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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2011

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to ________

COMMISSION FILE NUMBER 000-51261

CALECO PHARMA CORP.
(Exact name of registrant as specified in its charter)

NEVADA	20-1147435
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
59 East Mill Road, Building 4, Suite 201
Long Valley, NJ	07853
(Address of principal executive officers)	(Zip Code)

(908) 752-4240
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X]   Yes     [ ]   No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[ ]   Yes     [ ]   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[ ]   Yes     [X]   No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:As of June 9, 2011, the Issuer had 96,351,340 shares of common stock outstanding.

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PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the three and six months ended April 30, 2011 are not necessarily indicative of the results that can be expected for the year ending October 31, 2011.

As used in this Quarterly Report on Form 10-Q, the terms "we,” "us,” "our,” “Caleco” and the “Company” mean Caleco Pharma Corp. All dollar amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.

2

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CALECO PHARMA CORP.

(A Development Stage Company)

 

CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

 

April 30, 2011
(Unaudited)

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CALECO PHARMA CORP.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
(Unaudited)

		April 30,			October 31,
		2011			2010
ASSETS
Current Assets
Cash and cash equivalents	$	904		$	5,080
Deferred tax asset, less valuation allowance of $2,236,624 (2010 -$2,152,108)		-			-
Total Current Assets		904			5,080
Investment (Note 4)		491			491
Intangibles (Note 6)		100			100
Total Assets	$	1,495			5,671
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities
Accounts payable and accrued liabilities	$	492,866		$	369,159
Accounts payable and accrued liabilities –related parties (Note 8)		146,673			146,861
Loans Payable (Note 7)		292,089			321,207
Total Current Liabilities		931,628			837,227
Commitments and Contractual Obligations (Note 10, 11, 12)
Stockholders’ Deficiency
Common stock (Note 9)           Authorized                 975,000,000 common shares, par value $0.001            Issued and outstanding                 April 30, 2011 - 94,351,340                 October 31, 2010 - 91,351,340		94,352			91,352
Additional paid-in capital		6,528,141			6,381,141
Accumulated other comprehensive loss:
Foreign currency cumulative translation adjustment		(174,074	)		(174,074	)
Deficit		(718,605	)		(718,605	)
Deficit accumulated during the development stage		(6,659,947	)		(6,411,370	)
Total Stockholders’ Deficiency		(930,133	)		(831,556	)
Total Liabilities and Stockholders’ Deficiency	$	1,495		$	5,671

Subsequent events (Note 14)

The accompanying notes are an integral part of these consolidated financial statements.

F-2

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CALECO PHARMA CORP.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in U.S. Dollars)
(Unaudited)

		Cumulative
		Amounts
		From October 19,			Six			Six			Three			Three
		2007 (start of the			Months			Months			Months			Months
		development stage)			Ended			Ended			Ended			Ended
		to April 30,			April 30,			April 30,			April 30,			April 30,
		2011			2011			2010			2011			2010
EXPENSES
Management fees	$	183,502		$	21,000		$	21,000		$	10,500		$	10,500
Mineral exploration costs		13,710			-			-			-			-
Professional fees		1,106,012			169,609			523,446			84,020			423,400
Other operating expenses		536,492			34,920			135,846			20,844			63,790
Foreign currency loss (gain)		81,844			17,529			(27,544	)		23,654			(12,893	)
LOSS BEFORE OTHER ITEMS
AND INCOME TAXES		1,921,560			243,058			652,748			139,018			484,797
Interest expense		112,285			5,519			6,019			2,645			3,214
Write off of mineral property (Note 5)		200,000			-			-			-			-
Write off of account payable		(45,743	)		-			-			-			-
Write off of intangibles (Note 6)		691,231			-			-			-			-
Grant of license		(491	)		-			(491	)		-			-
LOSS BEFORE INCOME TAXES		2,878,842			248,577			658,276			141,663			488,011
Provision for income taxes		-			-			-			-			-
LOSS FROM CONTINUING OPERATIONS		2,878,842			248,577			658,276			141,663			488,011
Discontinued operations		3,781,105			-			-			-			-
NET LOSS		6,659,947			248,577			658,276			141,663			488,011
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment		151,900			-			-			-			-
COMPREHENSIVE LOSS	$	6,811,847		$	248,577		$	658,276		$	141,663		$	488,011
BASIC AND DILUTED NET LOSS FROM   CONTINUING OPERATIONS PER SHARE				$	(0.00	)	$	(0.01	)	$	(0.00	)	$	(0.01	)
WEIGHTED AVERAGE NUMBER OF   COMMON SHARES OUTSTANDING					94,052,997			86,589,115			94,351,340			88,106,977

The accompanying notes are an integral part of these consolidated financial statements.

