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

                                   FORM 10-QSB
(Mark One)

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

For the quarterly period ended    September 30, 2001
                               ----------------------------

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

For the transition period from ________________ to _______________

Commission File No.     33-55254-09
                    ---------------

                        Rocky Point Pharmaceuticals, Inc.
        (Exact name of Small Business Issuer as specified in its charter)

         NEVADA                                   87-0434293
-------------------------------         ---------------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification Number)
incorporation or organization)

         1466 Vintry
         Salt Lake City, Utah                                 84121
--------------------------------------------         ------------------
(Address of principal executive offices)                   (Zip Code)

         2601 Quincy
         Ogden, Utah       84401
--------------------------------------------
(Former Address)

Issuer's telephone number, including area code       (801) 424-2424
                                               ------------------------

     Indicate  by check  mark  whether  the  Issuer  (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 Issuer
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. [X] Yes [ ] No

     Indicate the number of shares  outstanding of each of the Issuer's  classes
of common stock, as of the latest practicable date.

             Class                          Outstanding as of September 30, 2001
------------------------------------        ------------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK                1,000,000 SHARES

                                        1

<PAGE>



                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BASIS OF REPRESENTATION

General

     The  accompanying  unaudited  financial  statements  have been  prepared in
accordance with the instructions to Form 10-QSB and,  therefore,  do not include
all information and footnotes necessary for a complete presentation of financial
position,  results of  operations,  cash flows and  stockholders'  (deficit)  in
conformity  with generally  accepted  accounting  principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results of  operations  and  financial  position have been included and all such
adjustments are of a normal  recurring  nature.  Operating  results for the nine
months ended September 30, 2001, are not  necessarily  indicative of the results
that can be expected for the year ending December 31, 2001.


                                        2

<PAGE>

                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                September 30,              December 31,
                                                                                    2001                       2000
                                                                                 (Unaudited)                 (Audited)
                                                                           ----------------------    ----------------------
ASSETS
   CURRENT ASSETS
<S>                                                                        <C>                       <C>
     Cash in bank                                                          $                    0    $                   0
                                                                           ----------------------    ---------------------

                                                   TOTAL CURRENT ASSETS                         0                        0

OTHER ASSETS
   Organization costs                                                                           0                        0
                                                                           ----------------------    ---------------------
                                                                                                0                        0
                                                                           ----------------------    ---------------------

                                                                           $                    0    $                   0
                                                                           ======================    =====================

LIABILITIES & (DEFICIT)
   CURRENT LIABILITIES
     Accounts payable                                                      $                3,200    $                 850
     Payable - related party                                                                  850                        0
                                                                           ----------------------    ---------------------

                                              TOTAL CURRENT LIABILITIES                     4,050                      850

   STOCKHOLDERS' (DEFICIT)
     Common Stock $.001 par value:
       Authorized - 100,000,000 shares
       Issued and outstanding
        1,000,000 shares                                                                    1,000                    1,000
     Additional paid-in capital                                                             1,000                    1,000
     Deficit accumulated during the
       development stage                                                                   (6,050)                  (2,850)
                                                                           ----------------------    ---------------------

                                          TOTAL STOCKHOLDERS' (DEFICIT)                    (4,050)                    (850)
                                                                           ----------------------    ---------------------

                                                                           $                    0    $                   0
                                                                           ======================    =====================
</TABLE>


See Notes to Financial Statements.

                                        3

<PAGE>



                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                                       4/14/86
                                                    Three Months Ended                  Nine Months Ended             (Date of
                                                       September 30,                      September 30,             inception) to
                                                  2001              2000             2001              2000            9/30/01
                                            ----------------  ---------------   ---------------  ---------------   ---------------
<S>                                         <C>               <C>               <C>              <C>               <C>
Net sales                                   $              0  $             0   $             0  $             0   $             0
Cost of sales                                              0                0                 0                0                 0
                                            ----------------  ---------------   ---------------  ---------------   ---------------

                              GROSS PROFIT                 0                0                 0                0                 0

General and administrative expenses                      800              350             3,200              350             6,050
                                            ----------------  ---------------   ---------------  ---------------   ---------------

                                  NET LOSS  $           (800) $          (350)  $        (3,200) $          (350)  $        (6,050)
                                            ================  ===============   ===============  ===============   ===============

BASIC AND DILUTED
(LOSS) PER COMMON SHARE
Net income (loss) per weighted
   average share                            $           (.00) $          (.00)  $          (.00) $          (.00)
                                            ================  ===============   ===============  ===============

Weighted average number of common
   shares used to compute net income
   (loss) per weighted average share               1,000,000        1,000,000         1,000,000        1,000,000
                                            ================  ===============   ===============  ===============
</TABLE>


See Notes to Financial Statements.

                                        4

<PAGE>

                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                                        4/14/86
                                                                        Nine Months Ended              (Date of
                                                                          September 30,              Inception) to
                                                                     2001              2000             9/30/01
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $        (3,200)   $          (350) $         (6,050)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Amortization                                                          0                  0                50
  Changes in
     Accounts payable                                                    2,350                350             3,200
     Payable - related party                                               850                  0               850
                                                               ---------------    ---------------  ----------------
                                               NET CASH USED
                                     BY OPERATING ACTIVITIES                 0                  0            (1,950)

INVESTING ACTIVITIES
  Organization costs                                                         0                  0               (50)
                                                               ---------------    ---------------  ----------------

                                    NET CASH PROVIDED (USED)
                                     BY INVESTING ACTIVITIES                 0                  0               (50)

FINANCING ACTIVITIES
  Proceeds from sale of common stock                                         0                  0             2,000
                                                               ---------------    ---------------  ----------------

                                        NET CASH PROVIDED BY
                                        FINANCING ACTIVITIES                 0                  0             2,000
                                                               ---------------    ---------------  ----------------

                                            INCREASE IN CASH
                                        AND CASH EQUIVALENTS                 0                  0                 0

Cash and cash equivalents at beginning of year                               0                  0                 0
                                                               ---------------    ---------------  ----------------

                                   CASH AND CASH EQUIVALENTS
                                            AT END OF PERIOD   $             0    $             0  $              0
                                                               ===============    ===============  ================
</TABLE>


See Notes to Financial Statements.

