U.S. SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

            Form 10-QSB - Quarterly or Transitional Report
            (Added by 34-30968, eff. 8/13/93, as amended)

(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2003.
                               -----------------

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the transition period from _________________ to _____________


Commission file number 0-10035

                           LESCARDEN, INC.
--------------------------------------------------------------------
 (Exact name of small business issuer as specified in its charter)

      NEW YORK                                   13-2538207
-------------------------------               -------------------
(State or other jurisdiction of              (I.R.S. Employer
 incorporation or organization)               Identification No.)

420 LEXINGTON AVENUE, NEW YORK SUITE 212            10170
----------------------------------------      -------------------
(Address of principle executive offices)          (Zip Code)

Issuer's telephone number (212) 687-1050
                          --------------

________________________________________________________________.
(Former name, former address and former fiscal year, if changed
                          since last report)

     Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the
past 90 days.

Yes [X]   No [ ]

State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.


            Class                       Outstanding at February 28, 2003
----------------------------            --------------------------------
Common Stock $.001 par value                       23,791,668

<PAGE>

                           LESCARDEN INC.
                            --------------
<TABLE>

                       CONDENSED BALANCE SHEET
                       -----------------------
<CAPTION>

                                ASSETS
                                ------

                                                                  February 28, 2003     May 31, 2002
                                                                     (UNAUDITED)         (AUDITED)
                                                                  -----------------     ------------
<S>                                                               <C>                   <C>

Current Assets:
     Cash                                                         $          41,227     $    115,500
     Inventory                                                              145,990           75,852
                                                                  -----------------     ------------

            Total Current Assets                                            187,217          191,352

Deferred Income Tax Asset, net of valuation allowance of
$2,522,000 and $2,420,000 at February 28, 2003 and
May 31, 2002 respectively                                                      -                -
                                                                  -----------------     ------------

Total Assets                                                      $         187,217     $    191,352
                                                                  -----------------     ------------
                                                                  -----------------     ------------

	LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Currents Liabilities:
    Accounts payable and accrued expenses                         $         249,427     $    155,605
    Advances from stockholders                                              400,000          380,000
    Unearned revenue                                                           -             105,000
    Deferred license fees                                                   266,875             -
                                                                  -----------------     ------------

Total liabilities                                                           916,302          640,605
                                                                  -----------------     ------------

Commitments and Contingencies

Stockholders' Deficiency:
    Convertible Preferred Stock                                               1,840            1,840
      Common Stock                                                           23,792           23,792
      Additional Paid-In Capital                                         15,855,411       15,835,111
      Accumulated Deficit                                               (16,610,128)     (16,309,996)
                                                                  -----------------     ------------
Stockholders' Deficiency                                                   (729,085)        (449,253)
                                                                  -----------------     ------------
Total Liabilities and Stockholders' Deficiency                    $         187,217     $    191,352
                                                                  -----------------     ------------
                                                                  -----------------     ------------


See notes to financial statements
</TABLE>
<PAGE>


                            LESCARDEN INC.
                            --------------
<TABLE>


                  CONDENSED STATEMENTS OF OPERATIONS
                  ----------------------------------
<CAPTION>
                                                (UNAUDITED)                  (UNAUDITED)
                                            For The Three Months         For the Nine Months
                                            Ended February 28,           Ended February 28,
                                            --------------------         -------------------
<S>                                  <C>           <C>             <C>           <C>
                                             2003         2002            2003          2002
                                             ----         ----            ----          ----


Total Revenues                       $     27,297  $    15,159     $   181,476   $    46,122
                                     ------------  -----------     -----------   -----------
Costs and Expenses:
   Cost of  Sales                          13,505       11,261          60,034        34,622
   Salaries - Officer                      42,167       63,506         107,183       118,388
   Salaries - Office                       20,437         -             30,252         8,130
   Professional Fees and Consulting        37,237       32,663         104,496        78,735
   Research and Development                  -             119            -              319
   Rent and Office Expenses                35,355       27,711          99,317        86,883
   Travel and Meetings                      5,923        2,071          23,286         5,233
   Taxes Other                              2,348         -              2,803           455
   Insurance                                2,023          399           2,580         1,199
   Interest                                 7,000        4,980          20,300        21,202
   Other Administrative Expenses           12,334        4,184          31,357         8,959
                                     ------------  -----------     -----------   -----------

