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

                                   FORM 10-QSB

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

               For the quarterly period ended: September 30, 2006

                                       or

     |_| TRANSITION REPORT PURSUANT TO SECTION 13 0R 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                For the transition period from ______ to _______

                        Commission File Number: 000-51497

                            BIO-BRIDGE SCIENCE, INC.

        (Exact name of small business issuer as specified in its charter)


               Delaware                                    20-1802936
     -------------------------------                   -------------------
     (State or Other jurisdiction of                     (IRS Employer
      incorporation or organization)                   Identification No.)


        1211 West 22nd Street, Suite 615
              Oak Brook, Illinois                            60523
     (Address of principal executive offices)              (Zip Code)


                                  630-928-0869
                 (Issuer's telephone number including area code)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days: Yes |X| No |_|

Indicate by check mark whether the registrant is a shell company: Yes |_| No |X|

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

Common Stock Outstanding as of September 30, 2006: 33,492,001 shares

Transitional Small Business Disclosure Format: Yes |_| No |X|


<PAGE>

Bio-Bridge Science, Inc

Index to Form 10-QSB

<TABLE>
<CAPTION>

Page
Item 1.       Financial Statements
<S>                                                                                                 <C>

Condensed Consolidated Balance Sheets as of September 30, 2006 (unaudited)
and December 31, 2005                                                                                 3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
for the three month and nine months periods Ended September 30, 2006 and 2005                         4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity
for the period from February 11, 2002 (inception) through September 30, 2006                          5

Unaudited Condensed Consolidated Statements of Cash flows for the nine month
periods ended September 30, 2006 and 2005 and for the period from February 11,2002
(inception) through September 30,2006                                                                 7

Notes to Unaudited Financial Statements                                                               8

Item 2.        Management's Discussion and Analysis or Plan of Operation                             17

Item 3.        Controls and Procedures                                                               21

Part II        Other Information                                                                     22

Item 1.        Legal Proceedings                                                                     22

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds                           22

Item 3.        Defaults Upon Senior Securities                                                       22

Item 4.        Submission of Matters to a Vote of Security Holders                                   22

Item 5.        Other Information                                                                     22

Item 6.        Exhibits                                                                              22

SIGNATURES                                                                                           23

</TABLE>


                                       2
<PAGE>

                    BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                      CONDENSED CONSOLIDATED BALANCE SHEETS
           As of September 30, 2006 (Unaudited) and December 31, 2005


                                     ASSETS

<TABLE>
<CAPTION>

                                                                                    September 30,
                                                                                        2006                December 31,
                                                                                     (unaudited)               2005
                                                                                 ------------------     -------------------
<S>                                                                              <C>                    <C>

CURRENT ASSETS

  Cash and cash equivalents                                                      $          231,969     $           385,646

  Inventory                                                                                   6,954                      --

  Prepaid expenses and other current assets                                                   4,845                   5,513

  Note receivable, net of discount                                                           39,874                  39,025
                                                                                 ------------------     -------------------

      Total Current Assets                                                                  283,642                 430,184

FIXED ASSETS, NET                                                                            79,983                  28,830

CONSTRUCTION IN PROGRESS                                                                  1,652,895                 947,246

LAND USE RIGHT, NET OF CURRENT PORTION                                                      359,240                 364,190
                                                                                 ------------------     -------------------

     TOTAL ASSETS                                                                $        2,375,760     $         1,770,450
                                                                                 ==================     ===================

                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

  Accrued expenses and other payables                                            $          621,347     $           129,369
                                                                                 ------------------     -------------------

      Total current liabilities                                                             621,347                 129,369
                                                                                 ------------------     -------------------

SHAREHOLDERS' EQUITY

 Common stock,  $0.001 par value,  100,000,000  shares  authorized,
   33,492,001  and 32,451,537 shares issued and outstanding, respectively                    33,492                  32,452

 Additional paid-in capital                                                               5,361,440               4,658,743

 Deferred compensation                                                                      (79,102)               (508,698)

 Common stock to be issued, 120,000 and 328,116 shares, respectively                            120                     328

 Subscription receivable                                                                        (91)                     --

 Accumulated other comprehensive gain                                                        58,564                  25,282

 Deficit accumulated during the development stage                                        (3,620,010)             (2,567,026)
                                                                                 ------------------     -------------------

Total Shareholders' Equity                                                                1,754,413               1,641,081
                                                                                 ------------------     -------------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                       $        2,375,760     $         1,770,450
                                                                                 ==================     ===================
</TABLE>

   See accompanying notes to the condensed consolidated financial statements.


                                       3
<PAGE>

                    BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
           OPERATIONS AND COMPREHENSIVE LOSS FOR THREE MONTHS AND NINE
        MONTHS ENDED SEPTEMBER 30, 2006 AND 2005, AND FOR THE PERIOD FROM
            FEBRUARY 11, 2002 (INCEPTION) THROUGH SEPTEMBER 30, 2006

<TABLE>
<CAPTION>

                                                                                                       For the Period From
                                                                                                        February 11, 2002
                                         Three Months Ended                 Nine Months Ended          (Inception) Through
                                         September 30, 2006                 September 30, 2006          September 30, 2006
                                      ----------------------------    ----------------------------    ---------------------
                                           2006            2005            2006           2005
                                      ------------    ------------    ------------    ------------
<S>                                   <C>             <C>             <C>             <C>             <C>


REVENUE                               $        733    $         --    $      1,006    $         --    $              1,006

Cost of goods sold                            (539)             --            (623)             --                    (623)
                                      ------------    ------------    ------------    ------------    ---------------------

GROSS PROFIT                                   194              --             383              --                     383

Research and development costs             (22,401)        (39,639)        (72,845)        (60,649)               (294,844)

General and Administrative Expenses       (286,330)       (289,141)       (983,534)       (706,671)             (3,336,384)
                                      ------------    ------------    ------------    ------------    ---------------------

LOSS FROM OPERATIONS                      (308,537)       (328,780)     (1,055,996)       (767,320)             (3,630,845)

OTHER INCOME                                 1,005           2,999           3,012           4,370                  13,131

LOSS ON SALE OF INVESTMENT                      --              --              --              --                  (2,296)
                                      ------------    ------------    ------------    ------------    ---------------------

NET LOSS                                  (307,532)       (325,781)     (1,052,984)       (762,950)             (3,620,010)
                                      ------------    ------------    ------------    ------------    ---------------------

Foreign currency translation gain           18,642          22,490          33,283          22,490                  58,564

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

COMPREHENSIVE LOSS                    $   (288,890)   $   (303,291)   $ (1,019,701)   $   (740,460)            $(3,561,446)
                                      ============    ============    ============    ============    =====================

LOSS PER SHARE, BASIC AND DILUTED     $      (0.01)   $      (0.01)   $      (0.03)   $     (0.02)
                                      ============    ============    ============    ===========

WEIGHTED  AVERAGE  SHARES
OUTSTANDING, BASIC AND DILUTED          33,086,740      31,343,714      32,823,786      30,704,441
                                      ============    ============    ============    ===========

</TABLE>

   See accompanying notes to the condensed consolidated financial statements.


                                       4
<PAGE>

                    BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
             UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
          IN SHAREHOLDERS' EQUITY FOR THE PERIOD FROM FEBRUARY 11, 2002
                     (INCEPTION) THROUGH SEPTEMBER 30, 2006

<TABLE>
<CAPTION>

                                                                                                                      Common
                                                                                  Additional                           Stock
                                                         Common Stock               Paid-in         Deferred           To Be
                                                    Shares          Amount          Capital       Compensation        Issued
                                                 -------------   -------------   -------------    -------------    -------------
<S>                                              <C>             <C>             <C>              <C>              <C>

Issuance of 13,750,000 shares at $0.00004           13,750,000   $      13,750   $     (13,200)   $          --    $          --

Issuance of 7,461,090 shares at $0.0468              7,461,090           7,461         341,719               --               --

Issuance of 1,875,000 shares at $0.12                1,875,000           1,875         223,125               --               --

Foreign currency translation loss                           --              --              --               --               --

Net loss                                                    --              --              --               --               --
                                                 -------------   -------------   -------------    -------------    -------------

BALANCE DECEMBER 31, 2002                           23,086,090          23,086         551,644               --               --


Issuance of 3,508,425 shares at $0.12                3,508,425           3,509         417,502               --               --

Issuance of 201,200 shares at $0.32                    201,200             201          64,186               --               --

Foreign currency translation loss                           --              --              --               --               --

Net loss                                                    --              --              --               --               --
                                                 -------------   -------------   -------------    -------------    -------------


BALANCE DECEMBER 31, 2003                           26,795,715          26,796       1,033,332               --               --


Issuance of 434,600 shares at $0.12                    434,600             435          51,715               --               --

Issuance of 1,125,275 shares at $0.32                1,125,275           1,125         358,961               --               --

Issuance of 1,616,000 shares at $0.50                1,616,000           1,616         806,382               --               --

Fair  market value of Stockk options
granted for services                                        --              --         695,052               --               --

Fair value of  shares issued for services              100,000             100          49,900               --               --

Exercise of options                                    200,000             200              --               --               --

Deferred consulting expenses                                --              --              --         (390,890)              --

Foreign currency translation loss                           --              --              --               --               --

Net loss                                                    --              --              --               --               --
                                                 -------------   -------------   -------------    -------------    -------------


BALANCE DECEMBER 31, 2004                           30,271,590   $      30,272   $   2,995,342    $    (390,890)   $          --


