|   |   |                                                                              |
|--------|--------|-----------------------------------------------------------------------------------|
| 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 Exchange Act |

| Nevada(State or other jurisdiction ofincorporation or organization) |   | 88-0380546(I.R.S. EmployerIdentification No.) |
|---------------------------------------------------------------------|--------|-----------------------------------------------|

| Large Accelerated filer                       | o      | Accelerated Filer         | o      |
|-----------------------------------------------|--------|---------------------------|--------|
|                                          |   |                      |   |
| Non-Accelerated Filer                         |  ̈ | Smaller Reporting Company | þ |
| (Do not check if a smaller reporting company) |   |                      |

----

|                                                                                                                                                                                                      | Page   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Part I. Financial Information                                                                                                                                                                             |   |
|                                                                                                                                                                                                      |   |
| Item 1: Financial Statements (Unaudited)                                                                                                                                                                  |   |
|                                                                                                                                                                                                      |   |
| Condensed Consolidated Balance Sheets at January 31, 2011 (Unaudited) and October 31, 2010                                                                                                                | 4      |
|                                                                                                                                                                                                      |   |
| Condensed Consolidated Statements of Operations (Unaudited) for the Three Months ended January 31, 2011 and 2010 and Cumulative from November 27, 1997 (Date of Inception) to January 31, 2011            | 5      |
|                                                                                                                                                                                                      |   |
| Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) for the Three Months ended January 31, 2011                                                                         | 6      |
|                                                                                                                                                                                                      |   |
| Condensed Consolidated Statements of Cash Flows  (Unaudited) for the Three Months ended January 31, 2011 and 2010 and Cumulative from November 27, 1997 (Date of Inception) to January 31, 2011 | 7      |
|                                                                                                                                                                                                      |   |
| Notes to Condensed Consolidated Financial Statements (Unaudited)                                                                                                                                          | 8      |
|                                                                                                                                                                                                      |   |
| Item 2: Management’s Discussion and Analysis                                                                                                                                                        | 15     |
|                                                                                                                                                                                                      |   |
| Item 3: Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                        | 18     |
|                                                                                                                                                                                                      |   |
| Item 4: Controls and Procedures                                                                                                                                                                           | 18     |

----

| Part II. Other Information                                          | 19     |
|---------------------------------------------------------------------|--------|
|                                                                |   |
| Item 1: Legal Proceedings                                           | 19     |
|                                                                |   |
| Item 1A: Risk Factors                                               | 19     |
|                                                                |   |
| Item 2: Unregistered Sales of Equity Securities and Use of Proceeds | 19     |
|                                                                |   |
| Item 3: Defaults Upon Senior Securities                             | 19     |
|                                                                |   |
| Item 4: Removed and Reserved                                        | 19     |
|                                                                |   |
| Item 5: Other Information                                           | 19     |
|                                                                |   |
| Item 6: Exhibits                                                    | 20     |
|                                                                |   |
| Signatures                                                          | 21     |
|                                                                |   |
| EX-31.1: CERTIFICATION                                              |   |
| EX-31.2: CERTIFICATION                                              |   |
| EX-32.1: CERTIFICATIONS                                             |   |