F-3

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CALECO PHARMA CORP.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Unaudited)

		Cumulative
		Amounts
		From October 19,			Six			Six
		2007 (start of the			Months			Months
		development stage)			Ended			Ended
		to April 30,			April 30,			April 30,
		2011			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from continuing operations	$	(2,878,842	)	$	(248,577	)	$	(658.276	)
Adjustments to reconcile net loss to cash used in operating activities:
Write off of mineral property		200,000			-			-
Write off of accounts payable		(45,743	)		-			-
Write off of intangibles		691,231			-			-
Issuance of capital stock for services		174,550			-			81,000
Grant of license		(491	)		-			(491	)
Change in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued liabilities		638,450			123,707			(78,048	)
Increase (decrease) in accounts payable and accrued liabilities       –related parties		141,318			(188	)		(26,477	)
Increase (decrease) in accrued interest payable		45,508			(5,174	)		(29,335	)
Net cash used in operating activities of discontinued operations		(103,029	)		-			-
Net cash used in operating activities		(1,137,048	)		(130,232	)		(711,627	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of mineral property		(200,000	)		-			-
Acquisition of intangibles		(476,954	)		-			-
Net cash used in investing activities		(676,954	)		-			-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from / (repayments to) loans payable, net		58,917			(23,944	)		150,170
Issuance of capital stock for cash		1,432,243			150,000			391,930
Subscriptions received		-			-			-
Net cash provided by financing activities of discontinued operations		74,379			-			-
Net cash provided by financing activities		1,565,539			126,056			542,100
EFFECT OF FOREIGN CURRENCY TRANSLATION ON
CASH DURING THE PERIOD		3,755			-			-
NET DECREASE IN CASH		(244,708	)		(4,176	)		(169,527	)
CASH, BEGINNING OF PERIOD		245,612			5,080			271,106
CASH, END OF PERIOD	$	904		$	904		$	101,579
CASH –DISCONTINUED OPERATIONS	$	-		$	-		$	-
CASH –CONTINUING OPERATIONS	$	904		$	904		$	101,579

Supplemental Disclosure with Respect to Cash Flows (Note 13)

The accompanying notes are an integral part of these consolidated financial statements.

F-4

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

1.	HISTORY AND ORGANIZATION OF THE COMPANY
	Caleco Pharma Corp. (formerly Blackstone Lake Minerals Inc.) (the “Company”) was incorporated on May 18, 2004, under the laws of the State of Nevada and was in the business of exploring mineral properties. Effective April 19, 2006, the Company acquired 100% of the issued and outstanding shares of Skyflyer Technology GmbH (“Skyflyer Technology”), a company engaged in the development and commercialization of a one or two person, recreation flying device. On October 18, 2007, the Company acquired a 100% interest in a mineral claim (the “Blackstone Lake Property”) in Saskatchewan, Canada. The Company was focusing its resources on the development and exploration of the Blackstone Lake Property and on April 11, 2008, the Company sold its interest in Skyflyer Technology. On January 27, 2009, pursuant to a technology purchase agreement with NY Financial (International) Corp. (“NY Financial”), the Company’s former wholly-owned subsidiary, Caleco Pharma Corp. (“Caleco-Sub”), acquired a proprietary technology and the intellectual property related thereto for the treatment of liver disease and other ailments, particularly resulting from viral infections such as the Hepatitis C virus infection (the “Technology”) (Note 11). The Company has also developed or is in the process of developing food supplements, hair and dermatological products, energy drinks and chewing gum that derive their formulations from the Technology. These products are being developed to provide enhancement to an individual’s immune system. On March 12, 2010, the Company entered into an exclusive license agreement with Natac Biotech S.L. (“Natac”), a Spanish biotechnology corporation engaged in the research and development of health related products, whereby Natac has granted the Company the exclusive right to develop, commercialize, market and distribute five compounds (AOF, AH- FLO, JHF, HGF, NB-VAL40) derived from plant extracts throughout North and South America (Note 12). On November 22, 2009, the Company allowed the Blackstone Lake Property to lapse and as a result, the Company wrote down the mineral property to $Nil at October 31, 2009. The Company is considered to be a development stage company, as it has not generated significant revenues from operations.
	The consolidated financial statements of the Company up until July 31, 2009 included the accounts of the Company and its former wholly-owned subsidiary, Caleco-Sub. All inter-company balances and transactions were eliminated on consolidation. Effective August 31, 2009, the Company changed its name to Caleco Pharma Corp. To effect the name change, the Company completed a merger of Caleco-Sub, with and into the Company, with the Company continuing as the sole surviving entity.
	These unaudited financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America for interim financial information. The accompanying unaudited financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States of America generally accepted accounting principles. In the opinion of management, all adjustments (consisting solely of normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows as at April 30, 2011 and for all periods presented, have been included. Interim results for the period ended April 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year as a whole.