     Total Costs and Expense              178,329      146,894         481,608       364,125
                                     ------------  -----------     -----------   -----------

     Net (Loss)                      $   (151,032) $  (131,735)   $   (300,132)  $  (318,003)
                                     ------------  -----------     -----------   -----------
                                     ------------  -----------     -----------   -----------

     Net (Loss) Per Share            $       (.01) $      (.01)   $       (.01)  $      (.01)
                                     ------------  -----------     -----------   -----------
                                     ------------  -----------     -----------   -----------

Weighted Average Number of
  Common Shares Outstanding            23,791,668   23,213,512      23,791,668    22,746,618
                                     ------------  -----------     -----------   -----------
                                     ------------  -----------     -----------   -----------

See notes to financial statements
</TABLE>
<PAGE>


                            LESCARDEN INC.
                            --------------

<TABLE>

                  CONDENSED STATEMENTS OF CASH FLOWS
                  ----------------------------------
<CAPTION>
                                                                                (UNAUDITED)
                                                                         For the Nine Months Ended
                                                                                 February 28,
                                                                         --------------------------
<S>                                                               <C>                <C>
                                                                         2003                 2002
                                                                         ----                 ----
Cash Flows Used in Operations:
     Net (Loss)                                                   $  (300,132)       $    (318,003)
     Adjustments to reconcile net  loss to
       cash used in operating activities:
       Imputed interest on advances from stockholders                  20,300               21,202
       Changes in operating assets and liabilities:
       (Increase) Decrease in inventory                               (70,138)              34,622
        Increase in accounts payable and
        accrued expenses                                               93,822               27,100
       (Decrease) in Unearned Revenue                                (105,000)                -
        Increase in deferred licence fee                              266,875                 -
                                                                  -----------         ------------
     Net Cash Flow Used In Operations                                 (94,273)            (235,079)
                                                                  -----------         ------------

Cash Flows Provided By Financing Activities:
         Advances from stockholders                                    20,000              400,000
                                                                  -----------         ------------

 Increase (Decrease) in cash                                          (74,273)             164,921

Cash- Beginning of period                                             115,500               79,429
                                                                  -----------         ------------

Cash - End of period                                              $    41,227          $   244,350
                                                                  -----------         ------------
                                                                  -----------         ------------
Supplemental Schedule of non-cash
financing activities:

Conversion of advances received from
related parties to common stock                                   $      -             $   465,000
                                                                  -----------         ------------
                                                                  -----------         ------------

 Imputed  interest                                                $    20,300          $    21,202
                                                                  -----------         ------------
                                                                  -----------         ------------


See notes to financial statements
</TABLE>
<PAGE>


                            LESCARDEN INC.
                            --------------
                                                       (UNAUDITED)
                                                        ---------
                    NOTES TO FINANCIAL STATEMENTS
                    -----------------------------
                           February 28, 2003
                           -----------------
Note 1 - General:

     The accompanying unaudited financial statements include all adjustments
which are, in the opinion of management, necessary for a fair statement of
the results for the interim periods. The statements have been prepared in
accordance with the requirements for Form 10-QSB and, therefore, do not
include all disclosures or financial details required by generally accepted
accounting principles. These condensed financial statements should be read
in conjunction with the financial statements and the notes thereto included
in the Company's Annual Report on Form 10-KSB for the year ended May 31, 2002.

     The results of operations for the interim periods are not necessarily
indicative of results to be expected for a full year's operations.

Note 2 - Operations and Significant Accounting Policies:
     Revenue from product sales is recognized upon shipment of the product
when title to the property  transfers to the buyer as does the risk of loss
and collectibility of the sales price is reasonably assured.

     The deferred license fees of $266,875 stated on the balance sheet
relates to licensee fees received from the Company's licensees in Canada and
Europe which are being amortized over the term of the license agreements.

Note 3 - Segment Reporting:
     Due to the materiality of the sales of its cosmetics product and food
supplements in addition to the company's CATRIX(R) Wound Dressing product, the
Company believes it has one business segment for financial reporting purposes.