----

----

|                                                                                 |   | January 31, |        |   | October 31, |    |
|--------------------------------------------------------------------------------------|--------|------------------|-------------|--------|------------------|---------|
|                                                                                 |   | 2011             |        |   | 2010             |    |
|                                                                                 |   | (Unaudited)      |        |   | (Note 2)    |    |
| Assets                                                                               |   |             |        |   |             |    |
|                                                                                 |   |             |        |   |             |    |
| Current                                                                              |   |             |        |   |             |    |
| Cash and Cash Equivalents                                                            |   | $                | 1,872,329   |   |             | $       | 1,844,752 |   |
| Share Subscriptions Receivable                                                       |   | —          |        |   |             | 115,000 |   |
| Deposits and Prepaid Expenses                                                        |   |             | 95,912      |   |             |    | 89,774 |   |
| Refundable Taxes Receivable                                                          |   |             | 28,062      |   |             |    | 21,959 |   |
| Government Grants and Investment Tax Credits Receivable                              |   | —          |        |   |             | 156,482 |   |
|                                                                                 |   |             | 1,996,303   |   |             |    | 2,227,967 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Property and Equipment, net                                                          |   |             | 82,808      |   |             |    | 87,465 |   |
| Patents, net                                                                         |   |             | 169,661     |   |             |    | 170,703 |   |
|                                                                                 |   |             | 252,469     |   |             |    | 258,168 |   |
|                                                                                 |   | $                | 2,248,772   |   |             | $       | 2,486,135 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Liabilities and Stockholders' Equity                                                 |   |             |        |   |             |    |   |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Current Liabilities                                                                  |   |             |        |   |             |    |   |   |
| Accounts Payable and Accrued Expenses                                                |   | $                | 402,461     |   |             | $       | 523,155 |   |
| Due to Director                                                                      |   |             | 10,765      |   |             |    | 15,149 |   |
| Current Portion of Capital Lease Obligation                                          |   |             | 20,992      |   |             |    | 20,992 |   |
|                                                                                 |   |             | 434,218     |   |             |    | 559,296 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Long Term Liabilities                                                                |   |             |        |   |             |    |   |   |
| Capital Lease Obligation, net of current portion                                     |   |             | 15,392      |   |             |    | 20,881 |   |
|                                                                                 |   |             | 15,392      |   |             |    | 20,881 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Mandatorily redeemable Class B common stock; par value $.00001 per share:            |   |             |        |   |             |    |   |   |
| 400,000 shares designated as series 2; 381,749 shares issued and outstanding         |   |             | 4           |   |             |    | 4 |   |
| 40,000 shares designated as series 3; 21,500 shares issued and outstanding           |   | —          |        |   | —          |    |
|                                                                                 |   |             | 4           |   |             |    | 4 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Commitments and contingencies                                                        |   |             |        |   |             |    |   |   |
| Stockholders' Equity                                                                 |   |             |        |   |             |    |   |   |
| Preferred stock; par value $.0001 per share,5,000,000 shares authorized, none issued |   | —          |        |   | —          |    |
| Common stock; par value $.00001 per share;                                           |   |             |        |   |             |    |   |   |
| 65,000,000 shares authorized,                                                        |   |             |        |   |             |    |   |   |
| 29,320,257 and 28,620,257 common shares and                                          |   |             |        |   |             |    |   |   |
| 24,388,904 and 24,388,904 exchangeable shares issued and                             |   |             |        |   |             |    |   |   |
| outstanding as at January 31, 2011 and October 31, 2010 respectively                 |   |             | 521         |   |             |    | 514 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Additional paid-in capital                                                           |   |             | 37,839,468  |   |             |    | 37,441,728 |   |
|                                                                                 |   |             |        |   |             |    |   |   |
| Deficit accumulated during development stage                                         |   |             | (35,509,714 | )      |             |    | (35,006,558 | ) |
|                                                                                 |   |             |        |   |             |    |   |   |
| Accumulated other comprehensive loss                                                 |   |             | (235,481    | )      |             |    | (237,508 | ) |
|                                                                                 |   |             |        |   |             |    |   |   |
| Total CardioGenics Holdings Inc. stockholders' equity                                |   |             | 2,094,794   |   |             |    | 2,198,176 |   |
| Non-controlling interest                                                             |   |             | (295,636    | )      |             |    | (292,222 | ) |
| Total equity                                                                         |   |             | 1,799,158   |   |             |    | 1,905,954 |   |
| Total liabilities and stockholders' equity                                           |   | $                | 2,248,772   |   |             | $       | 2,486,135 |   |

