U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB


X     Quarterly Report pursuant to Section 13 or 15(d)
----- of the Securities Exchange Act of 1934

      For the quarterly period ended March 31, 2002

      Transition Report Under Section 13 or 15(d) of the
----- Securities Exchange Act of 1934

      For the transition period from        To
                                      -----         ------


         Commission File Number:                     0-17119
                                                     -------

                            A-Fem Medical Corporation
--------------------------------------------------------------------------------
        (exact name of small business issuer as specified in its charter)

              Nevada                                        33-0202574
-------------------------------                     ---------------------------
(State or other jurisdiction of                          (IRS Employer
incorporation or organization)                         Identification No.)

                         10180 SW Nimbus Ave., Suite J5
                               Portland, OR 97223
                 ----------------------------------------------
                    (Address of principal executive offices)

                                 (503) 968-8800
                 ----------------------------------------------
                           (Issuer's telephone number)



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

As of May 15, 2002, the issuer had outstanding 10,221,558 shares of its $.01 par
value Common Stock.

Transitional Small Business Disclosure Format: (Check one)   Yes       No    X
                                                             ----          ----
<PAGE>


                         PART I - FINANCIAL INFORMATION

See "Basis of Presentation."

Item 1.  Financial Statements
<TABLE>
<CAPTION>
                            A-Fem Medical Corporation
                                 BALANCE SHEETS
-------------------------------------------------------------------------------------------------------------------------
                                                                                               As of
-------------------------------------------------------------------------------------------------------------------------

                                                                                   March 31,            December 31,
                                                                                     2002                   2001
ASSETS                                                                            (unaudited)
<S>                                                                               <C>                   <C>

CURRENT ASSETS:
     Cash and cash equivalents                                                         $ 3,662               $ 6,291
     Accounts receivable                                                                 1,744                 1,265
     Other receivables                                                                  20,640                20,640
     Inventory                                                                               0                     0
     Prepaid expenses                                                                    8,567                 8,567
                                                                                    -----------           -----------
          Total current assets                                                          34,613                36,763

EQUIPMENT, FURNITURE and LEASEHOLDS, at cost                                           986,967               986,967
     Less:  accumulated depreciation                                                 (731,375)             (715,227)
                                                                                    -----------           -----------
                                                                                       255,592               271,740

PATENTS and LICENSES, net                                                               81,634                82,028
                                                                                    -----------           -----------
          Total assets                                                               $ 371,839              $390,531
                                                                                    ===========           ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
     Short-term notes payable                                                       $   48,500            $   48,500
     Accounts payable                                                                  363,293               339,963
     Current portion of capital lease obligation                                         1,497                 1,497
     Accrued expenses                                                                   45,332                45,332
     Accrued salaries and related liabilities                                          439,348               439,348
     Note payable - related party                                                      400,000               400,000
                                                                                    -----------           -----------
          Total current liabilities                                                  1,297,970             1,274,640

STOCKHOLDERS' EQUITY:
      Series A Convertible Preferred Stock, $0.01 par value; authorized
         9,750,000 shares; issued 7,492,135 and 7,492,135 shares at
         March 31, 2002 and December 31, 2001, respectively                             74,921                74,921
      Common Stock, $0.01 par value; authorized 75,000,000 shares;
         issued 10,221,558 and 10,221,558 shares at March 31, 2002 and
         December 31, 2001, respectively                                               102,215               102,215
     Warrants issued for Series A Convertible Preferred Stock                        1,893,316             1,893,316
     Warrants issued for common stock                                                   76,491                76,491
     Additional paid-in capital                                                     18,559,833            18,559,833
     Loan receivable-officers and directors
                                                                                       (52,000)              (52,000)
     Accumulated deficit                                                           (21,580,907)          (21,538,885)
                                                                                   -----------           -----------
          Total stockholders' equity                                                  (926,131)             (884,109)
                                                                                   -----------           -----------
          Total liabilities and stockholders' equity                                $  371,839            $  390,531
                                                                                   ===========           ===========
</TABLE>

      The accompanying notes are an integral part of these balance sheets.

