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, 2002
                               ------------------------

[]   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)

516 East Sandy Hollow Circle
Midvale, Utah                                               84047-5721
--------------------------------------------         ---------------------------
(Address of principal executive offices)                     (Zip Code)

1466 Vintry
Salt Lake City, Utah       84121
--------------------------------------------
(Former address)

Issuer's telephone number, including area code  (801) 949-6749
                                               ---------------------------

     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, 2002
-------------------------------------         --------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK                   1,000,000 SHARES

                                        1

<PAGE>



                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BASIS OF PRESENTATION

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, 2002, are not necessarily  indicative of the results that
can be expected for the year ending December 31, 2002.


                                        2

<PAGE>



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


<TABLE>
<CAPTION>
                                                                                  March 31,                December 31,
                                                                                    2002                       2001
                                                                                 (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                                                      $                1,950    $                 400
     Payable - related party                                                                4,050                    4,050
                                                                           ----------------------    ---------------------

                                              TOTAL CURRENT LIABILITIES                     6,000                    4,450

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                                                                   (8,000)                  (6,450)
                                                                           ----------------------    ---------------------

                                          TOTAL STOCKHOLDERS' (DEFICIT)                    (6,000)                  (4,450)
                                                                           ----------------------    ---------------------

                                                                           $                    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
                                                                                     2002              2001            3/31/02
                                                                                ---------------  ---------------   ---------------
<S>                                                                             <C>              <C>               <C>
Net sales                                                                       $             0  $             0   $             0
Cost of sales                                                                                 0                0                 0
                                                                                ---------------  ---------------   ---------------

                                                                GROSS PROFIT                  0                0                 0

General and administrative expenses                                                       1,550            1,300             8,000
                                                                                ---------------  ---------------   ---------------

                                                                    NET LOSS    $        (1,550) $        (1,300)  $        (8,000)
                                                                                ===============  ===============   ===============

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
                                                                     2002              2001             3/31/02
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $        (1,550)   $        (1,300) $         (8,000)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Amortization                                                          0                  0                50
  Changes in
     Accounts payable                                                    1,550                450             1,950
     Payable - related party                                                 0                850             4,050
                                                               ---------------    ---------------  ----------------
                                               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, 2002


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,  2001.  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, 2002 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,  2001 a  deferred  tax asset of about  $2,200  has been  fully
reserved due to the Company's  lack of  operations to provide  income to use the
net operating loss carryover of $6,450 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
  December 31, 2001                December 31, 2021                    3,600
                                                               --------------

                                                               $        6,450
                                                               ==============

                                        6

<PAGE>



                        Rocky Point Pharmaceuticals, Inc.
                          (A Development Stage Company)
                    NOTES TO FINANCIAL STATEMENTS (continued)
                                 March 31, 2002



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,  2002 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, 2002                /s/ Neil E. Crabtree
      ---------------------          -------------------------------------------
                                     Neil E. Crabtree, President and Director


                                        8