<CAPTION>

                                                                                      Deficit
                                                                   Accumulated      Accumulated
                                                                      Other         During The
                                                  Subscriptions   Comprehensive     Development
                                                   receivables     Gain (Loss)         Stage            Total
                                                  -------------   -------------    -------------    -------------
<S>                                               <C>             <C>              <C>              <C>

Issuance of 13,750,000 shares at $0.00004         $          --   $          --    $          --    $         550

Issuance of 7,461,090 shares at $0.0468                      --              --               --          349,180

Issuance of 1,875,000 shares at $0.12                        --              --               --          225,000

Foreign currency translation loss                            --            (499)              --             (499)

Net loss                                                     --              --         (114,476)        (114,476)
                                                  -------------   -------------    -------------    -------------

BALANCE DECEMBER 31, 2002                                    --            (499)        (114,476)         459,755


Issuance of 3,508,425 shares at $0.12                        --              --               --          421,011

Issuance of 201,200 shares at $0.32                          --              --               --           64,387

Foreign currency translation loss                            --            (644)              --             (644)

Net loss                                                     --              --         (255,020)        (255,020)
                                                  -------------   -------------    -------------    -------------


BALANCE DECEMBER 31, 2003                                    --          (1,143)        (369,496)         689,489


Issuance of 434,600 shares at $0.12                          --              --               --           52,150

Issuance of 1,125,275 shares at $0.32                        --              --               --          360,086

Issuance of 1,616,000 shares at $0.50                        --              --               --          807,998

Fair  market value of Stockk options
granted for services                                         --              --               --          695,052

Fair value of  shares issued for services                    --              --               --           50,000

Exercise of options                                          --              --               --              200

Deferred consulting expenses                                 --              --               --         (390,890)

Foreign currency translation loss                            --            (457)              --             (457)

Net loss                                                     --              --         (944,437)        (944,437)
                                                  -------------   -------------    -------------    -------------


BALANCE DECEMBER 31, 2004                                    --   $      (1,600)   $  (1,313,933)   $   1,319,191

</TABLE>

    See accompanying notes to the condensed consolidated financial statements


                                       5
<PAGE>

                    BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
             UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
          IN SHAREHOLDERS' EQUITY FOR THE PERIOD FROM FEBRUARY 11, 2002
               (INCEPTION) THROUGH SEPTEMBER 30, 2006 (continued)

<TABLE>
<CAPTION>

                                                                                                                       Common
                                                                                   Additional                           Stock
                                                          Common Stock               Paid-in         Deferred           To Be
                                                    Shares           Amount          Capital       Compensation        Issued
                                                 -------------    -------------   -------------    -------------    -------------
<S>                                              <C>              <C>             <C>              <C>              <C>

BALANCE DECEMBER 31, 2004                           30,271,590    $      30,272   $   2,995,342    $    (390,890)   $          --


Issuance of 2,179,947 shares at $0.50                2,179,947            2,180       1,087,794               --               --

Stock options issued for services                           --               --          34,935          (34,935)              --

Stock  options  granted to employees  and
officers                                                    --               --         680,605         (680,605)              --

Amortization  of deferred  consulting and
compensation expenses                                       --               --              --          458,127               --

Return of options                                           --               --        (139,604)         139,604               --

Exercise of options                                         --               --            (328)              --              328

Foreign currency translation gain                           --               --              --               --               --

Net loss                                                    --               --              --               --               --
                                                 -------------    -------------   -------------    -------------    -------------


BALANCE DECEMBER 31, 2005                           32,451,537    $      32,452   $   4,658,744    $    (508,698)   $         328


Stock issued for service                               122,000              122         286,508         (286,650)              20

Issuance of 540,348 shares at $1.20                    540,348              540         647,877               --               --

100,000 shares to be issued at $1.20                        --               --         119,900              100              (20)

Reclassification employee deferred
compensation                                                --               --        (394,083)         394,083               --

Amortization  of deferred  consulting and
compensation expenses                                       --               --              --          321,020               --

Exercise of options                                    378,116              378              --               --             (328)

Forfeiture of options                                       --               --          (1,143)           1,143               --

Vested options granted to employees                         --               --          43,637               --               --

Foreign currency translation gain                           --               --              --               --               --

Net loss                                                    --               --              --               --               --
                                                 -------------    -------------   -------------    -------------    -------------
BALANCE September 30, 2006 (unaudited)              33,492,001    $      33,492   $   5,361,440    $     (79,102)   $         120
                                                 =============    =============   =============    =============    =============


<CAPTION>

                                                                                     Deficit
                                                                   Accumulated     Accumulated
                                                                      Other        During The
                                                 Subscriptions    Comprehensive    Development
                                                  receivables      Gain (Loss)        Stage            Total
                                                 -------------    -------------   -------------    -------------
<S>                                              <C>              <C>             <C>              <C>

BALANCE DECEMBER 31, 2004                        $          --    $      (1,600)  $  (1,313,933)   $   1,319,191


Issuance of 2,179,947 shares at $0.50                       --               --              --        1,089,974

Stock options issued for services                           --               --              --               --

Stock  options  granted to employees  and
officers                                                                     --              --               --

Amortization  of deferred  consulting and
compensation expenses                                       --               --              --          458,127

Return of options                                           --               --              --               --

Exercise of options                                         --               --              --               --

Foreign currency translation gain                           --           26,882              --           26,882

Net loss                                                    --               --      (1,253,093)      (1,253,093)
                                                 -------------    -------------   -------------    -------------


BALANCE DECEMBER 31, 2005                        $          --    $      25,282   $  (2,567,026)   $   1,641,082


Stock issued for service                                    --               --              --               --

Issuance of 540,348 shares at $1.20                        (71)              --              --          648,346

100,000 shares to be issued at $1.20                        --               --              --          119,980

Reclassification employee deferred
compensation                                                --               --              --               --

Amortization  of deferred  consulting and
compensation expenses                                       --               --              --          321,020

Exercise of options                                         --               --              --               50

Forfeiture of options                                                        --              --               --

Vested options granted to employees                         --               --              --           43,637

Foreign currency translation gain                           --           33,282              --           33,282

Net loss                                                    --               --      (1,052,984)      (1,052,984)
                                                 -------------    -------------   -------------    -------------
BALANCE September 30, 2006 (unaudited)           $         (91)   $      58,564   $  (3,620,010)       1,754,413
                                                 =============    =============   =============    =============

</TABLE>

    See accompanying notes to the condensed consolidated financial statements


                                       6
<PAGE>

                    BIO-BRIDGE SCIENCE INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
  UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS
      PERIODS ENDED SEPTEMBER 30,2006 AND THE PERIOD FROM FEBRUARY 11, 2002
                     (INCEPTION) THROUGH SEPTEMBER 30, 2006

<TABLE>
<CAPTION>

                                                                                                                For the Period
                                                                                                                 From February
                                                                                                                   11, 2002
                                                                                                                  (Inception)
                                                                          For Nine Months    For Nine Months        Through
                                                                          Ended September    Ended September     September 30,
                                                                             30, 2006           30, 2005              2006
                                                                          ---------------    ---------------    ---------------
<S>                                                                       <C>                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                                                 $    (1,052,984)   $      (762,950)   $    (3,620,010)
 Adjustments  to  reconcile  net  loss to net  cash  used in
operating activities:
 Depreciation                                                                       5,055              4,871             17,668
 Amortization of land use right                                                    12,262              3,650             51,909
 Amortization of interest income                                                       --               (849)                --
 Non cash stock compensation expense                                              364,659            253,782          1,126,948
 Stock issued for services                                                             --                 --             50,000
 Loss on sale of investment                                                            --                 --              2,107
 Decrease (increase) in inventory                                                  (6,954)                --             (6,954)
 Decrease (increase) in prepaid expense and other assets                             (183)           (13,075)           (35,164)
 (Decrease) increase in accrued expenses and other payable                         54,237             87,822            183,606
                                                                          ---------------    ---------------    ---------------
    Net Cash Used In Operating Activities                                        (623,908)          (426,749)        (2,229,890)
                                                                          ---------------    ---------------    ---------------

CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of land use right                                                            --                 --           (394,559)
 Increase in construction in progress                                            (267,908)          (473,764)        (1,205,888)
 Purchase of fixed assets                                                         (59,082)           (16,118)          (100,264)
 Purchase of investment                                                                --                 --            (40,000)
 Decrease in advance to a construction contractor                                      --            362,472                 --
 Advance to employees                                                                  --                 --             19,069
                                                                          ---------------    ---------------    ---------------
    Net Cash Used In Investing Activities                                        (326,990)          (127,410)        (1,721,642)
                                                                          ---------------    ---------------    ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
 Proceeds from sale of common stock                                               768,376          1,089,994          4,138,913
                                                                          ---------------    ---------------    ---------------
    Net Cash Provided By Financing Activities                                     768,376          1,089,994          4,138,913
                                                                          ---------------    ---------------    ---------------


NET INCREASE (DECREASE) INCASH AND CASH EQUIVALENTS                              (182,524)           535,835            187,381

EFFECT OF EXCHANGE RATE CHANGES ON CASH                                            28,847             22,490             44,588

 Cash and cash equivalents, beginning of period                                   385,646            495,805                 --
                                                                          ---------------    ---------------    ---------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                  $       231,969    $     1,054,130    $       231,969
                                                                          ===============    ===============    ===============

SUPPLEMENTAL CASH FLOW INFORMATION
 Interest Paid                                                            $            --    $            --    $            --
                                                                          ===============    ===============    ===============
 Income taxes Paid                                                        $            --    $            --    $            --
                                                                          ===============    ===============    ===============

    See accompanying notes to the condensed consolidated financial Statements

</TABLE>


                                       7
<PAGE>



                    BIO-BRIDGE SCIENCE, INC. AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
             NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
                  STATEMENTS AS OF SEPTEMBER 30, 2006 AND 2005

NOTE 1 - BASIS OF PRESENTATION

The unaudited condensed consolidated financial statements of Bio Bridge Science
Inc. (the "Company") have been prepared in accordance with generally accepted
accounting principles in the United States for interim financial information and
pursuant to the requirements for reporting on Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all the information and
footnotes required by accounting principles generally accepted in United States
of America for complete financial statements. However, such information reflects
all adjustments (consisting solely of normal recurring adjustments), which are,
in the opinion of management, necessary for the fair presentation of the
consolidated financial position and the consolidated results of operations.
Results shown for interim periods are not necessarily indicative of the results
to be obtained for a full fiscal year.