Note 4 - Advances From Related Parties:
     The outstanding loans, of $400,000 at February 28, 2003, are non-interest
bearing and due upon demand. $380,000 of the advances are convertible into
5,688,827 shares of common stock of the Company based on the fair market value
of the Company's stock at the time of the loan. The Company has charged
interest expense and credited paid-in capital for interest imputed on theses
loans at market rates.

Note 5 - Inventory:

     Inventory at February 28, 2003 consists of the following:

                    Finished Goods   $    108,890
                    Raw Materials          37,100
                                     ------------
                                     $    145,990
                                     ------------
                                     ------------


<PAGE>

                            LESCARDEN INC.
                            --------------

     Management's Discussion and Analysis of Financial Condition
                      and Results of Operations
     -----------------------------------------------------------
                           February 28, 2003
                           -----------------

Results of Operations
---------------------

Overview
--------

     Since its inception, the Company has primarily devoted its resources to
fund research, drug discovery and development.   In addition, the Company
licenses its technology for commercialization by other companies and in recent
fiscal years, the Company began sales of its proprietary bovine cartilage
material, BIO-CARTILAGE(R), as a food supplement, and direct sales to consumers
of a line of cosmetic products, which include the Company's proprietary bovine
cartilage material.  In the fiscal year ended May 31, 2000, the Company made
its initial two commercial shipments of its CATRIX(R) Wound Dressing product
pursuant to its agreement with ICN IBERICA, S.A., Spain(see below).

     Sales of the Company's food supplement, BIO-CARTILAGE(R) and cosmetic
products have been modest since the Company began sales. The material direct
costs related to this product were incurred in periods prior to those
presented. It is not possible to estimate the period in which material net
cash inflows from the products are expected to commence.

    The Company has been unprofitable to date and may continue to incur
operating losses in the foreseeable future. The Company has sustained net
losses of approximately $16.6 million from inception to February 28, 2003.
The Company has primarily financed its research and development activities
through a public offering of Common Stock, private placements of debt and
equity securities, and in recent years, revenues from licensing fees and
product sales.


Critical accounting policies

     Our discussion and analysis of our financial condition are based upon
our financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of America.
The preparation of these financial statements requires us to make estimates
and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses and related disclosure of contingent liabilities.
On an on-going basis, we evaluate our estimates, including those related
to inventories and deferred income taxes. We based our estimates on our
historical experience, knowledge of current conditions and our beliefs of
what could occur in the future considering available information. Actual
results may differ from these estimates under different assumptions or
conditions. The Company believes the following critical accounting policies
affect its more significant judgments and estimates used in the preparation
of its financial statements.

<PAGE>

Deferred License Fees

     Deferred license fees relate to licensee fees received by the company
which are amortized over the term of the license agreements.

Inventory Valuation

     Inventories are valued at lower of cost or market. We routinely evaluate
the composition of our inventory and identify slow-moving, excess, obsolete
or otherwise impaired inventories. Inventories identified as impaired are
evaluated to determine if reserves are required. Our evaluation is primarily
based upon forecasted short-term demand for the product.

Deferred Taxes

     The Company records a valuation allowance to reduce its deferred tax
assets to the amount that is more likely than not to be realized. While we
consider historical levels of income, expectations and risks associated with
estimates of future taxable income and ongoing prudent and feasible tax
planning strategies in assessing the need for the valuation allowance, in the
event that we determine that we would be able to realize deferred tax assets
in the future an adjustment to the deferred tax asset would increase income
in the period such determination was made.

Three months ended February 28, 2003 compared to February 28, 2002
------------------------------------------------------------------

     The Company's revenues increased in the three months ended February 28,
2003 compared to February 28, 2002  primarily due to higher sales of the
company's products, which include the Company's proprietary bovine cartilage
material, and higher license fees.

     Total costs and expenses during the three months ended February 28, 2003
were 21% or $31,435 higher than those of the comparative prior year period.
The increase was principally due to higher office salaries of $20,435,
professional fees of $4,574, $8,150 of other administrative expenses and rent
and office expenses of $7,644 which were partially offset by lower officer
salaries of $21,339.

