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| (Mark one) |                                                     |
|-----------------|-----------------------------------------------------------------------------------|
| þ          | Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| o | Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|------------------------------------------------------------------------------------|

| 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) |

| 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  þ       NO  o |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 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  þ      NO  o                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 547,769,915 shares of $0.0001 par value common stock outstanding as of April 30, 201080 shares of $0.0001 par value Series A preferred stock outstanding as of April 30, 2010974 shares of $0.0001 par value Series B preferred stock outstanding as of April 30, 2010                                                                                                                                                                                        |

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|                           |                                               |                                                                                       |   | Page   |
|--------------------------------|----------------------------------------------------|--------------------------------------------------------------------------------------------|--------|--------|
| Part I - Financial Information |                                               |                                                                                       |
|                           |                                               |                                                                                       |   |   |
|                           | Item 1:  Financial Statements            |                                                                                       |   |
|                           |                                               |                                                                                       |   |   |
|                           |                                               | Condensed Balance Sheet                                                                    |   | 1      |
|                           |                                               |                                                                                       |   |   |
|                           |                                               | Condensed Statements of Operations                                                         |   | 2      |
|                           |                                               |                                                                                       |   |   |
|                           |                                               | Condensed Statements of Cash Flows                                                         |   | 3      |
|                           |                                               |                                                                                       |   |   |
|                           |                                               | Notes to Condensed Financial Statements                                                    |   | 4      |
|                           |                                               |                                                                                       |   |   |
|                           | Item 2:  Management's Plan of Operation  |                                                                                       | 8      |
|                           |                                               |                                                                                       |   |   |
|                           |                                               | Management's Discussion and Analysis of Financial Condition and Results of Operations |   | 8      |
|                           |                                               |                                                                                       |   |   |
|                           | Item 3.  Controls and Procedures         |                                                                                       | 10     |
|                           |                                               |                                                                                       |   |   |
| Part II - Other Information    |                                               |                                                                                       |
|                           |                                               |                                                                                       |   |   |
|                           | Item 1:  Legal Proceedings               |                                                                                       | 11     |
|                           |                                               |                                                                                       |   |   |
|                           | Item 2:  Changes In Securities           |                                                                                       | 11     |
|                           |                                               |                                                                                       |   |   |
|                           | Item 3.  Defaults Upon Senior Securities |                                                                                       | 11     |
|                           |                                               |                                                                                       |   |   |
|                           | Item 4:  (Removed and Reserved)          |                                                                                       | 11     |
|                           |                                               |                                                                                       |   |   |
|                           | Item 5:  Other Information               |                                                                                       | 11     |
|                           |                                               |                                                                                       |   |   |
|                           | Item 6:  Exhibits                        |                                                                                       | 12     |
|                           |                                               |                                                                                       |   |   |
|                           | Signature                                          |                                                                                       |   | 13     |
|                           |                                               |                                                                                       |   |   |
|                           | Certifications                                     |                                                                                       |   |   |

