UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2009

Commission File Number: 000-50678

PULMO BIOTECH INC.

(Exact name of registrant as specified in its charter)



|Delaware                                 | 20-5622985                          
|---------------------------------------- | ------------------------------------
|(State of incorporation)                 | (I.R.S. Employer Identification No.)
|                                         |                                     
|1035 Park Avenue, Suite 7B, New York NY  | 10028-0912                          
|(Address of principal executive offices) | (Zip Code)                          





|646-827-9362                                        
|----------------------------------------------------
|(Registrant's telephone number, including area code)

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 ]

Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Website, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to
submit and post such files). Yes [   ]

Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See definitions of "large accelerated filer,", "accelerated
filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act. (Check one):

|Large accelerated filer[   ] | Accelerated filer[   ] | Non-accelerated filer[   ](Do not check if a smaller reporting company) | Smaller reporting company [ X ]
|---------------------------- | ---------------------- | ----------------------------------------------------------------------- | -------------------------------

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act). Yes

Number of shares of Common Stock, $ 0.0001 par value, outstanding at
November 13, 2009: 52,621,574.

PART I - FINANCIAL INFORMATION Item 1. Financial Statements.

The Financial Statements of the Registrant required to be filed with this
10-Q Quarterly Report were prepared by management, and commence immediately
below, together with Related Notes. In the opinion of management, the Financial
Statements fairly present the financial condition of the Registrant.

Pulmo BioTech Inc. and Subsidiary

(A Development Stage Company)

Condensed Consolidated Balance Sheets



|                                                                                                                                     |                                                                        |                      | September
      30, 2009
      (Unaudited) |                   | March
      31, 2009
      (Audited)
|------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | -------------------- | ------------------------------------------ | ----------------- | ------------------------------------
|Assets                                                                                                                               |                                                                        |                      |                                            |                   |                                     
|Current
      assets                                                                                                                 |                                                                        |                      |                                            |                  
|                                                                                                                                     | Cash
      and cash equivalents                                        |                      | $          26,373                          |                   | $          49,549                   
|                                                                                                                                     | Sales
      tax refund receivable                                      |                      | 5,976                                      |                   | 7,755                               
|                                                                                                                                     | Research
      and development tax credit receivable                   |                      | 31,317                                     |                   | 44,107                              
|                                                                                                                                     | Prepaid
      expenses                                                 |                      | 660                                        |                   | -                                   
|Total
      assets                                                                                                                   |                                                                        | $             64,326 |                                            | $         101,411
|                                                                                                                                     |                                                                        |                      |                                            |                   |                                     
|Liabilities
      and Stockholders' Deficit                                                                                          |                                                                        |                      |                                            |                  
|Current
      Liabilities                                                                                                            |                                                                        |                      |                                            |                  
|                                                                                                                                     | Loan
      payable - related parties                                   |                      | $        1,673,670                         |                   | $     1,563,671                     
|                                                                                                                                     | Accounts
      payable and accrued expenses                            |                      | 327,549                                    |                   | 233,540                             
|                                                                                                                                     | Common
      stock of subsidiary subject to mandatory
      redemption |                      | 420,197                                    |                   | 365,271                             
|Total
      liabilities                                                                                                              |                                                                        | 2,421,416            |                                            | 2,162,482        
|                                                                                                                                     |                                                                        |                      |                                            |                   |                                     
|Stockholders'
      deficit                                                                                                          |                                                                        |                      |                                            |                  
|Preferred
      stock, 2,500,000 shares authorized at $0.0001 par value, none issued or
      outstanding                            |                                                                        | -                    |                                            | -                
|Common
      stock, 250,000,000 shares authorized at $0.0001 par value, 52,622,574
      shares issued and outstanding, respectively |                                                                        | 5,262                |                                            | 5,262            
|Additional
      paid-in capital                                                                                                     |                                                                        | 86,929               |                                            | 86,929           
|Unrealized
      foreign currency translation loss                                                                                   |                                                                        | (77,452)             |                                            | (25,768)         
|Deficit
      accumulated prior to the development stage                                                                             |                                                                        | (751,491)            |                                            | (751,491)        
|Deficit
      accumulated during development stage                                                                                   |                                                                        | (1,400,675)          |                                            | (1,193,867)      
|Treasury
      stock, at cost, 1,000 shares, respectively                                                                            |                                                                        | (2,000)              |                                            | (2,000)          
|Total
      majority interest shareholders' deficit                                                                                  |                                                                        | (2,139,427)          |                                            | (1,880,935)      
|Noncontrolling
      deficit                                                                                                         |                                                                        | (217,663)            |                                            | (180,136)        
|Total
      stockholders' deficit                                                                                                    |                                                                        | (2,357,090)          |                                            | (2,061,071)      
|                                                                                                                                     |                                                                        |                      |                                            |                   |                                     
|Total
      liabilities and stockholders' deficit                                                                                    |                                                                        | $          64,326    |                                            | $         101,411
|                                                                                                                                     |                                                                        |                      |                                            |                   |                                     

See accompanying notes to unaudited condensed
      consolidated financial statements

Pulmo BioTech Inc.
      and Subsidiary

(A Development Stage Company)

