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 December 31, 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 Section13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12months (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 
[   ]  No



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 Rule405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [  ]  No



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 Rule12b-2 of
the Exchange Act. (Check one):



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



Indicate by check mark whether the registrant is a shell company (as defined
in Rule12b-2 of the Exchange Act). Yes



Number of shares of Common Stock, $ 0.0001 par value, outstanding at March
22, 2010: 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



|                                                                                                                 |                                              | December 31, 2009 |             | March 31, 2009
|---------------------------------------------------------------------------------------------------------------- | -------------------------------------------- | ----------------- | ----------- | --------------
|                                                                                                                 |                                              | (Unaudited)       |             | (Audited)     
|Assets                                                                                                           |                                              |                   |             |               
|Current assets                                                                                                   |                                              |                   |            
|                                                                                                                 | Cash and cash equivalents                    | $5,405            |             | $49,549       
|                                                                                                                 | Sales tax refund receivable                  | 3,987             |             | 7,755         
|                                                                                                                 | Research & development tax credit receivable | 35,745            |             | 44,107        
|                                                                                                                 | Prepaid insurance                            | 273               |             |               
|Total assets                                                                                                     | $45,410                                      |                   | $101,411   
|                                                                                                                 |                                              |                   |             |               
|Liabilities and Stockholders' (Deficit)                                                                          |                                              |                   |            
|Current Liabilities                                                                                              |                                              |                   |            
|Loan payable-related party                                                                                       | $1,698,671                                   |                   | $1,563,671 
|Accounts payable and accrued liabilities                                                                         | 413,959                                      |                   | 233,540    
|Common stock of subsidiary subject to                                                                            |                                              |                   |            
|mandatory redemption                                                                                             | 434,840                                      |                   | 365,271    
|Total current liabilities                                                                                        | 2,547,470                                    |                   | 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, 52,621,574 shares issued and outstanding | 5,262                                        |                   | 5,262      
|Additional paid-in capital                                                                                       | 86,929                                       |                   | 86,929     
|Unrealized foreign currency translation loss                                                                     | (114,468)                                    |                   | (25,768)   
|Deficit accumulated prior to the development stage                                                               | (751,491)                                    |                   | (751,491)  
|Deficit accumulated during development stage                                                                     | (1,402,374)                                  |                   | (1,193,867)
|Treasury stock, at cost (1,000 shares of common stock)                                                           | (2000)                                       |                   | (2000)     
|Total majority interest shareholders' deficit                                                                    | (2,178,142)                                  |                   | (1,880,935)
|Noncontrolling deficit                                                                                           | (323,918)                                    |                   | (180,136)  
|Total stockholders' (deficit)                                                                                    | (2,502,060)                                  |                   | (2,061,071)
|                                                                                                                 |                                              |                   |             |               
|Total liabilities and stockholders' (deficit)                                                                    | $45,410                                      |                   | $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 Nine Months EndedDecember
      31,         |      | For
      the Period From
      Reactivation
      (March
      26, 2001)
      Through
|------------------------------------------------------------------------- | --------------------------------------------------------- | ---- | ---------------------------------------------------------------------------------------
|2009                                                                      |                                                           | 2008 | December
      31, 2009                                                                
|                                                                          |                                                           |      |                                                                                        
|General
      and administrative expenses                                 | $242,962                                                  |      | $404,992                                                                               
|Research
      and development expenses                                   | 115,454                                                   |      | 255,901                                                                                
|Loss
      before income taxes                                            | $358,416                                                  |      | $660,893                                                                               
|Benefit
      for income taxes                                            | (6,127)                                                   |      | (24,549)                                                                               
|Net
      Loss                                                            | $352,289                                                  |      | $636,344                                                                               
|Net
      loss attributable to noncontrolling interest                    | ($143,782)                                                |      | ($176,334)                                                                             
|Net
      loss attributable to Pulmo BioTech, Inc.                        | ($208,507)                                                |      | ($460,010)                                                                             
|Basic
      and diluted net loss per common share                         | *                                                         |      | ($0.01)                                                                                
|                                                                          |                                                           |      |                                                                                        
|Weighted
      average common shares outstanding,
      basic and diluted | 52,612,574                                                |      | 52,621,574                                                                             
|                                                                          |                                                           |      |                                                                                        
|                                                                          |                                                           |     
|                                                                          | For
      the Three Months Ended
      December
      31, |     
|                                                                          | 2009                                                      |      | 2008                                                                                   
|                                                                          |                                                           |      |                                                                                        
|General
