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    March 31, 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)

         2601 Quincy
         Ogden, Utah                                  84401
--------------------------------------------         -----------
(Address of principal executive offices)             (Zip Code)


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 March 31, 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 three
months ended March 31, 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>
                                                                                  March 31,                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                                                      $                1,300    $                 850
     Payable - related party                                                                  850                        0
                                                                           ----------------------    ---------------------

                                              TOTAL CURRENT LIABILITIES                     2,150                      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                                                                   (4,150)                  (2,850)
                                                                           ----------------------    ---------------------

                                          TOTAL STOCKHOLDERS' (DEFICIT)                    (2,150)                    (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             (Date of
                                                                                            March 31,              inception) to
                                                                                     2001              2000            3/31/01
                                                                                ---------------  ---------------   ---------------
<S>                                                                             <C>              <C>               <C>
Net sales                                                                       $             0  $             0   $             0
Cost of sales                                                                                 0                0                 0
                                                                                ---------------  ---------------   ---------------

                                                                GROSS PROFIT                  0                0                 0

General and administrative expenses                                                       1,300                0             4,150
                                                                                ---------------  ---------------   ---------------

                                                                    NET LOSS    $        (1,300) $             0   $        (4,150)
                                                                                ===============  ===============   ===============

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

Weighted average number of common
   shares used to compute net income
   (loss) per weighted average share                                                  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
                                                                       Three Months Ended              (Date of
                                                                            March 31,                Inception) to
                                                                     2001              2000             3/31/01
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $        (1,300)   $             0  $         (4,150)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Amortization                                                          0                  0                50
  Changes in
     Accounts payable                                                      450                  0             1,300
     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
                                 March 31, 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 three month  period  ended  March 31, 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 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,  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)
                                 March 31, 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  March  31,  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:   May 14, 2001                   /s/ Neil E. Crabtree
      --------------------              ----------------------------------------
                                        Neil E. Crabtree, President and Director


                                        8