Condensed Consolidated Statement of Operations

(Unaudited)

|                                                                    | For the Six Months Ended September 30,   | For the Period From
      Reactivation (March 26, 2001) Through September 30,
|------------------------------------------------------------------- | ---------------------------------------- | -----------------------------------------------------------------------------
|                                                                    | 2009                                     |                                                                              
|                                                                    |                                          |                                                                              
|General and administrative expenses                                 | $ 173,919                                |                                                                              
|                                                                    |                                          |                                                                              
|Research and development expenses                                   | 74,100                                   |                                                                              
|                                                                    |                                          |                                                                              
|Loss before income taxes                                            | 248,019                                  |                                                                              
|                                                                    |                                          |                                                                              
|Benefit for income taxes                                            | (3,684)                                  |                                                                              
|                                                                    |                                          |                                                                              
|Net Loss                                                            | 244,335                                  |                                                                              
|                                                                    |                                          |                                                                              
|Net loss attributable to noncontrolling interest                    | (37,527)                                 |                                                                              
|                                                                    |                                          |                                                                              
|Net loss attributable to Pulmo BioTech, Inc.                        | $ (206,808)                              |                                                                              
|                                                                    |                                          |                                                                              
|Basic and diluted net loss per
      common share                   | *                                        |                                                                              
|                                                                    |                                          |                                                                              
|Weighted average common shares
      outstanding, basic and diluted | 52,612,574                               |                                                                              
|                                                                    |                                          |                                                                              
|                                                                    | For the Three Months Ended September 30, |                                                                              
|                                                                    | 2009                                     |                                                                              
|                                                                    |                                          |                                                                              
|General and administrative expenses                                 | $ 92,815                                 |                                                                              
|                                                                    |                                          |                                                                              
|Research and development expenses                                   | 39,066                                   |                                                                              
|                                                                    |                                          |                                                                              
|Loss before income taxes                                            | 131,881                                  |                                                                              
|                                                                    |                                          |                                                                              
|Benefit for income taxes                                            | (1,953)                                  |                                                                              
|                                                                    |                                          |                                                                              
|Net Loss                                                            | 129,928                                  |                                                                              
|                                                                    |                                          |                                                                              
|Net loss attributable to noncontrolling interest                    | (18,727)                                 |                                                                              
|                                                                    |                                          |                                                                              
|Net loss attributable to Pulmo BioTech, Inc.                        | $(111,201)                               |                                                                              
|                                                                    |                                          |                                                                              
|Basic and diluted net loss per
      common share                   | *                                        |                                                                              
|                                                                    |                                          |                                                                              
|Weighted average common shares
      outstanding, basic and diluted | 52,621,574                               |                                                                              
|                                                                    |                                          |                                                                              
|* less than $0.01 per share                                         |                                          |                                                                              

See accompanying notes to unaudited condensed
      consolidated financial statements

Pulmo BioTech Inc.
      and Subsidiary

(A Development Stage Company)

Condensed Consolidated Statement of Cash Flows

(Unaudited)

|                                                    |                                    | For the Six Months Ended September 30, | For the Period
      From
      Reactivation (March 26, 2001) Through
      September30,
|--------------------------------------------------- | ---------------------------------- | -------------------------------------- | ----------------------------------------------------------------------------------------
|                                                    |                                    | 2009                                   |                                                                                         
|                                                    |                                    |                                        |                                                                                         
|CASH FLOWS FROM OPERATING ACTIVITIES                |                                    |                                        |                                                                                         
|                                                    |                                    |                                        |                                                                                         
|Net loss                                            | $    (206,808)                     |                                        | $    (387,862)                                                                          
|Adjustments to reconcile net loss to net cash used  |                                    |                                        |                                                                                         
|in operating activities:                            |                                    |                                        |                                                                                         
|Shares issued for services rendered                 | -                                  |                                        | -                                                                                       
|Net loss atributable to noncontrolling interest     | (37,527)                           |                                        | (135,102)                                                                               
|                                                    | Changes in assets and liabilities: |                                        |                                                                                         
|Tax credits receivable                              | 22,367                             |                                        | (28,480)                                                                                
|Prepaid expenses                                    | (660)                              |                                        | 850                                                                                     
|Accounts payable and accrued expenses               | 83,036                             |                                        | 88,971                                                                                  
|                                                    |                                    |                                        |                                                                                         
|Net cash used in operating activities               | (139,592)                          |                                        | (461,623)                                                                               
|                                                    |                                    |                                        |                                                                                         
|CASH FLOWS FROM FINANCING ACTIVITIES                |                                    |                                        |                                                                                         
|                                                    |                                    |                                        |                                                                                         
|Proceeds from stock subscriptions                   | -                                  |                                        | -                                                                                       
|Stock subscriptions refunded                        | -                                  |                                        | -                                                                                       
|Due to affiliate                                    | -                                  |                                        | -                                                                                       
|Loan payable-related party                          | 109,999                            |                                        | 204,382                                                                                 
|Purchase of treasury stock                          | -                                  |                                        | (2,000)                                                                                 
|Assumption of liabilities by stockholder            | -                                  |                                        | -                                                                                       
|                                                    |                                    |                                        |                                                                                         
|Net cash provided by financing activities           | 109,999                            |                                        | 202,382                                                                                 
|                                                    |                                    |                                        |                                                                                         
|Net decrease in cash                                | (29,593)                           |                                        | (259,241)                                                                               
|Cash acquired in merger                             | -                                  |                                        | -                                                                                       
|Unrealized foreign currency translation gain (loss) | 6,417                              |                                        | (3,378)                                                                                 
|Cash and cash equivalents, beginning of period      | 49,549                             |                                        | 328,532                                                                                 
|                                                    |                                    |                                        |                                                                                         
|Cash and cash equivalents, end of period            | $          
      26,373           |                                        | $         65,913                                                                        
|                                                    |                                    |                                        |                                                                                         
|SUPPLEMENTAL DISCLOSURES:                           |                                    |                                        |                                                                                         
|Income taxes paid                                   | $                  
      -        |                                        | $                
      -                                                               
|                                                    |                                    |                                       