The condensed consolidated balance sheet information as of December 31, 2005 was
derived from the audited consolidated financial statements included in the
Company's annual report on Form 10-KSB. These interim financial statements
should be read in conjunction with that report.

NOTE 2 - NATURE OF COMPANY

Bio-Bridge Science, Inc. (a development stage company) ("the Company" or " we")
was incorporated in the State of Delaware on October 26, 2004 to serve as a
vehicle to execute an exchange of capital stock with Bio-Bridge Science
Corporation, a Cayman Islands corporation, to redomicile from the Cayman Islands
to Delaware. The Company's fiscal year end is December 31.

The Company is a development stage enterprise as defined by Statement of
Financial Accounting Standards (SFAS) No. 7, "Accounting and Reporting by
Development Stage Enterprises." All losses accumulated since the inception of
the Company will be considered as part of the Company's development stage
activities.

On December 1, 2004, the Company acquired all of the outstanding shares of
Bio-Bridge Science Corporation ("BBSC"), a Cayman Islands corporation, in
exchange for 29,971,590 shares of its common stock, and as a result, BBSC became
a wholly owned subsidiary of Bio-Bridge Science, Inc. BBSC was incorporated in
the Cayman Islands on February 11, 2002. At the time of the exchange, BBSC held
a 100% interest in Bio-Bridge Science (Beijing) Corp. ("BBS Beijing") a
wholly-foreign funded enterprise of the People's Republic of China ("PRC") which
was established on May 20, 2002. Bio-Bridge Science (Beijing) has been issued an
operating license for 25 years, which can be renewed for an additional 25-year
term for a nominal fee. BBS Beijing is currently engaged in the development and
commercialization of the HIV-PV vaccine I in mainland China and also plans to
develop new products, such as HPV vaccine, colon cancer vaccine and mucosal
adjuvant in collaboration with other leading medical research institutes or
medical companies based in China.

The acquisition was accounted for as a reverse merger (recapitalization) with
Bio-Bridge Science Corporation deemed to be the accounting acquirer, and
Bio-Bridge Science, Inc. deemed to be the legal acquirer. Accordingly, the
historical financial information presented in the financial statements is that
of Bio-Bridge Science Corporation as adjusted to give effect to any difference
in the par value of the issuer's and the accounting acquirer's stock with an
offset to capital in excess of par value. The basis of the assets, liabilities
and retained earnings of BBSC, the accounting acquirer has been carried over in
the recapitalization.

NOTE 3 - GOING CONCERN

The accompanying condensed consolidated financial statements have been prepared
on the basis that the Company will continue as a going concern which assumes the
realization of assets and settlement of liabilities in the normal course of
business. Since its inception, the Company has been engaged in organizational
and pre-operating activities. Furthermore, the Company has generated
insignificant revenues and has incurred accumulated losses and negative
operating cash flows of $3,620,010 and $2,229,890, respectively, from inception
through September 30, 2006, and a working capital deficiency of $337,705 as of
September 30, 2006. Continuation of the Company's existence is dependent upon
its ability to obtain additional capital and sustain profitable operations.

The uncertainty related to these conditions raises substantial doubt about the
Company's ability to continue as going concern. The accompanying condensed
consolidated financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

During the next 12 months, the Company intends to raise capital through an
offering of its securities or from loans to continue research and development of
HIV-PV Vaccine I in China as well as complete the construction of its laboratory
in China and continue operations. On November 29, 2005, the Company entered into
an Investment Agreement with Dutchess Private Equities Fund, LP, a Delaware
limited partnership based in Boston ("Dutchess"). Under the terms of the
Agreement, Dutchess has agreed to purchase from the Company up to $10,000,000 of
the Company's common stock over a 24-month period (Please see investment
agreement in Note 5).


                                       8
<PAGE>

The Company believes it will have a need for financing and cannot guarantee that
financing will be available, on acceptable terms or at all. From January 1, 2006
to September 30, 2006, the Company sold 640,348 shares of its common stock,
which were issued to 41 investors pursuant to Regulation S and Regulation D
under the Securities Act of 1933, and raised proceeds of $768,376.

At this time, the Company is unable to determine when the HIV-PV Vaccine I will
become fully developed, manufactured and sold. Also the Company plans to develop
new products, such as HPV vaccine, colon caner vaccine and mucosal adjuvant in
the first half of 2007, but the Company cannot guarantee that these
aforementioned products will be fully developed and enter human clinical trials.
The Company does not expect to generate any significant revenues in the next 12
months. If the Company fails to obtain financing, either through an offering of
its securities or from loans from certain sources, it may be unable to maintain
its planned operations.

NOTE 4-SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

 Economic and Political Risks

The Company faces a number of risks and challenges since its operation is in PRC
and its primary market is in the PRC. We have operations in China, where we are
currently engaged in the commercialization of our HIV-PV Vaccine I product and
other related activities. Our business operations may be adversely affected by
the political environment in the PRC. The PRC has operated as a socialist state
since 1949 and is controlled by the Communist Party of China. In recent years,
however, the government has introduced reforms aimed at creating a "socialist
market economy" and policies have been implemented to allow business enterprises
greater autonomy in their operations. Changes in the political leadership of the
PRC may have a significant effect on laws and policies related to the current
economic reforms program, other policies affecting business and the general
political, economic and social environment in the PRC, including the
introduction of measures to control inflation, changes in the rate or method of
taxation, the imposition of additional restrictions on currency conversion and
remittances abroad, and foreign investment. These effects could substantially
impair our business, profits or prospects in China. Moreover, economic reforms
and growth in the PRC have been more successful in certain provinces than in
others, and the continuation or increases of such disparities could affect the
political or social stability of the PRC.

Use of Estimates

The preparation of the consolidated financial statements in conformity with
generally accepted accounting principles in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the
reported amounts of revenues and expenses during the reporting periods.

Management makes these estimates using the best information available and the
best judgment at the time the estimates are made; however, actual results could
differ materially from those estimates.

Land Use Right

Land use right represents the right to use and lease land in the PRC. The cost
of such acquired right has been capitalized, and is being amortized using the
straight-line method over twenty- five years, which are in accordance with the
operating license period granted by the Chinese government.

Construction in Progress

Construction in progress represents direct costs of constructing our facility in
the PRC. Capitalization of these costs will cease and the construction in
progress will be transferred to fixed assets when substantially all the
activities necessary to prepare the assets for their intended use are completed.
No depreciation will be expensed until the facility is completed and ready for
its intended use.

Cash and Cash Equivalents

For financial reporting purpose, the Company considers all highly liquid
investments purchased with original maturity of three months or less to be cash
equivalents. Cash of the Bio-Bridge Science (Beijing) Corporation, a subsidiary
of the Company, is held in accounts at financial institutions, which are located
in the PRC. The Company and subsidiaries have not experienced any losses in such
accounts and do not believe that cash is exposed to any significant credit risk.
All of BBS Beijing's cash on hand and certain bank deposits are denominated in
Renminbi ("RMB") and translated at the exchange rate at the end of the period.


                                       9
<PAGE>

 Foreign Currency Translation

The Company's financial information is presented in US dollars. The functional
currency Renminbi (RMB) of the Company is translated into United States dollars
from RMB at quarter / year-end exchange rates as to assets and liabilities and
average exchange rates as to revenues and expenses. Capital accounts are
translated at their historical exchange rates when the capital transactions
occurred.

<TABLE>
<CAPTION>

                                                    2006        2005
                                                 ---------   ---------
<S>                                              <C>         <C>

     Quarter / Year end RMB: US$ exchange rate      7.9087      8.0702

     Average yearly RMB: US$ exchange rate          7.9895      8.1734

</TABLE>


The RMB is not freely convertible into foreign currency and all foreign exchange
transactions must take place through authorized institutions. No representation
is made that the RMB amounts could have been, or could be, converted into US
dollars at the rates used in translation.

On July 22, 2005, the Renminbi rose approximately 2 percent against the US
dollar at the exchange rate of 8.11 to 1. The Chinese government manifested that
it would adopt a more flexible exchange rate system. Therefore, it is expected
that the RMB will further appreciate against major currencies gradually in the
future.

 Comprehensive Income

Comprehensive income is defined to include all changes in equity except those
resulting from investments by owners and distributions to owners. Among other
disclosures, all items that are required to be recognized under current
accounting standards as components of comprehensive income should be reported in
a financial statement that is presented with the same prominence as other
financial statements. The Company's only current component of comprehensive
income is a foreign currency translation adjustment.

Loss Per Share

Basic loss per share has been computed using the weighted average number of
common shares outstanding during the period. Diluted earnings per share is
computed based on the weighted average number of common shares and all common
equivalent shares outstanding during the period in which they are dilutive.
Common equivalent shares consist of shares issuable upon the exercise of stock
options (using the treasury stock method) or warrants. As of September 30, 2006,
common stock equivalents consist of 2,665,675 options that each convert into one
share of the Company's common stock. For the three and nine months ended
September 30, 2006 and 2005, common equivalent shares have been excluded from
the calculation of diluted loss per share as their effect is anti-dilutive.