F-5

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

2.	GOING CONCERN
	These financial statements have been prepared with the on-going assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. However, certain conditions noted below raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.
	The operations of the Company have primarily been funded by the sale of common stock and loans received. Continued operations of the Company are dependent on the Company’s ability to complete equity financings or generate profitable operations in the future. Management’s plan in this regard is to secure additional funds through future equity financings. Such financings may not be available or may not be available on reasonable terms to the Company.
3.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Company have been prepared in conformity with generally accepted accounting principles in the United States of America and are stated in U.S. dollars. The significant accounting policies adopted by the Company are as follows:

(a) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates.

(b) Foreign currency translation

The functional currency of the Company is the U.S. dollar. The Company’s former subsidiary, Caleco-Sub, used the U.S. dollar as its functional currency. The Company’s former subsidiary, Skyflyer Technology, used the Euro as its functional currency. Accordingly, monetary assets and liabilities denominated in a foreign currency were translated at the exchange rate in effect at the balance sheet date while non-monetary assets and liabilities were translated at historical rates. Revenue and expense items denominated in a foreign currency were translated at exchange rates prevailing when such items are recognized in the statement of operations. Exchange gains and losses arising on translation of foreign currency items are included in the statement of operations.

The Company followed the current rate method of translation to U.S. dollars with respect to its former foreign subsidiary. Accordingly, assets and liabilities were translated into U.S. dollars at the year-end exchange rates while revenue and expenses were translated at the average exchange rates during the year. Related exchange gains and losses are included in a separate component of stockholders’ equity as accumulated other comprehensive loss.

F-6

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

3.	SIGNIFICANT ACCOUNTING POLICIES (continued)

(c) Cash and cash equivalents

The Company considers cash held at banks and all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. At April 30, 2011 and October 31, 2010, the Company had no cash equivalents.

(d) Investments

The Company accounts for investments in companies subject to significant influence (generally those companies in which interests ranging from 20% to 50% are held) on the equity basis. Investments in companies that the Company is unable to significantly influence are carried at cost.

Investments in which the Company holds a 51% or greater interest are consolidated, unless control does not exist due to the Company’s inability to determine the investees strategic operating, financing and investing policies.

(e) Intangibles

Intangibles are recorded at cost. Capitalized amounts relate to purchase costs and legal, consulting and advisory costs incurred in registration of the patents and intellectual property. Depreciation is calculated using the straight-line method over the useful lives of the assets. No depreciation is provided for as the patents have not yet been awarded and/or begun to generate revenues. No depreciation is provided for the intellectual property as they have indefinite lives. At October 31, 2010, the Company made an assessment to write down the intangibles to $100.

(f) Accounting for the impairment of long-lived assets and long-lived assets to be disposed of

The Company reviews all long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

(g) Income taxes

A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expenses (benefit) result from the net change during the period of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

F-7

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

3.	SIGNIFICANT ACCOUNTING POLICIES (continued)

(h) Fair value of financial instruments

The Company's financial instruments consist of cash and cash equivalents, investment, accounts payable and accrued liabilities, accounts payable and accrued liabilities –related parties, and loans payable. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying values, unless otherwise noted.

(i) Stock-based compensation

The Company accounts for share-based compensation under the provisions of ASC 718, “Compensation-Stock Compensation”. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value.

The Company accounts for stock compensation arrangements with non-employees in accordance with ASC 718 which require that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted to non-employees, the fair value of the stock options is estimated using a Black-Scholes valuation model.

(j) Net loss per share

Basic net loss per share is computed by dividing the net loss for the year by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share takes into consideration shares of common stock outstanding (computed under basic earnings per share) and potentially dilutive shares of common stock. As of April 30, 2011 and 2010, there were no potentially dilutive securities outstanding.

(k) Comprehensive loss

The Company has adopted Accounting Standards Codificiation (“ASC”) 220-10, “Reporting of Comprehensive Income,” which establishes guidelines for the reporting and display of comprehensive loss/and its components in financial statements. Comprehensive loss includes foreign currency translation adjustments.

(l) Development stage

The Company is a development stage company as defined by ASC 205-915-20, “Accounting and Reporting by Development Stage Enterprises,” as it is devoting substantially all of its efforts to establish a new business and planned principal operations have not commenced.

F-8

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

3.	SIGNIFICANT ACCOUNTING POLICIES (continued)
	(m)   Concentration of credit risk
	Cash is the only financial instrument that potentially subjects the Company to concentration of credit risk. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.
	(n)   Recent accounting pronouncements
	In January 2010, the FASB issued ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820), Improving Disclosures about Fair Value Measurements, amending ASC 820. ASU 2010-06 requires entities to provide new disclosures and clarify existing disclosures relating to fair value measurements. The new disclosures and clarifications of existing disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2010-06, but does not expect its adoption to have a material impact on the Company’s financial position or results of operations.
	In December 2010, the FASB issued ASU 2010-29, which contains updated accounting guidance to clarify the acquisition date that should be used for reporting pro forma financial information when comparative financial statements are issued. This update requires that a company should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This update also requires disclosure of the nature and amount of material, nonrecurring pro forma adjustments. The provisions of this update, which are to be applied prospectively, are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010, with early adoption permitted. The impact of this update on the Company's consolidated financial statements will depend on the size and nature of future business combinations.
	(o)   Reclassifications
	Certain amounts reported in the prior period have been reclassified to conform to the current period’s presentation.

