----

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|   | Israel                                                           |   | N/A                                     |   |
|--------|------------------------------------------------------------------|--------|-----------------------------------------|--------|
|   | (State or other jurisdiction of incorporation or formation) |   | (I.R.S. employer identification number) |   |

|   | Large accelerated filer o                | Accelerated filer o         |
|--------|------------------------------------------|-----------------------------|
|   | Non-accelerated filer   o | Smaller reporting company x |

| CLASS                               | OUTSTANDING AS OF JUNE 30, 2010 |
|-------------------------------------|---------------------------------|
|                                |                            |
| Ordinary Shares, NIS 0.04 Par Value | 61,508,751 Shares               |

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| PART I -- FINANCIAL INFORMATION                                                                                                     |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|
| Item 1  Financial Statements                                                                                              | 3      |
| Condensed Consolidated Balance Sheets June 30, 2010 (Unaudited) and December 31, 2009 (Audited)                                     | 3      |
| Unaudited Condensed Consolidated Statements of Operations for the three months and the six months ended June 30, 2010 and 2009 | 5      |
| Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009                           | 6      |
| Notes to Unaudited Condensed Consolidated Financial Statements                                                                      | 8-14   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                 | 15     |
| Item 3. Quantitative and Qualitative Disclosure About Market Risks                                                                  | 17     |
| Item 4T. Controls and Procedures                                                                                                    | 17     |
|                                                                                                                                |   |
| PART II - OTHER INFORMATION                                                                                                         |   |
| Item 1 Legal Proceeding                                                                                                             | 17     |
| Item 1A. Risk Factors                                                                                                               | 17     |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                 | 18     |
| Item 3. Defaults Upon Senior Securities                                                                                             | 18     |
| Item 5. Other Information                                                                                                           | 18     |
| Item 6. Exhibits                                                                                                                    | 19     |
| Signatures                                                                                                                          | 19     |

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LAXAI 

----

|                                              |   | June 30,                  |   |   | December 31, |   |
|---------------------------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                                              |   | 2010                      |   |   | 2009         |   |
|                                              |   | (Unaudited)               |   |   | (Audited)    |   |
|                                              |   | U.S. dollars in thousands |   |
| ASSETS                                            |   |                      |   |   |         |   |
|                                              |   |                      |   |   |         |   |
| CURRENT ASSETS                                    |   |                      |   |   |         |   |
|     Cash and cash equivalents |   |                      | 113    |   |         |   | 2 |   |
| Restricted Cash                                   |   |                      | 100    |   |         |   | - |   |
| Accounts receivable                               |   |                      | 1,062  |   |         |   | - |   |
| Prepaid expenses and other assets                 |   |                      | 53     |   |         |   | - |   |
| Total current assets                              |   |                      | 1,328  |   |         |   | 2 |   |
|                                              |   |                      |   |   |         |   |   |   |
| PROPERTY AND EQUIPMENT, NET                       |   |                      | 72     |   |         |   | 5 |   |
|                                              |   |                      |   |   |         |   |   |   |
| GOODWILL                                          |   |                      | 2,477  |   |         |   | - |   |
| Total Assets                                      |   |                      | 3,877  |   |         |   | 7 |   |

