EUROMED, INC.
                           8214 WESTCHESTER SUITE 500
                               DALLAS, TEXAS 75225
                                  214-692-3544
                                  214-987-2091



December 01, 1998


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Attention:        John L. Krug
                  Mail Stop 7-6

Re:               EuroMed, Inc.

Dear Mr. Krug:

         On behalf of EuroMed,  Inc. I hereby transmitt the 10k for the period
 end 03/31/98.


Best Regards,

Elbert G. Tindell
Chairman of the Board

<PAGE>

                       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 MARCH 31, 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

As of December 01,  1998, there were 1,407,000 shares outstanding of the
 registrant's common stock, $0.01 par value.

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







<PAGE>


                                      INDEX

                          PART I. FINANCIAL INFORMATION
                                                                     PAGE NO.
                                                                 --------------

ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED):

                  Balance Sheets -
                  December 31, 1996 and March 31, 1998                 3

                  Statements of Operations -
                           Three months ended March 31, 1997 and 1998  4

                  Statements of Cash Flows -
                           Three months ended March 31, 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 6.  EXHIBITS AND REPORTS ON FORM 8-K   10




<PAGE>

                              EUROMED, INC.

                                 BALANCE SHEETS
<TABLE>
<S>                                                                   <C>                   <C>


                                                                       December 31,           March 31,
                                                                            1997                 1998
                                                                                             (Unaudited)

                                     ASSETS

Current Assets
     Cash                                                               $   232,170          $   786,828
     Receivables -
         Proceeds from sale of subsidiary                              670,000               -
         Due from EuroMed Europe, B.V.                                 300,000                   300,000
     Prepaid Expense                                                                 --              6,000
                                                                       ----------------       ------------

         TOTAL CURRENT ASSETS                                          1,202,170              1,092,828
                                                                       ---------             ----------

         TOTAL ASSETS                                                  $1,202,170            $1,092,828
                                                                       ==========            ==========


                      LIABILITIES AND STOCKHOLDERS' EQUITY

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)           (9,013,360)
                                                                         ----------            ----------
                                                                           1,246,197            1,168,078
         Less:  23,000 Treasury Shares, at cost                            (132,250)             (132,250)
                                                                        -----------           -----------

         TOTAL STOCKHOLDERS' EQUITY                                      1,113,947            1,035,828
                                                                       -----------           ----------

         TOTAL LIABILITIES AND
           STOCKHOLDERS' EQUITY                                         $1,202,170            $1,092,828
                                                                      ===========          ==========

</TABLE>






                            See accompanying notes to
                             financial statements.


<PAGE>


                                  EUROMED, INC.

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<S>                                                                    <C>                       <C>

                                                                                        Three months ended
                                                                       March 31,                 March 31,
                                                                           1997                       1998
                                                                       ---------                 ---------

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

     Gross profit                                                      -                          -

Selling, general and administrative expenses                             266,112                    78,119
                                                                       ---------                 ---------

     Operating (Loss)                                                  (266,112)                  (78,119)

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

(Loss) from continuing operations                                      (266,112)                   (78,119)

Discontinued operations:
     Loss from discontinued operations                                  (65,242)                        -
     Estimated loss on disposal of
         discontinued operations                                                    -                    -
                                                                       --------------            --------------

         Net (loss)                                                    $(331,354)                $ (78,119)
                                                                       =========                 =========

Weighted Average Number of
     Common Shares Outstanding                                         4,000,000                  1,430,000
                                                                       =========                 ==========

(Loss) per share:
     Continuing operations                                             $       (.07)             $      (.05)
     Discontinued operations -
         Loss on operations                                                (.01)                        -
         Estimated loss on disposal of
            discontinued operations                                                 -                          -
                                                                       --------------             --------------

            Total                                                      $      (.08)              $      (.05)
                                                                       ===========               ===========
</TABLE>






                     See accompanying notes to consolidated
                             financial statements.



<PAGE>


                                  EUROMED, INC.