F-9

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

4.	INVESTMENT
	On November 1, 2009 the Company acquired 334 shares, representing a 10% interest, in Caleco Pharma Europe S.L. (“SL”), a Spanish Corporation, pursuant to a license agreement (see Note 12) for consideration of Euro 334 (US $491).
5.	MINERAL PROPERTY
	On October 18, 2007, the Company completed the acquisition of a mineral property (the “Blackstone Lake Property”) under the terms of a purchase agreement entered into by the Company on October 3, 2007. The Blackstone Lake Property consisted of two mineral claims located in Saskatchewan, Canada. The mineral claims were in good standing until August 22, 2009 and as of November 22, 2009, the claims officially lapsed. Accordingly, the Company wrote off all associated costs to operations during the year ended October 31, 2009.
6.	INTANGIBLES

During the period ended April 30, 2011, the Company did not amortize its patents and intellectual property as the patents have not yet been awarded and/or they have not begun to generate revenues and the intellectual property has an indefinite life. Capitalized amounts relate to purchase costs and legal, consulting and advisory costs incurred in registration of the patents and intellectual property. At October 31, 2010, the Company made an assessment to write down the intangibles to $100.

F-10

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

7.	LOANS PAYABLE
	During the year ended October 31, 2010, $18,500 was reclassified from accounts payable to loans payable. The loan is non-interest bearing and due on demand.
	During the year ended October 31, 2009, Euro 112,000 (US $166,197) in accounts payable was reclassified to loans payable. The loans are non-interest bearing. One loan of Euro 56,000 (US $83,098) was due February 1, 2010 and has not been paid. The second loan of Euro 56,000 (US $83,097) was due June 1, 2010 and has not been paid.
	During the year ended October 31, 2009, a loan was granted from NY Financial totaling $77,500 of which $74,159 was repaid in the same period. The loan bears interest at 10% per annum, compounded monthly, beginning January 31, 2009 and is due on demand (Note 11). Interest expense included in the statement of operations for the six months ended April 30, 2011 and 2010 totaled $190 and $172, respectively. Interest expense included in the statement of operations for the three months ended April 30, 2011 and 2010 totaled $95 and $86, respectively.
	During the year ended October 31, 2006, two loans were granted from a third party company for $50,000 and $100,000. The loans bore interest at 8% per annum, compounded annually, and were due May 16, 2008 and June 19, 2008 respectively. On each of the loan’s due dates, the loans were verbally extended, with the loans bearing interest at 10% per annum and due on demand. During the year ended October 31, 2010, an additional $34,000 in loans was granted with the same terms. During the year ended October 31, 2009, $41,111 of principal and $16,389 of accrued interest was paid. During the year ended October 31, 2010, $9,646 of principal and $35,354 of accrued interest was paid. During the six months ended April 30, 2011, $34,000 of principal and $10,692 of accrued interest was paid. Interest expense included in the statement of operation for the six months ended April 30, 2011 and 2010 totaled $5,329 and $5,848, respectively. Interest expense included in the statement of operation for the three months ended April 30, 2011 and 2010 totaled $2,550 and $3,128, respectively.
8.	RELATED PARTY TRANSACTIONS
	At April 301, 2011 and October 31, 2010, included in accounts payable and accrued liabilities –related parties is $20,758 owed to a former director and officer of the Company for management fees and reimbursement of expenses. Amounts due to and from officers and directors are unsecured, non-interest bearing and due on demand. Management fees included in the statement of operations for the six months ended April 30, 2011 and 2010 totaled $0 and $0, respectively. Management fees included in the statement of operations for the three months ended April 30, 2011 and 2010 totaled $0 and $0, respectively.
	At April 30, 2011 and October 31, 2010, included in accounts payable and accrued liabilities –related parties is Euro 5,000 (US $7,419) and Euro 5,000 (US $6,970), respectively, owed to a company owned by a former officer and director of the Company for management fees. Amounts due to and from officers and directors are unsecured, non-interest bearing and due on demand Management fees included in the statement of operations for the six months ended April 30, 2011 and 2010 totaled $0 and $0, respectively. Management fees included in the statement of operations for the three months ended April 30, 2011 and 2010 totaled $0 and $0, respectively.

