cash (used in) operating activities                                (23,352)               (166,030)
                                                                       ------------              ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of subsidiary                                           -                     670,000
                                                                       -------------    --------

         Net cash used in investing activities                                 -                      670,000
                                                                       --------------   ------

Net increase (decrease) in cash and cash equivalents                        (23,352)                  503,970

Cash and cash equivalents
     at the beginning of the six month period                                26,757                 232,170
                                                                       ------------              ----------

Cash and cash equivalents
     at the end of the six month period                                $      3,405              $  736,140
                                                                       ============              ==========

Cash paid during the six month period:
     Interest                                                          $            -            $             -
     Income taxes                                                      $            -            $             -


</TABLE>






                            See accompanying notes to
                             financial statements.



<PAGE>


                                  EUROMED, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                  JUNE 30, 1998


a.   Interim Financial Statements

The consolidated  financial information for the interim periods presented herein
has  not  been  audited  by  independent  accountants,  but  in the  opinion  of
management,  all adjustments  (consisting only of normal recurring  adjustments)
necessary for a fair presentation of the condensed  consolidated  balance sheets
and the  condensed  consolidated  statements  of earnings  and cash flows at the
dates and for the periods  indicated  have been made.  Results of operations for
interim periods are not necessarily  indicative of results of operations for the
respective full years.

b.   Description of business

EuroMed had no business  operations  from  November  1997 to June 30, 1998.  The
expenses  incurred are directors'  fees and other general  expenses  required to
maintain the corporate shell. The Board of Directors is currently  searching for
appropriate business acquisitions.

c.   Earnings Per Share

Net  (loss)  per share is  computed  on the  weighted  average  number of shares
outstanding during the period;  however the net (loss) per share computations do
not  include  the  excercise  of  the  outstanding  stock  warrants  due  to the
antidilutive effect.
























<PAGE>


ITEM 2 MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL  CONDITION AND RESULTS
OF OPERATIONS.

GENERAL

Swiss  Nassau  Corporation  was  incorporated  on May 17,  1994 in the  state of
Nevada,  United States of America,  with  authorized and issued share capital of
1,000 shares of common stock with no par value (the "Common Stock).  On June 15,
1994,  computer  equipment  with  estimated  value of $4,998 was  contributed in
exchange for all of the shares of Swiss Nassau Corporation. On October 20, 1995,
Swiss Nassau Corporation  changed its name into EuroMed,  Inc. ("EuroMed" or the
"Company")  and increased its authorized  shares to 20,000,000  shares of Common
Stock with a new par value of $0.01 per share,  and 5,000,000  preferred  shares
with a par value of $0.01 per share. On October 20, 1995, EuroMed, Inc. effected
a 150 for 1 stock split of its Common Stock.

On November  17,  1995,  all of the shares of  Galenica  B.V.  ("Galenica")  and
Confedera B.V. ("Confedera"),  both based in Oosterhout,  the Netherlands,  were
exchanged by the ultimate shareholder of both companies for all of the shares of
a newly-formed  company,  EuroMed Europe B.V. ("EuroMed Europe").  Prior to this
transaction Galenica and Confedera were owned by B.V. Wisteria  ("Wisteria"),  a
Netherlands limited liability company, which is owned by Pantapharma B.V., which
is owned by A. Francois  Hinnen.  All of the shares of EuroMed  Europe were then
exchanged for 1,850,000  shares of Common Stock.  Neither EuroMed Europe nor the
Company  had  any  operations,   and  these   transactions   were  completed  in
contemplation  of an initial public  offering  ("IPO") of shares of EuroMed.  In
March 1996 EuroMed  completed its IPO by selling  1,150,000 shares of its common
stock at $6.50 per share.  The  proceeds  of the IPO and  850,000  shares of its
common stock were used to acquire Mutarestes B.V. and Subsidiary  ("Mutarestes")
in July 1996 (estimated  acquisition price of $11,729,500).  Almost immediately,
upon completion of the acquisition of Mutarestes,  differences developed between
various officers,  directors and shareholders.  Mutarestes was subsequently sold
in July 1997 with a significant  loss being recognized and the 850,000 shares of
common stock being  returned to the Company.  In addition,  A.  Francois  Hinnen
returned 850,000 shares of common stock to the Company to mitigate the effect of
the loss on the Mutarestes transactions.