See accompanying notes to unaudited condensed
      consolidated financial statements



Pulmo BioTech Inc.
      and Subsidiary

(A Development Stage Company)

Condensed Consolidated Statements of Stockholders' Equity (Deficit)

For the period from Reactivation [March 26, 2001] through September 30, 2009

|                                                                                  | Total
      Deficit |               | Additional
      Paid-in Capital | Deficit
      Accumulated Prior to and During Development
      Stage | Unrealized
      Translation Gain (Loss) | Treasury
      Stock | Non- controlling Interest
|--------------------------------------------------------------------------------- | ------------------- | ------------- | -------------------------------- | --------------------------------------------------------------------- | ---------------------------------------- | -------------------- | -------------------------
|Common
      Stock                                                               
|Shares                                                                            | Amount              | Shares        | Amount                          
|March 26, 2001                                                                    | ($2,000)            | 142,800,000   | $14,280                          | $735,211                                                              | ($751,491)                               | -                    | -                        
|Reverse split shares:                                                             |                     |               |                                  |                                                                       |                                          |                      |                          
|April 2, 2001, 1 for 1,428 shares                                                 | -                   | (142,326,538) | (14,233)                         | 14,233                                                                | -                                        | -                    | -                        
|October 1, 2001, 1 for 10 shares                                                  | -                   | (425,888)     | (43.00)                          | 43                                                                    | -                                        | -                    | -                        
|Stock issued for expenses at $0.02 per share                                      | 18,000              | 925,000       | 93                               | 17,907                                                                | -                                        | -                    | -                        
|Net loss                                                                          | (18,100)            | -             | -                                | -                                                                     | (18,100)                                 | -                    | -                        
|Balance at December 31, 2001                                                      | (2,100)             | 972,574       | 97                               | 767,394                                                               | (769,591)                                | -                    | -                        
|Issued stock for expenses at $0.02 per share                                      | 8,000               | 400,000       | 40                               | 7,960                                                                 | -                                        | -                    | -                        
|Net loss                                                                          | (9,205)             | -             | -                                | -                                                                     | (9,205)                                  | -                    | -                        
|Balance at December 31, 2002                                                      | (3,305)             | 1,372,574     | 137                              | 775,354                                                               | (778,796)                                | -                    | -                        
|Net loss                                                                          | (14,695)            | -             | -                                | -                                                                     | (14,695)                                 | -                    | -                        
|Balance at December 31, 2003                                                      | (18,000)            | 1,372,574     | 137                              | 775,354                                                               | (793,491)                                | -                    | -                        
|Net loss                                                                          | (24,150)            | -             | -                                | -                                                                     | (24,150)                                 | -                    | -                        
|Balance at December 31,2004                                                       | (42,150)            | 1,372,574     | 137                              | 775,354                                                               | (817,641)                                | -                    | -                        
|Net loss                                                                          | (20,564)            | -             | -                                | -                                                                     | (20,564)                                 | -                    | -                        
|Balance at December 31, 2005                                                      | (62,714)            | 1372574       | 137                              | 775354                                                                | (838,205)                                | -                    | -                        
|Assumption of liabilities by stockholder                                          | 93,914              | -             | -                                | 93,914                                                                | -                                        | -                    | -                        
|Net loss                                                                          | (168,778)           | -             | -                                | -                                                                     | (168,778)                                | -                    | -                        
|Balance at December 31, 2006                                                      | (137,578)           | 1,372,574     | 137                              | 869,268                                                               | (1,006,983)                              | -                    | -                        
|Increase in additional paid-in capital due to stock
      subscription receivable | 100,000             | -             | -                                | 100,000                                                               | -                                        | -                    | -                        
|Net loss                                                                          | (221,217)           | -             | -                                | -                                                                     | (221,217)                                | -                    | -                        
|Balance at December 31, 2007                                                      | (258,795)           | 1,372,574     | 137                              | 969,268                                                               | (1,228,200)                              | -                    | -                        
|Shares issued for acquisition of Lumen                                            | (877,214)           | 51,250,000    | 5,125                            | 641,752                                                               | (1,524,091)                              | -                    | -                        
|Deficit of Lumen on acquisition                                                   | -                   | -             | -                                | (1,524,091)                                                           | 1,524,091                                | -                    | -                        
|Unrealized foreign currency translation loss                                      | (12,750)            | -             | -                                | -                                                                     | -                                        | (12,750)             | -                        
|Net loss                                                                          | (101,287)           | -             | -                                | -                                                                     | (86,884)                                 | -                    | -                        
|Balance at March 31, 2008                                                         | (1,250,046)         | 52,622,574    | 5,262                            | 86,929                                                                | (1,315,084)                              | (12,750)             | -                        
|Treasury stock acquired at $2 per share                                           | (2,000)             | -             | -                                | -                                                                     | -                                        | -                    | (1,000)                  
|Unrealized foreign currency translation loss                                      | (13,018)            | -             | -                                | -                                                                     | -                                        | (13,018)             | -                        
|Net loss                                                                          | (796,007)           | -             | -                                | -                                                                     | (630,274)                                | -                    | -                        
|Balance at March 31, 2009                                                         | (2,061,071)         | 52,622,574    | 5,262                            | 86,929                                                                | (1,945,358)                              | (25,768)             | (1,000)                  
|Unrealized foreign currency translation loss                                      | (51,684)            | -             | -                                | -                                                                     | -                                        | (51,684)             | -                        
|Net loss, September 30, 2009                                                      | (244,335)           | -             | -                                | -                                                                     | (206,808)                                | -                    | -                        
|                                                                                  |                     |               |                                  |                                                                       |                                          |                      |                          
|Balance at September 30, 2009                                                     | $(2,357,090)        | 52,622,574    | $ 5,262                          | $ 86,929                                                              | $(2,152,166)                             | $ (77,452)           | (1,000)                  
|                                                                                  |                     |               |                                  |                                                                       |                                          |                      |                          