----

----

|                                                                                                     |   |                                           |       |   |               |   |       | Cumulative        |   |
|----------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|--------------------|--------|------------|-------------------|--------|
|                                                                                                     |   |                                           |       |   |               |   |       | From              |   |
|                                                                                                     |   |                                           |       |   |               |   |       | November 20, |   |
|                                                                                                     |   |                                           |       |   |               |   |       | 1997              |   |
|                                                                                                     |   |                                           |       |   |               |   |       | (Date of     |   |
|                                                                                                     |   | For the three months Ended |       |   | Inception) to |   |
|                                                                                                     |   | January 31,                               |       |   | January 31,   |   |
|                                                                                                     |   | 2011                                           |       |   | 2010               |   |       | 2011              |   |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |
| Operating Expenses                                                                                       |   |                                           |       |   |               |   |       |              |   |
| Amortization of Property and Equipment                                                                   |   | $                                              | 4,658      |   |               | $      | 7,091      |              |   | $ | 185,698 |   |
| Amortization of Patent Application Costs                                                                 |   |                                           | 1,042      |   |               |   | 996        |              |   |   | 8,246 |   |
| Write-off of Patent Application Costs                                                                    |   |                                           | —    |   |               |   | —    |              |   |   | 159,076 |   |
| General and Administrative                                                                               |   |                                           | 296,812    |   |               |   | 291,454    |              |   |   | 4,486,542 |   |
| Write-off of Goodwill                                                                                    |   |                                           | —    |   |               |   | —    |              |   |   | 12,780,214 |   |
| Research and Product Development, Net                                                                    |   |                                           |       |   |               |   |       |              |   |   |   |   |
| of Investment Tax Credits                                                                                |   |                                           | 158,924    |   |               |   | 132,810    |              |   |   | 3,446,675 |   |
| Total operating expenses and operating loss                                                              |   |                                           | 461,436    |   |               |   | 432,351    |              |   |   | 21,066,451 |   |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Other Expenses (Income)                                                                                  |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Interest Expense and Bank Charges (Net)                                                                  |   |                                           | 4,604      |   |               |   | (2,650     | )                 |   |   | 2,121,105 |   |
| Loss on Change in Value of Derivative Liability                                                          |   |                                           | —    |   |               |   | —    |              |   |   | 12,421,023 |   |
| Loss on Foreign Exchange Transactions                                                                    |   |                                           | 40,530     |   |               |   | 19,165     |              |   |   | 159,058 |   |
| Total other expenses (income)                                                                            |   |                                           | 45,134     |   |               |   | 16,515     |              |   |   | 14,701,186 |   |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Loss from Continuing Operations                                                                          |   |                                           | (506,570   | )      |               |   | (448,866   | )                 |   |   | (35,767,637 | ) |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Discontinued Operations-Gain on Sale of Subsidiary                                                       |   |                                           | —    |   |               |   | —    |              |   |   | 90,051 |   |
| Loss from Discontinued Operations                                                                        |   |                                           | —    |   |               |   | (37,355    | )                 |   |   | (127,762 | ) |
| Net Loss                                                                                                 |   |                                           | (506,570   | )      |               |   | (486,221   | )                 |   |   | (35,805,348 | ) |
| Net Loss attributed to non-controlling interest                                                          |   |                                           | (3,414     | )      |               |   | (3,524     | )                 |   |   | (295,634 | ) |
| Net Loss attributed to CardioGenics Holdings Inc.                                                        |   | $                                              | (503,156   | )      |               | $      | (482,697   | )                 |   | $ | (35,509,714 | ) |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Basic and Fully Diluted Net Loss per CommonShare attributable to CardioGenics Holdings Inc. Shareholders |   | $                                              | (0.00      | )      |               | $      | (0.00      | )                 |   |   |   |   |
|                                                                                                     |   |                                           |       |   |               |   |       |              |   |   |   |   |
| Weighted-average shares of Common Stock outstanding                                                      |   |                                           | 53,389,598 |   |               |   | 49,437,588 |              |   |   |   |   |

