<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB


                  QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998


                           COMMISSION FILE NO. 0-24972



                       INKINE PHARMACEUTICAL COMPANY, INC.
              (Exact name of small business issuer in its charter)


            NEW YORK                                   13-3754005
(State or other jurisdiction of           (I.R.S. Employer Identification  No.)
 incorporation or organization)


                                SENTRY PARK EAST
                                1720 WALTON ROAD
                               BLUE BELL, PA 19422
                    (Address of Principal executive offices)

                                  610-260-9350
                           (Issuer's telephone number)

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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

      At May 5, 1998, the registrant had outstanding 22,703,175 shares of
                   common stock, par value $.0001 per share.

       Transitional Small Business disclosure format: Yes       No  X
                                                          ---      ---


<PAGE>   2




13

                       INKINE PHARMACEUTICAL COMPANY, INC.

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                        PAGE
                                                                                                        ----
<S>           <C>                                                                                        <C>
PART I - FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS

              BALANCE SHEETS - as of March 31, 1998 (unaudited)
              and June 30, 1997 .......................................................................... 3

              STATEMENTS OF OPERATIONS (unaudited) -- For the Three and Nine Month Periods
              Ended March 31, 1998 and 1997, and the Period from July 1, 1993 (Commencement
              of Operations) through March 31, 1998....................................................... 4

              STATEMENTS OF CASH FLOWS (unaudited) -- For the Nine Month
              Periods Ending March 31, 1998 and 1997, and the Period from
              July 1, 1993 (Commencement of Operations) through March
              31, 1998.................................................................................... 5

              NOTES TO UNAUDITED FINANCIAL STATEMENTS..................................................... 6

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS......................................................... 9

PART II - OTHER INFORMATION...............................................................................11

SIGNATURES............................................................................................... 12

Exhibit Index ........................................................................................... 13


</TABLE>

<PAGE>   3



PART I -- FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                       INKINE PHARMACEUTICAL COMPANY, INC.
                          (a development stage company)

                                 BALANCE SHEETS

                      (In thousands, except share amounts)


<TABLE>
<CAPTION>
                                                                         MARCH 31, 1998     JUNE 30, 1997
                                                                         --------------     -------------
         ASSETS                                                           (UNAUDITED)
<S>                                                                         <C>                <C>    
Current assets:
     Cash and cash equivalents ...................................          $    792           $   101
     Short term investments ......................................            13,248             1,075
     Prepaid expenses and other current assets ...................               253                25
                                                                            --------           -------
         Total current assets ....................................            14,293             1,201

Fixed assets, net ................................................               205                30
Long term investments ............................................                --                --
Restricted certificate of deposits ...............................               150               150
Other assets .....................................................                --               404
                                                                            --------           -------

         Total assets ............................................          $ 14,648           $ 1,785
                                                                            ========           =======

         LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Accounts payable and other accrued expenses .................          $    251           $   186
                                                                            --------           -------

Stockholders' equity:
Common stock, $.0001 par value; authorized 50,000,000
     shares; issued 22,703,175 and 3,373,027 shares respectively .                 2                 1
Additional paid-in capital .......................................            30,940             5,760
Unearned portion of compensatory stock/warrants ..................            (4,731)             (133)
Unrealized gain (loss) on investments ............................                (6)               --
Deficit accumulated during the development stage .................           (11,771)           (3,992)
Less common stock held in treasury (16,515 shares) ...............               (37)              (37)
                                                                            --------           -------

         Total stockholders' equity ..............................            14,397             1,599
                                                                            --------           -------

         Total liabilities and stockholders' equity ..............          $ 14,648           $ 1,785
                                                                            ========           =======

</TABLE>


See accompanying notes to unaudited financial statements.