See accompanying notes to unaudited condensed
      consolidated financial statements

Pulmo BioTech, Inc. and Subsidiary

(A Development Stage Company)

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1 - ORGANIZATION

Pulmo BioTech Inc. (the "Company") was incorporated
under the laws of the state of Delaware on July 20, 2006 by its then parent,
Syntony Group, Inc. The Company is currently in the development stage and is
continuing to develop its planned principal operations. In accordance with such
plans, the Company recently completed a merger on February 28, 2008, pursuant to
Plan of Merger with Lumen Medical, Inc. ("Lumen") (see
"Acquisition" below), which was entered into on October 1, 2007. The
Merger Agreement provided for a business combination whereby Lumen was merged
with and into the Company in accordance with the terms of the Merger Agreement,
with the Company continuing as the surviving corporation (the
"Merger").  Pursuant to the Merger, the stockholders of Lumen
received in exchange for all of the outstanding shares of Lumen an aggregate of
51,250,000 shares of common stock, $0.0001 par value per share, of the Company.
Simultaneous with the Merger, the Company changed its name to Pulmo BioTech,
Inc.  From inception to date, financing for the Company's activities has been
provided primarily by the issuance of stock and by advances from stockholders
and related parties (see Note 3).

ACQUISITION

The acquisition of Lumen has been recorded under the purchase
method of accounting. As both the Company and Lumen are under common ownership,
the assets and liabilities of Lumen and its Canadian subsidiary, PulmoScience,
Inc., were recorded at their historical cost and the operations of Lumen are
reflected in the financial statements at their historical amounts. Each
outstanding share of Lumen received 3,125 shares of common stock of the Company.
At February 29, 2008, Lumen's liabilities exceeded its assets by $877,214. This
excess has been reflected as a reduction of additional paid in capital.

Lumen was incorporated on February 23, 2006 as a vehicle to
invest in North American businesses. On July 27, 2006, Lumen identified
PulmoScience, Inc. ("PulmoScience") as the subject for investment and
during 2006 increased its ownership of PulmoScience to 51%. PulmoScience is a
development stage biotechnology company that is developing a noninvasive
Molecular Imaging solution for the diagnosis of Pulmonary Embolism, Pulmonary
Hypertension, and Lung Inflammatory diseases. This new diagnostic methodology is
called PulmoBind. PulmoBind uses an intravenously delivered radionuclide tagged
molecule which specifically bonds to the inner walls of the circulatory system
in the lungs, and by the use of an external Gamma Camera allows an image of the
integrity of the blood vessels throughout the lungs to be seen by a diagnostic
clinician.

PulmoScience was initially owned 51% by the Company with the
remainder of the equity shared between Innovacor (a subsidiary of the Montreal
Heart Institute) and Dr. Jocelyn Dupuis (the originator of the PulmoBind
Molecular Imaging technology). The Company had an option to increase its stake
in PulmoScience to 61% with the payment of an additional $200,000 (Canadian). On
June 17, 2008, the Company exercised this option by the cancellation of its loan
receivable from PulmoScience in exchange for 2,564,102 shares of common stock of
PulmoScience.

The Company also has an option to purchase the 39% remaining
noncontrolling interest in PulmoScience (the "39% Option") for
$10,000,000 (Canadian) (the "39% Option Price"). The Company
has the option to pay the 39% Option Price in the form of its publicly traded
shares having an aggregate market value equal to the 39% Option Exercise Price
based on the weighted average price of the Company's publicly traded shares
during the 30-days preceding the exercise of the 39% Option converted into
Canadian Dollars at the spot rate as published by the Bank of Nova Scotia on the
last trading date immediately preceding the exercise of the 39% Option.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited condensed consolidated financial statements
include all the accounts of the Company and its subsidiary. All material
intercompany balances and transactions have been eliminated.

