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| UNITED STATES                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Washington, D.C.  20549                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| FORM 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|       (Mark one)                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| [X]  Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934                                                                                                                                                                                                                                                                                                                                                                   |
| For the quarterly period ended July 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Or  |   |
| [  ]  Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Commission File Number:  333-23460                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| MERA PHARMACEUTICALS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (Exact name of Registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                             |
| Delaware                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 04-3683628 |
| (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                          |   | (IRS Employer Identification Number) |
|  73-4460 Queen Ka'ahumanu Highway, Suite 110Kailua-Kona, Hawaii  96740(808) 326-9301 (Address and telephone number of principal executive offices)                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as 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  [  ] |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Check whether the registrant filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.    YES  [X]       NO  [  ]                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |
| 547,769,915 shares of $0.0001 par value common stock outstanding as of July 31, 201080 shares of $0.0001 par value Series A preferred stock outstanding as of July 31, 2010974 shares of $0.0001 par value Series B preferred stock outstanding as of July 31, 2010                                                                                                                                                                                                     |

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|                           |                                                                   |                                                        |   | Page   |
|--------------------------------|------------------------------------------------------------------------|-------------------------------------------------------------|--------|--------|
| Part I - Financial Information |                                                                   |                                                        |
|                           |                                                                   |                                                        |   |   |
|                           | Item 1:  Financial Statements                                |                                                        |   |
|                           |                                                                   |                                                        |   |   |
|                           |                                                                   | Condensed Balance Sheet                                     |   | 3      |
|                           |                                                                   |                                                        |   |   |
|                           |                                                                   | Condensed Statements of Operations                          |   | 4      |
|                           |                                                                   |                                                        |   |   |
|                           |                                                                   | Condensed Statements of Cash Flows                          |   | 5      |
|                           |                                                                   |                                                        |   |   |
|                           |                                                                   | Notes to Condensed Financial Statements                     |   | 6      |
|                           |                                                                   |                                                        |   |   |
|                           | Item 2:  Management's Plan of Operation                      |                                                        |   |
|                           |                                                                   |                                                        |   |   |
|                           |                                                                   | Management's Discussion and Analysis of Financial Condition |   |   |
|                           |                                                                   | and Results of Operations                                   |   | 10     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 3.  Controls and Procedures                             |                                                        | 12     |
|                           |                                                                   |                                                        |   |   |
| Part II - Other Information    |                                                                   |                                                        |
|                           |                                                                   |                                                        |   |   |
|                           | Item 1:  Legal Proceedings                                   |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 2:  Changes In Securities                               |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 3.  Defaults Upon Senior Securities                     |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 4:  Submission of Matters to a Vote of Security Holders |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 5:  Other Information                                   |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Item 6:  Exhibits and Reports on Form 8-K                    |                                                        | 13     |
|                           |                                                                   |                                                        |   |   |
|                           | Signature                                                              |                                                        |   | 14     |
|                           |                                                                   |                                                        |   |   |

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|                                                  |   | July 31, 2010 |       |   | October 31, 2009 |   |
|-------------------------------------------------------|--------|---------------|------------|--------|------------------|--------|
|                                                  |   | (Unaudited)   |       |   | (Audited)        |   |
|                                                  |   |          |       |   |             |   |
| ASSETS                                                |   |          |       |   |             |   |
| Current assets:                                       |   |          |       |   |             |   |
| Cash and cash equivalents                             |   | $             | 850        |   |             | $      | 3,135 |   |
| Accounts receivable                                   |   |          | 21,102     |   |             |   | 6,656 |   |
| Tax credit receivable                                 |   |          | 46,520     |   |             |   | 31,229 |   |
| Prepaid expenses and other current assets             |   |          | 3,992      |   |             |   | 15,994 |   |
|                                                  |   |          |       |   |             |   |   |   |
| Total current assets                                  |   |          | 72,464     |   |             |   | 57,014 |   |
|                                                  |   |          |       |   |             |   |   |   |
| Plant and equipment, net                              |   |          | 328,184    |   |             |   | 200,482 |   |
|                                                  |   |          |       |   |             |   |   |   |
| Total Assets                                          |   | $             | 400,648    |   |             | $      | 257,496 |   |
|                                                  |   |          |       |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                 |   |          |       |   |             |   |   |   |
| Current liabilities:                                  |   |          |       |   |             |   |   |   |
| Accounts payable and accrued liabilities              |   | $             | 470,899    |   |             | $      | 314,212 |   |
| Notes payable - related parties                       |   |          | 51,936     |   |             |   | 51,936 |   |
| Deferred revenue                                      |   |          | 160,200    |   |             |   | 30,450 |   |
|                                                  |   |          |       |   |             |   |   |   |
| Total Current Liabilities                             |   |          | 683,035    |   |             |   | 396,598 |   |
|                                                  |   |          |       |   |             |   |   |   |
| Contingencies                                         |   |          |       |   |             |   |   |   |
|                                                  |   |          |       |   |             |   |   |   |
| Stockholders' equity:                                 |   |          |       |   |             |   |   |   |
| Convertible preferred stock, $.0001 par value, 10,000 |   |          |       |   |             |   |   |   |
| shares authorized, 80 Series A shares issued and      |   |          |       |   |             |   |   |   |
| outstanding and 974 Series B shares issued and        |   |          |       |   |             |   |   |   |
| outstanding                                           |   |          | 2          |   |             |   | 2 |   |
| Common stock, $.0001 par value: 750,000,000           |   |          |       |   |             |   |   |   |
| shares authorized, 547,769,915 shares issued          |   |          |       |   |             |   |   |   |
| and outstanding                                       |   |          | 54,777     |   |             |   | 54,777 |   |
| Additional paid-in capital                            |   |          | 7,920,003  |   |             |   | 7,920,003 |   |
| Treasury stock at cost                                |   |          | (2,025     | )      |             |   | (2,025 | ) |
| Accumulated deficit                                   |   |          | (8,255,144 | )      |             |   | (8,111,859 | ) |
| Total stockholders' deficit                           |   |          | (282,387   | )      |             |   | (139,102 | ) |
|                                                  |   |          |       |   |             |   |   |   |
| Total Liabilities and Stockholders' Equity            |   | $             | 400,648    |   |             | $      | 257,496 |   |