      and administrative expenses                                 | $92,815                                                   |      | $75,693                                                                                
|Research
      and development expenses                                   | 39,066                                                    |      | 33,326                                                                                 
|Loss
      before income taxes                                            | $131,881                                                  |      | $109,019                                                                               
|Benefit
      for income taxes                                            | (1,953)                                                   |      | 4,361                                                                                  
|Net
      Loss                                                            | ($129,928)                                                |      | ($113,380)                                                                             
|Net
      loss attributable to noncontrolling interest                    | ($106,255)                                                |      | ($48,222)                                                                              
|Net
      loss attributable to Pulmo BioTech, Inc.                        | ($23,673)                                                 |      | ($65,158)                                                                              
|Basic
      and diluted net loss per common
      share                   | *                                                         |      | *                                                                                      
|                                                                          |                                                           |      |                                                                                        
|Weighted
      average common shares outstanding, basic and diluted       | 52,621,574                                                |      | 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 Nine
      Months
      ended
      December
      31 |      | For
      the Period
      From
      Reactivation
      (March 26, 2001)
      Through
      December 31, 2009
|--------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- | ---- | ---------------------------------------------------------------------------------------------------------------
|2009                                                                                          |                                                                     | 2008
|                                                                                              |                                                                     |      |                                                                                                                
|CASH
      FLOWS FROM OPERATING ACTIVITIES                                                    |                                                                     |      |                                                                                                                
|Net
      loss                                                                                | ($208,507)                                                          |      | ($460,010)                                                                                                     
|Adjustments
      to reconcile net loss to net cash used
      in
      operating activities: |                                                                     |      |                                                                                                                
|Shares
      issued for services rendered                                                     | -                                                                   |      | -                                                                                                              
|Net
      loss attributable to noncontrolling interest                                        | (143,782)                                                           |      | (176,334)                                                                                                      
|Changes
      in assets and liabilities                                                       |                                                                     |      |                                                                                                                
|Accountsreceivable                                                                            | 5,244                                                               |      | -                                                                                                              
|Tax
      credits receivable                                                                  | 16,762                                                              |      | 13,825                                                                                                         
|Prepaid
      expenses                                                                        | (273)                                                               |      | 1,285                                                                                                          
|Accounts
      payable and other current liabilities                                          | 176,723                                                             |      | 118,915                                                                                                        
|Net
      cash used in operating activities                                                   | (153,833)                                                           |      | (502,319)                                                                                                      
|                                                                                              |                                                                     |      |                                                                                                                
|CASH
      FLOWS FROM FINANCING ACTIVITIES                                                    |                                                                     |      |                                                                                                                
|Proceeds
      from stock subscriptions                                                       | -                                                                   |      | -                                                                                                              
|Stock
      subscriptions refunded                                                            | -                                                                   |      | -                                                                                                              
|Due
      to affiliate                                                                        | -                                                                   |      | -                                                                                                              
|Loan
      receivable                                                                         | (9,910)                                                             |      |                                                                                                                
|Loan
      payable-related party                                                              | 135,000                                                             |      | 204,382                                                                                                        
|Purchase
      of treasury
      stock                                                        | -                                                                   |      | (2,000)                                                                                                        
|Assumption
      of liabilities by stockholder                                                | -                                                                   |      | -                                                                                                              
|Net
      cash provided by financing activities                                               | 125,090                                                             |      | 202,382                                                                                                        
|Net
      decrease in cash                                                                    | (28,743)                                                            |      | (299,937)                                                                                                      
|Cash
      acquired in merger                                                                 |                                                                     |      | 0                                                                                                              
|Unrealized
      foreign currency translation loss                                            | (15,401)                                                            |      | (11,979)                                                                                                       
|Cash
      and cash equivalents, beginning of period                                          | 49,549                                                              |      | 328,532                                                                                                        
|Cash
      and cash equivalents, end of period                                                | $    
      5,405                                                   |      | 16,616                                                                                                         
|                                                                                              |                                                                     |      |                                                                                                                
|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 December 31, 2009