----

----

|                                                                        |   |              |       |   |    |    |   |        |   |    | Deficit       |   |   |               |        |   |          |    |     |   |   |
|----------------------------------------------------------------------------------|--------|-------------------|------------|--------|---------|---------|--------|-------------|--------|---------|---------------|--------|--------|--------------------|-------------|--------|---------------|---------|----------|--------|--------|
|                                                                             |   |              |       |   |    |    |   |        |   |    | Accumulated   |   |   |               |        |   |          |    |     |   |   |
|                                                                             |   |              |       |   |    |    |   |        |   |    | During        |   |   | Accumulated        |        |   |          |    |     |   |   |
|                                                                             |   |              |       |   |    |    |   | Additional  |   |    | the           |   |   | Other              |        |   |          |    |     | Total  |   |
|                                                                             |   | Common Stock |       |   | Paid-in |    |   | Development |   |    | Comprehensive |   |   | Noncontrolling     |        |   | Stockholders' |    |
|                                                                             |   | Shares            |       |   | Amount  |    |   | Capital     |   |    | Stage         |   |   | Income (Loss) |        |   | Interest      |    |     | Equity |   |
| Balance November 1, 2010                                                         |   |              | 53,009,161 |   |    | $  | 514    |        |   | $  | 37,441,728    |   |   | $             | (35,006,558 | )      |          | $  | (237,508 | )      |   | $ | (292,222 | ) |   | $  | 1,905,954 |   |
| Issuance of common shares in exchange for services rendered December 2010, $1.00 |   |              | 100,000    |   |    |    | 1      |        |   |    | 99,999        |   |   |               |        |   |          |    |     |   |   |   |   |   |   |   | 100,000 |   |
| Issuance of common shares for cash December 2010, $.50                           |   |              | 600,000    |   |    |    | 6      |        |   |    | 297,741       |   |   |               |        |   |          |    |     |   |   |   |   |   |   |   | 297,747 |   |
| Net loss attributable to noncontrolling interest                                 |   |              |       |   |    |    |   |        |   |    |          |   |   |               |        |   |          |    |     |   |   |   | (3,414 | ) |   |   | (3,414 | ) |
| Comprehensive Income (Loss):                                                     |   |              |       |   |    |    |   |        |   |    |          |   |   |               |        |   |          |    |     |   |   |   |   |   |   |   |   |   |
| Net Loss                                                                         |   |              |       |   |    |    |   |        |   |    |          |   |   |               | (503,156    | )      |          |    |     |   |   |   |   |   |   |   | (503,156 | ) |
| Other Comprehensive Income                                                       |   |              |       |   |    |    |   |        |   |    |          |   |   |               |        |   |          |    |     |   |   |   |   |   |   |   |   |   |
| Currency Translation Adjustment                                                  |   |              |       |   |    |    |   |        |   |    |          |   |   |               |        |   |          |    | 2,027    |   |   |   |   |   |   |   | 2,027 |   |
| Total Comprehensive (Loss)                                                       |   |              |       |   |    |    |   |        |   |    |          |   |   |               |        |   |          |    |     |   |   |   |   |   |   |   | (501,129 | ) |
| Balance at January 31, 2010                                                      |   |              | 53,709,161 |   |    | $  | 521    |        |   | $  | 37,839,468    |   |   | $             | (35,509,714 | )      |          | $  | (235,481 | )      |   | $  | (295,636 | ) |   | $  | 1,799,158 |   |