Stock-Based Compensation

The Company accounts for stock option and warrant grants issued to employees and
non-employees using the guidance of the revised SFAS No 123, "Accounting for
Stock-Based Compensation" and EITF No. 96-18: "Accounting for Equity Instruments
that are Issued to Other Than Employees for Acquiring, or in Conjunction with
Selling, Goods or Services," whereby the fair value of such option and warrant
grants is determined using the Black-Scholes-Merton option pricing model at the
date of grant.

We have adopted SFAS No. 123 (revised 2004), "Share-Based Payment," or SFAS
123R, and its related implementation guidance as promulgated by both the
Financial Accounting Standards Board ( the "FASB"), and the Securities and
Exchange Commission ("SEC") Staff Accounting Bulletin ("SAB") No 107, or SAB
107, associated with the accounting for stock-based compensation arrangements of
our employees and directors. These pronouncements require that equity-based
compensation cost be measured at the grant date (based upon an estimate of the
fair value of the compensation granted) and recorded to expense over the
requisite service period, which generally is the vesting period. We adopted SFAS
123R using the modified prospective method in the first quarter of 2006.

We estimate the fair value of equity-based compensation utilizing the
Black-Scholes option pricing model. This model requires the input of several
factors such as the expected option term, expected volatility of our stock price
over the expected term, expected risk-free interest rate over the expected
option term, and an estimate of expected forfeiture rate, and is subject to
various assumptions. We believe this valuation methodology is appropriate for
estimating the fair value of stock options granted to employees and directors
which are subject to SFAS 123R requirements. These amounts are estimated and
thus may not be reflective of actual future results, nor amounts ultimately
realized by recipients of these grants. These amounts, and the amounts
applicable to future quarters, are also subject to future quarterly adjustments
based upon a variety of factors.

As a result of adopting SFAS 123R on January 1, 2006, we recognized stock-based
compensation expense of $364,659 for the nine months ended September 30, 2006.
We also recorded the non-vested portion of non-employees deferred compensation
of $79,103 during the nine months ended September 30, 2006 in accordance with
the financial reporting requirements of SFAS 123R.


                                       10
<PAGE>

Recent Accounting Pronouncements

On September 15, 2006, the FASB issued SFAS No.157, "Fair Value Measurements",
which provides enhanced guidance for using fair value to measure assets and
liabilities. In support of this fair value principle, the standard establishes a
fair value hierarchy that prioritizes the information used to develop those fair
value assumptions. The fair value hierarchy gives the highest priority to quoted
prices in active markets and the lowest priority to unobservable data. SFAS No.
157 is effective for financial statements issued for fiscal years beginning
after November 15, 2007. The adoption of this standard will not have a material
effect on the Company's financial position or results of operations.

On September 29, 2006, the FASB issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans an amendment of FASB
Statements No. 87, 88, 106, and 132(R)" SFAS No.158 requires an employer to
recognize the overfunded or underfunded status of a defined benefit
postretirement plan (other than a multiemployer plan) as an asset or liability
in its statement of financial position and to recognize changes in that funded
status in the year in which the changes occur through comprehensive income of a
business entity or changes in unrestricted net assets of a not-for-profit
organization. This Statement also improves financial reporting by requiring an
employer to measure the funded status of a plan as of the date of its year-end
statement of financial position, with limited exceptions. SFAS No. 158 requires
that publicly traded companies initially recognize the funded status of a
defined benefit postretirement plan and provide the required disclosures as of
the end of the fiscal year ending after December 15, 2006. The adoption of this
standard will not have a material effect on the Company's financial position or
results of operations.

NOTE 5 - SHAREHOLDER'S EQUITY

The following represents transactions involving the purchases of the Company's
common stock for cash categorized by period (for the period from the date of
inception to September 30, 2006):

2002:

ISSUANCE OF 13,750,000 SHARES AT $0.00004 PER SHARE FOR TOTAL CONSIDERATION OF
$550

o At inception, 13,750,000 shares of common stock were issued for a total cash
  payment of $550.

ISSUANCE OF 7,461,090 SHARES AT $0.0468 PER SHARE FOR TOTAL CONSIDERATION OF
$349,180

o On July 15, 2002, 1,675,000 shares were issued to two individuals for a total
  cash payment of $78,390.

o On July 19, 2002, 2,125,000 shares were issued for a cash payment of $99,450.

o On September 27, 2002, 786,090 shares were issued for a cash payment of
  $36,790.

o On November 8, 2002, 2,875,000 shares were issued to 9 individuals for a total
  cash payment of $134,550.

ISSUANCE OF 1,875,000 SHARES AT $0.12 PER SHARE FOR TOTAL CONSIDERATION OF
$225,000

o On September 6, 2002, 375,000 shares of common stock were issued for a cash
  payment of $45,000.

o On November 8, 2002, 250,000 shares were issued for a cash payment of $30,000.

o On November 12, 2002, 1,250,000 shares were issued to five individuals for a
  total cash payment of $150,000.

2003:

ISSUANCE OF 3,508,425 SHARES AT $0.12 PER SHARE FOR TOTAL CONSIDERATION OF
$421,011

o On July 14, 2003, 250,000 shares were issued for a cash payment of $30,000.

o On July 28, 2003, 75,000 shares were issued for a cash payment of $9,000.

o On July 29, 2003, 291,750 shares were issued for a cash payment of $35,010.

o On August 7, 2003, 50,000 shares were issued to two individuals for a total
  cash payment of $6,000.

o On September 2, 2003, 125,000 shares were issued for a cash payment of
  $15,000.

o On September 3, 2003, 1,500,000 shares were issued for a cash payment of
  $180,000.


                                       11
<PAGE>

o On September 12, 2003, 83,350 shares were issued for a cash payment of
  $10,001.

o On November 5, 2003, 883,325 shares were issued to two individuals for a total
  cash payment of $106,000.

o On December 31, 2003, 250,000 shares were issued for $30,000. This amount was
  recorded as subscription receivable by the Company as of December 31, 2003
  and subsequently collected on January 5, 2004.

ISSUANCE OF 201,200 SHARES AT $0.32 PER SHARE FOR TOTAL CONSIDERATION OF $64,387

o On October 20, 2003, 93,750 shares were issued to two individuals for a total
  cash payment of $30,000.

o On November 5, 2003, 28,025 shares were issued for a cash payment of $8,977.

o On November 6, 2003, 25,000 shares were issued for a cash payment of $8,000.

o On November 12, 2003, 23,175 shares were issued to three individuals for a
  total cash payment of $7,410.

o On December 18, 2003, 31,250 shares were issued for a cash payment of $10,000.

2004:

ISSUANCE OF 434,600 SHARES PER SHARE AT $0.12 FOR TOTAL CONSIDERATION OF $52,150

o On March 25, 2004, 434,600 shares were issued to three individuals for a total
  cash payment of $52,150.

ISSUANCE OF 1,125,275 SHARES PER SHARE AT $0.32 FOR TOTAL CONSIDERATION OF
$360,086

o On January 26, 2004, 12,500 shares of common stock were issued for a cash
  payment of $4,000.

o On January 30 2004, 14,750 shares were issued for a cash payment of $4,720.

o On February 18, 2004, 31,250 shares were issued for a cash payment of $10,000.

o On March 5, 2004, 14,175 shares were issued for a cash payment of $4,540.

o On March 15, 2004, 23,375 shares were issued to three individuals for a total
  cash payment of $7,480.

o On March 17, 2004, 15,625 shares were issued for a cash payment of $5,000.

o On March 26, 2004, 46,875 shares were issued to two individuals for a total
  cash payment of $15,000.

o On March 31, 2004, 31,250 shares were issued for a cash payment of $10,000.

o On April 2, 2004, 31,250 shares were issued for a cash payment of $10,000.

o On April 6, 2004, 31,250 shares were issued for a cash payment of $10,000.

o On April 28, 2004, 57,500 shares were issued for a cash payment of $18,400.

o On April 30, 2004, 251,725 shares were issued to ten individuals for a total
  cash payment of $80,546.

o On May 11, 2004, 50,000 shares were issued to two individuals for a total cash
  payment of $16,000.

o On May 15, 2004, 13,750 shares were issued for a cash payment of $4,400.

o On May 28, 2004, 500,000 shares were issued for a cash payment of $160,000.

ISSUANCE OF 1,616,000 SHARES AT $0.50 PER SHARE FOR TOTAL CONSIDERATION OF
$807,998

o On May 31, 2004, 20,000 shares were issued for a cash payment of $10,000.

o On September 1, 2004, 240,000 shares were issued to three individuals for a
  total cash payment of $120,000.


                                       12
<PAGE>

o On September 4, 2004, 85,000 shares were issued to four individuals for a
  total cash payment of $42,498.

o On September 5, 2004, 81,000 shares were issued to three individuals for a
  total cash payment of $40,500.

o On September 7, 2004, 80,000 shares were issued to four individuals for a
  total cash payment of $40,000.

o On September 8, 2004, 40,000 shares were issued to two individuals for a total
  cash payment of $20,000.

o On September 9, 2004, 60,000 shares were issued to two individuals for a total
  cash payment of $30,000.

o On September 11, 2004, 140,000 shares were issued to six individuals for a
  total cash payment of $70,000.

o On September 12, 2004, 60,000 shares were issued to two individuals for a
  total cash payment of $30,000.

o On September 13, 2004, 20,000 shares were issued for a cash payment of
  $10,000.

o On September 14, 2004, 260,000 shares were issued to nine individuals for a
  total cash payment of $130,000.

o On September 15, 2004, 530,000 shares were issued to twelve individuals for a
  total cash payment of $265,000.