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|                                                                                                                                                                       |   | June 30,                  |   |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|--------|--------------|--------|
|                                                                                                                                                                       |   | 2010                      |   |   | 2009         |   |
|                                                                                                                                                                       |   | (Unaudited)               |   |   | (Audited)    |   |
|                                                                                                                                                                       |   | U.S. dollars in thousands |   |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT                                                                                                                                |   |                      |   |   |         |   |
|                                                                                                                                                                       |   |                      |   |   |         |   |
| CURRENT LIABILITIES                                                                                                                                                        |   |                      |   |   |         |   |
|    Credit from banks                                                                                                                                        |   |                      | 52     |   |         |   | - |   |
|    Related parties                                                                                                                                          |   |                      | 1,042  |   |         |   | - |   |
|    Trade payables                                                                                                                                           |   |                      | 671    |   |         |   | 169 |   |
|    Accounts payable                                                                                                                                         |   |                      | 430    |   |         |   | 9 |   |
|    Shareholders Loan                                                                                                                                        |   |                      | -      |   |         |   | 1,177 |   |
|    Notes payable                                                                                                                                            |   |                      | 1,440  |   |         |   | - |   |
|  Total current liabilities                                                                                                                                            |   |                      | 3,635  |   |         |   | 1,355 |   |
|                                                                                                                                                                       |   |                      |   |   |         |   |   |   |
| LONG TERM LIABILITIES                                                                                                                                                      |   |                      |   |   |         |   |   |   |
|     Deferred compensation payable                                                                                                                      |   |                      | 271    |   |         |   | - |   |
|      Total long term liabilities                                                                                                                  |   |                      | 271    |   |         |   | - |   |
| SHAREHOLDERS’ DEFICIT                                                                                                                                                |   |                      |   |   |         |   |   |   |
| Share capital                                                                                                                                                              |   |                      |   |   |         |   |   |   |
|   Ordinary shares NIS 0.04 par value:                                                                                                                                 |   |                      |   |   |         |   |   |   |
|      Authorized 190,000,000 shares as of June 30, 2010 and      March 31, 2010;                                     |   |                      |   |   |         |   |   |   |
|   Issued and outstanding: 61,508,751 and 42,730,998    shares as of June 30, 2010 and December 31, 2009,    respectively |   |                      | 645    |   |         |   | 445 |   |
| Additional paid-in capital                                                                                                                                                 |   |                      | 4,058  |   |         |   | 2,665 |   |
| Capital reserve                                                                                                                                                            |   |                      | 1,057  |   |         |   | - |   |
| Accumulated deficit                                                                                                                                                        |   |                      | (5,789 | )      |         |   | (4,458 | ) |
| Total shareholders’ deficit                                                                                                                                          |   |                      | (29    | )      |         |   | (1,348 | ) |
| Total liabilities and shareholders’ deficit                                                                                                                          |   |                      | 3,877  |   |         |   | 7 |   |

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LAXAI 

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|                                                                                                               |   | Three months endedJune 30, |       |   | Six months endedJune 30, |   |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|-------------------------------|--------|
|                                                                                                               |   | 2010                            |       |   | 2009                          |   |   | 2010 |   |   | 2009 |   |
|                                                                                                               |   | (Unaudited)                     |       |
|                                                                                                               |   | U.S. dollars in thousands       |       |
|                                                                                                               |   |                            |       |   |                          |   |   |   |   |   |   |   |
| Revenues                                                                                                           |   |                            | 1,212      |   |                          |   | - |   |   |   | 1,735 |   |   |   | - |   |
| Cost of revenues                                                                                                   |   |                            | (1,064     | )      |                          |   | - |   |   |   | (1,447 | ) |   |   | - |   |
| Gross profit                                                                                                       |   |                            | 148        |   |                          |   | - |   |   |   | 288 |   |   |   | - |   |
|                                                                                                               |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                                     |   |                            | (171       | )      |                          |   | - |   |   |   | (211 | ) |   |   | - |   |
| General and administrative expenses                                                                                |   |                            | (299       | )      |                          |   | (19 | ) |   |   | (479 | ) |   |   | (179 | ) |
| Expenses in regard to purchase of assets                                                                           |   |                            | (450       | )      |                          |   | - |   |   |   | (630 | ) |   |   | - |   |
|                                                                                                               |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net loss from operations                                                                                           |   |                            | (772       | )      |                          |   | (19 | ) |   |   | (1,032 | ) |   |   | (179 | ) |
| Finance expenses                                                                                                   |   |                            | (51        | )      |                          |   | - |   |   |   | (299 | ) |   |   | - |   |
|                                                                                                               |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the period                                                                                            |   |                            | (823       | )      |                          |   | (19 | ) |   |   | (1,331 | ) |   |   | (179 | ) |
|                                                                                                               |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share                                                                                   |   |                            | (0.013     | )      |                          |   | (0.0004 | ) |   |   | (0.023 | ) |   |   | (0.004 | ) |
| Weighted average number of shares used in computing basic and diluted loss per share attributed to Ordinary Shares |   |                            | 61,242,082 |   |                          |   | 42,730,998 |   |   |   | 57,977,122 |   |   |   | 42,730,998 |   |