----

----

|                                                    |   |                         |      |   |                          |   |      | Cumulative from        |   |
|---------------------------------------------------------|--------|------------------------------|-----------|--------|-------------------------------|--------|-----------|-----------------------------|--------|
|                                                    |   |                         |      |   |                          |   |      | November 20, 1997 |   |
|                                                    |   | Three Months Ended |      |   | (Date of Inception) |   |
|                                                    |   | January 31              |      |   | To January 31,      |   |
|                                                    |   | 2011                         |      |   | 2010                          |   |      | 2011                        |   |
| Cash flows from operating activities                    |   |                         |      |   |                          |   |      |                        |   |
| Net Loss for the Period                                 |   | $                            | (506,570  | )      |                          | $      | (486,221  | )                           |   | $ | (35,805,348 | ) |
| Adjustments to reconcile net loss for the period to     |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| net cash used in operating activities                   |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Amortization of Property and Equipment                  |   |                         | 4,658     |   |                          |   | 7,091     |                        |   |   | 185,698 |   |
| Amortization of Patent Application Costs                |   |                         | 1,042     |   |                          |   | 996       |                        |   |   | 8,246 |   |
| Write-off of Patent Application Costs                   |   |                         | —   |   |                          |   | —   |                        |   |   | 159,076 |   |
| Write-off of Goodwill                                   |   |                         | —   |   |                          |   | —   |                        |   |   | 12,780,214 |   |
| Amortization of Deferred Debt Issuance Costs            |   |                         | —   |   |                          |   | —   |                        |   |   | 511,035 |   |
| Loss on Extinguishment of Debt                          |   |                         | —   |   |                          |   | —   |                        |   |   | 275,676 |   |
| Loss on Change in Value of Derivative Liability         |   |                         | —   |   |                          |   | —   |                        |   |   | 12,421,023 |   |
| Interest Accrued and Foreign Exchange Loss              |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| on Debt                                                 |   |                         | —   |   |                          |   | —   |                        |   |   | 922,539 |   |
| Unrealized Foreign Currency Exchange Gains              |   |                         | —   |   |                          |   | —   |                        |   |   | 25,092 |   |
| Beneficial Conversion Charge included in                |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Interest Expense                                        |   |                         | —   |   |                          |   | —   |                        |   |   | 452,109 |   |
| Common Stock Issued as Employee or                      |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Officer/Director Compensation                           |   |                         | —   |   |                          |   | —   |                        |   |   | 2,508,282 |   |
| Common Stock Issued for Services Rendered               |   |                         | 100,000   |   |                          |   | 49,000    |                        |   |   | 657,512 |   |
| Stock Options Issued for Services Rendered              |   |                         | —   |   |                          |   | —   |                        |   |   | 192,238 |   |
| Stock Options Issued to Directors and                   |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Committee Chairman                                      |   |                         | —   |   |                          |   | —   |                        |   |   | 54,582 |   |
| Changes in Operating Assets and Liabilities,            |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Net of Acquisition                                      |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Share Subscriptions Receivable                          |   |                         | 115,000   |   |                          |   | —   |                        |   |   | 0 |   |
| Deposits and Prepaid Expenses                           |   |                         | (6,138    | )      |                          |   | —   |                        |   |   | (95,123 | ) |
| Refundable Taxes Receivable                             |   |                         | (6,103    | )      |                          |   | 8,702     |                        |   |   | (27,198 | ) |
| Investment Tax Credits Receivable                       |   |                         | 156,482   |   |                          |   | —   |                        |   |   | 20,062 |   |
| Accounts Payable and Accrued Expenses                   |   |                         | (120,694  | )      |                          |   | (175,211  | )                           |   |   | (365,441 | ) |
| Advances                                                |   |                         | —   |   |                          |   | —   |                        |   |   | 131 |   |
| Net cash used in operating activities                   |   |                         | (262,323  | )      |                          |   | (595,643  | )                           |   |   | (5,119,595 | ) |
|                                                    |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Cash flows from investing activities                    |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Cash Acquired from Acquisition                          |   |                         | —   |   |                          |   | —   |                        |   |   | 195,885 |   |
| Purchase of Property and Equipment                      |   |                         | —   |   |                          |   | —   |                        |   |   | (204,424 | ) |
| Patent Application Costs                                |   |                         | —   |   |                          |   | (9,243    | )                           |   |   | (296,806 | ) |
| Net cash used in investing activities                   |   |                         | —   |   |                          |   | (9,243    | )                           |   |   | (305,345 | ) |
|                                                    |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Cash flows from financing activities                    |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| (Repayment) of Capital Lease Obligations                |   |                         | (5,489    | )      |                          |   | —   |                        |   |   | (7,533 | ) |
| Due to Director                                         |   |                         | (4,384    | )      |                          |   | 45,782    |                        |   |   | 736,095 |   |
| Issue of Debentures                                     |   |                         | —   |   |                          |   | —   |                        |   |   | 1,378,305 |   |
| Issue of Common Shares on Exercise of Stock options     |   |                         | —   |   |                          |   | —   |                        |   |   | 31 |   |
| Issue of Common Shares on Exercise of Warrants          |   |                         | —   |   |                          |   | —   |                        |   |   | 35,250 |   |
| Issue of Common Shares for Cash                         |   |                         | 297,747   |   |                          |   | —   |                        |   |   | 5,574,169 |   |
| Redemption of 10% Senior Convertible Debentures         |   |                         | —   |   |                          |   | (25,000   | )                           |   |   | (394,972 | ) |
| Net cash provided by financing activities               |   |                         | 287,874   |   |                          |   | 20,782    |                        |   |   | 7,321,345 |   |
|                                                    |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Effect of foreign exchange on cash and cash equivalents |   |                         | 2,026     |   |                          |   | 54,833    |                        |   |   | (24,076 | ) |
| Cash and Cash Equivalents                               |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| Increase (decrease) in cash and cash equivalents        |   |                         |      |   |                          |   |      |                        |   |   |   |   |
| during the period                                       |   |                         | 27,577    |   |                          |   | (529,271  | )                           |   |   | 1,872,329 |   |
| Beginning of Period                                     |   |                         | 1,844,752 |   |                          |   | 2,388,516 |                        |   |   | — |   |
| End of Period                                           |   | $                            | 1,872,329 |   |                          | $      | 1,859,245 |                        |   | $ | 1,872,329 |   |