F-11

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

8.	RELATED PARTY TRANSACTIONS (continued)
	At April 30, 2011 and October 31, 2010, included in accounts payable and accrued liabilities –related parties is $61,496 and $62,133, respectively, owed to officers and/or directors of the Company for management fees and reimbursement of expenses. Consulting fees paid to officers and/or directors of the Company for the six months ended April 30, 2011 and 2010 totaled $21,000 and $21,000, respectively. Consulting fees paid to officers and/or directors of the Company for the three months ended April 30, 2011 and 2010 totaled $10,500 and $10,500, respectively. Amounts due to and from officers and directors are unsecured, non-interest bearing and due on demand. The consulting fees are included in management fees on the statement of operations.
	At April 30, 2011 and October 31, 2010, included in accounts payable and accrued liabilities –related parties is $57,000 owed to a company owned by a director of the Company for consulting fees. Amounts due to and from officers and directors are unsecured, non-interest bearing and due on demand. Consulting fees included in the statement of operations for the six months ended April 30, 2011 and 2010 totaled $0 and $0, respectively. Consulting fees included in the statement of operations for the three months ended April 30, 2011 and 2010 totaled $0 and $0, respectively.
9.	COMMON STOCK
	The Company’s articles of incorporation allow it to issue up to 975,000,000 shares of common stock, par value $0.001. Effective September 30, 2005, the Company effected a stock split of its common stock by issuing thirteen new shares for each old share. Except as otherwise stated to the contrary in these financial statements, all references to shares and prices per share have been adjusted to give retroactive effect to the stock split.
	On June 14, 2004, the Company issued 39,000,000 shares of its common stock at $0.001 per share in a private placement transaction.
	On July 4, 2004, the Company issued 16,250,000 shares of its common stock at $0.01 per share in a private placement transaction.
	On October 25, 2004, the Company issued 14,950,000 shares of its common stock at $0.05 per share in a private placement transaction.
	On April 19, 2006, the Company acquired all the issued and outstanding stock of Skyflyer Technology, which was accounted for as a recapitalization of the Company (Note 1) in exchange for 33,000,000 shares of common stock. The issued number of shares of common stock was that of the Company with adjustments made for differences in par value between the Company and Skyflyer Technology. On April 11, 2008, the Company completed a share exchange agreement with Inventa and Skyflyer Technology, whereby the Company sold to Inventa all of the issued and outstanding shares of Skyflyer Technology in exchange for the surrender of 33,000,000 shares of the Company’s common stock for cancellation. On April 11, 2008, the Company cancelled the 33,000,000 shares of its common stock.

F-12

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

9.	COMMON STOCK (continued)
	On September 21, 2009, the Company issued 5,936,500 shares of its common stock at $0.10 per share for total proceeds of $593,651 in a private placement transaction. The Company also issued 5,117,244 shares of its common stock at $0.10 per share for settlement of accounts payable and loans payable with an aggregate value totaling $511,724.
	On October 5, 2009, the Company issued 750,000 shares of its common stock at $0.10 per share for total proceeds of $75,000 in a private placement transaction. The Company also issued 300,000 shares of its common stock at $0.10 per share for settlement of accounts payable with an aggregate value totaling $30,000.
	On October 5, 2009, the Company issued 710,000 shares of its common stock at $0.10 per share for total proceeds of $71,000 in a private placement transaction.
	On October 6, 2009, the Company issued 60,000 shares of its common stock at $0.18 per share for consulting services with an aggregate value of $10,800. The consulting services are included in professional fees on the statement of operations.
	On November 10, 2009, the Company issued 1,338,630 shares of its common stock at $0.10 per share for total proceeds of $133,863 in a private placement transaction.
	On December 22, 2009, the Company issued 1,145,000 shares of its common stock at $0.10 per share for total proceeds of $114,500 in a private placement transaction. The Company also issued 100,000 shares of its common stock at $0.10 per share for settlement of accounts payable with an aggregate value totaling $10,000.
	On January 15, 2010, the Company issued 337,300 shares of its common stock at $0.10 per share for total proceeds of $33,730.
	On January 15, 2010, the Company issued 200,000 shares of its common stock at $0.10 per share for total proceeds of $20,000 in a private placement transaction. The Company also issued 260,000 shares of its common stock at $0.10 per share for settlement of accounts payable with an aggregate value totaling $11,000 and loans payable with an aggregate value totaling $15,000.
	On January 19, 2010, the Company issued 1,000,000 shares of its common stock at $0.10 per share for total proceeds of $100,000 in a private placement transaction.
	On February 15, 2010, the Company issued 300,000 shares of its common stock at $0.27 per share for consulting services with an aggregate value of $81,000. The consulting services are included in professional fees on the statement of operations.
	On February 18, 2010, the Company issued 365,000 shares of its common stock at $0.10 per share for total proceeds of $36,500 in a private placement transaction.
	On February 18, 2010, the Company issued 140,000 shares of its common stock at $0.10 per share for total proceeds of $14,000 in a private placement transaction.