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LAXAI 

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|                                                                        |   | Six Months Ended June 30, |   |
|-----------------------------------------------------------------------------|--------|---------------------------|--------|
|                                                                        |   | 2010                      |   |   | 2009 |   |
|                                                                        |   | (Unaudited)               |   |
|                                                                        |   | U.S. dollars in thousands |   |
| Operating activities                                                        |   |                      |   |   |   |   |
| Net loss                                                                    |   |                      | (1,331 | ) |   |   | (179 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                      |   |   |   |   |   |   |
| Depreciation expense                                                        |   |                      | 15     |   |   |   | - |   |
| Expiration of land purchase option and futures trading                      |   |                      | -      |   |   |   | 63 |   |
| Increase in accounts receivables                                            |   |                      | (71    | ) |   |   | - |   |
| Increase in other receivables                                               |   |                      | (37    | ) |   |   | - |   |
| Increase in trade payables and accounts payable, net                        |   |                      | 235    |   |   |   | 20 |   |
| Related parties and shareholders loan                                       |   |                      | 199    |   |   |   | - |   |
| Share based payments                                                        |   |                      | 588    |   |   |   | - |   |
| Interest on long-term loan                                                  |   |                      | 240    |   |   |   | - |   |
|  Net cash used in operating activities                                 |   |                      | (162   | ) |   |   | (96 | ) |
|                                                                        |   |                      |   |   |   |   |   |   |
| Investing activities                                                        |   |                      |   |   |   |   |   |   |
| Cash used in connection with acquisition (see Appendix B)                   |   |                      | (1,099 | ) |   |   | - |   |
| Investment in deposit                                                       |   |                      | (100   | ) |   |   | - |   |
| Net cash used in investing activities                                       |   |                      | (1,199 | ) |   |   | - |   |
|                                                                        |   |                      |   |   |   |   |   |   |
| Financing activities                                                        |   |                      |   |   |   |   |   |   |
| Net proceeds from related party                                             |   |                      | -      |   |   |   | 94 |   |
| Short-term bank credit                                                      |   |                      | 52     |   |   |   | - |   |
| Proceeds from long term loan                                                |   |                      | 1,200  |   |   |   | - |   |
| Proceeds from issuance of shares                                            |   |                      | 220    |   |   |   | - |   |
| Net cash provided by financing activities                                   |   |                      | 1,472  |   |   |   | 94 |   |
|                                                                        |   |                      |   |   |   |   |   |   |
| Increase (decrease) in cash                                                 |   |                      | 111    |   |   |   | (2 | ) |
| Cash at beginning of period                                                 |   |                      | 2      |   |   |   | 4 |   |
| Cash at end of period                                                       |   |                      | 113    |   |   |   | 2 |   |

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|                                                                                              |   | Six Months Ended June 30, |   |
|---------------------------------------------------------------------------------------------------|--------|---------------------------|--------|
|                                                                                              |   | 2010                      |   |   | 2009 |   |
|                                                                                              |   | (Unaudited)               |   |
|                                                                                              |   | U.S. dollars in thousands |   |
|                                                                                              |   |                      |   |   |   |   |
| Appendix A-                                                                                       |   |                      |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing activities and cash flow information: |   |                      |   |   |   |   |
|                                                                                              |   |                      |   |   |   |   |
| Cash paid during the year for interest                                                            |   |                      | 67     |   |   |   | - |   |
|                                                                                              |   |                      |   |   |   |   |   |   |
| Conversion of shareholders’ loans to equity                                                 |   |                      | 1,057  |   |   |   | - |   |
|                                                                                              |   |                      |   |   |   |   |   |   |
|                                                                                              |   |                      |   |   |   |   |   |   |
| Appendix B-                                                                                       |   |                      |   |   |   |   |   |   |
| Cash used in connection with acquisition of assets:                                               |   |                      |   |   |   |   |   |   |
| Goodwill                                                                                          |   |                      | (2,477 | ) |   |   | - |   |
| Other current assets                                                                              |   |                      | (16    | ) |   |   | - |   |
| Accounts receivable                                                                               |   |                      | (991   | ) |   |   | - |   |
| Fixed assets                                                                                      |   |                      | (82    | ) |   |   | - |   |
| Accounts payable and accrued expenses                                                             |   |                      | 588    |   |   |   | - |   |
| Issuance of shares                                                                                |   |                      | 785    |   |   |   | - |   |
|                                                                                              |   |                      | (2,193 | ) |   |   | - |   |
| Net of amounts to be paid                                                                         |   |                      | 1,094  |   |   |   | - |   |
|                                                                                              |   |                      | (1,099 | ) |   |   | - |   |