----

| 1. | Nature of Business |
|----|--------------------|

| 2. | Basis of Presentation |
|----|-----------------------|

----

| 3. | Summary of Significant Accounting Policies. |
|----|---------------------------------------------|

|   | (a) | Research and Development Costs |
|--------|-----|--------------------------------|

|   | (b) | Net Loss Per Common Share |
|--------|-----|---------------------------|

|   | (c) | Use of Estimates |
|--------|-----|------------------|

----

|   | (d) | Financial Instruments |
|--------|-----|-----------------------|

| 4. | Due to Director |
|----|-----------------|

| 5. | Income Taxes |
|----|--------------|

| 6. | Stock Based Compensation |
|----|--------------------------|

----

|                                 |   |    |    |   | Weighted |   |
|--------------------------------------|--------|---------|---------|--------|----------|--------|
|                                 |   |    |    |   | Average  |   |
|                                 |   |    |    |   | Exercise |   |
|                                 |   | Options |    |   | Price    |   |
|                                 |   |    |    |   |     |   |
| Outstanding – October 31, 2009 |   |    | 305,000 |   |     | $      | 2.34 |   |
| Granted                              |   |    | — |   |     |   | — |   |
| Forfeited/Expired                    |   |    | — |   |     |   | — |   |
| Exercised                            |   |    | — |   |     |   | — |   |
| Outstanding – October 31, 2010 |   |    | 305,000 |   |     | $      | 2.34 |   |
| Granted                              |   |    | — |   |     |   | — |   |
| Forfeited/Expired                    |   |    | — |   |     |   | — |   |
| Exercised                            |   |    | — |   |     |   | — |   |
| Outstanding – January 31, 2011 |   |    | 305,000 |   |     | $      | 2.34 |   |

| 7. | Stockholders’ Equity |
|----|----------------------------|

|                            |   | For the Three Months EndedJanuary 31, |     |
|---------------------------------|--------|----------------------------------------------------------------|----------|
|                            |   | 2011                                                           |     |   | 2010 |   |
| Net (Loss)                      |   | $                                                              | (503,156 | ) |   | $ | (482,697 | ) |
| Currency translation adjustment |   |                                                           | 2,027    |   |   |   | 50,343 |   |
| Comprehensive (Loss)            |   | $                                                              | (501,129 | ) |   | $ | (432,354 | ) |

----

|                                                                                                                                                                                                                               |   | January 31,2011 |      |   | October 31,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|-----------|--------|----------------------|--------|
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |
| Warrants                                                                                                                                                                                                                           |   |                 |      |   |                 |   |   |   |
| Issued to subscribers to the debenture financing of 2003 and its related extension entitling the holder to purchase 1 common share of the Company at an exercise price of $0.47 per common share up to and including July 31, 2012 |   |                 | 2,046,808 |   |                 |   | 2,046,808 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Issued to subscribers to the debenture financing of 2004 and its related extension entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012 |   |                 | 1,043,659 |   |                 |   | 1,043,659 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Issued to agents for the debenture financings of 2003 and 2004 entitling the holder to purchase 1 common share in the Company at an exercise price of $0.47 per common share up to and including July 31, 2012                     |   |                 | 208,417   |   |                 |   | 208,417 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Issued to former employee entitling the holder to purchase 1 common share in the company at an exercise price of $0.47 per common share up to and including July 31, 2012                                                          |   |                 | 136,220   |   |                 |   | 136,220 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Issued to Consultants July 31, 2009, entitling the holder to purchase 1 common share of the company at an exercise price of $0.90 per share up to and including July 31, 2012                                                      |   |                 | 104,785   |   |                 |   | 104,785 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Issued to consultant August 1, 2009, entitling the holder to purchase 1 common share in the company at an exercise price of $0.90 per common share up to and including July 31, 2017                                               |   |                 | 287,085   |   |                 |   | 287,085 |   |
|                                                                                                                                                                                                                               |   |                 |      |   |                 |   |   |   |
| Total Warrants outstanding                                                                                                                                                                                                         |   |                 | 3,826,974 |   |                 |   | 3,826,974 |   |