                                       3
<PAGE>   4



                       INKINE PHARMACEUTICAL COMPANY, INC.
                          (a development stage company)

                            STATEMENTS OF OPERATIONS
                                   (unaudited)

                    (in thousands, except per share amounts)



<TABLE>
<CAPTION>
                                                                                                                  PERIOD FROM
                                                                                                                 JULY 1, 1993
                                                                                                               (COMMENCEMENT OF
                                                                                                                  OPERATIONS)
                                               THREE MONTHS ENDED                  NINE MONTHS ENDED                THROUGH
                                                    MARCH 31,                           MARCH 31,                   MARCH 31,
                                            1998               1997               1998              1997              1998
                                            ----               ----               ----              ----              ----
<S>                                       <C>                <C>                 <C>              <C>                <C>
Costs and Expenses:
     Research and development ..          $    693           $   199             $ 1497           $    623           $  3,405
     Purchased research &       
       development..............                72                --              3,952                 --              3,952
     General and administrative              1,008               263              2,656                708              5,087
     Write-off debt discount ...                --                --                 --                 --                 75
                                          --------           -------           --------           --------           --------  
                                             1,773               462              8,105              1,331             12,519
                                          --------           -------           --------           --------           --------  

Loss from operations ...........            (1,773)             (462)            (8,105)            (1,331)           (12,519)

Interest income ................               201                34                327                100                755
Interest expense ...............                --                --                 --                 --                 (7)
                                          --------           -------           --------           --------           --------  

Net loss .......................          $ (1,572)          $  (428)          $ (7,778)          $ (1,231)          $(11,771)
                                          ========           =======           ========           ========           ========

Net loss per share .............          $   (.07)          $  (.13)          $   (.58)          $  (.38)

Weighted average hares 
  outstanding...................            22,703             3,342             13,484              3,233

</TABLE>

See accompanying notes to unaudited financial statements.


                                       4
<PAGE>   5



                       INKINE PHARMACEUTICAL COMPANY, INC.
                          (a development stage company)

                            STATEMENTS OF CASH FLOWS
                                   (unaudited)

                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                                       PERIOD FROM
                                                                                                      JULY 1, 1993
                                                                                                    (COMMENCEMENT OF
                                                                   NINE MONTHS ENDED MARCH 31,     OPERATIONS) THROUGH
                                                                     1998               1997         MARCH 31, 1998
                                                                     ----               ----         --------------

<S>                                                                <C>                <C>               <C>
Cash flows from operating activities:
   Net loss .............................................          $ (7,778)          $(1,231)          $(11,771)
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Depreciation and amortization ....................                26                28                126
       Write-off of debt discount .......................                --                --                 75
       Value of services paid by options and warrants ...               497                --                577
       Accretion of compensatory options and warrants ...             1,520               132              1,738
       Purchased in process research and development ....             2,742                --              2,742
       (Increase) decrease in prepaid expenses
        and other assets ................................               176              (193)              (253)
       Increase (decrease) in accounts payable
        and accrued expenses ............................                65               (15)               279
       Expenses paid by affiliate .......................                --                --                 97
       Increase in management fees payable ..............                --                --                113
                                                                   --------           -------           --------
     Net cash used in operating activities ..............            (2,752)           (1,279)            (6,277)

Cash flows from investing activities:
   Purchases of investments .............................           (13,319)               --            (21,444)
   Proceeds from maturities and sales of investments ....             1,160             1,063              8,060
   Capital expenditures .................................              (201)               (2)              (330)
                                                                   --------           -------           --------
      Net cash provided by (used in) investing activities           (12,360)            1,061            (13,714)

Cash flows from financing activities:
   Issuance of common stock - net of expenses ...........            15,803                --             20,820
   Cost of shares - acquired ............................                --                --                (37)
   Proceeds from notes payable - affiliates .............                --                --                 14
   Proceeds from notes payable - stockholders ...........                --                --                 96
   Proceeds from notes payable - other ..................                --                --                300
   Repayment of notes payable - stockholders and other ..                --                --               (410)
                                                                   --------           -------           --------
     Net cash provided by financing activities ..........            15,803                --             20,783
                                                                   --------           -------           --------

Net increase (decrease) in cash and cash equivalents ....               691              (218)               792

Cash and cash equivalents - beginning of period .........               101               399                 --
                                                                   --------           -------           --------

Cash and cash equivalents - end of period ...............          $    792           $   181           $    792
                                                                   ========           =======           ========

</TABLE>

See accompanying notes to unaudited financial statements.