                                       2
<PAGE>




                            A-Fem Medical Corporation
                            STATEMENTS OF OPERATIONS
                                   (unaudited)
                                                    For The Three Months
                                                       Ended March 31,
                                             -----------------------------------
                                                2002                  2001
                                             ---------------- ---------------
Sales, net                                   $     2,040          $     4,289
Cost of sales                                     12,699               49,422
                                             -----------          -----------
               Gross margin                      (10,659)             (45,133)

Operating Expenses:
     Research and development                     13,015              106,004
     Marketing and selling                             0               11,814
     General and administrative                   18,348              166,153
                                             -----------          -----------
          Total operating expenses                31,363              283,971
                                             -----------          -----------

Net operating loss                               (42,022)            (329,104)
                                             -----------          -----------

Other income                                           0               21,529
                                             -----------          -----------

Net loss                                     $   (42,022)         $  (307,575)
                                             ===========          ===========

Basic and diluted net loss per share         $     (0.01)         $     (0.03)
                                             ===========          ===========

Weighted average common shares outstanding    10,221,558            9,596,558
                                             ===========          ===========

        The accompanying notes are an integral part of these statements.


                                       3
<PAGE>
<TABLE>
<CAPTION>
                            A-Fem Medical Corporation
                            STATEMENTS OF CASH FLOWS
                           Increase (Decrease) in Cash
                                   (unaudited)

                                                                                       For The Three Months
                                                                                         Ended March 31,
                                                                               ---------------------------------
                                                                                  2002                  2001
                                                                               ------------          ------------
<S>                                                                            <C>                   <C>
Cash Flows From Operating Activities:
Net loss                                                                       $   (42,022)          $  (307,575)
Adjustments to reconcile net loss to net cash used in operating activities:
     Depreciation and amortization                                                  16,542                22,526
     (Gain) loss on disposal of assets                                                   -               (30,575)
     Other non-cash expenses                                                             -                     -
     Other non-cash income                                                               -                  (870)
     Changes in working capital:
          Accounts receivable                                                         (479)               (1,383)
          Inventory                                                                      -                 2,922
          Prepaid expenses and other                                                     -                12,614
          Accounts payable                                                          23,330               124,827
          Accrued expenses                                                               -               (26,122)
          Accrued salaries and related liabilities                                       -               133,402
                                                                               ------------          ------------
               Net cash used in operating activities                                (2,629)              (70,234)

Cash Flows From Investing Activities:
   Net proceeds from sale of equipment                                                   -                20,000
     Other assets                                                                        -                     -
                                                                               ------------          ------------
               Net cash provided by (used in) investing activities                       -                20,000

Cash Flows From Financing Activities:
     Net repayments of lease obligations                                                 -                (1,530)
     Net proceeds from sale of common and preferred stock, exercise of
      options and warrants, net of expenses                                              -                     -
     Proceeds from short-term notes payable                                              -                48,500
                                                                               ------------          ------------
               Net cash provided by financing activities                                 -                46,970
Net Increase (Decrease) in Cash and Cash Equivalents                                (2,629)               (3,264)

Cash and Cash Equivalents, beginning of period                                       6,291                 5,644
                                                                               ------------          ------------

Cash and Cash Equivalents, end of period                                       $     3,662           $     2,380
                                                                               ============          ============
</TABLE>

        The accompanying notes are an integral part of these statements.


                                       4
<PAGE>
                            A-Fem Medical Corporation
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2002

Organization of the Company and Significant Accounting Policies

Organization
------------

         A-Fem Medical Corporation (the Company or A-Fem) is a medical
technology company with multiple product platforms targeting women's health
needs. A-Fem has developed three proprietary technology platforms: one based on
its inSync(R) miniform interlabial pad, another based on its Rapid-Sense(R)
diagnostic tests and the third based on its PadKit(R) Sample Collection System.
A-Fem currently markets the inSync miniform as an alternative to tampons, pads
and liners for light flow, or in combination for heavier flow protection. The
PadKit, currently in clinical trials, utilizes a miniform as a noninvasive
sample collection method for use in testing for certain cancers and sexually
transmitted and infectious diseases. A-Fem has also entered into several joint
relationships to develop point-of-care diagnostic products that use its
proprietary Rapid-Sense technology.


Going Concern Uncertainty
-------------------------

         The Company experienced significant operating losses during the year
ended December 31, 2001 and has continued to incur losses for first quarter of
2002. Further, the Company has not generated significant revenues. The Company
expects that significant ongoing expenditures will be necessary to successfully
implement its business plan and develop, manufacture and market its products.
These circumstances raise substantial doubt about the Company's ability to
continue as a going concern. Execution of the Company's plans and its ability to
continue as a going concern depend upon its acquiring substantial additional
financing. Management's plans include efforts to obtain additional capital and
to evaluate potential partnering opportunities. The Company has demonstrated the
ability to raise operating funds in the past by securing investment commitments
in its preferred and common stock of approximately $175,000 during 2001, and
$1.1 million during 2000, net of issuance expenses. However, there can be no
assurance that the Company's efforts to raise additional funding or enter into a
strategic alliance will be successful. If the company is unable to obtain
adequate additional financing, enter into such strategic alliance or generate
sufficient profitable sales revenues, management will likely be required to
curtail the Company's product development, marketing activities and other
operations and the Company will likely be forced to cease operations.





