SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


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

     For the quarterly period ended      March 31, 2003
                                         ---------------

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

     For the transition period from                      to
                                    --------------------   ---------------------

                     Commission File Number 0-28674

                        CADUS PHARMACEUTICAL CORPORATION
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified on its Charter)


                     Delaware                                  13-3660391
--------------------------------------------------      -----------------------
           (State of Other Jurisdiction                     (I.R.S. Employer
         of Incorporation or Organization)                 Identification No.)

       767 Fifth Avenue, New York, New York                       10153
--------------------------------------------------      -----------------------
     (Address of Principal Executive Offices)                  (Zip Code)

Registrant's Telephone Number, Including Area Code           (212) 702-4367
                                                        -----------------------

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 _X_         No ___

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12-b-2 of the Exchange Act).

                             Yes ____        No _X_

The number of shares of registrant's common stock, $0.01 par value,  outstanding
as of April 30, 2003 was 13,144,040.

<PAGE>


                        CADUS PHARMACEUTICAL CORPORATION

                                      INDEX

                                                                        PAGE NO.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS                             3

          PART I - CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

                      Condensed Consolidated Balance Sheets -
                      March 31, 2003 (unaudited) and
                      December 31, 2002 (audited)                             4

                      Condensed Consolidated Statements of Operations -
                      Three Months Ended March 31, 2003 and
                      2002 (unaudited)                                        5

                      Condensed Consolidated Statements of Cash Flows -
                      Three Months Ended March 31, 2003 and
                      2002 (unaudited)                                        6

                      Notes to Condensed Consolidated Financial
                      Statements (unaudited)                              7 - 9

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                       10 - 11

Item 3.  Quantitative and Qualitative Disclosures About Market Risk         11

Item 4.  Controls and Procedures                                            11

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                                  11

Item 2.  Changes in Securities and Use of Proceeds                          12

Item 3.  Defaults Upon Senior Securities                                    12

Item 4.  Submission of Matters to a Vote of Security Holders                12

Item 5.  Other Information                                                  12

Item 6.  Exhibits and Reports on Form 8K                                    12

SIGNATURES                                                                  13

CERTIFICATIONS                                                           14 - 15

EXHIBIT INDEX                                                               16


                                       2
<PAGE>


SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain   statements  in  this   Quarterly   Report  on  Form  10-Q   constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities  Exchange Act of 1934, as amended.
All statements  other than  statements of historical  fact are  "forward-looking
statements" for purposes of federal and stated  securities  laws,  including any
projections  or  expectations  of  earnings,   revenue,  financial  performance,
liquidity and capital  resources or other financial  items; any statement of our
plans,  strategies  and  objectives  for our future  operations;  any statements
regarding future economic  conditions or performance;  any statements of belief;
and  any   statements   of   assumption   underlying   any  of  the   foregoing.
Forward-looking  statements  may  include  the words  "may,"  "will,"  "should,"
"could," "would," "predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans,"  "believes,"  "estimates" and other similar words.
Although  the  Company   believes  that  the   expectations   reflected  in  our
forward-looking  statements  are  reasonable,  such  forward-looking  statements
involve  known and unknown  risks,  uncertainties,  and other  factors which may
cause the actual  results,  performance,  or  achievements  of the Company to be
materially  different  from any  future  results,  performance  or  achievements
expressed  or implied by such  forward-looking  statements.  Factors  that could
cause  or  contribute  to such  differences  include,  but are not  limited  to,
technological  uncertainties  regarding  the Company's  technologies,  risks and
uncertainties  relating to the Company's  ability to license its technologies to
third parties, the Company's ability to acquire and operate other companies, the
Company's capital needs and uncertainty of future funding, the Company's history
of operating losses, the Company's dependence on proprietary  technology and the
unpredictability of patent protection, intense competition in the pharmaceutical
and biotechnology industries, rapid technological development that may result in
the  Company's  technologies  becoming  obsolete,  as well as  other  risks  and
uncertainties  discussed in the Company's  other filings with the Securities and
Exchange  Commission.  The  forward-looking  statements  made in this  Quarterly
Report on Form 10-Q are made only as of the date hereof and the Company does not
have  or  undertake  any  obligation  to  publicly  update  any  forward-looking
statements  to  reflect  subsequent  events or  circumstances  unless  otherwise
required by law.