As a result of the failed  acquisition of Mutarestes and a significant change in
the Dutch law as it related to the wholesale price of pharmaceuticals, the Board
of  Directors  concluded  that it was in the best  interest of EuroMed to divest
itself of its  remaining  Dutch  pharmaceutical  operations.  In November  1997,
EuroMed Europe and its subsidiaries were sold.  EuroMed recognized a substantial
loss on the  disposal  of  EuroMed  Europe;  therefore,  the Board of  Directors
negotiated with A. Francois  Hinnen the return of 1,000,000  shares of EuroMed's
common  stock to lessen the  effects of the loss on disposal  for the  remaining
shareholders.

EuroMed currently has no business  operations;  however, its President and Board
of Directors are actively seeking appropriate business acquisitions.





<PAGE>


RESULTS OF OPERATIONS

Three  months  ended June 30, 1998  compared to the three  months ended June 30,
1997 and six months  ended June 30, 1998  compared to the six months  ended June
30, 1998.

         As of June 30,  1998 the  Company  had no sales.  Selling,  general and
administrative  expenses  for the three and six months  ended June 30, 1998 were
$50,688 and $128,807,  respectively,  and were comprised primarily of directors'
fees, legal fees and professional fees incurred as part of the legal proceedings
described  in  Part  II  Item  1.  Legal  Proceedings.   Selling,   general  and
administrative  fees for the  three  and six  months  ended  June 30,  1997 were
$177,408 and $443,520,  respectively,  and were comprised primarily of legal and
accounting expenses incurred in connection with the Company's divestiture of its
Pluripharm  Division;  professional  fees for the recurring public reporting and
continuing legal and accounting fees related to ongoing litigation;  and ongoing
auditing costs.

LIQUIDITY AND CAPITAL RESOURCES

         Cash (used in)  operations was ($166,030) for the six months ended June
30, 1998 compared with ($23,352) provided by operations for the six months ended
June 30, 1997. This increase in usage of cash is a result of the directors' fees
and expenses in the amount of $140,562 for the six months ended June 30, 1998.

         Cash and cash  equivalents  at the end of the six months ended June 30,
1998 was $736,140  compared  with $3,405 at the end of six months ended June 30,
1997.

         Management  is of the opinion  that the  proceeds  from the sale of the
discontinued  operations should be sufficient to finance and sustain  operations
at the present level for at least six months.




<PAGE>


                                     PART II

Item I.  Legal Proceedings

   The Company is still involved in three legal proceedings, two in Nevada State
Court and one in the United States  District Court for the Northern  District of
Texas.  There has been no  substantive  activity in the past three months in the
first Nevada suit filed by the Company  against  former  directors  Gregory Alan
Gaylor and Robert Jansonius.

   The second legal  proceeding  is a lawsuit filed by the Company in the United
States District Court for the Northern District of Texas against Gaylor in which
Final Judgment was awarded in favor of the Company  against  Gaylor.  Gaylor and
Jan Bouwman  (another  former  Company  Director)  were also held in contempt of
court for  intentionally  violating  the Final  Judgment and federal  securities
laws.  There has been no substantive  activity in this lawsuit in the past three
months.

   The third legal  proceeding is a Nevada  lawsuit filed by Gaylor and Bouwman,
on behalf of themselves  and the Company's  minority  shareholders,  against the
Company in which a special master was appointed,  with the Company's  agreement,
to investigate Gaylor and Bouwman's allegations against the Company. The special
master has not issued his report as of yet.






<PAGE>


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits


                        Number and Description of Exhibit

Number       Exhibit Description

3.1          Restated Articles of Incorporation of the Registrant.(1)
3.2          Bylaws of the Registrant.(1)
4.1          Specimen Common Stock Certificate.(1)
27.1         Financial Data Schedule.(*)

             *     Filed herewith.

             (1)  Previously filed as an Exhibit to the company's Registration
 Statement No. 33-80805 on Form S-1 and incorporated by herein reference.


(b)          Reports of Form 8-K


             None
























<PAGE>


                                   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.

EuroMed, Inc.

Dated: December 1, 1998


       Signature                                              Title



/s/ Elbert G. Tindell                                   President and
Elbert G. Tindell                                      Chairman of the Board



                                                       Chief Executive Officer,
Robert A. Shuey, III                                   Chief Financial Officer,
                                                       Treasurer and Director







<PAGE>


                                  Exhibit Index



Exhibit No.                     Description

27.1                            Financial Data Schedule.(*)


(*)                             Filed herewith