The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial statements and with the
rules and regulations of the Securities and Exchange Commission for Form 10-Q.
Accordingly, they do not include all information and notes required by
accounting principles generally accepted in the United States for complete
financial statement presentation. In the opinion of management all adjustments
(consisting of normal recurring accruals) considered necessary to present fairly
the financial position, results of operations and cash flows for the interim
periods have been included. These unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial
statements of the Company together with the Company's management discussion and
analysis in the Company's March 31, 2009 Form 10-K. Interim results are not
necessarily indicative of the results for future interim periods or for the full
year.



Research and Development Costs

Research and development costs are expensed as incurred.
Amounts in connection with Canadian government assistance programs, such as
investment tax credits for research and development costs, are reflected as
income tax credits (benefits) when the costs are incurred, provided the Company
is reasonably certain that the credits will be received based on their
refundable nature. Non-refundable credits can be carried forward and serve to
reduce future fiscal period taxes in profitable periods. Furthermore, the
investment tax credits for research and development costs must be examined and
approved by the applicable Canadian tax authorities prior to payment of the cost
reimbursement, or determination of the carryforward value. It is possible that
the amounts requested under such filings may differ from the amounts received.

Estimates

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

Fair Value Measurement

The Company complies with the terms of the accounting
pronouncement governing fair value measurement.  Currently, all asset and
liability book values equate with their fair values based on their relative
components.

Recent Accounting Pronouncements

In June 2009, the Financial Accounting Standards Board
("FASB") issued the FASB Accounting Standards Codification
("Codification") as the single source of authoritative
non-governmental U.S. GAAP which was launched on July 1, 2009. The
Codification is a new structure which takes accounting pronouncements and
organizes them by approximately ninety accounting topics. The Codification is
now the single source of authoritative U.S. GAAP. All guidance included in the
Codification is now considered authoritative, even guidance that comes from what
is currently deemed to be a non-authoritative section of a standard. Upon the
Codification's effective date, all non-grandfathered, non-SEC accounting
literature not included in the Codification has become non-authoritative. The
Codification's effective date is for all periods ending after September 15, 2009. The Codification is for disclosure only and has not
impacted the Company's financial condition or results of operations. The
Company has adopted the Codification, and reflects such adoption throughout this
filing.

In December 2007, the FASB issued an amendment to the
pronouncements governing the reporting and disclosure requirements relating to
Noncontrolling Interests in Consolidated Financial Statements. The objective of
the amendment is to improve the relevance, comparability, and transparency of
the financial information that a reporting entity provides in its consolidated
financial statements by establishing accounting and reporting standards that
require the following changes. The ownership interests in subsidiaries held by
parties other than the parent be clearly identified, labeled, and presented in
the consolidated statement of financial position within equity, but separate
from the parent's equity. The amount of consolidated net income (loss)
attributable to the parent and to the noncontrolling interest be clearly
identified and presented on the face of the consolidated statement of
operations. When a subsidiary is deconsolidated, any retained noncontrolling
equity investment in the former subsidiary is initially measured at fair value.
The gain or loss on the deconsolidation of the subsidiary is measured using the
fair value of any noncontrolling equity investment rather than the carrying
amount of that retained investment and entities provide sufficient disclosures
that clearly identify and distinguish between the interests of the parent and
the interests of the noncontrolling owners. The Company has adopted this
amendment effective April 1, 2009, and its impact is reflected in the attached
unaudited condensed consolidated financial statements.

In December 2007, the FASB issued guidance on business
combinations that improves the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial reports about business combinations and their effects. To accomplish
these objectives, the statement establishes principles and requirements as to
how the acquirer recognizes and measures in its financial statements the
identifiable assets acquired, the liabilities assumed, and any noncontrolling
interest in the acquiree, recognizes and measures the goodwill acquired in the
business combination or a gain from a bargain purchase, and determines what
information to disclose to enable users of the financial statements to evaluate
the nature and financial effects of the business combination. The Company has
adopted this pronouncement effective April 1, 2009. Based on the absence of any
business combination activity subsequent to March 31, 2009, the adoption of this
pronouncement has not had an effect on the Company's financial statements.

In May 2009, the FASB issued guidance on subsequent events.
This guidance requires an entity to recognize in the financial statements the
effects of all subsequent events that provide additional evidence about
conditions that existed at the date of the balance sheet. For nonrecognized
subsequent events that must be disclosed to keep the financial statements from
being misleading, an entity will be required to disclose the nature of the event
as well as an estimate of its financial effect, or a statement that such an
estimate cannot be made. In addition, the pronouncement requires an entity to
disclose the date through which subsequent events have been evaluated. The
pronouncement is effective for the Company beginning in the first quarter of
fiscal year 2010 and is required to be applied prospectively. The Company
adopted the pronouncement in May 2009; the impact of such adoption is one that
correlates with the magnitude of subsequent events, if any, occurring subsequent
to the balance sheet date, and prior to the issuance of the respective filing.

Management does not believe that any other recently issued,
but not yet effective accounting pronouncement, if adopted, would have a
material effect on the accompanying unaudited condensed consolidated financial
statements.