                                       3
<PAGE>


ITEM 1.           CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


                        CADUS PHARMACEUTICAL CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                     MARCH 31,     DECEMBER 31,
                                                       2003            2002
                                                   ------------    ------------
                                                    (Unaudited)      (Audited)
Current assets
    Cash and cash equivalents                      $ 24,762,697    $ 24,923,071
    Prepaid and other current assets                     60,030          79,053
    Investment in marketable securities                 816,675         794,603
                                                   ------------    ------------
            Total current assets                     25,639,402      25,796,727

Investment in other ventures                            161,786         164,922
Other assets, net                                       888,614         908,841
                                                   ------------    ------------
            Total assets                           $ 26,689,802    $ 26,870,490
                                                   ============    ============


                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
    Accrued expenses and other current
      liabilities                                  $    167,517    $    227,810
    Deferred gain on exchange of equity interest        189,967         184,833
                                                   ------------    ------------
            Total current liabilities                   357,484         412,643
                                                   ------------    ------------


Stockholders' equity
    Common stock                                        132,857         132,857
    Additional paid-in capital                       59,844,355      59,844,355
    Accumulated deficit                             (33,148,338)    (33,005,871)
    Accumulated other comprehensive loss               (196,481)       (213,419)
    Treasury stock                                     (300,075)       (300,075)
                                                   ------------    ------------
            Total stockholders' equity               26,332,318      26,457,847
                                                   ------------    ------------
            Total liabilities and
              stockholders' equity                 $ 26,689,802    $ 26,870,490
                                                   ============    ============


      See accompanying notes to condensed consolidated financial statements

                                       4
<PAGE>


                        CADUS PHARMACEUTICAL CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                        Three Months Ended
                                                             March 31,
                                                       2003            2002
                                                   ------------    ------------
                                                    (Unaudited)     (Unaudited)

License and maintenance fees                       $    100,000    $    100,000
                                                   ------------    ------------
            Total revenues                              100,000         100,000
                                                   ------------    ------------
Costs and expenses:
    General and administrative expenses                 292,918         263,710
    Loss (gain) of equity in other ventures               3,136            (682)
                                                   ------------    ------------
            Total costs and expenses                    296,054         263,028
                                                   ------------    ------------
Operating loss                                         (196,054)       (163,028)
                                                   ------------    ------------

Other income:
    Interest income                                      53,587          94,568
                                                   ------------    ------------

Loss before income taxes                               (142,467)        (68,460)
Income taxes                                                 --              --
                                                   ------------    ------------
            Net loss                               ($   142,467)   ($    68,460)
                                                   ============    ============
Basic and diluted income per weighted
  average share of common stock outstanding        ($      0.01)   ($      0.01)
                                                   ============    ============

Weighted average shares of common stock
  outstanding - basic and diluted                    13,144,040      13,144,040
                                                   ============    ============


      See accompanying notes to condensed consolidated financial statements

                                       5
<PAGE>


                        CADUS PHARMACEUTICAL CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                         Three Months Ended
                                                              March 31,
                                                        2003           2002
                                                    ------------   ------------
                                                     (Unaudited)    (Unaudited)
Cash flows from operating activities
    Net loss                                        ($   142,467)  ($    68,460)
    Adjustments to reconcile net loss
        to net cash (used in) provided
        by operating activities:
        Amortization of patent costs                      20,227         20,226
        Loss (gain) of equity in other ventures            3,136           (682)
    Changes in assets and liabilities:
        Decrease in license fees receivable                   --        400,000
        Decrease in prepaid and other current assets      19,023         13,477
        Increase (decrease) in accrued expenses
          and other current liabilities                  (60,293)        43,951
                                                    ------------   ------------
Net cash provided by (used in) operating
    activities                                          (160,374)       408,512
                                                    ------------   ------------
Net increase (decrease) in cash and
    cash equivalents                                    (160,374)       408,512
Cash and cash equivalents - beginning of period       24,923,071     24,469,357
                                                    ------------   ------------
Cash and cash equivalents - end of period           $ 24,762,697   $ 24,877,869
                                                    ============   ============


      See accompanying notes to condensed consolidated financial statements

                                       6
<PAGE>


                        CADUS PHARMACEUTICAL CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note - 1  ORGANIZATION AND BASIS OF PREPARATION

          The information presented as of March 31, 2003 and for the three-month
          period  then  ended,  is  unaudited,   but  includes  all  adjustments
          (consisting  only of normal  recurring  accruals)  that the  Company's
          management  believes  to be  necessary  for the fair  presentation  of
          results for the periods  presented.  Certain  information and footnote
          disclosures  normally  included in  financial  statements  prepared in
          accordance with accounting principles generally accepted in the United
          States of America have been omitted  pursuant to the  requirements  of
          the Securities and Exchange Commission,  although the Company believes
          that the  disclosures  included  in  these  financial  statements  are
          adequate to make the information not misleading. The December 31, 2002
          consolidated  balance  sheet was  derived  from  audited  consolidated
          financial  statements.  These financial  statements  should be read in
          conjunction with the Company's annual report on Form 10-K for the year
          ended December 31, 2002.