2005:

ISSUANCE OF 2,179,947 SHARES AT $0.5 PER SHRAE FOR TOTAL CONSIDERATION OF
$1,089,974

o On April 22, 2005, 20,000 shares were issued to one individual for a total
  cash payment of $10,000.

o On May 9, 2005, 100,000 shares were issued to one individual for a cash
  payment of $50,000

o On May 10, 2005, 100,000 shares were issued to one individual for a cash
  payment of $50,000.

o On May 20, 2005, 100,000 shares were issued to one individual for a total cash
  payment of $50,000.

o On September 6, 2005, 60,000 shares were issued to one individual for a total
  cash payment of $30,000.

o On September 13, 2005, 50,000 shares were issued to two individuals for a
  total cash payment of $25,000.

o On September 15, 2005, 40,000 shares were issued to one individual for a total
  cash payment of $20,000.

o On September 20, 2005, 100,000 shares were issued to two companies for a total
  cash payment of $50,000.

o On August 23, 2005, 30,000 shares were issued to two individuals for a total
  cash payment of $15,000.

o On August 26, 2005, 60,000 shares were issued to three individuals for a total
  cash payment of $30,000.

o On August 29, 2005, 130,000 shares were issued to five individuals for a total
cash payment of $65,000.

o On August 30, 2005, 116,250 shares were issued to three individuals for a
  total cash payment of $58,125.

o On August 31, 2005, 766,046 shares were issued to twenty-five individuals for
a total cash payment of $383,023.

o On September 5, 2005, 40,000 shares were issued to one individual for a total
  cash payment of $20,000.

o On September 12, 2005, 352,651 shares were issued to one individual for a
  total cash payment of $176,326.

o On September 22, 2005, 100,000 shares were issued to one individual for a
  total cash payment of $50,000.

o On September 23, 2005, 15,000 shares were issued to one individual for a total
  cash payment of $7,500.

2006:

ISSUANCE OF 540,348 SHARES AT $1.20 PER SHARE FOR TOTAL CONSIDERATION OF
$648,417

o On January 20, 2006, 78,333 shares were sold to six individuals for a total
  cash payment of $94,000.


                                       13
<PAGE>

o On January 25, 2006, 28,000 shares were sold to five individuals for a cash
  payment of $33,600.

o On January 30, 2006, 64,167 shares were sold to three individuals for a cash
  payment of $77,000.

o On March 20, 2006, 92,848 shares were sold to six individuals for a total cash
  payment of $111,417.

o On March 22, 2006, 30,000 shares were sold to three individuals for a total
  cash payment of $36,000.

o On March 24, 2006, 29,500 shares were sold four individuals for a total cash
  payment of $35,400.

o On March 28, 2006, 30,000 shares were sold to six individuals for a total cash
  payment of $36,000.

o On March 29, 2006, 91,500 shares were sold to four individuals for a total
  cash payment of $109,800.

o On March 30, 2006, 6,000 shares were sold to two individuals for a total cash
  payment of $7,200.

o On June 30, 2006, 90,000 shares were sold to two individuals for a total cash
  payment of $108,000.

SALE OF 100,000 SHARES AT $1.20 PER SHARE TO BE ISSUED FOR TOTAL CONSIDERATION
OF $120,000

o On September 6, 2006, 100,000 shares were sold to an individual for a total
  cash payment of $120,000.

ISSUANCES OF COMMON STOCK FOR SERVICES

On February 9, 2006, the Company and CEOcast, Inc. entered into an investor
relations consulting agreement whereby the Company committed to pay $5,000 a
month and a total 72,000 shares of common stock for purchase of investor
relations services during the next six months after the singing of the
agreement. In the first quarter of 2006, the Company paid $10,000 in cash for
the cash portion of the fees for the first month and the last month of the six-
month service and we also issued 36,000 shares of common stock to CEOcast, Inc.
In the second quarter of 2006, we paid $20,000 in cash to CEOcast, Inc for the
cash fee portion of the remaining four- month service and issued another 36,000
shares of common stock for service in accordance with the agreement The first
36,000 shares were valued at $64,800 using the closing share price of $1.80 at
the grant date. The second 36,000 shares of common stock were valued at $75,600
at the grant date on May 9, 2006, and our stock closing price on that day was
$2.10. The Company had amortized all $75,600 as compensation cost as of
September 30, 2006. During the first quarter of 2006, we terminated our prior
investor relations consulting agreement with Adam Friedman Associates, LLC and
paid all the amounts owed.

On March 6, 2006, we engaged CH Capital LLC for financial consulting services
and agreed to issue a total of 50,000 shares of common stock for these financial
consulting services. 25,000 shares were issued on signing and the remaining
25,000 shares are owed three months from the date of signing. The fair value of
the 50,000 shares was $101,250 and was allocated as follows: the value of the
first 25,000 shares was calculated using the closing share price of $1.80 on the
date of the signing and the value of the remaining 25,000 shares was calculated
using the closing share price of $2.25 on September 6, 2006. As of September 30,
2006, the Company had amortized $57,976 as compensation cost. The amount of
$43,274 was reflected as deferred compensation in the balance sheet as of
September 30, 2006.

On July 1, 2006, the Company issued a total of 20,000 shares of common stock to
two consultants, with 10,000 shares for each. The fair value of the 20,000
shares was $45,000 using the closing share price of $2.25 on July 1, 2006. As of
September 30, 2006, the Company had amortized $11,250 as compensation cost and
the amount of $ 33,750 was reflected as deferred compensation as of September
30, 2006.

EXERCISE OF STOCK OPTIONS

2006:

During the second quarter, 50,000 options were exercised by Adam Friedman
Associates, LLC for a cash payment of $50.

ISSUANCES OF OPTIONS AND WARRANTS

On October 14, 2005, the Company issued to Liang Qiao, M.D., the Company's chief
executive officer, an option to purchase 600,000 shares of common stock at $0.55
per share to be exercised with a three-year period. The options granted were
valued at $157,770 at the date of grant, which was determined by the
Black-Scholes-Merton valuation method, using the following assumptions: no
expected dividend yield; risk-free interest rates of 3.4%; expected lives of 4
years; and estimated volatility of 70 percent based on recent history of the
stock price in the industry. The value of the options is being amortized over a
three- year requisite service period. As of September 30, 2006, $39,455 had been
amortized as compensation expense and included in the accompanying statements of
operations.

On October 14, 2005, the Company issued 25 employees options for the purchase of
a total of 1,345,000 shares of common stock at $0.50 per share to be exercised
with a ten-year period. The options granted were valued at $369,045 at the date
of grant, which was determined by the Black-Scholes-Merton valuation method,
using the following assumptions: no expected dividend yield; risk-free interest
rates of 3.4%; expected lives of 4 years; and estimated volatility of 70 percent
based on recent history of the stock price in the industry, and there is 0%
forfeiture rate. The value of the options is being amortized over a three- year
requisite service period (one twelfth (1/12) each quarter). In 2005, $30,754 was
charged as compensation expense. As of September 30, 2006, $91,882 had been
charged and included in the accompanying statements of operations. In the third
quarter of 2006, 20,000 options were forfeited.


                                       14
<PAGE>

On November 2, 2005, the Company issued to Adam Friedman Associates LLC, the
Company's investor relations consultant, an option to purchase 50,000 shares of
common stock at $.001 per share to be exercised within a one-year period in
consideration for financial consulting service to be provided over a one-year
period. The options granted were valued at $24,952 at the date of grant, which
was determined by the Black-Scholes-Merton valuation method, using the following
assumptions: no expected dividend yield; risk-free interest rates of 3.4%;
expected lives of 1.5 years; and estimated volatility of 70 percent based on
recent history of the stock price in the industry. The value of the options
issued was capitalized by the company as a prepaid consulting fee and is being
amortized over the one- year term of the service agreement. In 2005, $4,159 was
charged as consulting expense. As of September 30, 2006, $2,079 was capitalized
in the balance sheet and $22,873 had been amortized as consulting expense. Adam
Friedman Associates LLC exercised the 50,000 options in the second quarter of
2006 for a cash payment of $50.

INVESTMENT AGREEMENT

On November 29, 2005, the Company entered into an Investment Agreement with
Dutchess Private Equities Fund, LP, a Delaware registered limited partnership
based in Boston ("Dutchess"). Under the terms of the Agreement, Dutchess has
agreed to purchase from the Company up to $10,000,000 of the Company's common
stock over a 24-month period. After a registration statement covering the resale
of up to 2,000,000 shares of the Company's common stock is declared effective,
the Company has the right to deliver a put notice and sell to Dutchess (i)
$100,000 of its common stock or (ii) 200% of the average daily volume for the 10
trading days prior to the put notice date, multiplied by the average of three
daily closing bid prices immediately preceding the put date. The purchase price
per share identified in each put notice will be equal to 95% of the lowest
closing bid price of the Company's common stock during five trading days after
the applicable put notice date. Pursuant to the terms of the agreement, the
Company has the right to control the timing and amount of stock sold to
Dutchess. The Company is not entitled to submit a put notice until after the
closing of the previous put notice. Pursuant to the agreement, upon receipt of a
put notice, Dutchess will be required to purchase from the Company during the
applicable pricing period a number of shares having an aggregate purchase price
equal to the lesser of (i) the put amount identified in the put notice, and (ii)
20% of the aggregate trading volume of the Company's common stock during the
pricing period multiplied by the lowest closing bid price during the applicable
pricing period In addition, the agreement requires the Company to pay a
registered broker dealer 2.5% of the put amount on each draw towards the
placement agent fee up to a total cumulative amount of $10,000. The agreement
terminates upon the earlier to occur of the following events: (i) when Dutchess
has purchased an aggregate $10,000,000 of the Company's common stock, or an
aggregate of 2,000,000 shares of the Company's common stock; or (ii) on the date
which is 24 months after the effective date of the registration statement.