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                             Three months ended
                                                                       March 31,                 March 31,
                                                                           1997                      1998
                                                                   ------------              --------

<S>                                                                    <C>                       <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) from continuing operations                             $ (266,112)               $ (78,119)

Changes in operating assets and liabilities:
     Prepaid expenses                                                       (62,644)                  (6,000)
     Accounts payable and accrued liabilities                                54,166                  (31,223)
                                                                        -----------                ---------

         Net cash (used in) continuing operations                        (274,590)                (115,342)
                                                                       ----------                ---------

Net cash provided by discontinued operations                                265,602                            -
                                                                         ----------              ---------------

         Net cash (used in) operating activities                             (8,988)                (115,342)
                                                                        -----------                ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

         Proceeds from disposal of subsidiary                                        -                670,000
                                                                       ---------------               --------

Net increase (decrease) in cash and cash equivalents                        (8,988)                   554,658
Cash and cash equivalents
     at the beginning of the quarter                                         26,757                  232,170
                                                                        -----------                ---------

Cash and cash equivalents
     at the end of the quarter                                          $    17,769                $ 786,828
                                                                        ===========                =========

Cash paid during the quarter:
     Interest                                                          $           -             $          -
     Income taxes                                                      -                         -
</TABLE>










                            See accompanying notes to
                             financial statements.



<PAGE>


                                  EUROMED, INC.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 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 March 31, 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  exercise  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.

RESULTS OF OPERATIONS

Three Months Ended March 31, 1998 Compared to Three Months Ended March 31, 1997

As  of  March  31,  1998  the  Company  had  no  sales.  Selling,   general  and
administrative  expenses  for the three months ended March 31, 1998 were $78,119
and were comprised primarily of directors' fees, and legal fees and professional
fees  incurred  as part of the legal  proceeding  described  in Part II, Item 1,
Legal Proceedings.

Selling,  general and  administrative  expenses for the three months ended March
31, 1997 were  $266,112 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 account  fees  related to ongoing  litigation;  and  ongoing  auditing
costs.

LIQUIDITY AND CAPITAL RESOURCES

Cash (used in)  operations  was  $(115,342) for the three months ended March 31,
1998 compared with  $(8,988)  provided by operations  for the three months ended
March 31, 1997.  The cash used in  operations  was offset  partially by advances
from the discontinued operations in 1996.

Cash and cash  equivalents  at the end of the three  months ended March 31, 1998
was  $768,828  compared  with $17,769 at the end of three months ended March 31,
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 twelve 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
a Final Judgment in the total amount of approximately $16 million was awarded in
favor of the  Company  against  Gaylor.  The  Final  Judgment  also  permanently
prohibits  Gaylor from violating  federal  securities laws. On January 18, 1998,
the  Company  initiated  contempt  proceedings  against  Gaylor and Jan  Bouwman
(another  former  Company  Director)  arising from their  deliberate  failure to
comply with federal  securities  laws,  and the Final  Judgment,  by  wrongfully
soliciting proxies from the Company's shareholders.  On March 10, 1998, the U.S.
District  Court issued an order holding  Gaylor and Bouwman in contempt of court
for, among other reasons, their failure to file a Schedule 13(d) after acquiring
a  beneficial  ownership  of  more  than  5%  of  the  Company's  shares,  their
intentional misrepresentations in soliciting the voting proxies from the Company
shareholders,  and their  solicitation  of proxies in violation of Section 14 of
the Securities Exchange Act of 1934 with respect to their Nevada lawsuit against
the Company,  described  below.  As  sanctions  for their  contempt,  Gaylor and
Bouwman were ordered to disclaim  all proxies in the  Company's  stock that they
obtained  prior to March 10,  1998,  which  Gaylor and  Bouwman did on March 23,
1998. As further  sanctions,  Gaylor and Bouwman were prohibited from soliciting
any further  proxies without first complying with the Final Judgment and federal
securities laws. On March 23, 1998, Gaylor filed a notice of appeal,  indicating
his intention to appeal the U.S. District Court's contempt order.

   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

2.1          Stock Exchange Agreement, dated as of November 17, 1995, by and 
             between Registrant and B.V. Wisteria.(1)
2.2          Ratification Agreement.(1)
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

<TABLE>
<S>                                                  <C>    

       Signature                                       Title




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




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


</TABLE>






 

<PAGE>


                                  Exhibit Index




Exhibit No.                    Description

27.1                           Financial Data Schedule.(*)


(*)                            Filed herewith