|                                                                                  | Total
      Deficit | Common
      Stock | Additional
      Paid-in
      Capital | Deficit
      Accumulated
      Prior
      to and
      During
      Development
      Stage | Unrealized
      Translation
      Gain
      (Loss) | Treasury
      Stock | Non-
      controlling
      Interest
|--------------------------------------------------------------------------------- | ------------------- | ------------------ | -------------------------------------- | --------------------------------------------------------------------------------------------- | ---------------------------------------------------- | -------------------- | -------------------------------------
|Shares                                                                            | Amount              | Shares             | Amount                                
|                                                                                  |                     |                    |                                        |                                                                                               |                                                      |                      |                                      
|26-Mar-01                                                                         | ($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)                                   | 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)            | -                  | -                                      | -                                                                                             | (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                                | (88,700)            | -                  | -                                      | -                                                                                             |                                                      | (88,700)             | -                                    
|Net
      loss, December 31, 2009                                                 | (352,289)           |                    |                                        |                                                                                               | (208,507)                                            |                      |                                      
|Balance
      at December 31, 2009                                                | $(2,502,060)        | 52,622,574         | $5,262                                 | $86,929                                                                                       | $(2,153,865)                                         | $(114,468)           | $(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 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.



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 December 31, 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 December 31, 2009, the Company and its subsidiary had borrowed an
aggregate of $1,698,671 from a significant stockholder. The loans were non
interest bearing and payable upon demand. Subsequent to December31, 2009, such
stockholder made additional noninterest bearing advances of $21,000 to the
Company.



For the three and nine months ended December 31, 2009, the Company incurred
legal expense due to an officer of the Company for $4,500 and $16,500,
respectively.



For the three and nine months ended December 31, 2009, the Company incurred
management fees of $22,705 and $69,078, respectively,to a company
controlled by an officer/stockholder.



For the three and nine months ended December 31, 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 $17,804 and $50,043, respectively, in consulting fees to a
company owned by a director/officer. In addition, for the three and nine months
ended December 31, 2009, $52,797 and $84,595 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
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 nine months ended December 31, 2009 and
2008, and the Company incurred net losses of $104,788 and $94,573, respectively.
General and administrative expense decreased by $1,353 for the nine months ended
December 31, 2009 as compared to the 2008 period, primarily as a result
of a decrease in legal and accounting expenses. Research and development expense
was $60,603 for the nine months ended December 31, 2009,as compared to
$33,326 in the 2008 period.



The Company has generated no profit since reactivation on March 26, 2001.
Cumulative losses total of $1,402,374 are attributable to Pulmo Bio Tech, Inc.,
since the Company's reactivation, during the same period the non-controlling
interest incurred losses of $323,918. Primarily, these losses are the result of
inception to date legal and accounting expenses, in addition to cumulative
research and development expenses of $462,000.



Liquidity



At December 31, 2009, the Company had $5,405 in cash resources.While
the Company's cash resources at December 31, 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.



Off-balance sheet arrangements



We had no off-balance sheet arrangements as of December 31, 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 December
31, 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.



(a) 
      This
Quarterly Report does not include any information required to be disclosed in a
report on Form 8-K during the period covered by this Quarterly Report.

(b) 
      During
the period covered by this Quarterly Report, our Board of Directors consisted of
Garry McCann and Ian Ilsley, with one vacancy. Mr. McCann is an interested director, but Mr. Ilsley is an independent director. When we fill the vacancy on
our Board of Directors, it will be with an independent director.



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: March 22, 2010 | By: /s/ Garry McCann                               
|                     | Garry McCann, President and Chief Executive Officer
|                     |                                                    
|Date: March 22, 2010 | 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 December 31, 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. 
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
Report is being prepared;



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: March 22, 2010 | 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 December 31, 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. 
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
Report is being prepared;



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: March 22, 2010 | 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,AS
>         ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



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 December 31, 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 December 31, 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: March 22, 2010 | By: /s/ Garry McCann                 
|-------------------- | -------------------------------------
|                     | Garry McCann                         
|                     | President and Chief Executive Officer
|                     |                                      
|Date: March 22, 2010 | 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.