----

LAXAI 

----

| a. | Laxai Pharma Ltd. a company established as an Israeli corporation (formerly Nexgen Biofuels Ltd.) and its subsidiaries (hereinafter- the “Company” or “Laxai”), was a development stage company that through February 2010, was engaged in the development and acquisition of ethanol and bio-diesel plants, and blending terminal facilities, in the United States. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | In February 2010, the Company ceased its ethanol and bio-diesel activities and engaged in the providing of integrated services across the drug development spectrum and changed its name from Nexgen Biofuels Ltd. to Laxai Pharma Ltd. and its subsidiary’s name from NexGen 2007, Inc. to OSR Holding Corp. See also note 3. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

----

----

----

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| a. | On March 3, 2010 (the "Closing date"), OSR Holding Corp. (“Holding”), a wholly owned subsidiary of the Company, signed an Asset Purchase Agreement (the “APA) with OSR Solutions, Inc. (“Solutions”).  Under the terms of the APA, Holding acquired substantially all the assets of Solutions (the “Assets”) for a purchase price of $2,250,000.  In addition to the foregoing, as part of the purchase Holding obtained an option to purchase shares of Avanti Life Sciences, Pvt. Ltd., an affiliate of Solutions. Solutions also granted Holding a right of second refusal to repurchase the shares of the Company, issued to Solutions as part of the purchase price in the acquisition. Company management is of the opinion that the valuation of the gross benefit component is not significant. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | $1,250,000 in cash payable at Closing, $250,000 in cash payable on December 31, 2010, $250,000 in cash payable on December 31, 2011, and $250,000 in cash payable on December 31, 2012.  The deferred portion of the purchase price will earn interest at a rate of 3.25% per annum.  The Company has also agreed to pay an additional $250,000. In the event that this payment is not made Solution has been granted an option to purchase an additional 5,000,000 of the Company’s ordinary shares as compensation for the $250,000 required payment. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | 5,603,281 Ordinary Shares of the Company representing approximately 9.95% of the Ordinary Shares outstanding at the date of Closing issued by the Company at the Closing of the transaction. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Holding shall assume certain liabilities of Solutions in the approximate amount of $600,000. |
|--------|----|----------------------------------------------------------------------------------------------|

|   | 4. | A liability for repayment of the credit line was added in the amount of approximately $475,000. |
|--------|----|-------------------------------------------------------------------------------------------------|

|   | 5. | In addition, the purchase price will be subject to the following potential adjustments: |
|--------|----|-----------------------------------------------------------------------------------------|

|   | (a) | The deferred portion of the purchase price will be reduced based on the amount that annual audited EBITDA associated with the assets to be acquired is less than $1,000,000 during the year ending on the date of the required payment.  The amount of such reduction will be $250,000 times the following ratio:  EBITDA related to the operation of the assets determined as of December 31, 2010 divided by $1,000,000.  This adjustment shall be reduced to the extent that EBITDA is reduced by overhead costs that exceed $125,000 per month. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The deferred portion of the purchase price will be reduced and/or increased dollar for dollar by the amount that the net worth of Solutions as calculated using Solution’s interim balance sheet dated February 28, 2010 is more or less than the net worth of Solutions for the same period using a balance sheet audited by a PCAOB accounting firm, provided such audit must be completed no later than six (6) months following the end of Solutions’ fiscal year. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

| Cash                                                                      |   |   | 51,075    |   |
|---------------------------------------------------------------------------|--------|--------|-----------|--------|
| Accounts receivable                                                       |   |   | 990,835   |   |
| Other current assets                                       |   |   | 15,975    |   |
| Property and equipment                                |   |   | 81,956    |   |
| Goodwill                                                             |   |   | 2,476,788 |   |
| Accounts payable and accrued expenses       |   |   | (588,081  | )      |
|                                                                      |   |   | 3,028,548 |   |