                                       5
<PAGE>
Basis of Presentation
---------------------

         The interim financial data are unaudited; however, in the opinion of
management, the interim data include all adjustments, consisting only of normal
recurring adjustments, necessary for a fair statement of the results for the
interim periods. The financial statements included herein have been prepared by
A-Fem pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although A-Fem believes that the disclosures included herein are
adequate to make the information presented not misleading. Operating results for
the periods presented are not necessarily indicative of future results. These
financial statements should be read in conjunction with the financial statements
and notes to financial statements included in A-Fem's Annual Report on Form
10-KSB for the year ended December 31, 2001.

Net Loss Per Share
------------------

         Basic and diluted loss per share are required to be computed using the
methods prescribed by Statement of Financial Accounting Standards No. 128,
"Earnings per Share" (SFAS 128). Loss per share is calculated using the weighted
average number of common shares outstanding for the period. A net loss was
reported in each of the quarters ended March 31, 2002 and 2001. Stock options
for the purchase of 3,443,789 and 3,725,923 shares at March 31, 2002 and 2001,
respectively, and warrants for the purchase of 1,594,439 and 1,592,939 shares at
March 31, 2002 and 2001, respectively, were not included in loss per share
calculations, because to do so would have been anti-dilutive. In addition,
shares of A-Fem's convertible preferred stock and warrants covering shares of
A-Fem's convertible preferred stock outstanding at March 31, 2002 were not
included in loss per share calculations because to do so would have been
anti-dilutive.

Recent Accounting Pronouncements
--------------------------------

         In June 1998, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" (SFAS 133), which established accounting and
reporting standards for all derivative instruments. SFAS 133 will require the
Company's derivative financial instruments to be recorded at fair value and
reflected in income unless they are effective as hedges. In June 1999, the FASB
issued Statement of Financial Accounting Standards No. 137, "Accounting for
Derivative Instruments and Hedging Activities - Deferral of the Effective Date
of FASB Statement No. 133," which delays the Company's adoption of SFAS 133
until 2001. In June 2000, the FASB issued Statement of Financial Accounting
Standards No. 138, which amended certain guidance within SFAS 133. The Company
does not have any derivative instruments and does not engage in hedging
activities. Therefore, the adoption of SFAS 133 in 2001 did not have any effect
on the Company's financial position or results of operations.

         In July 2001, the Financial Accounting Standards Board issued SFAS No.
141, "Business Combinations," and SFAS No. 142, "Goodwill and Other Intangible
Assets." SFAS No. 141


                                       6
<PAGE>
requires that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001. Use of the pooling-of-interests
method will be prohibited on a prospective basis. SFAS No. 142 changes the
accounting for goodwill from an amortization method to an impairment-only
approach. Thus, amortization of goodwill and other intangible assets, including
goodwill recorded in past business combinations, will cease upon adoption of
that Statement, which for the Company will be fiscal year 2002. The Company does
not expect that the adoption of either SFAS 141 or SFAS 142 to have a
significant impact on the financial condition or results of operations of the
Company.

Reclassifications
-----------------

         Certain amounts have been reclassified in the prior year financial
statement presentation to conform to the current year presentation.

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

Overview
--------

         A-Fem Medical Corporation is a medical technology company with multiple
product platforms targeting women's health needs. A-Fem has developed three
proprietary technology platforms: one based on its inSync(R) miniform
interlabial pad, another based on its Rapid-Sense(R) diagnostic tests, and the
third based on its PadKit(R) Sample Collection System. A-Fem currently markets
the inSync miniform as an alternative to tampons, pads and liners for light
flow, or in combination for heavier flow protection. The PadKit, currently in
clinical trials, utilizes a miniform as a non-invasive sample collection method
for use in testing for certain cancers and sexually transmitted and infectious
diseases. A-Fem has also entered into several joint relationships to develop
point-of-care diagnostic products that use its proprietary Rapid-Sense
technology.

         During the first half of 2000, A-Fem shifted the emphasis of its
technology development efforts to focus on the PadKit, and will continue
Rapid-Sense technology development solely for third-party development contracts.
A-Fem is in the process of evaluating alternative product strategies for the
PadKit that will affect the magnitude of PadKit clinical studies to be
undertaken. Results from initial clinical trials revealed additional product
claims were possible for the PadKit, and larger and more complex clinical
studies would be required to support such claims. In addition to seeking funding
to support additional clinical studies, A-Fem will seek strategic partnerships
for the PadKit.