Nine months ended February 28, 2003 compared to February 28, 2002
-----------------------------------------------------------------

     The Company's revenues increased in the nine  months ended February 28,
2003 compared to February 28, 2002  primarily due to a sale of Catrix Wound
Care Dressing to ICN Iberica, S.A. (see below) and from higher sales of the
company's products, which include the Company's proprietary bovine cartilage
material, and higher license fees.

     Total costs and expenses during the nine months ended February 28, 2003
were 32% or $117,483 higher than those of the comparative prior year period.
The increase was principally due to higher cost of sales of $25,412, office
salaries of $22,122, professional fees $25,761, travel and meetings of
$18,053 and $22,398 of other administrative expenses.

<PAGE>

     The Company's cash balance decreased by $74,273 in the nine months
ended February 28, 2003 compared to an increase of $164,921 in the
comparative prior year period. The current period includes the receipt of
license fees for $200,00 from the Company's license in Canada in the current
year's period. The Company received advances from stockholders of $20,000 in
the nine months ended February 28, 2003 compared to $400,000 in nine months
ended February 28, 2002.

Liquidity and Capital Resources.

Overview

     The Company has had losses from operations in each of the past five
fiscal years. This trend may continue in the foreseeable future.  Working
capital has been provided since the Company's inception primarily from the
sale of equity securities,  from borrowings (from its officers, directors,
and shareholders and from outside investors), and in recent years, from
revenues from licensing fees and product sales.

Present Liquidity

     The Company's present liquidity position is critical.  As of February
28, 2003 the Company's liabilities exceeded its total assets by $729,085.
The Company will require additional product sales or funding during or,
shortly after the end of, the current fiscal quarter ending May 30, 2003,
to sustain its operations.

     As a result of the history of losses incurred by the Company, the net
loss during the year ended May 31, 2002 of ($459,386), and the limited
amount of funds currently available to finance the Company's operations,
the report of the Company's independent Certified Public Accountants on
the Financial Statements as of May 31, 2001 and 2002 contain an explanatory
paragraph indicating that the Company may be unable to continue in
existence. The conditions that gave rise to this situation continue to
exist.

     The Company's licensee of its CATRIX(R) product, in powder form only,
for topical wound healing purposes (see below) received its initial two
shipments from the Company in the year ended May 31, 2000 and an additional
shipment in the quarter ended November 30, 2002.  In addition, the Company
continues to sell a line of cosmetic products; and BIO-CARTILAGE(R) to the
over-the-counter food supplement market. If the Company's efforts to
increase revenues are successful, the Company may increase cash flow in
order to allow the Company to meet its obligations and sustain its
operations.  The Company also plans to try to obtain financing from
additional advances from stockholders and sales of unregistered shares of
common stock.

     On March 16, 1999, the Company announced that it had entered into an
agreement with ICN IBERICA, S.A. ("ICNI", a wholly owned subsidiary of ICN
Pharmaceuticals, USA) of Barcelona, Spain whereby ICNI acquired the
semi-exclusive rights to distribute and market the Company's CATRIX(R)
WOUND CARE DRESSING in Spain for a period of ten years.  Implementation of
this Agreement was contingent upon securing marketing approval for the
product by the Spanish Health Ministry.

<PAGE>

     On September 13, 1999, the Company announced that its CATRIX(R) Wound
Dressing product was granted full marketing approval by the Spanish Health
Ministry of Madrid. Under the prevailing regulations of the European Union
("EU"), of which Spain is a member, a drug/device approval in one member
country renders the product marketable in all member states.  Therefore,
Catrix Wound Dressing may now be sold throughout the 15 countries of the EU.

     Since September 1999, the Company has fulfilled all of its obligations
under its agreement with ICNI, including the timely shipment of the product.
ICNI has commenced implementation of a complete marketing program in Spain,
and it also applied to the appropriate Spanish authorities for a government
sponsored reimbursement plan for patients covered under the national medical
care program.  The Spanish Health Ministry in the Spring of 2001 allowed
only a very low patient reimbursement rate.  As a result, ICNI is
prosecuting an appeal of this decision and a resolution of the matter is
not determinate.