          The  consolidated  financial  statements  include the  accounts of the
          Company and its wholly owned  subsidiary,  Cadus  Technologies,  Inc.,
          organized  in  December  2001.   All  inter-   company   balances  and
          transactions have been eliminated in consolidation.

          The results of operations for the  three-month  period ended March 31,
          2003 are not necessarily  indicative of the results to be expected for
          the year ending December 31, 2003.

Note - 2  NET LOSS PER SHARE

          For the  three-month  periods  ended March 31, 2003 and 2002 basic net
          loss per share is computed by  dividing  the net loss by the  weighted
          average  number of common  shares  outstanding.  Diluted  net loss per
          share is the same as basic net loss per share since the  inclusion  of
          495,975 and  609,309  shares of  potential  common  stock  equivalents
          (stock options and warrants) in the  computation at March 31, 2003 and
          2002, respectively, would be anti- dilutive.

Note - 3  LICENSING AGREEMENTS

          In December 2001, the Company  licensed its yeast-based drug discovery
          technologies  on  a  non-exclusive  basis  to a  major  pharmaceutical
          company.  Under the  licensing  agreement,  the  Company  received  an
          up-front  non-refundable  fee of $500,000 that was recorded as revenue
          in the December 31, 2001  consolidated  statement of operations as the
          Company  has  no  further  involvement  with  the  development  of the
          product.  The Company  received  payment in January 2002.  The Company
          received an additional  licensing  fee in 2002 of $1,000,000  upon the
          licensee achieving a research  milestone.  The licensee is entitled to
          use the  technologies  for five years from the date of the  agreement.
          Following  the  initial  five year term,  the  licensee  may renew the
          license annually upon payment of an annual licensing fee of $250,000.


                                       7
<PAGE>




                        CADUS PHARMACEUTICAL CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

          In February 2000, Cadus licensed to OSI Pharmaceuticals, Inc. ("OSI"),
          on a non-exclusive basis, its yeast-based drug discovery technologies,
          including  various  reagents  and its  library  of over  30,000  yeast
          strains, and its bioinformatics  software. OSI paid to Cadus a license
          fee of $100,000 and an access fee of $600,000.  OSI is also  obligated
          to pay an annual maintenance fee of $100,000 until the earlier of 2010
          or the  termination of the license and a  supplemental  license fee of
          $250,000  which  was paid and  recorded  as  license  fee  revenue  in
          December  2000 after the lifting of the  injunction  obtained by SIBIA
          Neurosciences,  Inc.  ("SIBIA").  OSI may terminate the license at any
          time on 30 days prior written notice.  During the three-month  periods
          ended March 31, 2003 and 2002,  Cadus  recognized  $100,000 of license
          revenue related to this agreement.

Note - 4  INVESTMENT IN MARKETABLE SECURITIES

          The Company  had an equity  interest  in Axiom  Biotechnologies,  Inc.
          ("Axiom").  Due to Axiom's operating losses, the Company's  investment
          was written down to $0 at December 31, 2001. On August 30, 2002, Axiom
          entered into a merger  agreement  with a wholly-  owned  subsidiary of
          Sequenom, Inc. which is publicly traded on the Nasdaq National Market.
          The  Company  received  441,446  common  shares of  Sequenom,  Inc. in
          exchange for its shares in Axiom.

          Pursuant to the merger, 102,685 of the Company's 441,446 common shares
          of  Sequenom,  Inc.  are held in escrow (the  "Escrow  Shares")  for a
          one-year  period.  The  Escrow  Shares  are held to  secure  rights to
          indemnification,  compensation and reimbursement of Sequenom, Inc. and
          other indemnities as defined in the merger agreement. The value of the
          Escrow Shares  received was recorded as a deferred gain on exchange of
          equity interest in the  accompanying  condensed  consolidated  balance
          sheet.

          Pursuant  to the  provisions  of  Statement  of  Financial  Accounting
          Standards No. 115, "Accounting for Certain Debt and Equity Securities"
          management deems its investment in Sequenom,  Inc. to be available for
          sale and  reports  its  investment  at fair value with net  unrealized
          gains or losses  reported  in  accumulated  other  comprehensive  loss
          within stockholders' equity. The Company's unrealized loss of $196,481
          on shares  received is reflected in  accumulated  other  comprehensive
          loss as of March 31, 2003.  The Company's  unrealized  loss of $59,558
          for Escrow  Shares is reflected  as an offset to the deferred  gain on
          exchange of equity interest as of March 31, 2003.