                                       5

<PAGE>   6



                       INKINE PHARMACEUTICAL COMPANY, INC.
                          (a development stage company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (unaudited)

1.       BASIS OF PRESENTATION

         The accompanying financial statements are unaudited and have been
prepared by InKine Pharmaceutical Company, Inc. (the "Company") in accordance
with generally accepted accounting principles.

         Certain information and footnote disclosures normally included in the
Company's audited annual financial statements have been condensed or omitted in
the Company's interim financial statements. In the opinion of management, the
interim financial statements reflect all adjustments (consisting of normal
recurring adjustments) necessary for a fair representation of the results for
the interim periods presented.

         The results of operations for the interim periods may not necessarily
be indicative of the results of operations expected for the full year, although
the Company expects to incur a significant loss for the year ending June 30,
1998. These interim financial statements should be read in conjunction with the
audited financial statements for the year ended June 30, 1997, which are
contained in the Company's most recent Annual Report on Form 10-KSB.

2.       USE OF ESTIMATES

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

3.       NEW ACCOUNTING PRONOUNCEMENTS

         In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128, Earnings Per Share ("SFAS
No. 128"). SFAS No. 128 established standards for computing and presenting
earnings per share and applies to entities with publicly held common stock or
potential common stock. This statement is effective for fiscal years or interim
periods ending after December 15, 1997, and early adoption is not permitted. The
Company adopted this statement for the quarter ended December 31, 1997. The
effect of adopting SFAS No. 128 was not material.

         The FASB recently issued three new accounting standards, Statement No.
129, Disclosure of Information about Capital Structure, Statement No. 130,
Reporting Comprehensive Income, and Statement No. 131, Disclosures about
Segments of an Enterprise and Related Information, and if adopted will be
effective for the period presented after December 31, 1997. The Company does not
expect that the effect of these new standards will be material.

4.       PRO FORMA FINANCIAL INFORMATION

         As previously reported in the Company's reports filed under the
Exchange Act, as of November 6, 1997, the Company acquired all the outstanding
capital stock of CorBec Pharmaceuticals, Inc. ("CorBec'), a privately owned,
development-stage, bio-pharmaceutical company founded in 1993 to discover and
develop drugs to treat autoimmune disease, serious infections and
asthma/allergy, and Sangen Pharmaceutical Company ("Sangen"), a privately owned,
development-stage, bio-pharmaceutical company formed in early 1997 and focused
on the development of a potential cancer treatment technology. CorBec's
technology, which consists of compounds designed to modulate the immune system,
is licensed from the University of Pennsylvania and has been developed in the
laboratory of Alan D. Schreiber, M.D., Professor of Medicine and Assistant Dean
for Research at the 


                                       6
<PAGE>   7

University of Pennsylvania School of Medicine (the "CorBec Technology"). The
most advanced product within this family of compounds, CBP-1011, is in Phase III
clinical trials for the treatment of idiopathic thrombocytopenic purpura
("ITP"). Sangen's technology consists of specific peptide molecules and a
polyclonal antibody developed by Dr. George Tuszynski, Professor of Surgery,
Medicine and Pathology at Allegheny University of the Health Sciences ("AUHS"),
based on a specific thrombospondin receptor, which Dr. Tuszyuski discovered (the
"Thrombospondin Technology"). In addition, in early 1997, the Company acquired
an exclusive, worldwide license to a tablet form of the aqueous sodium phosphate
purgative formula used to clean the colon for any medical purpose and for use as
a laxative (the "Purgative Product"), which is in clinical development for
colonoscopies. The Company licensed this technology from a partnership of
physicians ("ALW Partnership"), including Craig Aronchik, M.D., an attending
gastroenterologist and Head of the Endoscopy Unit at Pennsylvania Hospital in
Philadelphia and a Clinical Associate Professor of Medicine at the University of
Pennsylvania School of Medicine. As of November 6, 1997, certain rights of ALW
Partnership to cancel this license lapsed. The acquisitions of CorBec, Sangen
and the Purgative Product license are referred to collectively herein as the
"Acquisitions."