F-13

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

9.	COMMON STOCK (continued)
	On May 4, 2010, the Company issued 666,666 shares of its common stock at $0.15 per share for total proceeds of $100,000 in a private placement transaction. A finder’s fee of $10,000 was paid on closing of the private placement.
	On June 11, 2010, the Company issued 300,000 shares of its common stock at $0.13 per share for consulting services with an aggregate value of $39,000. The consulting services are included in management fees on the statement of operations.
	On August 16, 2010, the Company issued 625,000 shares of its common stock at $0.07 per share for consulting services with an aggregate value of $43,750. The consulting services are included in professional fees on the statement of operations.
	On September 8, 2010, the Company issued 1,500,000 shares of its common stock at $0.06 per share for settlement of accounts payable with an aggregate value totaling $90,000.
	On November 18, 2010, the Company issued 3,000,000 shares of its common stock at $0.05 per share for total proceeds of $150,000 in a private placement transaction.
10.	COMMITMENTS
	i)	On October 1, 2008, the Company entered into a management consulting agreement with a director and officer of the Company with an effective date of October 1, 2008 to pay monthly consulting fees of $2,500 per month. The agreement may be cancelled by either party with 60 days notice, in writing.
	ii)	On October 27, 2009, the Company entered into a consulting agreement with an effective date of November 1, 2009 to pay monthly consulting fees of $1,000 per month and $600 per hour for any additional services provided. The agreement is for a period of one year and automatically renews for an additional year unless notice of termination is provided by either party with 60 days notice, in writing.
	iii)	On December 17, 2009, the Company entered into a consulting agreement to pay monthly consulting fees of $5,000 per month. The Company terminated the agreement February 15, 2010.
	iv)	On February 9, 2010, the Company entered into a consulting agreement, effective February 1, 2010, with BlueWater Advisory Group, LLC (“BlueWater”) whereby BlueWater agreed to provide the Company with investor relations services. In consideration of these services, the Company agreed to pay BlueWater $3,500 per month, reimburse BlueWater for all out-of-pocket expenses incurred in connection with the agreement and issue to BlueWater 300,000 shares of the Company’s common stock (issued February 15, 2010). Either party may terminate the consulting agreement upon five days written notice.

F-14

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

11.	TECHNOLOGY PURCHASE AGREEMENT
	On January 27, 2009, pursuant to a technology purchase agreement, the Company’s former subsidiary, Caleco- Sub, acquired a proprietary technology and the intellectual property related thereto for the treatment of liver disease and other ailments, particularly resulting from viral infections such as the Hepatitis C virus infection (the “Technology”) from NY Financial.
	As consideration for the Technology, the Company and Caleco-Sub agreed to:

	(1)	pay $22,500 to NY Financial (paid); and
	(2)	issue a non-interest bearing promissory note in the amount of $77,500 to NY Financial at closing ($74,139 has been paid). The loan bears interest at 10% per annum, compounded monthly, beginning January 31, 2009 and is due on demand (Note 7).

	As further consideration, an officer and director of the Company transferred 32,000,000 shares of the Company’s common stock to NY Financial on closing.
	Caleco-Sub has also agreed to reimburse the documented costs related to the Technology totaling Euro 432,000 (US $641,045) and $66,500. As at October 31, 2010, the Company has paid Euro 265,311 (US $393,695) and $18,250 in cash; has issued promissory notes for accounts payable totaling Euro 112,000 (US $166,197) and $18,500; and has issued 300,000 shares of its common stock at $0.10 per share for settlement of accounts payable with an aggregate value totaling $30,000. One loan of Euro 56,000 (US $83,097) was due February 1, 2010 and has not been paid. The second loan of Euro 56,000 (US $83,098) was due June 1, 2010 and has not been paid.
	At October 31, 2010, the Company made an assessment to write down the intangibles to $100.
12.	LICENSE AGREEMENTS
	Europe License Agreement
	On November 1, 2009, the Company entered into a license agreement (the “Europe License Agreement”) with Caleco Pharma Europe S.L. (“SL”), a Spanish Corporation, whereby the Company granted SL an exclusive license in the European continent to market and exploit certain products the Company has developed or is developing.
	In consideration of the grant of the exclusive license, SL has agreed to pay and issue the following:
	(a)	issue to the Company such number of shares of SL that equals 10% of SL’s outstanding share capital (the “SL Shares”). The Company’s 10% interest in the share capital of SL is non-dilutive as long as SL’s outstanding share capital is 1,000,000 Euros or less. If SL’s share capital is above 1,000,000 Euros and it offers to issue additional shares, the Company will have a right to purchase 10% of the offered shares.