                                       8
<PAGE>


Note - 5  ADOPTION OF NEW ACCOUNTING PRONOUNCEMENT

          In December  2002,  the Financial  Accounting  Standards  Board (FASB)
          issued   Statement  of  Financial   Accounting   Standards   No.  148,
          "Accounting for Stock-Based  Compensation - Transition and Disclosure"
          ("SFAS 148"). SFAS 148 provides  alternative methods of transition for
          a  voluntary  change  to the  fair  value  method  of  accounting  for
          stock-based  employee  compensation as originally provided by SFAS No.
          123 "Accounting for Stock-Based Compensation".  Additionally, SFAS 148
          amends the disclosure  requirements  of SFAS 123 to require  prominent
          disclosure in both the annual and interim  financial  statements about
          the method of accounting for stock-based  compensation  and the effect
          of the method used on reported  results.  Pro forma net income  (loss)
          would be the same as the  reported  net  income  (loss)  for the three
          months ended March 31, 2003 and 2002 had the  fair-value-based  method
          been applied to all outstanding awards,  which were fully vested as of
          December  31,  1999.  Therefore,  the  application  of the  disclosure
          portion of this standard had no impact on our  consolidated  financial
          statements  as of  December  31, 2002 and  for the three months  ended
          March 31, 2003.

          On April 22, 2003, the FASB determined that  stock-based  compensation
          should be recognized as a cost in the  financial  statements  and that
          such  cost be  measured  according  to the  fair  value  of the  stock
          options.  The  FASB  has not as yet  determined  the  methodology  for
          calculating  fair value and plans to issue an  exposure  draft  letter
          this year that could  become  effective in 2004.  We will  continue to
          monitor  communications  on this  subject  from  the  FASB in order to
          determine   the  impact  on  the  Company's   consolidated   financial
          statements.

                                       9
<PAGE>


ITEM 2.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
          RESULTS OF OPERATIONS

OVERVIEW

The  Company  was  incorporated  in  1992  and  until  July  30,  1999,  devoted
substantially  all of its resources to the  development and application of novel
yeast-based and other drug discovery technologies. On July 30, 1999, the Company
sold its drug discovery assets and ceased its internal drug discovery operations
and research efforts for collaborative partners.

At March 31, 2003, the Company had an accumulated deficit of approximately $33.1
million.  The Company's losses have resulted  principally from costs incurred in
connection  with its research and  development  activities  and from general and
administrative costs associated with the Company's operations.  These costs have
exceeded the Company's  revenues and interest income. As a result of the sale of
its drug  discovery  assets and the  cessation  of its internal  drug  discovery
operations and research efforts for collaborative  partners,  the Company ceased
to have  research  funding  revenues  and  substantially  reduced its  operating
expenses.  The Company expects to generate  revenues in the future only if it is
able to license its technologies.

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2003 AND MARCH 31, 2002

REVENUES

Revenues for the three months ended March 31, 2003 and 2002 were $100,000  which
is the annual maintenance fee from OSI Pharmaceuticals, Inc.

COSTS AND EXPENSES

General and  administrative  expense  increased to $292,918 for the three months
ended March 31, 2003 from  $263,710 for the same period in 2002.  This  increase
can be attributed primarily to an increase in professional fees.

For the three  months  ended  March 31, 2003 the  Company  recognized  a loss of
$3,136 in its investment in Laurel Partners  Limited  Partnership.  The gain for
the same period in 2002 was $682.

INTEREST INCOME

Interest  income for the three months ended March 31, 2003 was $53,587  compared
to  interest  income of $94,568 for the same  period in 2002.  This  decrease is
attributable primarily to lower interest rates earned on invested funds.

                                       10
<PAGE>


NET LOSS

Net loss for the three months  ended March 31, 2003 was  $142,467  compared to a
net loss of $68,460 for the same period in 2002.  This  increase in net loss can
be attributed  primarily to the decrease in interest  income and the increase in
professional fees.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2003 the Company held cash and cash  equivalents  of $24.8 million.
The Company's working capital at March 31, 2003 was $25.3 million.

The Company believes that its existing capital resources, together with interest
income,  will be sufficient to support its  operations  through the end of 2004.
The Company's capital  requirements may vary as a result of a number of factors,
including  the  transactions,  if any,  arising  from the  Company's  efforts to
acquire or invest in companies and  income-producing  assets and the expenses of
pursuing such transactions.