         On November 18, 1997, the Company completed the third and final closing
of a private placement (pursuant to Section 4(2) of, and Rule 506 of Regulation
D promulgated under, the Securities Act of 1933) of 17 million shares of common
stock at a purchase price of $1 per share for gross proceeds of $17 million (the
"Private Placement"). The initial closing of the Private Placement occurred as
of November 6, 1997 (for 15,613,982 shares of Common Stock) (the "Initial
Closing"), and a second closing occurred on November 14, 1997 (for 1,346,018
shares of common stock). The Acquisitions were consummated in connection with
the Initial Closing. In addition, the Company changed its name from Panax
Pharmaceutical Company Ltd. to InKine Pharmaceutical Company, Inc. in connection
with the Initial Closing.

         Simultaneous with the Acquisitions, Dr. Leonard S. Jacob became
Chairman of the Board and Chief Executive Officer of the Company under a
long-term employment agreement and was issued a ten-year option entitling him to
purchase the number of shares of Common Stock equal to 7 1/2% of the fully
diluted capitalization of the Company. The exercise price of Dr. Jacob's option
is (i) $0.61 per share for 1,200,000 shares and (ii) $1.00 per share for
approximately 1,200,000 shares. Dr. Taffy J. Williams, formerly the Company's
President and Chief Executive Officer, became President and Chief Operating
Officer of the Company following the Acquisitions. In January 1997, Dr. Williams
received an option to purchase 5% of the fully diluted capitalization of the
Company. The exercise price of Dr. Williams' option is (i) $0.61 per share for
500,000 shares and (ii) $1.00 per share for approximately 1,000,000 shares. The
exercise prices of Dr. Jacob's and Dr. Williams' options were below market value
of the Common Stock of the Company at the time of grant. Therefore, the Company
has incurred, and will continue to incur, a significant non-cash charge to
operations as a result of the option grants.

         The Sangen acquisition included the grant to Dr. Tuszynski and AUHS of
125,000 shares of Common Stock of the Company and options to purchase an
aggregate of 375,000 shares, of which options for 250,000 shares will be
exercisable upon achievement of specified milestones in the development of a new
drug candidate. In addition, Dr. Tuszynski and AUHS will be entitled to cash
royalties based on net sales and licensing fees derived from the technology. The
Company has agreed to fund additional research in Dr. Tuszynski's laboratory in
an amount ranging from $150,000 (in the first year) to $1,350,000 (over seven
years, inclusive). Dr. Tuszynski is to be engaged as a consultant to the Company
for a two-year period at a fee of $50,000 per year. The stock issued resulted in
a charge to purchased research and development for the nine months ended March
31, 1998 of $305,000.

         The acquisition of CorBec resulted in the payment of $750,000 and the
issuance of 750,000 shares of Common Stock of the Company with provisions for
additional cash payments and stock issuances based upon the achievement of
certain milestones for CorBec's most advanced drug candidate, CBP-1011, an
orally-administered glucocorticoid analog, which is in a Phase III pivotal
clinical trial in the United States. The shares issued resulted in a charge to
purchased research and development for the nine months ended March 31, 1998 of
$1,828,000. In addition, the Company has agreed to enter into three-year
consulting agreements with Dr. Alan Schreiber, the inventor of the CorBec
Technology, and with the former chief executive officer of CorBec, providing for
aggregate consulting fees over three years equal to $510,000, and for the grant
of options with respect to an aggregate of


                                       7
<PAGE>   8
170,000 shares of Common Stock. The Company is also to fund up to $240,000 of
sponsored research in Dr. Schreiber's laboratory over the course of three years.

         Simultaneous with the Initial Closing, the Company paid $150,000 (in
addition to $100,000 paid in January 1997) to ALW Partnership in connection with
the Purgative Product license. This $250,000 resulted in a charge to purchased
research and development for the nine months ended March 31, 1998. The Company
(i) will make certain payments to ALW Partnership aggregating up to $250,000
upon the completion of certain development milestones, (ii) has issued to ALW
Partnership options to purchase an aggregate of 750,000 shares of Common Stock
at a price of $0.61 per share, which are exercisable as to 250,000 shares and
will become exercisable as to 500,000 shares if certain developmental milestones
are met.