| 8.  | Issuance of Common Stock |
|----------|--------------------------|

|                                            |   | Three Months EndedJanuary 31, 2011 |    |
|-------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                            |   | # of shares                                  |    |   | Amount |   |
|                                            |   |                                                   |    |   |   |   |
| Issuance to third parties for services rendered |   |                                                   | 100,000 |   |   | $ | 100,000 |   |
| Issuance to a director for cash                 |   |                                                   | 600,000 |   |   | $ | 297,747 |   |

| 9. | Net Loss per Share |
|----|--------------------|

|                              |   | Three Months EndedJanuary 31, |       |
|-----------------------------------|--------|----------------------------------------------|------------|
|                              |   | 2011                                         |       |   | 2010 |   |
|                              |   |                                         |       |   |   |   |
| Weighted-average shares - basic   |   |                                         | 53,389,598 |   |   |   | 49,437,588 |   |
| Effect of dilutive securities     |   |                                         | —    |   |   |   | — |   |
| Weighted-average shares - diluted |   |                                         | 53,389,598 |   |   |   | 49,437,588 |   |

----

| 10. | Commitments and Contingent Liabilities |
|-----|----------------------------------------|

|   | a) | On April 22, 2009, the Company was served with a statement of claim from a former employee claiming compensation for wrongful dismissal and ancillary causes of action including payment of monies in realization of his investment in the Company, with an aggregate claim of $514,000.  The Company considers all the claims to be without merit, has already delivered a statement of defense and intends to vigorously defend the action.  If the matter eventually proceeds to trial, the Company does not expect to be found liable on any ground or for any cause of action. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | On January 14, 2010, Flow Capital Advisors Inc. (“Flow Capital”) filed a lawsuit against JAG Media Holdings Inc. in the Circuit Court of the 17th Judicial Circuit In and For Broward County Florida (Case No. 10001713).  Pursuant to this lawsuit, Flow Capital alleges that JAG Media Holdings breached a Non-Circumvention Agreement it had entered into with Flow Capital, dated January 1, 2004.  Jag Media Holdings has moved to dismiss the case because Flow Capital is not registered to transact business in the State of Florida and is therefore barred from maintaining the suit under applicable law.  The motion is pending although Flow Capital has since registered, and if the motion is denied, JAG Media Holdings expects to file an answer asserting various defenses and vigorouslyoppose the suit. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | On October 26, 2010, Karver International Inc. filed a lawsuit in the 11th Judicial Circuit in and for Miami-Dade County, Florida against CardioGenics Holdings Inc. and several other defendants including affiliates, officers and directors of CardioGenics Holdings, Inc.  The Plaintiff generally alleges that the named defendants made certain alleged misrepresentations in connection with the purchase of shares of CardioGenics Holdings Inc.  On December 20, 2010, CardioGenics Holdings Inc. and other defendants filed a motion to dismiss on the basis that the court lacks personal jurisdiction over most defendants, that an enforceable forum selection clause requires that the action be litigated in Ontario, Canada that the doctrine of forum non conveniens requires dismissal in favor of the Ontario forum, and that the complaint suffers from numerous other technical deficiencies warranting dismissal (e.g., failure to attach documents to the Complaint, failure to plead fraud with particularity, etc.).  The motion is currently pending.  Should the motion be denied, CardioGenics Holdings Inc. will continue to pursue vigorous defenses to this action. In addition, Karver’s attorney recently filed a motion to withdraw as counsel for Karver. The court has granted Karver’s attorney’s motion to withdraw and has given Karver until April 6, 2011 to engage new counsel. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Supplemental Disclosure of Cash Flow Information |
|-----|--------------------------------------------------|