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's earnings and cash flows are subject to fluctuations due to changes
in interest  rates  primarily  from its investment of available cash balances in
money  market funds with  portfolios  of  investment  grade  corporate  and U.S.
government securities.  The Company does not believe it is materially exposed to
changes in interest rates.  Under its current  policies the Company does not use
interest  rate  derivative  instruments  to manage  exposure  to  interest  rate
changes.

Item 4.  CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Based on the  evaluation of the  Company's  disclosure  controls and  procedures
conducted  within 90 days of the date of filing  this  report on Form 10-Q,  the
Company's  President and Chief Executive  Officer,  who also performs  functions
similar to those of a principal financial officer,  concluded that the Company's
disclosure   controls  and  procedures  (as  defined  in  Rules   13a-14(c)  and
15(d)-14(c)   promulgated  under  the  Securities  Exchange  Act  of  1934)  are
effective.

CHANGES IN INTERNAL CONTROLS

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their  evaluation,  nor were any  corrective  actions  required  with  regard to
significant deficiencies and material weaknesses.


PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

                                       11
<PAGE>


Item 2.   Changes in Securities and Use of Proceeds.

          None.

Item 3.   Defaults Upon Senior Securities.

          None.

Item 4.   Submission of Matters to a Vote of Security Holders.

          None.

Item 5.   Other Information.

          None.

Item 6.   Exhibits and Reports on Form 8-K.

          (a)  The  Exhibit  listed in the  Exhibit  Index is  included  in this
               quarterly report on Form 10-Q.

          (b)  Reports on Form 8-K.

               None.

                                       12
<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.

                               CADUS PHARMACEUTICAL CORPORATION
                               (REGISTRANT)


Dated: May 15, 2003            By: /s/ Michele A. Paige
                                   ---------------------------------------------
                               Michele A. Paige
                               President and Chief Executive Officer (Authorized
                               Officer and Principal Financial Officer)

                                       13
<PAGE>


                                 CERTIFICATIONS

I,  Michele  A.  Paige,   President  and  Chief   Executive   Officer  of  Cadus
Pharmaceutical Corporation, certify that:

1.     I  have   reviewed   this   quarterly   report  on  Form  10-Q  of  Cadus
       Pharmaceutical Corporation;

2.     Based on my knowledge,  this quarterly report does not contain any untrue
       statement of a material fact or omit to state a material  fact  necessary
       to make the statements  made, in light of the  circumstances  under which
       such  statements  were made,  not  misleading  with respect to the period
       covered by this quarterly report;

3.     Based on my knowledge,  the  financial  statements,  and other  financial
       information  included in this  quarterly  report,  fairly  present in all
       material respects the financial condition, results of operations and cash
       flows of the  registrant  as of, and for,  the periods  presented in this
       quarterly report;

4.     The  registrant's  other  certifying  officers and I are  responsible for
       establishing  and  maintaining  disclosure  controls and  procedures  (as
       defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant  and
       we have:

       a)     Designed such  disclosure  controls and  procedures to ensure that
              material  information  relating to the  registrant,  including its
              consolidated  subsidiaries,  is made known to us by others  within
              those  entities,  particularly  during  the  period in which  this
              quarterly report is being prepared;

       b)     Evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this quarterly report (the "Evaluation Date"); and

       c)     Presented  in this  quarterly  report  our  conclusions  about the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date.

5.     The registrant's other certifying officers and I have disclosed, based on
       our most recent  evaluation,  to the registrant's  auditors and the audit
       committee of the registrant's  board of directors (or persons  performing
       the equivalent function):

       a)     All  significant  deficiencies  in  the  design  or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

                                       14
<PAGE>


       b)     Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and

6.     The registrant's  other certifying  officers and I have indicated in this
       quarterly  report  whether  or not  there  were  significant  changes  in
       internal  controls or in other  factors that could  significantly  affect
       internal controls  subsequent to the date of our most recent  evaluation,
       including any corrective actions with regard to significant  deficiencies
       and material weaknesses.

Date:  May 15, 2003


                                   /s/ Michele A. Paige
                                  ----------------------------------------------
                                  Michele A. Paige
                                  President and Chief Executive Officer (Chief
                                  Executive Officer and Chief Financial Officer)

                                       15
<PAGE>


                                  EXHIBIT INDEX


The following exhibit is filed as part of this Quarterly Report on Form 10-Q:

EXHIBIT NO.                               DESCRIPTION

99.1                                      Certification Pursuant to 18 U.S.C.
                                          Section 1350, as Adopted Pursuant to
                                          Section 906 of the Sarbanes-Oxley Act
                                          of 2002






                                       16