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, 2000
                               ----------------------------

[]       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)

    50 West Broadway, Suite 1111
       Salt Lake City, Utah                    84101
---------------------------------------     ----------
(Address of principal executive offices)    (Zip Code)


Issuer's telephone number, including area code     (801) 363-1600
                                               ------------------------------

         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, 2000
------------------------------------        ------------------------------------
$.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' equity (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, 2000, are not  necessarily  indicative of the results
that can be expected for the year ending December 31, 2000.


                                        2

<PAGE>



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


<TABLE>
<CAPTION>
                                                                                September 30,              December 31,
                                                                                    2000                       1999
                                                                                 (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 & EQUITY (DEFICIT)
   CURRENT LIABILITIES
     Accounts payable                                                      $                  350    $                   0
                                                                           ----------------------    ---------------------

                                              TOTAL CURRENT LIABILITIES                       350                        0

   STOCKHOLDERS' EQUITY (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                                                                   (2,350)                  (2,000)
                                                                           ----------------------    ---------------------

                                   TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                      (350)                       0
                                                                           ----------------------    ---------------------

                                                                           $                    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
                                                  2000              1999             2000              1999            9/30/00
                                            ----------------  ---------------   ---------------  ---------------   ---------------
<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                      350                0               350                0             2,350
                                            ----------------  ---------------   ---------------  ---------------   ---------------

                                  NET LOSS  $           (350) $             0   $          (350) $             0   $        (2,350)
                                            ================  ===============   ===============  ===============   ===============

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
                                                                     2000              1999             9/30/00
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $          (350)   $             0  $         (2,350)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Amortization                                                          0                  0                50
  Changes in
     Accounts payable                                                      350                  0               350
                                                               ---------------    ---------------  ----------------
                                               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, 2000


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, 1999. 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 three and nine-month  periods ended September 30, 2000 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 three 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, 1999 a deferred  tax asset has not been  recorded
              due to the Company's  lack of operations to provide  income to use
              the net  operating  loss  carryover  of $2,000  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
                                                               --------------
                                                               $        2,000
                                                               ==============

                                        6

<PAGE>



                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                    NOTES TO FINANCIAL STATEMENTS (continued)
                               September 30, 2000



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  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
                  27 Financial Data Schedule

         (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:   October 31, 2000            /s/ Neil E. Crabtree
      ---------------------          ----------------------------------------
                                     Neil E. Crabtree, President and Director


                                        8