         A-Fem continued to experience operating losses during the year ended
December 31, 2001 and the quarter ended March 31, 2002 and has never generated
significant revenues from operations. A-Fem expects that significant ongoing
expenditures will be necessary to successfully implement its business plan and
develop, manufacture and market its products. Execution of A-Fem's plans and its
ability to continue as a going concern depend upon its acquiring substantial
additional financing. Management's plans include efforts to obtain


                                       7
<PAGE>
additional capital through the sale of equity securities and by licensing its
Rapid-Sense technology, and to seek partnering opportunities for the inSync
miniform. A-Fem has raised operating funds in the past by selling shares of its
common and preferred stock for consideration totaling approximately $1.1 million
during 2000, and $175,000 in 2001.

         A-Fem may not be able to raise additional funding or enter into a
strategic alliance. If A-Fem is unable to obtain adequate additional financing,
enter into such strategic alliance or generate sufficient sales revenues,
management will likely be required to further curtail A-Fem's product
development, marketing activities and other operations, and A-Fem will likely
cease operations.

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

         The first quarter of 2002 reflects the results of a decreased level of
activity with no active headcount, and minimal expenses, while the effort to
raise funds in the equity market continues.

         Net sales for the quarter ended March 31, 2002, were approximately
$2,000, as compared to approximately $4,000 for the quarter ended March 31,
2001. This decrease was the result of decreased distribution for the inSync
miniform, which is primarily now only sold through the internet, as compared to
a wider distribution during the prior year.

         Marketing and selling expense for the first quarter of 2002 was zero,
as compared to approximately $12,000 for the quarter ended March 31, 2001. This
decrease resulted from elimination of support for the inSync miniform.

         Research and development expense for the quarter ended March 31, 2002,
was approximately $13,000, as compared to approximately $106,000 for the same
quarter of the prior year. The current year expense reflects only the fixed
expense of operations, with no personnel or other outside expenses.

         General and administrative expense was approximately $18,000 for the
quarter ended March 31, 2002, as compared to approximately $166,000 for the same
period in the prior year. This decrease resulted from the elimination of all
expenses except fixed expenses.

         A-Fem's operating loss for the quarter ended March 31, 2002, was
approximately $42,000 as compared to approximately $329,000 for the same quarter
of the prior year. This decrease resulted from the elimination of expenses in
all operating departments.

         A-Fem's other income (expense) is composed primarily of income from
development contracts, interest income and interest expense. For the quarter
ended March 31, 2002 there was no other income or expense, as compared to other
income of approximately $22,000 for the same period in the prior year.

         A-Fem's net loss for the quarter ended March 31, 2002, was
approximately $42,000, as compared to approximately $308,000 for the same period
in the prior year. This decrease resulted


                                       8
<PAGE>
from elimination of operating expenses in all operating departments in 2002 due
to a continued lack of funding.

Liquidity and Capital Resources
-------------------------------

         As of March 31, 2001, A-Fem had cash and cash equivalents of $3,662.
A-Fem's net cash position decreased by $2,629 between December 31, 2001 and
March 31, 2002, as a result of funding certain operating expenses.

         A-Fem continued to experience operating losses during the year ended
December 31, 2001, and in the first three months of 2002, and has never
generated sufficient revenues from operations to offset expenses. A-Fem expects
to continue to incur losses through 2003, because the costs of development are
expected to continue to exceed income from product sales. A-Fem incurs
approximately $150,000 per month of operating expenses at full operation and
expects that significant ongoing expenditures will be necessary to successfully
implement its business plan and develop, manufacture and market its products.
Since January 1, 2001, A-Fem has deferred payment of compensation accrued for
its remaining 4 full-time employees pending receipt of additional financing. In
addition, A-Fem's outstanding note payable obligation of $400,000 was due in
April 2001. A-Fem is in default on this obligation.

         These circumstances raise substantial doubt about A-Fem's ability to
continue as a going concern. Execution of A-Fem's plans and its ability to
continue as a going concern depend upon its acquiring substantial additional
financing. Management's plans include efforts to obtain additional capital,
through the sale of equity securities and by licensing its Rapid-Sense
technology, and to seek partnering opportunities for the inSync miniform. A-Fem
does not expect significant amounts of debt financing to be available to it in
the near term, and therefore expects that it will have to issue additional
equity. A-Fem cannot predict on what terms any such financing might be
available, but any such financing could involve issuance of equity below current
market prices and result in significant dilution of existing stockholders.