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|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |
|------------------------------------------|--------|--------|---------------------------------|--------|--------|--------------------------------|-------------|---------|-------------------------------|--------|-------------|-------------------------------|--------|
|                                     |   |   | Three Months Ended July 31,2010 |   |   | Three Months EndedJuly 31,2009 |        |    | Nine Months EndedJuly 31,2010 |   |        | Nine Months EndedJuly 31,2009 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |
|                                     |   |   |                            |   |   |                           |        |    |                          |
|                                     |   |   | (Unaudited)                     |   |   | (Unaudited)                    |        |    | (Unaudited)                   |   |        | (Unaudited)                   |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |
| NET SALES                                |   |   | $                               | 67,115 |   |                           | $           | 106,213 |                          |   | $           | 224,743                       |   |   | $ | 500,912 |   |
| Cost of goods sold                       |   |   | -                               |   |   |                           | 12,851      |    |                          |   | 10,401      |                          |   |   | 15,240 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| GROSS PROFIT                             |   |   | 67,115                          |   |   |                           | 93,362      |    |                          |   | 214,342     |                          |   |   | 485,672 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Operating Expenses                       |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |
| Selling and administrative expenses      |   |   | 38,284                          |   |   |                           | 88,073      |    |                          |   | 145,521     |                          |   |   | 282,489 |   |
| Research and development costs           |   |   | 70,262                          |   |   |                           | 82,658      |    |                          |   | 203,667     |                          |   |   | 252,117 |   |
| Depreciation                             |   |   | 11,149                          |   |   |                           | 21,607      |    |                          |   | 22,298      |                          |   |   | 64,822 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
|   Total operating expenses     |   |   | 119,695                         |   |   |                           | 192,338     |    |                          |   | 371,486     |                          |   |   | 599,428 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Operating loss                           |   |   | (52,580                         | )      |   |                           | (98,976     | )       |                          |   | (157,144    | )                             |   |   | (113,756 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Other income (expense)                   |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |
| Interest income                          |   |   | -                               |   |   |                           | 816         |    |                          |   | -           |                          |   |   | 2,445 |   |
| Other income                             |   |   | 980                             |   |   |                           | -           |    |                          |   | 2,312       |                          |   |   | 746 |   |
| Interest expense                         |   |   | (1,248                          | )      |   |                           | (1,248      | )       |                          |   | (3,744      | )                             |   |   | (3,781 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
|   Total other income (expense) |   |   | (268                            | )      |   |                           | (432        | )       |                          |   | (1,432      | )                             |   |   | (590 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Net loss before tax provision            |   |   | (52,848                         | )      |   |                           | (99,408     | )       |                          |   | (158,576    | )                             |   |   | (114,346 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Provision for income taxes               |   |   | -                               |   |   |                           | -           |    |                          |   | -           |                          |   |   | - |   |
| Refundable tax credit                    |   |   | 4,730                           |   |   |                           | 8,164       |    |                          |   | 15,291      |                          |   |   | 21,878 |   |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| NET INCOME (LOSS)                        |   | $      | (48,118                         | )      |   | $                              | (91,244     | )       |                          | $      | (143,285    | )                             |   | $ | (92,468 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Net income (loss) per common share       |   | $      | (0.0001                         | )      |   | $                              | (0.0002     | )       |                          | $      | (0.0003     | )                             |   | $ | (0.0002 | ) |
|                                     |   |   |                            |   |   |                           |        |    |                          |   |        |                          |   |   |   |   |   |
| Weighted Average Shares Outstanding      |   |   | 547,769,915                     |   |   |                           | 547,769,915 |    |                          |   | 547,769,915 |                          |   |   | 547,769,915 |   |