          The following unaudited pro forma information is presented for the
Acquisitions, as if the Acquisitions had occurred on July 1, 1996. The pro forma
information does not purport to be indicative of the results that would have
been attained if the Acquisitions had actually been effective during the periods
presented excludes the non-recurring purchased research and development charge 
of $3,952,000, and is not necessarily indicative of operating results to be
expected in the future.

      PRO FORMA INFORMATION AS IF THE ACQUISITIONS OCCURRED ON JULY 1, 1996

<TABLE>
<CAPTION>
                                                                      For the nine  months ended
                                                                               March 31,
                                                                     1997                      1998
                                                                     ----                      ----
<S>                                                               <C>                      <C>       
Costs and expenses...................................             $4,347,000               $5,094,000
Net loss.............................................             (4,247,000)              (4,767,000)
Shares used in computing loss per share..............              4,217,000               13,896,000
Net loss per share...................................                 $(1.00)                  $(0.34)

</TABLE>




                                       8
<PAGE>   9



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

         This report contains, in addition to historical information, statements
by the Company with regard to its expectations as to financial results and other
aspects of its business that involve risks and uncertainties and may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements reflect management's current
views and are based on certain assumptions. Actual results could differ
materially from those currently anticipated as a result of a number of factors,
including, but not limited to, the risks and uncertainties discussed under
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" contained herein and under Item 1 of the Company's Annual Report on
Form 10-KSB for the fiscal year ended June 30, 1997 as filed with the Securities
and Exchange Commission.

GENERAL

         The Company is a biopharmaceutical company engaged in the diagnosis and
treatment of cancer and autoimmune diseases. The Company pursues these
objectives through a technology platform consisting of the CorBec Technology,
the Thrombospondin Technology and the Purgative Product. The Company acquired
these technologies in 1997. See Note 4 of the Notes to Unaudited Financial
Statements.

         Since commencing operations in 1993, the Company has not generated any
sales revenue, and has received nominal amounts of revenue from contracts. The
Company has funded operations primarily from the proceeds of public and private
placements of securities. The Company has incurred net losses in each year since
its inception, and expects to incur additional losses for the next several
years. The Company expects that losses will fluctuate from quarter to quarter,
and that such fluctuations may be substantial. At March 31, 1998, the Company's
accumulated deficit was approximately $11,771,000.

RESULTS OF OPERATIONS

         The Company incurred losses of $7,778,000 and $1,231,000 for the Nine
Month periods ended March 31, 1998 and 1997, respectively. The Company expects
to incur additional losses in the foreseeable future. The per share loss was
$0.58 and $0.38 for the Nine Month periods ended March 31, 1998 and 1997,
respectively. Losses are expected to increase in the remainder of the fiscal
year as the Company undertakes to develop the Purgative Product, Thrombospondin
Technology and CorBec Technology.

         Research and development expenses amounted to $1,497,000 and $623,000
for the Nine Month periods ended March 31, 1998 and 1997, respectively. The
increase in research and development expenses is the result of conducting a
Phase III clinical trial for the Company's drug candidate, CBP-1011, and
additional costs associated with INKP-100, the Purgative Product. Research and
development expenses are expected to continue to increase in future quarters as
the Company undertakes to develop the Purgative Product, Thrombospondin
Technology and CorBec Technology. Additional research and development expenses
will include personnel to direct the clinical and manufacturing activities with
respect to the Purgative Product and the CBP-1011 Product and additional
personnel to direct the research and development activities on the
Thrombospondin Technology and other CorBec Technologies. Substantial resources
will be expended on a phase III trial currently underway with respect to the
CorBec Technology and a phase III clinical trial expected to be initiated on the
Purgative Product.

         Purchased research and development amounted to $3,952,000 in the Nine
Months ended March 31, 1998 as a result of the Company's acquisition of the
CorBec Technology and the Thrombospondin Technology in November 1997, along with
additional costs associated with the earlier purchase of the Purgative Product
in January 1997. A majority of the purchase price ($2,742,000) was a non-cash
charge to earnings related to the issuance of Common Stock and options for the
technologies.