The Company filed a registration statement on Form SB-2 with respect to the
common stock being offered to Dutchess on December 30, 2005. The SB-2 was
declared effective by the SEC in January 2006.

At September 30, 2006, no shares had been issued under the Investment Agreement
with Dutchess.

NOTE 6 - STOCK OPTION PLAN

On December 1, 2004, the Company's shareholders approved the 2004 Stock
Incentive Plan The 2004 stock incentive plan provides for the grant of incentive
stock options to our employees, and for the grant of non-statutory stock
options, restricted stock, stock appreciation rights and performance shares to
our employees, directors and consultants. The Company has reserved a total of
2,000,000 shares of its common stock for issuance pursuant to the 2004 stock
incentive plan. The 2004 stock incentive plan does not provide for automatic
annual increases in the number of shares available for issuance under the plan.
As of September 30, 2006, 1,960,000 options had been granted under this plan.

The administrator determines the exercise price of options granted under our
2004 stock incentive plan, but the exercise price must not be less than 85% of
the fair market value of our common stock on the date of grant. In the event the
participant owns 10% or more of the voting power of all classes of our stock,
the exercise price must not be less than 110% of the fair market value per share
of our common stock on the date of grant. With respect to all incentive stock
options, the exercise price must at least be equal to the fair market value of
our common stock on the date of grant The term of an incentive stock option may
not exceed 10 years, except with respect to any participant who owns 10% of the
voting power of all classes of our outstanding stock or the outstanding stock of
any parent or subsidiary of ours, which the term must not exceed five years and
the exercise price must equal at least 110% of the fair market value on the
grant date. The administrator determines the term of all other options; however,
no option will have a term in excess of 10 years from the date of grant.

The following table summarizes the stock option activity under the plan and
outside-the-plan issuances:


                                       15
<PAGE>

<TABLE>
<CAPTION>

                                          Options    Weighted Average
                                          Granted     Exercise Price
                                         ---------   ----------------
<S>                                      <C>         <C>

     Outstanding at January 1, 2006      2,837,675   $           0.36
     Granted                                    --                 --
     Exercised                             (50,000)                --
     Withdrawn                            (122,000)  $           0.10
                                         ---------   ----------------
     Outstanding at September 30, 2006   2,665,675   $           0.37
                                         =========   ================
     Exercisable at September 30, 2006   1,385,675   $           0.24
                                         =========   ================

</TABLE>

The following table summarizes information about stock options outstanding as of
September 30, 2006:

<TABLE>
<CAPTION>

                                           Options Outstanding                           Options Exercisable
        ----------------------------------------------------------------------------------------------------------------------------
        Range of Exercise     Number of    Weighted Average       Weighted Average           Number of            Weighted  Average
             Prices            Shares       Exercise Price       Remaining Contractual         Shares              Exercise Price
                                                                   Life (in years)
        ----------------------------------------------------------------------------------------------------------------------------
         <S>                 <C>           <C>                   <C>                        <C>                  <C>
         $0.001 to $0.55     2,665,675          $0.36                  8.0                    1,385,675                 $0.10
                             ---------                                                        ---------

                             2,665,675                                                        1,385,675
                             =========                                                        =========

</TABLE>

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Lease commitment

As of September 30, 2006, the Company had remaining outstanding commitments in
respect to its non-cancelable operating lease for its office in Oak Brook, IL,
of which $6,578 is due through December 31, 2006 and $17,542 is due in 2007, and
its offices in Beijing, PRC (which is leased from Wenhui Qiao, our director and
president, and his wife), of which $4,506 is due through December 31, 2006 and
$9,012 is due in 2007.

Royalty and License Arrangements

Liang Qiao, M.D., our co-founder and chief executive officer, is one of the four
co-inventors of our core technology that was assigned to Loyola University
Chicago in April 2001. Under an agreement with Loyola University Chicago, the
Company has obtained exclusive rights to this technology for use in its future
products within the United States, Japan and the People's Republic of China,
including mainland China, Hong Kong, Taiwan and Macau. The license continues
perpetually or for the maximum period of time permitted by law, unless
terminated earlier under the terms of the agreement. Pursuant to this agreement,
Loyola receives a royalty of 4% from the net profit for all uses of the licensed
technology, including uses under sublicenses. As of September 30, 2006, we had
not generated any revenues from the sale of any products under development, nor
had we received any revenues from sublicenses.

Research and Development agreements

On May 6, 2004, the Company and Beijing Institute of Radiation Medicine entered
into agreements for pre-clinical animal testing of HIV-PV Vaccine I. The
aggregate amount for the testing is $122,348 and as of September 30, 2006, the
remaining commitment was $35,360.

Contractual Obligations Schedule

Payments due as of September 30, 2006 under contractual obligations mature as
follows:

<TABLE>
<CAPTION>

                                  Payments due by period ($ in thousands)
                                ------------------------------------------
                                                less than       2007 and
     Obligations                   Total       three months      beyond
     ------------------------   ------------   ------------   ------------
<S>  <C>                        <C>            <C>            <C>
     Lease obligation                     38             11             27
     R&D agreement obligation             35             35             --
                                ------------   ------------   ------------
     Total                                73             46             27
                                ============   ============   ============

</TABLE>

                                       16
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

Some of the statements made by us in this Quarterly Report on Form 10-QSB are
forward-looking in nature, including but not limited to, statements relating to
our future revenue and expenses, product development, future market acceptance,
levels of research and development, our management's plans and objectives for
our current and future operations, and other statements that are not historical
facts. Forward-looking statements include, but are not limited to, statements
that are not historical facts, and statements including forms of the words
"intend", "believe", "will", "may", "could", "expect", "anticipate", "plan",
"possible", and similar terms Actual results could differ materially from the
results implied by the forward looking statements due to a variety of factors,
many of which are discussed throughout this Quarterly Report and in our SEC
filings. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. We undertake
no obligation to publicly release any revisions to these forward-looking
statements that may reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, unless required by law. Factors
that could cause actual results to differ materially from those expressed in any
forward-looking statement made by us include, but are not limited to:

o our ability to finance our activities and maintain our financial liquidity;

o our ability to attract and retain qualified, knowledgeable employees;

o our ability to complete product development;

o our ability to obtain regulatory approvals to conduct clinical trials;

o our ability to design and market new products successfully;

o our failure to acquire new customers in the future;

o deterioration of business and economic conditions in our markets;

o intensely competitive industry conditions; and

In this document, the words "we," "our," "ours," and "us" refers to Bio-Bridge
Science, Inc. and our wholly owned subsidiaries, including Bio-Bridge Science
(Beijing) Co. Ltd., a Wholly-Foreign Funded Enterprise of the People's Republic
of China ("Bio-Bridge (Beijing)") and Bio-Bridge Science Corporation, a Cayman
Islands corporation.


OVERVIEW

Bio-Bridge Science, Inc. is a development stage company whose subsidiaries are
focused on the commercial development of vaccine related technology. The main
product we are developing is HIV-PV Vaccine I. The pre-clinical testing of
HIV-PV Vaccine I on laboratory animals in Beijing, China was completed, and the
testing result was issued in June 2006. Once the GMP facility is equipped
and the vaccine produced in the facility, we will apply to China's State Food
and Drug Administration for approval to conduct clinical trials of HIV-PV
Vaccine I. We have completed the construction of the outside body of our phase I
laboratory and bio-manufacturing facility, and the inner construction was
finished as of September 2006. The phase I interior and exterior construction
was completed according to GMP rules and requirements; however, construction of
high and low voltage electricity and installation of steam equipment is still
taking place with local suppliers. So the entire project was not completed as of
September 30, 2006. Therefore, the construction was still recorded as work in
process as of September 30, 2006, instead of fixed asset in the balance sheet as
of September 30, 2006.

Our primary strategy is to develop, test and obtain regulatory approval for
HIV-PV Vaccine I and other vaccine products in China first and then in the
United States and Japan. In May 2003, we purchased the right to use for fifty
years approximately 2.8 acres of land in the Tianzhu Export Processing Zone,
Shunyi District, Beijing, China to develop a laboratory and bio-manufacturing
facility in compliance with Good Manufacturing Practices, or GMP, regulations
primarily for clinical trials of HIV-PV Vaccine I. Under Chinese law, there is
no private ownership of land, and accordingly, we do not own this land. In July
2003, we engaged a contractor to design the GMP facility. The approximate total
cost of building the total facility, including the phase II project for the
administrative building, is $3 million.

Since inception, we have generated few revenues. We incurred net losses of
$1,253,093 in 2005 and $944,437 in 2004. As of September 30, 2006, we had an
accumulated deficit of $3,620,010 and a working capital deficiency of $337,705.
Our continued existence is dependent upon our ability to obtain additional
financing. Our capital requirements for the next 12 months, as they relate to
further research and development relating to our first product candidate, HIV-PV
Vaccine I and other new vaccine candidates, have been and will continue to be
significant. As of September 30, 2006, we have funded our operations through
equity offerings whereby we raised an aggregate $4,138,913 since inception. We
will need to obtain additional financing in addition to the funding already
raised through the sale of equity securities to fund our cash needs and continue
our operations beyond December 2006. During the nine months ended September 30,
2006, we have sold 640,348 shares pursuant to private placements, and have
received proceeds of $768,376 to date.