         Since December 31, 2000 A-Fem has financed its operations through
bridge loans and small equity investments while it seeks significant additional
equity financing. A-Fem has raised operating funds in the past by selling shares
of its common and preferred stock for consideration totaling approximately $2.4
million during 1999, $1.1 million during 2000, and $175,000 in 2001. Since the
third quarter of 1998, substantially all such sales have been made to clients of
a single investment advisor. A-Fem anticipates that no further funds will be
available from this source and that A-Fem will have to find alternative sources
for its additional financing. A-Fem has engaged an investment banker to pursue
alternative sources of additional funding. A-Fem may not be able to raise
additional funding or enter into a strategic alliance. If A-Fem is unable to
obtain adequate additional financing, enter into such strategic alliance or
generate sufficient sales revenues, management may be required to curtail
A-Fem's product development, marketing activities and other operations, and
A-Fem may be forced to cease operations.



                                       9
<PAGE>
         In order to carry out its development plans for the PadKit, A-Fem
estimates it will need to raise approximately $8 million in addition to the
funds needed for its monthly operating expenses. This estimate has been
increased due to the probability that larger and more complex clinical studies
may be needed to support additional product claims for the PadKit that were
revealed by earlier clinical trials. The funds required to carry out such
development plans will vary based on the size or number of clinical studies
undertaken, which will be determined by the potential number of applications of,
or claims that can be made for, the PadKit. If A-Fem were able to raise the
entire $8 million at once, it would take approximately 18 to 24 months to
complete A-Fem's development plans and receive US approval to market the PadKit
for the initial set of claims.

Forward-Looking Statements

         Certain statements in this Form 10-QSB contain "forward-looking"
information (as defined in Section 27A of the Securities Act of 1933, as
amended) that involves risks and uncertainties that may cause actual results to
differ materially from those predicted in the forward-looking statements.
Forward-looking statements can be identified by their use of such verbs as
expects, anticipates, believes or similar verbs or conjugations of such verbs.
If any of the Company's assumptions on which the forward-looking statements are
based prove incorrect or should unanticipated circumstances arise, the Company's
actual results could differ materially from those anticipated by such
forward-looking statements. The differences could be caused by a number of
factors or combination of factors including, but not limited to, the risks
detailed in the Company's Securities and Exchange Commission filings, including
the Company's Form 10-KSB for the fiscal year ended December 31, 2001.

         Forward-looking statements contained in this Form 10-QSB relate to the
Company's plans and expectations as to: need for additional financing; need to
find new sources of financing; results of financing efforts; need for regulatory
approvals; continuing operating losses; lack of revenues from products; market
acceptance risks; results of product development; the impact of competitive
products and pricing; and the effect of economic conditions generally and within
the medical technology industry.

         Forward-looking statements contained in this Form 10-QSB relate to the
Company's plans and expectations as to: the possibility that the Company may not
obtain needed additional financing; the possibility that the Company's products
may not receive needed regulatory approvals; the risk that the Company's
products may not receive market acceptance; the possibility that the Company's
products development efforts may not produce desired results; the risk that
competitive products may have an adverse impact on the Company's products; and
the risk that economic conditions generally or in the medical technology
industry could have an adverse effect on the Company.





                                       10
<PAGE>
                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         a)       Exhibits

                  See Exhibit Index.

         b)       Reports on Form 8-K

                  Form 8-K filed March 8, 2002

















































                                       11
<PAGE>

                                   SIGNATURES


In accordance with the requirements of the Exchange Act, the Company caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.


                                        A-FEM MEDICAL CORPORATION


Date:  May 20, 2002
                                        /s/ Steven T. Frankel
                                        ----------------------------
                                        Steven T. Frankel
                                        President and Chief Executive Officer





                                        /s/ Martin Harvey
                                        ----------------------------
                                        Martin Harvey
                                        Controller


<PAGE>
                                  EXHIBIT INDEX


       Exhibit No.          Description

           3.1              Amended and Restated Articles of Incorporation(1)
           3.2              Amended and Restated Bylaws(2)
           11.1             Statement re: computation of per share earnings
----------

(1)  Incorporated by reference to the exhibits to A-Fem's annual report on Form
     10-KSB for the year ended December 31, 2000.
(2)  Incorporated by reference to the exhibits to A-Fem's annual report on Form
     10-KSB/A for the year ended December 31, 1999.