Foreign Currency Translation

Monetary assets and liabilities in foreign currency are
translated at the exchange rate in effect at the balance sheet date, whereas
other assets and liabilities are translated at the transaction date. Income and
expenses in foreign currency are translated at the exchange rate in effect at
the transaction date. Gains and losses are included in the results of
operations. The financial statements and transactions of PulmoScience were
translated from their functional Canadian currency into U.S. currency using the
convenience translation method whereby all Canadian amounts were converted into
U.S. dollars at the noon exchange rate quoted by the Bank of Canada as of the
balance sheet date.

Reclassifications

Prior period amounts have been reclassified where necessary to conform with
current presentation and to aid in comparability.

NOTE 3 - GOING CONCERN

The financial statements have been prepared assuming the
Company will continue as a going concern. The Company has incurred losses from
inception, has a net working capital deficiency, and has had no operating
revenue sources through September 30, 2009. Since inception, the source of
financing for the Company's activities has primarily been from stockholder and
related party borrowings.

The Company's management continues to actively plan and to
seek additional sources of debt or equity financing and continues to plan on
developing cash flows through future fiscal period product development and
sales. There can be no assurance that management will be successful in its
efforts or at favorable terms.

These factors raise substantial doubt about the Company's
ability to continue as a going concern. Its ability to continue as a going
concern is dependent upon the ability of the Company to generate profitable
operations in the future and/or to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business operations
when they come due. These financial statements do not include any adjustments
relating to the recoverability and classification of recorded assets or the
amounts of and classification of liabilities that might be necessary in the
event the Company cannot continue.

NOTE 4 - STOCKHOLDER LOAN RELATED PARTY PAYABLE

As of September 30, 2009, the Company and its subsidiary had
borrowed an aggregate of $1,673,670 from a significant stockholder. The loans
were non interest bearing and payable upon demand. Subsequent to September 30,
2009, such stockholder made additional noninterest bearing advances of $25,000
to the Company.

For the three and six months ended September 30, 2009, the
Company incurred legal expense due to an officer of the Company for $12,000 and
$12,000, respectively.

For the three and six months ended September 30, 2009, the
Company incurred management fees of $24,686 and $45,605, respectively, to a
company controlled by an officer/stockholder.

For the three and six months ended September 30, 2009,
the Company incurred management fees of $21,687 and $46,373,
respectively, to a former stockholder.

For the three and six months ended September 30, 2009,
PulmoScience incurred $-0- and $-0-, respectively, in consulting fees to a
company that provides software and hardware solutions for commercial and medical
events, owned by a director and incurred $17,092 and $32,238, respectively, in
consulting fees to a company owned by a director/officer. In addition, for the
three and six months ended September 30, 2009, $21,970 and $41,798 was incurred
for research fees paid to a company affiliated with a director/officer.

NOTE 5 - INCOME TAXES

Effective January 1, 2007, the Company adopted the
pronouncement on accounting for uncertainty in Income Taxes which prescribes a
recognition threshold and measurement process for financial statement
recognition and measurement of a tax position taken or expected to be taken in a
tax return. The pronouncement also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods,
disclosure and transition. Management has evaluated and concluded that there are
no significant uncertain tax positions requiring recognition in the Company's
consolidated financial statements. The Company's policy is to classify
assessments, if any, for tax related interest as interest expenses and tax
related penalties as general and administrative expenses.

NOTE 6 - NONCONTROLING INTEREST

In accordance with the merger completed on February 28, 2008,
with Lumen (all as more fully described in Note 1, above), whereby Lumen was
merged with and into the Company in a business combination. Lumen at the time of
the merger owned 51% of PulmoScience. The Company had an option to increase its
stake in PulmoScience to 61%, and exercised such option in fiscal 2009. The 39%
of PulmoScience which the Company does not own represents the noncontrolling
interest.

NOTE 7 - SUBSEQUENT EVENTS

Subsequent Events have been evaluated through November 16,
2009, the date the financial statements were issued.

Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations Forward-looking Statements

The statements made in this Quarterly Report which are not
purely historical are forward-looking statements with respect to the goals, plan
objectives, intentions, expectations, financial condition, results of
operations, future performance and business of the Company, including, without
limitation, (i) the Company's ability to raise capital, and (ii) statements
preceded by, followed by or that include the words "may",
"would", "could", "should", "expects",
"projects", "anticipates", "believes",
"estimates", "plans", "intends",
"targets" or similar expressions.

Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond the Company's
control) that could cause actual results to differ materially from those set
forth in the forward-looking statements, including the following, general
economic or industry conditions, nationally and/or in the communities in which
the Company may conduct business, changes in the interest rate environment,
legislation or regulatory requirements, conditions of the securities markets,
the Company's ability to raise capital, changes in accounting principles,
policies or guidelines, financial or political instability, acts of war or
terrorism, other economic, competitive, governmental, regulatory and technical
factors affecting the Company's operations, products, services and prices.

Accordingly, results actually achieved may differ materially
from expected results in these statements. Forward-looking statements speak only
as of the date they are made. The Company does not undertake, and specifically
disclaims, any obligation to update any forward-looking statements to reflect
events or circumstances occurring after the date of such statement.

Plan of Operation

Our plan of operation for the next twelve months is to
concentrate on advancing PulmoScience's PulmoBind technology toward regulatory
approval and commercialization.