                                       17
<PAGE>

As of December 31, 2005, our independent auditors have added an explanatory
paragraph to their report of our audited financial statements for the year ended
December 31, 2005 stating that our accumulated net loss of $2,567,026, lack of
revenues and dependence on our ability to raise additional capital to continue
our existence, raise substantial doubt about our ability to continue as a going
concern. Our consolidated financial statements and their explanatory notes
included as part of this quarterly report do not include any adjustments that
might result from the outcome of this uncertainty. We are in discussions with
several potential institutional investors, but we have no investment commitment
or terms finalized as of September 30, 2006, except the investment agreement we
entered into with Dutchess Private Equities Fund, LP on November 29, 2005, which
is still in effect. If we fail to obtain additional financing, either through an
offering of our securities or by obtaining loans, we may be forced to reduce
operating costs and postpone completion of our laboratory and manufacturing
facility. Development of our vaccines or research programs would be adversely
affected or suspended altogether from such cost reductions, and we could be
forced to cease our business.

Plan of Operation

Our primary corporate focus is on the commercial development of HIV-PV Vaccine I
through our subsidiaries. Our capital requirements, particularly as they relate
to product research and development, have been and will continue to be
significant. Our future cash requirements and the adequacy of available funds
will depend on many factors, including the pace at which we are able to obtain
regulatory approvals of HIV-PV Vaccine I, whether or not a market develops for
our products and, if a market develops, the pace at which it develops, and the
pace at which the technology involved in making our products changes.


Also we plan to develop three more products in the near future to diversify our
potential product offerings, and these new potential products are summarized as
follows:

o HPV preventive and therapeutic vaccines - an oral vaccine that will be used
  to prevent and treat HPV 16, 18, 31, 45, and 58 infection (cover >90% of HPV
  causing cervical cancer).

o Colon cancer therapeutic vaccine--an oral vaccine that treats CEA+ colon
  cancer.

o Mucosal adjuvant -- an adjuvant that can be used to enhance vaccines efficacy
  in elderly, e.g. for influenza virus vaccine for age over 60.

The pre-clinical testing of HIV-PV Vaccine I on laboratory animals was completed
in Beijing Institute of Radiation Medicine, and the testing result was issued in
June 2006. Once the vaccine has been produced in our GMP facility, we will
submit application of clinical trial with SFDA. The clinical trial for
therapeutic vaccine is expected to last 2 to 3 years. The clinical trial for
preventive vaccine will last longer, most likely 5 to 7 years.

We plan to conduct the pre-clinical trials for HPV vaccines, Colon cancer
vaccine and mucosal adjuvant in cooperation with leading medical research
institutes in Beijing, China in early 2007. We estimate that we will complete
the pre-clinical trial of HPV vaccine by end- 2007 and enter clinical trials in
the first half of 2008. As we discussed previously, clinical trial for
therapeutic vaccine is expected to last 2 to 3 years. The clinical trial for
preventive vaccine will last longer, most likely 5 to 7 years according to our
estimate. All the technology applied in the new product candidates is based on
the technology co-developed by our CEO, Liang Qiao, M.D. Because we use the same
technology, we expect to use the same GMP facility in Beijing, China to produce
these vaccines for pre-clinical and clinical trials.

To date we have funded our operations from funds we raised in private offerings.
During the nine months ended September 30, 2006, we sold 640,348 shares of
common stock at a price of $1.20 per share to be issued to 41 investors from
private placements, and raised gross proceeds of $768,376. During the next
twelve months, we need to raise capital through an offering of our securities or
from loans to continue research and development of HIV-PV Vaccine I in China as
well as complete the construction of our phase two laboratory and administrative
facility in China, which we estimate will cost approximately $3 million for
total Phase I and II project works. We have funded half of the funds needed and
the remaining $1.5 million still needs to be funded for the two phase project
works as of September 30, 2006. We currently have no commitments to make
payments to complete the phase II construction project. We estimate that our
capital requirements for the next twelve months will be as follows:

o approximately $1.3 million for our laboratory/bio-manufacturing facility'
steam and electricity work for Phase I laboratory manufacturing facility project
in Beijing, China;

o approximately $1.0 million to purchase advanced laboratory equipment and
  supplies for our vaccine production;

o approximately $0.5 million to finish Phase I clinical study and the
  preparatory work;

o approximately $1.8 million for working capital and general corporate needs;
  and

o approximately $0.6 million for pre-clinical trials on HPV vaccines, colon
  cancer vaccine, and mucosal adjuvant.


                                       18
<PAGE>

In addition, we estimate that the total cost to bring our HIV-PV vaccine I
product to market in China will be $10 million for the therapeutic vaccine, and
an additional $6 million for the preventative vaccine. We expect that the
therapeutic vaccine can be brought to market in 2 to 3 years and the
preventative vaccine can be brought to market in 5 to 7 years, if we are
successful in raising the funds to complete development of the vaccine. As of
September 30, 2006, our cash and cash equivalents position was $ 231,969
Although we have received proceeds of $768,376 in the past nine months pursuant
to private equity financings, we will need to raise additional funds through the
public or private sales of our securities, loans, or a combination of the
foregoing. We cannot guarantee that financing will be available to us, on
acceptable terms or at all. We also may borrow from local banks in China given
that our land use right and laboratory facility could be used as collateral for
borrowing. If we fail to obtain other financing, either through an offering of
our securities or by obtaining additional loans, we will be unable to maintain
our operations and may be forced to scale back or cease our business.

We signed an exclusive agency agreement with Xinhua Surgical Instruments Co.
Ltd. to distribute its operational instruments in the United States end of 2005.
We are currently forming a sales team and seeking collaboration with local
distributors and developing markets for Xinhua instruments. As these activities
will take significant amount of time, we do not expect to generate any
significant revenues in the next 12 months

Another major corporate focus is to acquire other profitable vaccine companies
in China. The acquisition may help support our development of HIV vaccines by
stable operational cash flows from acquisition targets and provide skillful work
force as well as distribution channels. Also, we expect the potential
acquisition may boost our vaccine product lines and solidify our strategy to be
a leading vaccine manufacturer in China in the future.

Results of Operations

Three-month period ended September 30, 2006 and September 30, 2005

During three- month period ended September 30,2005, we had no revenue. During
three months period ended September 30, 2006, we had revenues of $733 due to
sale of surgical instrument in the United States. The cost of revenue was $539.
Since we entered into this agreement, we have been establishing sales inventory
of Xinhua's surgical instruments, printed marketing materials such as catalogs
and post cards, compiled a list of potential customers, started forming a sales
force, and implementing a strategic marketing plan for selling Xinhua's
instruments. We expect that the revenue from sales of these instruments will
gradually increase in the future as a result of these efforts.

For the quarter ended September 30, 2006, research and development expenses were
$22,401 as compared to $39,639 for the quarter ended September 30, 2005. The
decrease of $17,238 is due primarily to the decreased expense on pre-clinical
trial development of our HIV-PV Vaccine I than last year.

For the quarter ended September 30, 2006, general and administrative expenses
were $286,330 as compared to $289,141 for the quarter ended September 30, 2005.
The decrease of $2,811 is due primarily to decreases in consulting expense.

For the quarter ended September 30, 2006, interest and other income was $1,005
as compared to $2,999 for the quarter ended September 30, 2005. The decrease of
$1,994 is due primarily to a decrease in cash balance.

Net loss for the quarter ended September 30, 2006, was $307,532 as compared to
$325,781 for the quarter ended September 30, 2005. This decrease in net loss is
attributable primarily to the decreased consulting related fees and decreased
research and development costs.


Nine months ended September 30, 2006 compared to nine months ended September 30,
2005

During nine months ended of September 30, 2005, we had no revenue. During the
nine months ended September 30, 2006, we had revenues of $1,006 due to our
selling surgical instrument in the United States. The cost of revenue was $623,
which was 62% of the total revenue.

For the nine months ended September 30, 2006, research and development expenses
were $72,845 as compared to $60,649 for the nine months ended September 30 2005.
The increase of $12,196 is due primarily to the pre-clinical trial development
of our HIV-PV Vaccine I, and the continuing recruiting of the research and
development staff.

For the nine months ended September 30, 2006, general and administrative
expenses were $983,534 as compared to $706,671 for the nine months ended
September 30, 2005. The increase of $276,863 is due primarily to increases in
non-cash compensation expense of $193,400 and consulting expense of $48,600
resulting from our grant of warrants to consultants. Also we had increases in
salary, office, selling expense and others in nine months ended September 30,
2006 compared with 2005, which were $11,400, $8,900, $13,800 and $763,
respectively.

For the nine months ended September 30, 2006, interest and other income was
$3,012 as compared to $4,370 for the nine months ended September 30, 2005. The
decrease of $1,358 was due primarily to decrease in cash balance.

Net loss for the nine months ended September 30, 2006, was $1,052,984 as
compared to $762,950 for the nine months ended September 30, 2005. This increase
in net loss was attributable primarily to the increase of compensation costs,
consulting, salary, selling expense and related fees.


                                       19
<PAGE>

Liquidity and Capital Resources

Our principal sources of liquidity are cash and cash equivalent balances, which
were $231,969 at September 30, 2006, and $385,646 at December 31, 2005. Since
our inception, we have incurred significant losses, and as of September 30,
2006, we had an accumulated deficit of $3,620,010.

Net cash used in operating activities was $623,908 for the nine months ended
September 30, 2006 and $426,749 for the nine months ended September 30, 2005.
The increase was due primarily to an increase in the scale of business including
increased hiring of employees.