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|                                                              |   | Nine Months EndedJuly 31, 2010 |     |   | Nine Months EndedJuly 31, 2009 |   |
|-------------------------------------------------------------------|--------|--------------------------------|----------|--------|--------------------------------|--------|
|                                                              |   |                           |     |   |
|                                                              |   |                           |     |   |
|                                                              |   | (Unaudited)                    |     |   | (Unaudited)                    |   |
| Cash Flows from Operating Activities:                             |   |                           |     |   |                           |   |
| Net loss                                                          |   | $                              | (143,285 | )      |                           | $      | (92,468 | ) |
| Adjustments to reconcile net loss to net cash                     |   |                           |     |   |                           |   |   |   |
| used in operating activities:                                     |   |                           |     |   |                           |   |   |   |
| Accumulated depreciation and amortization                         |   |                           | 22,298   |   |                           |   | 64,822 |   |
| Changes in assets and liabilities                                 |   |                           |     |   |                           |   |   |   |
| Accounts receivable                                               |   |                           | (14,447  | )      |                           |   | 3,367 |   |
| Tax credit receivable                                             |   |                           | (15,291  | )      |                           |   | (21,878 | ) |
| Prepaid expenses and other current assets                         |   |                           | 12,002   |   |                           |   | 13,057 |   |
| Accounts payable and accrued liabilities                          |   |                           | 156,688  |   |                           |   |   |   |
| Deferred Revenue                                                  |   |                           | 129,750  |   |                           |   | 21,526 |   |
| Net cash provided (used) by operating activities                  |   |                           | 147,715  |   |                           |   | (11,574 | ) |
|                                                              |   |                           |     |   |                           |   |   |   |
| Cash Flows from Investing Activities:                             |   |                           |     |   |                           |   |   |   |
| Purchases of marketable equitable securities                      |   |                           | -        |   |                           |   | (28,663 | ) |
| Proceeds from sales of  marketable equitable securities |   |                           | -        |   |                           |   | 63,063 |   |
| Expansion of physical plant                                       |   |                           | (150,000 | )      |                           |   | - |   |
| Purchases of fixed assets                                         |   |                           | -        |   |                           |   | (30,206 | ) |
| Net cash used by investing activities                             |   |                           | (150,000 | )      |                           |   | 4,194 |   |
|                                                              |   |                           |     |   |                           |   |   |   |
| Cash Flows from Financing Activities:                             |   |                           |     |   |                           |   |   |   |
|                                                              |   |                           | -        |   |                           |   | - |   |
| Net cash provided by financing activities                         |   |                           | -        |   |                           |   | - |   |
|                                                              |   |                           |     |   |                           |   |   |   |
| Net increase in cash and cash equivalents                         |   |                           | (2,285   | )      |                           |   | (7,380 | ) |
| Cash and cash equivalents, beginning of the period                |   |                           | 3,135    |   |                           |   | 19,288 |   |
| Cash and cash equivalents, end of the period                      |   | $                              | 850      |   |                           | $      | 11,908 |   |
|                                                              |   |                           |     |   |                           |   |   |   |
| Supplemental Cash Flow Information                                |   |                           |     |   |                           |   |   |   |
| Interst Paid                                                      |   | $                              | -        |   |                           | $      | - |   |
| Taxes Paid                                                        |   | $                              | -        |   |                           | $      | - |   |

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| a.   | EXHIBITS |
|----------------|----------|

| 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a – 14 (a) of the Securities Exchange Act of 1934 (filed herewith electronically). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of Principal Financial and Accounting Officer pursuant to Rule 13a – 14 (a) of the Securities Exchange Act of 1934 (filed herewith electronically). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith electronically). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002 (filed herewith electronically) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                 | MERA PHARMACEUTICALS, INC. |
|--------------------------------------|----------------------------|
|                                 |                       |   |   |
| Dated:  September 14, 2010 | By:                        | /s/ Gregory F. Kowal |   |
|                                 |                       | Gregory F. Kowal |   |
|                                 |                       | Chief Executive Officer |   |