                                        5

<PAGE>



                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2001


NOTE 1:   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

          Basis of Presentation
          The accompanying financial statements have been prepared in accordance
          with generally  accepted  accounting  principles  ("GAAP") for interim
          financial  information.  Accordingly,  they do not  include all of the
          information  and  footnotes  required by generally  accepted  auditing
          principles for complete financial statements.  The unaudited financial
          statements  should,   therefore,  be  read  in  conjunction  with  the
          financial statements and notes thereto in the Report on Form 10KSB for
          the year ended  December 31, 2000. In the opinion of  management,  all
          adjustments   (consisting   of  normal  and   recurring   adjustments)
          considered necessary for a fair presentation,  have been included. The
          results of  operations  for the nine month period ended  September 30,
          2001  are  not  necessarily  indicative  of the  results  that  may be
          expected for the entire fiscal year.

          Accounting Methods
          The Company recognizes income and expenses based on the accrual method
          of accounting.

          Dividend Policy
          The  Company  has not yet  adopted  any  policy  regarding  payment of
          dividends.

          Organization Costs
          The Company amortized its organization costs over a five year period.

          Cash and Cash Equivalents
          For financial  statement  purposes,  the Company  considers all highly
          liquid  investments  with an original  maturity of nine months or less
          when purchased to be cash equivalents.

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

          Income Taxes
          The Company  records the income tax effect of transactions in the same
          year that the  transactions  enter into the  determination  of income,
          regardless of when the  transactions  are recognized for tax purposes.
          Tax credits are recorded in the year  realized.  Since the Company has
          not yet realized  income as of the date of this  report,  no provision
          for income taxes has been made.

          In February,  1992, the Financial  Accounting  Standards Board adopted
          Statement of Financial  Accounting  Standards No. 109,  Accounting for
          Income   Taxes,   which   supersedes    substantially   all   existing
          authoritative  literature for accounting for income taxes and requires
          deferred  tax  balances  to be  adjusted  to reflect  the tax rates in
          effect  when  those   amounts  are  expected  to  become   payable  or
          refundable.  The  Statement  was  applied in the  Company's  financial
          statements for the fiscal year commencing January 1, 1993.

          At  December  31, 2000 a deferred  tax asset of about  $1,000 has been
          fully  reserved due to the  Company's  lack of  operations  to provide
          income to use the net operating loss carryover of $2,850 which expires
          as follows:

             Year Ended              Expires               Amount
          -----------------     -----------------      --------------

          December 31, 1986     December 31, 2001      $        1,950
          December 31, 1987     December 31, 2002                  10
          December 31, 1988     December 31, 2003                  10
          December 31, 1989     December 31, 2004                  10
          December 31, 1990     December 31, 2005                  10
          December 31, 1991     December 31, 2006                  10
          December 31, 2000     December 31, 2020                 850
                                                       --------------

                                                       $        2,850
                                                       ==============

                                        6

<PAGE>


                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                    NOTES TO FINANCIAL STATEMENTS (continued)
                               September 30, 2001



NOTE 2:   DEVELOPMENT STAGE COMPANY

          The Company was  incorporated  as Upsilon,  Inc. under the laws of the
          State of Utah on April 14, 1986 and has been in the development  stage
          since  incorporation.  On December 30, 1993, the Company was dissolved
          as  a  Utah  corporation  and  reincorporated  in  Nevada  as  Upsilon
          Industries, Inc. On July 21, 1995, the Company changed its name to TTN
          Capitol,  Inc.  and  subsequently,  on October 15,  1995,  the Company
          changed its name to Wasatch  Pharmaceutical,  Inc. On May 31, 2000 the
          Company changed its name to Rocky Point Pharmaceuticals, Inc.


                                        7

<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

     The  Company  has had no  operational  history  and has  yet to  engage  in
business of any kind.  All risks inherent in new and  inexperienced  enterprises
are inherent in the Company's business.  The Company has not made a formal study
of the economic potential of any business.  At the present,  the Company has not
identified  any  assets or  business  opportunities  for  acquisition.  The only
activity for the period ended  September  30, 2001 was the  incurrence  of costs
associated with periodic filings of required forms with the SEC.

     The Company has no liquidity and no presently  available capital resources,
such as credit lines, guarantees,  etc. and should a merger or acquisition prove
unsuccessful,  it is possible  that the Company may be dissolved by the State of
Nevada for  failing to file  reports.  Should  management  decide not to further
pursue its acquisition activities, management may abandon its activities and the
shares of the Company would become worthless.

     Based on current economic and regulatory  conditions,  Management  believes
that it is possible,  if not probable,  for a company like the Company,  without
many assets or liabilities,  to negotiate a merger or acquisition  with a viable
private company.  The opportunity arises  principally  because of the high legal
and  accounting  fees and the length of time  associated  with the  registration
process of "going public". However, should any of these conditions change, it is
very possible that there would be little or no economic  value for anyone taking
over control of the Company.

                           PART II - OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  None

         (b)      Reports on Form 8-K
                  None

                                   SIGNATURES

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

                                   Rocky Point Pharmaceuticals, Inc.



Dated:  26 October 2001            /s/ Neil E. Crabtree
      -----------------            --------------------------------------------
                                   Neil E. Crabtree, President and Director


                                        8