----

|                                                                                        |   |           |       |   |             |   |
|---------------------------------------------------------------------------------------------|--------|----------------|------------|--------|------------------|--------|
|                                                                                        |   | April 30, 2010 |       |   | October 31, 2009 |   |
|                                                                                        |   | (Unaudited)    |       |   | (Audited)        |   |
| ASSETS                                                                                      |   |           |       |   |             |   |
| Current assets:                                                                             |   |           |       |   |             |   |
|      Cash and cash equivalents                                          |   | $              | 3,200      |   |             | $      | 3,135 |   |
|      Accounts receivable                                                |   |           | 13,615     |   |             |   | 6,656 |   |
|      Tax credit receivable                                              |   |           | 41,790     |   |             |   | 31,229 |   |
|      Prepaid expenses and other current assets                          |   |           | 7,983      |   |             |   | 15,994 |   |
|      Total current assets                                               |   |           | 66,588     |   |             |   | 57,014 |   |
|                                                                                        |   |           |       |   |             |   |   |   |
| Plant and equipment, net                                                                    |   |           | 339,334    |   |             |   | 200,482 |   |
|                                                                                        |   |           |       |   |             |   |   |   |
| Total Assets                                                                                |   | $              | 405,922    |   |             | $      | 257,496 |   |
|                                                                                        |   |           |       |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                        |   |           |       |   |             |   |   |   |
| Current liabilities:                                                                        |   |           |       |   |             |   |   |   |
|      Accounts payable                                                   |   | $              | 302,847    |   |             | $      | 181,040 |   |
|      Accrued expenses                                                   |   |           | 161,458    |   |             |   | 133,172 |   |
|      Notes payable - related parties                                    |   |           | 51,936     |   |             |   | 51,936 |   |
|      Deferred revenue                                                   |   |           | 123,950    |   |             |   | 30,450 |   |
| Total Current Liabilities                                                                   |   |           | 640,191    |   |             |   | 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                                                |   |           | (8,207,026 | )      |             |   | (8,111,859 | ) |
| Total stockholders' deficit                                                                 |   |           | (234,269   | )      |             |   | (139,102 | ) |
|                                                                                        |   |           |       |   |             |   |   |   |
| Total Liabilities and Stockholders' Equity                                                  |   | $              | 405,922    |   |             | $      | 257,496 |   |

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|                                                    |   | Three Months   |        |   | Three Months   |   |        | Six Months     |   |   | Six Months     |   |
|---------------------------------------------------------|--------|----------------|-------------|--------|----------------|--------|-------------|----------------|--------|--------|----------------|--------|
|                                                    |   | Ended          |        |   | Ended          |   |        | Ended          |   |   | Ended          |   |
|                                                    |   | April 30, 2010 |        |   | April 30, 2009 |   |        | April 30, 2010 |   |   | April 30, 2009 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |
| NET SALES                                               |   | $              | 61,413      |   |           | $      | 206,762     |           |   | $      | 157,628        |   |   | $ | 394,699 |   |
| Cost of Goods Sold                                      |   |           | 9,095       |   |           |   | 1,937       |           |   |   | 10,401         |   |   |   | 2,389 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| GROSS PROFIT                                            |   |           | 52,318      |   |           |   | 204,825     |           |   |   | 147,227        |   |   |   | 392,310 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Costs and Expenses                                      |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Research and development costs                          |   |           | 70,474      |   |           |   | 72,788      |           |   |   | 133,406        |   |   |   | 169,459 |   |
| Selling, general and administrative                     |   |           | 56,491      |   |           |   | 93,394      |           |   |   | 107,238        |   |   |   | 194,417 |   |
| Depreciation and Amortization                           |   |           | 6,824       |   |           |   | 21,607      |           |   |   | 11,149         |   |   |   | 43,215 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Total costs and expenses                                |   |           | 133,789     |   |           |   | 187,789     |           |   |   | 251,793        |   |   |   | 407,091 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Operating profit (loss)                                 |   |           | (81,471     | )      |           |   | 17,036      |           |   |   | (104,566       | )      |   |   | (14,781 | ) |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Other income (expense):                                 |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Interest income                                         |   |           | -           |   |           |   | 258         |           |   |   | -              |   |   |   | 1,629 |   |
| Other income                                            |   |           | -           |   |           |   | -           |           |   |   | 1,333          |   |   |   | - |   |
| Gains on sale of marketable equitable securities        |   |           | -           |   |           |   | 746         |           |   |   | -              |   |   |   | 746 |   |
| Interest expense                                        |   |           | (1,248      | )      |           |   | (1,252      | )              |   |   | (2,496         | )      |   |   | (2,533 | ) |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Total other income (expense)                            |   |           | (1,248      | )      |           |   | (248        | )              |   |   | (1,163         | )      |   |   | (158 | ) |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Net income (loss) before income tax provision           |   |           | (82,719     | )      |           |   | 16,788      |           |   |   | (105,729       | )      |   |   | (14,939 | ) |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Tax expense                                             |   |           | -           |   |           |   | -           |           |   |   | -              |   |   |   | - |   |
| Refundable tax credit                                   |   |           | 4,941       |   |           |   | 6,133       |           |   |   | 10,561         |   |   |   | 13,714 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Net income (loss)                                       |   | $              | (77,778     | )      |           | $      | 22,921      |           |   | $      | (95,168        | )      |   | $ | (1,225 | ) |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |
| Income (loss) per share - basic and diluted             |   |           | (0.0001     | )      |           |   | 0.0000      |           |   |   | (0.0002        | )      |   |   | (0.0000 | ) |
| Weighted average shares outstanding - basic and diluted |   |           | 547,769,915 |   |           |   | 547,769,915 |           |   |   | 547,769,915    |   |   |   | 547,769,915 |   |
|                                                    |   |           |        |   |           |   |        |           |   |   |           |   |   |   |   |   |