     As a result of the low reimbursement rate allowed by the Spanish
government, ICNI has been unable to meet minimum sales levels as set forth
in the parties' agreement.  This has led the parties to agree to continue
their relationship absent an operational agreement until such time as ICNI's
appeal of its rate case has been decided by the Spanish Health Ministry.

     Spain's socialized medicine system covers 100% of its population.
Unless ICNI is allowed an adequate reimbursement rate, its sales of CATRIX
Wound Dressing will be largely limited to that relatively small part of the
population who are either otherwise insured or able to purchase the product
with their own resources. At this time, no representation can be made on
the possible outcome of ICNI's rate appeal.

     In the fiscal year ended May 31, 2003 the Company granted ICNI the
exclusive license for the CATRIX Wound Dressing product in Portugal, Greece
and Cyprus for $100,000, which was paid by offsetting this amount against
an advance payment from ICNI to the Company for product that was not
shipped. Such amount had been included for the Company's Balance Sheet as
Unearned Revenue.

     On June 4, 2002 the Company announced that it had entered into a
license agreement with ICN CANADA, Montreal, Quebec, Canada (a subsidiary
of ICN Pharmaceuticals of Costa Mesa, CA.) Granting ICN Canada a 10 year
exclusive license to market Lescarden's proprietary product, CATRIX(R)
WOUND DRESSING in Canada. On November 5, 2002 the company announced that
the Canadian Health Authorities (Medical Device Division ) approved the
license. The pre-marketing of the Catrix(R) Wound Dressing in Canada has
commenced in the quarter ended February 28, 2003.

<PAGE>

     The material direct costs related to the CATRIX(R) Wound Dressing
product were incurred in periods prior to those presented. The estimated
costs necessary to support the product's development, other than to
finance significant inventory levels, is not expected to be significant.
It is not possible to estimate the period in which material net cash
inflows from the product is expected to commence.

     The Company has no material commitments for capital expenditures at
February 28, 2003.

Disclosure Controls And Procedures

     The Company Maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in the
Company's filings under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the periods specified in the
rules and forms of the Securities and Exchange Commission. Such
information is accumulated and communicated to the Company's management,
including its Interim Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required
disclosure. The Company's management, including the Interim Chief
Executive Officer and the Chief Financial Officer, recognizes that any
set of controls and procedures, no matter how well designed and operated,
can provide only reasonable assurance of achieving the desired control
objectives.

     Within 90 days prior to the filing of this quarterly report on Form
10-Q, the Company has carried out an evaluation, under the supervision
and with the participation of the Company's management, including the
Company's Interim Chief Executive Officer and the Company's Chief
Financial Officer, of the effectiveness of the design and operation of
the Company's disclosure controls and procedures. Based on such
evaluation, the Company's Interim Chief Executive Officer and Chief
Financial Officer concluded that the Company's disclosure controls and
procedures are effective.

     There have been no significant changes in the Company's internal
controls or in other factors that could significantly affect the internal
controls or in other factors that could significantly affect the internal
controls subsequent to the date of their evaluation in connection with
the preparation of this quarterly report on Form 10-Q.

<PAGE>

                                      LESCARDEN INC.
                                      --------------

                     Part II - Other Information
                     ---------------------------

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

     (A)   Reports on Form 8-K: There were no reports on Form 8-K filed for
           the three months ended February 28, 2003

                          INDEX TO EXHIBITS


           99.2 Certification pursuant to 18 U.S.C. Section 1350 as adopted
           pursuant to section 906 of the Sarbanes-Oxley Act of 2002


<PAGE>

                         Signatures
                         ----------

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


                         LESCARDEN INC.
                         --------------
                         (Registrant)




Date: April 9, 2003      s/William E. Luther
                         -------------------
                         William E. Luther
                         President, Interim Chief Executive Officer
                         and Chief Financial Officer


<PAGE>

CERTIFICATION

I. William E. Luther, President, Interim Chief Executive Officer and Chief
Financial Officer of the Company, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lescarden Inc.

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

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

4. I am responsible for establishing and maintaining disclosure and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
I have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant is made know to us, particularly during
the period in which this quarterly report is being prepared;

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

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

5. I have disclosed, based on my most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors:

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

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

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

Date: April 9, 2003