We will be required to raise additional funds in the next 12
months in order to continue in existence. Recently, the funds required to
support our operations and research and development efforts have been provided
by our principal stockholder, Tendall FZCO. While Tendall is not obligated to
continue providing funding to our Company, it has advised us that it will
continue to do so during the next 12 months, following the release of this
filing on Form 10-Q, until the Company is able to raise debt or equity funds
from financial institutions and/or accredited investors.

Results of Operations

The Company had no revenues for the six months ended
September 30, 2009 and 2008, and the Company incurred net losses of $206,808 and
$387,862, respectively. General and administrative expense decreased by $155,379
for the six months ended September 30, 2009 as compared to the 2008
period, primarily as a result of a decrease in legal and accounting
expenses. Research and development expense was $74,100 for the six months ended
September 30, 2009, as compared to $222,574 in the 2008 period.

The Company has generated no profit since reactivation on
March 26, 2001. Cumulative losses total of $1,400,675 are attributable to Pulmo Bio
Tech, Inc., since the Company's reactivation, during the same period the
non-controlling interest incurred losses of $217,663. Primarily, these losses
are the result of inception to date legal and accounting expenses, in addition
to cumulative research and development expenses of $421,039.

Liquidity

At September 30, 2009, the Company had $26,373 in cash
resources. While the Company's cash resources at September 30, 2009 were
not sufficient to pay the Company's accounts payable and accrued expenses at
that date or to provide for the expected expenses of the Company during the next
12 months, Tendall FZCO has confirmed to the Company that it will continue to
provide funding to the Company on an as needed basis during such 12 month period
if the Company is unable to raise debt or equity funds from financial
institutions and/or other accredited investors.

Off-balance sheet arrangements

We had no off-balance sheet arrangements as of September 30, 2009 or during
the quarter then ended.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We have no market risk sensitive instruments.

Item 4T. Controls and Procedures.

Evaluation of Controls and Procedures

As of the end of the period covered by this Quarterly Report,
we carried out an evaluation, under the supervision and with the participation
of our Chief Executive Officer and our Chief Financial Officer, of the
effectiveness of the design and operation of our disclosure controls and
procedures. Based on this evaluation, our Chief Executive Officer and our Chief
Financial Officer concluded that information required to be disclosed is
recorded, processed, summarized and reported within the specified periods and is
accumulated and communicated to management, including our Chief Executive
Officer and our Chief Financial Officer, to allow for timely decisions regarding
required disclosure of material information required to be included in our
periodic Securities and Exchange Commission reports. Our disclosure controls and
procedures are designed to provide reasonable assurance of achieving their
objectives and our Chief Executive Officer and our Chief Financial Officer have
concluded that our disclosure controls and procedures are effective to a
reasonable assurance level of achieving such objectives. However, it should be
noted that the design of any system of controls is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions, regardless of how remote. In addition, we reviewed our
internal controls over financial reporting, and there have been no changes in
our internal controls or in other factors in the last fiscal quarter that has
materially affected our internal controls over financial reporting.

Changes in Internal Control over Financial Reporting

We had no changes in our internal control over financial reporting during the
period covered by this Quarterly Report.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None; not applicable.

Item1A. Risk Factors.

Not Applicable

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. Recent
Sales of Unregistered Securities.

Except as set forth below in our previous filings with the Securities and
Exchange Commission, we have not sold any unregistered securities during the
last three years.

Use of Proceeds of Registered Securities

There were no proceeds received during the six month period
ending September 30, 2009, from the sale of registered securities of the Company
because we did not register under the Securities Act of 1933, nor did we have
any sales of securities during such period.

Purchases of Equity Securities by Us and Affiliated Purchasers

None

Item 3. Defaults upon Senior Securities.

None; not applicable.

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

None; not applicable.

Item 5. Other Information.





We have not established an Audit Committee, a Nominating Committee or a
Compensation Committee because, due to our lack of operations and the fact that
we only have only two directors, we believe that our Board of Directors is able
to effectively manage the issues normally considered by those committees. If we
do establish one or more of these committees, we will disclose this change in a
public filing.

Item 6. Exhibits

(a) Exhibits and index of Exhibits.

|Exhibit No. | Description                                                                                             
|----------- | --------------------------------------------------------------------------------------------------------
|31.1        | Certification of Chief Executive Officer Pursuant to
      Section 302 of the Sarbanes-Oxley Act of 2002
|31.2        | Certification of Chief Financial Officer Pursuant to
      Section 302 of the Sarbanes-Oxley Act of 2002
|32.1        | Certification of Chief Executive and Chief Financial
      Officers Pursuant to 18 U.S.C. Section 1350  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this Quarterly Report to be signed on its behalf by the
undersigned, thereunto duly authorized.

|                        | PULMO BIOTECH INC.                                 
|----------------------- | ---------------------------------------------------
|Date: November 16, 2009 | By: /s/ Garry McCann                               
|                        | Garry McCann, President and Chief Executive Officer
|                        |                                                    
|Date: November 16, 2009 | By: /s/ Rajiv Garg                                 
|                        | Rajiv Garg, Chief Financial Officer                

Exhibit 31.1

CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, Garry McCann, certify that:



1. I have reviewed this Quarterly Report of Pulmo BioTech Inc. (the "Registrant")
on Form 10-Q for the period ended September 30, 2009, as filed with the
Securities and Exchange Commission on the date hereof (this "Report");



2. Based on my knowledge, this 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 Report;



3. Based on my knowledge, the financial statements, and other financial
information included in this 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 Report;



4. The Registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-1 5(e) and 15d- 15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the Registrant and have:

> a.



b.Designed
    such internal control over financial reporting, or caused such internal
    control over financial reporting to be designed under our supervision, to
    provide reasonable assurance regarding the reliability of financial
    reporting and the preparation of financial statements for external purposes
    in accordance with generally accepted accounting principles;



c.Evaluated
    the effectiveness of the Registrant's disclosure controls and procedures and
    presented in this Report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end of the period covered by
    this Report based on such evaluation; and



d.Disclosed
    in this Report any change in the Registrant's internal control over
    financial reporting that occurred during the Registrant's most recent fiscal
    quarter (the Registrant's fourth fiscal quarter in the case of an annual
    report) that has materially affected, or is reasonably likely to materially
    affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Registrant's auditors and the audit committee of the Registrant's board of
directors (or persons performing the equivalent functions):

> a.All
>     significant deficiencies and material weaknesses in the design or operation
>     of internal control over financial reporting which are reasonably likely to
>     adversely affect the Registrant's ability to record, process, summarize and
>     report financial information; and
>     
>     b.Any
>     fraud, whether or not material, that involves management or other employees
>     who have a significant role in the Registrant's internal control over
>     financial reporting.

|Date: November 16, 2009 | By: /s/ Garry McCann                               
|----------------------- | ---------------------------------------------------
|                        | Garry McCann, President and Chief Executive Officer



A signed original of this written statement required by Section 302 has been
provided to Pulmo Biotech, Inc. and will be retained by Pulmo Biotech, Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 31.2

CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, Rajiv Garg, certify that:



1. I have reviewed this Quarterly Report of Pulmo BioTech Inc. (the "Registrant")
on Form 10-Q for the period ended September 30, 2009, as filed with the
Securities and Exchange Commission on the date hereof (this "Report");



2. Based on my knowledge, this 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 Report;



3. Based on my knowledge, the financial statements, and other financial
information included in this 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 Report;



4. The Registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-1 5(e) and 15d- 15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the Registrant and have:

> a.



b.Designed
    such internal control over financial reporting, or caused such internal
    control over financial reporting to be designed under our supervision, to
    provide reasonable assurance regarding the reliability of financial
    reporting and the preparation of financial statements for external purposes
    in accordance with generally accepted accounting principles;



c.Evaluated
    the effectiveness of the Registrant's disclosure controls and procedures and
    presented in this Report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end of the period covered by
    this Report based on such evaluation; and



d.Disclosed
    in this Report any change in the Registrant's internal control over
    financial reporting that occurred during the Registrant's most recent fiscal
    quarter (the Registrant's fourth fiscal quarter in the case of an annual
    report) that has materially affected, or is reasonably likely to materially
    affect, the Registrant's internal control over financial reporting; and



5. The Registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Registrant's auditors and the audit committee of the Registrant's board of
directors (or persons performing the equivalent functions):

> a.All
>     significant deficiencies and material weaknesses in the design or operation
>     of internal control over financial reporting which are reasonably likely to
>     adversely affect the Registrant's ability to record, process, summarize and
>     report financial information; and
>     b.Any
>     fraud, whether or not material, that involves management or other employees
>     who have a significant role in the Registrant's internal control over
>     financial reporting.

|Date: November 16, 2009 | By: /s/ Rajiv Garg                 
|----------------------- | -----------------------------------
|                        | Rajiv Garg, Chief Financial Officer



A signed original of this written statement required by Section 302 has been
provided to Pulmo Biotech, Inc. and will be retained by Pulmo Biotech, Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.1



CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL
OFFICER PURSUANT TO 18 U.S.C. 1350,



I, Garry McCann, certify, pursuant to 18 U.S.C. 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the
Quarterly Report on Form 10-Q of Pulmo Biotech, Inc. for the quarter ended
September 30, 2009, fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 and that information contained in
such Quarterly Report on Form 10-Q fairly presents, in all material respects,
the financial condition and results of operations of Pulmo Biotech, Inc.



I, Rajiv Garg, certify, pursuant to 18 U.S.C. 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,that the
Quarterly Report on Form 10-Q of Pulmo Biotech, Inc. for the quarter ended
September 30, 2009, fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 and that information contained in
such Quarterly Report on Form 10-Q fairly presents, in all material respects,
the financial condition and results of operations of Pulmo Biotech, Inc.



|Date: November 16, 2009 | By: /s/ Garry McCann                 
|----------------------- | -------------------------------------
|                        | Garry McCann                         
|                        | President and Chief Executive Officer
|                        |                                      
|Date: November 16, 2009 | By: /s/ Rajiv Garg                   
|                        | Rajiv Garg                           
|                        | Chief Financial Officer              





A signed original of this written statement required by
Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the electronic version
of this written statement required by Section 906, has been provided to Pulmo
Biotech, Inc. and will be retained by Pulmo Biotech, Inc. and furnished to the
Securities and Exchange Commission or its staff upon request.