F-15

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

12.	LICENSE AGREEMENTS (continued)
	(b)	pay a royalty of five percent (5%) of its gross sales of the Products (Food supplements (Lamiridosin), Hair and Dermatological Products (LamiriShampoo, LamiriHair Conditioner, LamiriHair Tonic, LamiriGel and LamiriCreme), Energy Drinks (KTKin) and Chewing Gum (KTK Chewing Gum and KTKids Children Chewing Gum), to the Company.

The term of the exclusive license is for a period of twenty years. The Company may terminate the Europe License Agreement if SL does not achieve the following annual gross revenues: (i) $3,000,000 from the sale of the Products during the period of July 31, 2012 to July 30, 2013; (ii) $5,000,000 from the sale of the Products during the period of July 31, 2013 to July 30, 2014; and (iii) $12,000,000 from the sale of the Products during the period of July 31, 2014 to July 30, 2015.

On December 20, 2010, the Company served a notice of default to SL to comply with the terms of the Europe License Agreement within 60 days. As the breaches were not remedied by February 20, 2011, the Europe License Agreement has been terminated and is of no further effect.

Natac License Agreement

On March 12, 2010, the Company entered into an exclusive license agreement (the “License Agreement”) with Natac whereby Natac has granted the Company the exclusive right to develop, commercialize, market and distribute five compounds (AOF, AH-FLO, JHF, HGF, NBVAL40) derived from plant extracts throughout North and South America.

In consideration of the exclusive license, the Company has agreed to pay a royalty of five percent (5%) of the net sales of the compounds in North and South America. Under the terms of the License Agreement, the Company is also required to:

	(a)	purchase the products from Natac in accordance with the terms of the License Agreement;
	(b)	complete its first commercial sale of the products by March 31, 2011;
	(c)	purchase a minimum of 300,000 units, each unit being 10 grams, of the products from Natac by December 31, 2011; and
	(d)	within one year of entering into the License Agreement, complete a clinical trial(s) for the purpose of supporting the effectiveness of the products.

The Company has the right to sub-license the five compounds in North and South America and the right to assign the entire interest in the License Agreement subject to the following:

	(a)	if the assignment is for cash consideration only, the Company will be entitled to retain 90% of the cash payment and Natac will be entitled to 10% of the cash payment; and
	(b)	if the assignment is for a combination of a cash payment and royalties, the Company will be entitled to retain 90% of the cash payment and royalty with 10% of the cash payment and royalty being paid to Natac.

The term of the License Agreement is for a period of twenty years.

F-16

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CALECO PHARMA CORP.

(A Development Stage Company)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)

April 30, 2011

(Unaudited)

13.	SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

			Cumulative
			Amounts from
			October 19, 2007			Six			Six
			(start of the			Months			Months
			development stage)			Ended			Ended
			to April 30,			April 30,			April 30,
			2011			2011			2010
	Cash paid for:
	Interest	$	67,016		$	10,692		$	35,354
	Income taxes	$	-		$	-		$	-

	Non-cash Transactions
	Investing and financing activities that do not have an impact on current cash flows are excluded from the statement of cash flows.
	During the six months ended April 30, 2010, $21,000 in accounts payable was settled by the issuance of 210,000 shares of the Company’s common stock.
	During the six months ended April 30, 2010, $15,000 in loans payable was settled by the issuance of 150,000 shares of the Company’s common stock.
14.	SUBSEQUENT EVENTS
	On May 5, 2011, a loan was granted from a third party company for $11,000. The loan bears interest at 10% per annum, compounded annually and is due on demand.
	On May 10, 2011, the Company entered into an investor relations consulting agreement for a period of one year. As consideration for the services, the Company agreed to:
	(1)	pay $10,000 in four instalments of $2,500 payable on May 10, 2011, September 10, 2011, February 10, 2012 and May 10, 2012; and
	(2)	issue 2,000,000 shares of its common stock at $0.03 per share with an aggregate value of $60,000.

F-17

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ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report constitute "forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption "Part II – Item 1A. Risk Factors" and elsewhere in this Quarterly Report. We advise you to carefully review the reports and documents, particularly our Annual Reports, Quarterly Reports and Current Reports, that we file from time to time with the United States Securities and Exchange Commission (the “SEC”).

CORPORATE OVERVIEW

We were incorporated on May 18, 2004 under the laws of the State of Nevada.

We are a company engaged in the acquisition and development of over-the-counter medication and Food and Drug Administration (“FDA”) approved pharmaceuticals. We currently own a proprietary technology designed to benefit people suffering from moderate to severe liver maladies, such as elevated liver enzymes and Hepatitis C viral infection, by lowering liver enzymes and reducing viral loads (the “Liver Health Formula”). We have developed or are in the process of developing food supplements, hair and dermatological products, energy drinks and chewing gum that derive their formulations from our Liver Health Formula. These products are being developed to provide enhancement to an individual's immune system. The details of our Liver Health Formula and our products are set out below under the heading “Principal Products."