Cash flows used in investing activities was $326,990 for the nine months ended
September 30, 2006 and $127,410 for the nine months ended September 30, 2005.
This net increase was due to the purchase of fixed assets, including equipments,
and construction in process.

Net cash provided by financing activities was $768,376 for the nine months ended
September 30, 2006 compared to $1,089,994 for the nine months ended September
30, 2005. This was mainly due to decreased proceeds from the issuance of common
stock through private placements.

To date, our operations have been funded through issuances of our common stock
whereby we raised an aggregate of $4,138,913 from inception through September
30, 2006.

Based on our current operating plan, we believe that we have sufficient cash and
cash equivalents to last approximately through March 2007. We will need to
obtain additional financing in addition to the funds already raised through the
sale of equity securities to fund our cash needs and continue our operations
beyond March 2007. Additional financing, whether through public or private
equity or debt financing, arrangements with stockholders or other sources to
fund operations, may not be available, or if available, may be on terms
unacceptable to us. Our ability to maintain sufficient liquidity is dependent on
our ability to raise additional capital. If we issue additional equity
securities to raise funds, the ownership percentage of our existing stockholders
would be reduced. New investors may demand rights, preferences or privileges
senior to those of existing holders of our common stock. Debt incurred by us
would be senior to equity in the ability of debt holders to make claims on our
assets. The terms of any debt issued could impose restrictions on our
operations. If adequate funds are not available to satisfy either medium or
long-term capital requirements, our operations and liquidity could be materially
adversely affected and we could be forced to cease operations. The uncertainty
related to these conditions raises substantial doubt about our ability to
continue as going concern.

Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations
are based on our consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the U.S. The
preparation of these financial statements requires us to make estimates and
judgments that affect the reported amounts of assets, liabilities, revenues and
expenses for each period. The following represents a summary of our critical
accounting policies, defined as those policies that we believe are the most
important to the portrayal of our financial condition and results of operations
and that require management's most difficult, subjective or complex judgments,
often as a result of the need to make estimates about the effects of matters
that are inherently uncertain.

Stock compensation costs

We account for stock option and warrant grants issued to non-employees using the
guidance of SFAS No. 123, "Accounting for Stock-Based Compensation" and EITF No.
96-18: "Accounting for Equity Instruments that are Issued to Other Than
Employees for Acquiring, or in Conjunction with Selling, Goods or Services,"
whereby the fair value of such option and warrant grants is determined using the
Black-Scholes option pricing model at the date of grant.

In December 2004, the FASB issued SFAS No. 123(R), "Share-Based Payment". This
Statement revises FASB Statement No. 123, "Accounting for Stock-Based
Compensation" and supersedes APB Opinion No. 25, "Accounting for Stock Issued to
Employees". SFAS No. 123(R) focuses primarily on the accounting for transactions
in which an entity obtains employee services in share-based payment transactions
SFAS No. 123(R) requires companies to recognize in the statement of operations
the cost of employee services received in exchange for awards of equity
instruments based on the grant-date fair value of those awards (with limited
exceptions). We decided to adopt SFAS 123(R) ahead of the requirement schedule
in the fourth quarter of 2005. We account for stock options or other
compensation to employees using the guidance contained in SFAS No. 123(R) and
SEC Staff Accounting Bulletin ("SAB") No.107.

Impairment of long-lived assets.

We account for long-lived assets in accordance with SFAS No. 144, Accounting for
the Impairment or Disposal of Long-Lived Assets, or SFAS No 144, which was
adopted on January 1, 2002. SFAS No. 144 supersedes SFAS No 121, Accounting for
the Impairment of Long-Lived Assets and for Long- Lived Assets To Be Disposed
of, or SFAS No. 121. Our long-lived assets consist of land use rights, notes,
fixed assets, construction in process, and prepaid consulting fees. We regularly
evaluate our long-lived assets, including our intangible assets, for indicators
of possible impairment whenever events or changes in business circumstances
indicate that the carrying amount of the assets may not be fully recoverable. An
impairment loss would be recognized when estimated undiscounted future cash
flows expected to result from the use of an asset and its eventual disposition
are less than its carrying amount. Impairment, if any, is measured using
discounted cash flows. In the years ending December 31, 2005, 2004 and 2003, we
performed an evaluation of our long-lived assets and noted no impairment.


                                       20
<PAGE>

Research and development costs

We account for research and development expense under the guidance of SFAS No.2,
Accounting for Research and Development Costs, which was adopted in October
1974. Research and development costs are charged to operations as incurred. Our
research and development costs include mainly salaries of research and
development personnel, contract service expense for conducting pre-clinical
trial study by Beijing Institute of Radiation Medicine.


COMMITMENTS AND CONTINGENCIES

Lease commitment

As of September 30, 2006, the Company had remaining outstanding commitments in
respect to its non-cancelable operating lease for its office in Oak Brook, IL,
of which $6,578 is due through December 31, 2006 and $17,542 is due in 2007, and
its offices in Beijing, PRC (which is leased from Wenhui Qiao, our director and
president, and his wife), of which $4,506 is due through December 31, 2006 and
$9,012 is due in 2007.

Royalty and License Arrangements

Liang Qiao, M.D., our co-founder and chief executive officer, is one of the four
co-inventors of our core technology that was assigned to Loyola University
Chicago in April 2001. Under an agreement with Loyola University Chicago, the
Company has obtained exclusive rights to this technology for use in its future
products within the United States, Japan and the People's Republic of China,
including mainland China, Hong Kong, Taiwan and Macau. The license continues
perpetually or for the maximum period of time permitted by law, unless
terminated earlier under the terms of the agreement. Pursuant to this agreement,
Loyola receives a royalty of 4% from the net profit for all uses of the licensed
technology, including uses under sublicenses. As of September 30, 2006, we had
not generated any revenues from the sale of any products under development, nor
had we received any revenues from sublicenses.

Research and Development agreements

On May 6, 2004, the Company and Beijing Institute of Radiation Medicine entered
into agreements for pre-clinical animal testing of HIV-PV Vaccine I. The
aggregate amount for the testing is $122,348 and as of September 30, 2006, the
remaining commitment was $35,360.

Contractual Obligations Schedule

Payments due as of September 30, 2006 under contractual obligations mature as
follows:

<TABLE>
<CAPTION>

                                    Payments due by period ($ in thousands)
                                -----------------------------------------------
                                                   less than         2007 and
     Obligations                    Total         three months        beyond
     ------------------------   -------------    -------------    -------------
<S>  <C>                        <C>              <C>              <C>
     Lease obligation                      38               11               27
     R&D agreement obligation              35               35               --
                                -------------    -------------    -------------
     Total                                 73               46               27
                                =============    =============    =============

</TABLE>


Item 3. Controls and Procedures

(a) Evaluation of disclosure controls and procedures: As of the end of the
period covered by this report, we carried out an evaluation, under the
supervision and with the participation of our management, including our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of our disclosure controls and procedures, as defined in
Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as
amended. Based upon that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures were
effective as of the end of the applicable period to ensure that the information
required to be disclosed by us in reports that we file or submit under the
Exchange Act (i) is recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules and forms and (ii)
is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions
regarding required disclosures.


                                       21
<PAGE>

(b) Changes in internal controls over financial reporting: There was no change
in our internal control over financial reporting during our most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting.


                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Not Applicable.

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

During the third quarter of 2006, we sold 100,000 shares of common stock at a
price of $1.20 per share to an investor in reliance upon the exemption from
registration set forth in Regulation S under the Securities Act of 1933, as
amended (the "Act"), and raised gross proceeds of $120,000. In the first half of
2006, we sold 540,348 shares of common stock at a price of $1.20 per share to
several investors in private placements and received the proceeds of $648,418.

For the Regulation S offering in the third quarter, we did not conduct a public
solicitation in connection with the offer, purchase or sale of these shares, no
advertisement was conducted with respect to this issuance in any public medium
or forum, and we offered the shares on our behalf only to investors who resided
outside the U.S and were not a "U.S. person", as defined in Regulation S under
the Act, nor did they acquire the shares for the account or benefit of a U.S.
person. The following conditions were all met with respect to the shares issued
in the transaction: (1) the investors acknowledged that the shares have not been
registered under the Act and that they may not be offered, sold or transferred,
except in compliance with the Act and other applicable laws or an exemption
therefrom, (2) the investors were sufficiently aware of the registrant's
business affairs and financial condition to reach an informed decision to
acquire the registrant's shares, and (3) neither the registrant nor the investor
paid any fees to any finder or broker-dealer in conjunction with this issuance.

Item 3. Defaults Upon Senior Securities

Not Applicable.

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

Not Applicable.

Item 5. Other Information

Not Applicable.

Item 6. Exhibits

The exhibits listed in the Exhibit Index are filed as part of this report.

                                       22
<PAGE>

                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                            Bio-Bridge Science, Inc.



     /s/ Dr. Liang Qiao
     ---------------------------
     By: Dr. Liang Qiao                        Dated: November 13, 2006
     Chief Executive Officer


                                       23
<PAGE>

                                  EXHIBIT INDEX


2.1*           Agreement for the exchange of shares by and among the registrant,
               Bio-Bridge Science Corporation and the shareholders of record of
               Bio-Bridge Science Corporation, dated November 4, 2004

3.1(i)*        Certificate of incorporation of the registrant, as currently in
               effect

3.1(ii)*       Bylaws of the registrant, as currently in effect

31.1           Certification of Chief Executive Officer

31.2           Certification of Chief Financial Officer

32.1           Section 1350 Certifications of Chief Executive Officer and Chief
               Financial Officer


* Previously filed with the Securities and Exchange Commission pursuant to
  Registration Statement No. 333-121786.


                                       24