----

|                                                              |   | Six Months     |     |   | Six Months     |   |
|-------------------------------------------------------------------|--------|----------------|----------|--------|----------------|--------|
|                                                              |   | Ended          |     |   | Ended          |   |
|                                                              |   | April 30, 2009 |     |   | April 30, 2009 |   |
|                                                              |   | (Unaudited)    |     |   | (Unaudited)    |   |
| Cash Flows from Operating Activities:                             |   |           |     |   |           |   |
| Net loss                                                          |   | $              | (95,168  | )      |           | $      | (1,225 | ) |
| Adjustments to reconcile net loss to net cash                     |   |           |     |   |           |   |   |   |
|   used in operating activities:                              |   |           |     |   |           |   |   |   |
| Accumulated depreciation and amortization                         |   |           | 11,149   |   |           |   | 43,216 |   |
| Changes in assets and liabilities                                 |   |           |     |   |           |   |   |   |
| Accounts receivable                                               |   |           | (6,959   | )      |           |   | 7,492 |   |
| Tax credit receivable                                             |   |           | (10,561  | )      |           |   | (13,714 | ) |
| Prepaid expenses and other current assets                         |   |           | 8,011    |   |           |   | 9,246 |   |
| Accounts payable and accrued liabilities                          |   |           | 150,093  |   |           |   | 27,399 |   |
| Deferred revenue                                                  |   |           | 93,500   |   |           |   | - |   |
| Net cash provided (used) by operating activities                  |   |           | 150,065  |   |           |   | 72,414 |   |
|                                                              |   |           |     |   |           |   |   |   |
| Cash Flows from Investing Activities:                             |   |           |     |   |           |   |   |   |
| Purchases of marketable equitable securities                      |   |           | -        |   |           |   | (14,408 | ) |
| Proceeds from sales of  marketable equitable securities |   |           | -        |   |           |   | 34,400 |   |
| Prepaid construction costs                                        |   |           | -        |   |           |   |   |   |
| Purchases of fixed assets                                         |   |           | (150,000 | )      |           |   | (29,394 | ) |
| Net cash used by investing activities                             |   |           | (150,000 | )      |           |   | (9,402 | ) |
|                                                              |   |           |     |   |           |   |   |   |
| Cash Flows from Financing Activities:                             |   |           |     |   |           |   |   |   |
| Proceeds from related party notes payable                         |   |           | -        |   |           |   | - |   |
| Payment of related party notes payable                            |   |           | -        |   |           |   | - |   |
| Net cash provided by financing activities                         |   |           | -        |   |           |   | - |   |
|                                                              |   |           |     |   |           |   |   |   |
| Net increase in cash and cash equivalents                         |   |           | 65       |   |           |   | 63,012 |   |
| Cash and cash equivalents, beginning of the period                |   |           | 3,135    |   |           |   | 19,288 |   |
| Cash and cash equivalents, end of the period                      |   | $              | 3,200    |   |           | $      | 82,300 |   |

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| 1. | Basis of Presentation of Financial Statements |
|----|-----------------------------------------------|

| 2. | Going Concern. |
|----|----------------|

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| 3.  | Related Party Transactions. |
|----------|-----------------------------|

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| 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:  June 14, 2010 | By:                        |  /s/ Gregory F. Kowal |   |
|                            |                       | Gregory F. Kowal           |   |
|                            |                       | Chief Executive Officer    |   |