| b. | In order to finance the APA described above, the Company and its fully owned subsidiary, Holding, signed a Note and Warrant Purchase Agreement with UTA Capital LLC, a Delaware limited liability company (the “Lender”), and raised equity capital from the sale of Company’s Ordinary Shares. Under the terms of the Note and Warrant Purchase Agreement and related documents, the Lender agreed to provide the Company with funding in the form of a Senior Secured Bridge Note (the “Note”) in the face amount of $1,440,000 (the “Funding Transaction”).  |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

| c. | In March 2010 the Company issued 5,603,281 of its Ordinary Shares valued by external independent assessors at $785,000 to OSR Solutions, Inc., in accordance with the terms of the Asset Purchase Agreement closed with OSR Solutions Inc. See Note 3(a)(2). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a. | The Company and UTA Capital LLC (“UTA”) have mutually agreed to modify the terms of UTA’s existing secured $1,440,000 Note by, among other things, extending the term of the Note until December 15, 2010 and reducing the interest rate on the Note to 15% per annum. In consideration for these modifications, the Company has granted UTA an additional five year warrant, which would allow UTA to purchase 400,000 ordinary shares now and up to 1,620,000 additional ordinary shares depending on the average loan balance outstanding with an exercise price of $ 0.05 per share. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | On July 23, 2010 the Company incorporated a wholly owned subsidiary in Delaware under the name of “Laxai Life Sciences Inc.” in order to segregate the contract research organization business from the clinical staff augmentation business of “OSR Holding Corp.” (Subsidiary of the company). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
|---------|----------------------------------------------------------------------------------------------|

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| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS. |
|---------|-------------------------------------------------------------|

| ITEM 4T. | CONTROLS AND PROCEDURES. |
|----------|--------------------------|

| ITEM 1. | Legal Proceeding. |
|---------|-------------------|

| ITEM 1A. | Risk Factors. |
|----------|---------------|

----

| ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|--------------------------------------------------------------|

| ITEM 3. | Defaults Upon Senior Securities. |
|---------|----------------------------------|

| ITEM 5. | Other Information. |
|---------|--------------------|

----

| ITEM 6. | EXHIBITS |
|---------|----------|

| EXHIBIT NO. |   | INCORP. BY REFERENCE |   | DESCRIPTION                                                                                                                                        |
|-------------|--------|----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         |   | 1.1(1)               |   | Memorandum of Association of the Registrant, as amended.                                                                                           |
| 3.2         |   | 1.2(2)               |   | Articles of Association, restate to include all amendments in effect as of December 31, 2006.                                                      |
| 3.3         |   | 1.3(3)               |   | Amendment to Articles of Association.                                                                                                              |
| 10.1        |   | 4.34(4)              |   | Asset Purchase Agreement entered into in connection with the Registrant’s acquisition of the Assets of OSR Solutions, Inc. on March 3, 2010. |
| 31.1        |   | *                    |   | Certification of Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002                                                 |
| 31.2        |   | *                    |   | Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002.                                                    |
| 32.1        |   | *                    |   | Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                    |
| 32.2        |   | *                    |   | Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                    |

|   | (1)    | Incorporated by reference to the Registrant’s Annual Report on Form 20-F for the Fiscal year  ended December 31, 1997. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                   |
|   | (2)    | Incorporated by reference to the Registrant’s Annual Report on Form 20-F for the Fiscal year ended December 31, 2006.            |
|   |   |                                                                                                                                   |
|   | (3)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K dated December 31,  2007.                     |
|   |   |                                                                                                                                   |
|   | (4)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K dated March 3, 2010.                                    |

SIGNATURES

| Dated:  August 19, 2010 | LAXAI PHARMA, LTD.  |                    |
|-----------------------------------|--------------------------|-------------------------|
|                              | By:            | /s/ J. Ram Ajjarapu     |   |
|                              | Name:          | J. Ram Ajjarapu         |   |
|                              | Title:                   | Chief Financial Officer |   |

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