|                           |   | For the Three Months Ended |    |
|--------------------------------|--------|------------------------------------------------|---------|
|                      |   | January 31                                |    |
|                           |   | 2011                                           |    |   | 2010 |   |
|                           |   |                                           |    |   |   |   |
| Cash paid during the year for: |   |                                           |    |   |   |   |
| Interest                       |   | $                                              | 2,194   |   |   | $ | 1,490 |   |
| Income taxes                   |   | $                                              | — |   |   | $ | — |   |

| 12. | Assets and Liabilities from Discontinued Operations |
|-----|-----------------------------------------------------|

|                                           |   | 2011   |    |   | 2010   |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                           |   |   |    |   |   |   |
| Liabilities                                    |   |   |    |   |   |   |
| Accounts Payable                               |   | $      | — |   |   | $      | 100,000 |   |
| Total Liabilities from Discontinued Operations |   | $      | — |   |   | $      | 100,000 |   |

----

----

|                                                            |   | Three Months           |    |   |   |   |
|-----------------------------------------------------------------|--------|-----------------------------|---------|--------|--------|--------|
|                                                       |   | Ended January 31, |    |   |   |   |
|                                                       |   | 2011                        |    |   | 2010   |   |   | $ Change |   |
|                                                            |   |                        |    |   |   |   |   |   |   |
| Operating expenses:                                             |   |                        |    |   |   |   |   |   |   |
| Amortization of property and equipment                          |   | $                           | 4,658   |   |   | $      | 7,091 |   |   | $ | (2,433 | ) |
| Amortization of patent application costs                        |   |                        | 1,042   |   |   |   | 996 |   |   |   | 46 |   |
| General and administrative expenses                             |   |                        | 296,812 |   |   |   | 291,454 |   |   |   | 5,358 |   |
| Research and product development, net of investment tax credits |   |                        | 158,924 |   |   |   | 132,810 |   |   |   | 26,114 |   |
| Total operating expenses and operating loss                     |   |                        | 461,436 |   |   |   | 432,351 |   |   |   | 29,085 |   |
|                                                            |   |                        |    |   |   |   |   |   |   |   |   |   |
| Other expenses (income)                                         |   |                        |    |   |   |   |   |   |   |   |   |   |
| Interest expense and bank charges, net                          |   |                        | 4,604   |   |   |   | (2,650 | ) |   |   | 7,254 |   |
| Loss on foreign exchange                                        |   |                        | 40,530  |   |   |   | 19,165 |   |   |   | 21,365 |   |
| Loss on discontinued operations                                 |   |                        | — |   |   |   | 37,355 |   |   |   | (37,355 | ) |
|                                                            |   |                        |    |   |   |   |   |   |   |   |   |   |
| Net loss                                                        |   | $                           | 506,570 |   |   | $      | 486,221 |   |   | $ | 20,349 |   |

----

----

|   | •  | lack of documented policies and procedures; and |
|--------|---------------|-------------------------------------------------|

|   | • | there is no effective separation of duties, which includes monitoring controls, between the members of management. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | • | lack of resources to account for complex and unusual transactions |
|--------|---------|-------------------------------------------------------------------|

----

----

| 31.1   | Section 302 Certification of Chief Executive Officer.                             |
|--------|-----------------------------------------------------------------------------------|
|   |                                                                              |
| 31.2   | Section 302 Certification of Chief Financial Officer.                             |
|   |                                                                              |
| 32.1   | Section 906 Certification of Chief Executive Officer and Chief Financial Officer. |

----

|                 | CARDIOGENICS HOLDINGS INC. |
|----------------------|----------------------------|
|                 |                       |
| Date: March 17, 2011 | By:                   | /s/ Yahia Gawad |
|                 |                       | Name:  Yahia Gawad |
|                 |                       | Title:  Chief Executive Officer |
|                 |                       |   |
| Date: March 17, 2011 | By:                        | /s/ James Essex |
|                 |                       | Name:  James Essex |
|                 |                       | Title:  Chief Financial Officer |

----

| 31.1   | Section 302 Certification of Chief Executive Officer                             |
|--------|----------------------------------------------------------------------------------|
|   |                                                                             |
| 31.2   | Section 302 Certification of Chief Financial Officer                             |
|   |                                                                             |
| 32.1   | Section 906 Certification of Chief Executive Officer and Chief Financial Officer |

----