         General and administrative expenses amounted to $2,656,000 and $708,000
for the Nine Month periods ended March 31, 1998 and 1997, respectively. The
substantial increase (of $1,948,000 includes $1,520,000) is due to an earnings
charge for options issued to the COO of the Company in connection with the
restructuring of the 


                                       9
<PAGE>   10

Company and additional amortization for options issued to the CEO of the
Company. General and administrative expenses will continue to increase with the
addition of other administrative personnel and an expanded scale of operations
associated with the development of multiple technologies.

         Interest income amounted to $327,000 and $100,000 for the Nine Months
ended March 31, 1998 and 1997, respectively. Interest income has increased and
is expected to continue to increase in future quarters reflecting the proceeds
of the Company's Private Placement.

LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 1998, the Company had cash, cash equivalents and
investments of $14,040,000. Cash and cash equivalents is comprised primarily of
the proceeds from the Company's Private Placement in November 1997.

         The Company believes that with the net proceeds from its Private
Placement, its financial resources are adequate for its operations for at least
the next 24 months. The Company's future capital requirements will depend on
numerous factors which cannot be quantified and many of which the Company cannot
control, including continued progress in its research and development
activities, progress with pre-clinical studies and clinical trials, prosecuting
and enforcing patent claims, technological and market developments, the ability
of the Company to establish product development arrangements, the cost of
manufacturing scaleup, effective marketing activities and arrangements, and
licensing or acquisition activity. The Company may seek to obtain additional
funds through equity or debt financing, collaborative or other arrangements with
corporate partners and others, and from other sources. No assurance can be given
that necessary additional financing will be available on terms acceptable to the
Company, if at all. If adequate additional funds are not available when
required, the Company may have to delay, scale back or eliminate certain of its
research, drug discovery or development activities or certain other aspects of
its operations and its business will be materially and adversely affected.

         The Company plans to invest significant resources in new equipment in
the next 12 months in connection with the expansion of its research and
development activities and the addition of new personnel. The Company
anticipates incurring additional losses over at least the next several years,
and such losses are expected to increase as the Company expands its research and
development activities relating to the Purgative Product, Thrombospondin
Technology and CorBec Technology. To achieve profitability, the Company, alone
or with others, must successfully develop and commercialize its technologies and
products, conduct pre-clinical studies and clinical trials, obtain required
regulatory approvals and successfully manufacture, introduce and market such
technologies and products. The time required to reach profitability is highly
uncertain, and there can be no assurance that the Company will be able to
achieve profitability on a sustained basis, if at all.


                                       10
<PAGE>   11



PART II -- OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

         Not applicable.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

         Not applicable.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

         Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         Not applicable.

ITEM 5.  OTHER INFORMATION.

         Not applicable.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)   Exhibits.

               3.1      Certificate of Incorporation, as amended (1)
               3.2      Bylaws
               27       Financial Data Schedule
               ------------------------------------
               (1)      Filed as an exhibit to the Company's report on Form
                        8-K dated November 6, 1997 (as amended by Form 8-K/A
                        filed on December 3, 1997) and incorporated herein by
                        reference.

         (b)   Reports on Form 8-K

                  The Company filed a current report on Form 8-K on February 2,
1998, reporting that the Company had changed its certifying accountant. The
items included in this report consisted of:


                  Item 4.  Change in Registrants Certifying Accountant.

                  Item 7.  Exhibits.

                           16. Letter of Richard A. Eisner & Co., L.L.P.



                                       11

<PAGE>   12



                                   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 hereunto duly authorized.



                                     INKINE PHARMACEUTICAL
                                     COMPANY, INC.


Date: May 5, 1998                    /s/ ROBERT F. APPLE
                                     -------------------
                                     Robert F. Apple
                                     Vice President, Finance and Administration
                                     (Principal Financial Officer)


                          

                                       12


<PAGE>   13



                                    EXHIBITS


3.1      Certificate of Incorporation, as amended (1)

3.2      Bylaws

27       Financial Data Schedule

--------------------------------

(1)      Filed as an exhibit to the Company's current report on Form 8-K dated
         November 6, 1997 (as amended by Form 8-K/A filed on December 3, 1997)
         and incorporated herein by reference.



                                       13