We also have the exclusive right to develop, commercialize, market and distribute five compounds (AOF, AH-FLO, JHF, HGF, NB-VAL40) derived from plant extracts throughout North and South America pursuant to an exclusive license agreement with Natac Biotech S.L. (“Natac”), a Spanish biotechnology corporation engaged in the research and development of health related products. The details of the license agreement are set out below under the heading “Principal Products – Natac and Health Related Products.”

PRINCIPAL PRODUCTS

Liver Heath Formula

Technology Purchase Agreement

We acquired the Liver Health Formula pursuant to the terms and conditions of a technology purchase agreement dated December 19, 2008 (the “Technology Purchase Agreement”) among NY Financial (International) Corp. (“NY Financial”), the Company, Caleco Pharma Corp., formerly our wholly owned subsidiary, and John Boschert, our sole executive officer and a director. Under the terms of the Technology Purchase Agreement, NY Financial assigned and transferred the Liver Health Formula to us in consideration of which we:

(a)	paid $22,500 in cash to NY Financial (which has been paid); and
(b)	issued a non-interest bearing promissory note in the amount of $77,500 to NY Financial at closing. This amount was payable on January 31, 2009. During the year ended October 31, 2009, $74,139 was repaid. As at April 30, 2011, $3,361 is still outstanding on the note.

As further consideration, Mr. Boschert, our executive officer and director, transferred 32,000,000 shares of our common stock to NY Financial, which resulted in a change in control.

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Following closing, we agreed to reimburse the documented costs related to the recording of the patent applications and the filing of the European Drug Master File applications, which amount is not to exceed 590,000 EUR (approximately $875,501). Subsequent to the entry into the Technology Purchase agreement, we determined that the reimbursable expenses amounted to 432,000 Euros (approximately $641,045) and $66,500. As at October 31, 2010, of the 432,000 EUR to be reimbursed, we have paid 265,311 EUR (approximately $393,695) and $18,250 in cash; and issued promissory notes of 112,000 EUR (approximately $166,197) and $18,500. Of the $66,500 to be reimbursed, we have settled $30,000 indebtedness through the issuance of our common stock. One loan of Euro 56,000 (US $83,097) was due February 1, 2010 and has not been paid. The second loan of Euro 56,000 (US $83,098) was due June 1, 2010 and has not been paid.

Products

Our Liver Health Formula is designed to benefit people suffering from moderate to severe liver maladies, such as elevated liver enzymes and Hepatitis C viral infection, by lowering liver enzymes and reducing viral loads (which are a measure of the severity of a viral infection). To date, we have filed patent applications in the United States, Canada and Europe and obtained four European Drug Master File applications which will allow us to market our Liver Health Formula in Europe, while protecting the confidential material of our intellectual property. Our ability to further develop, market and manufacture our Liver Health Formula as an over-the-counter product or an FDA approved pharmaceutical is subject to our obtaining substantial financing, of which there is no assurance.

Using the formulations of our Liver Health Formula, we have developed or are in the process of developing food supplements, hair and dermatological products, energy drinks and chewing gum. These products are being designed to provide enhancement to an individual's immune system. A description of the products is set out below.

Of the products listed above, we plan to focus our resources on the development of Lamiridosin. See “Plan of Operation.”

Grant of European License to Caleco Pharma Europe S.L.

On November 1, 2009, we entered into a license agreement (the “Europe License Agreement”) with Caleco Pharma Europe S.L. (“SL”), a Spanish corporation, whereby we granted SL an exclusive license to market and exploit in the European continent certain products we have developed or are developing. SL failed to comply with the provisions of the Europe License Agreement. We sent SL a notice of default on December 20, 2010. Under the notice of default, SL had 60 days to remedy the breaches of the Europe License Agreement. The breaches were not remedied by February 20, 2011. As a result, the Europe License Agreement was terminated and is of no further effect.

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Natac and Health Related Products

License Agreement – Health Related Compounds

On March 12, 2010, we entered into an exclusive license agreement (the “License Agreement”) with Natac whereby Natac has granted us the exclusive right to develop, commercialize, market and distribute five compounds (AOF, AH-FLO, JHF, HGF, NBVAL40) derived from plant extracts throughout North and South America.

In consideration of the exclusive license, we have agreed to pay a royalty of five percent (5%) of the net sales of the compounds in North and South America. Under the terms of the License Agreement, we are also required to:

(a)	purchase the products from Natac in accordance with the terms of the License Agreement;
(b)	complete our first commercial sale of the products by March 31, 2011;
(c)	purchase a minimum of 300,000 units, each unit being 10 grams, of the products from Natac by December 31, 2011; and
(d)	within one year of entering into the License Agreement, complete a clinical trial(s) for the purpose of supporting the effectiveness of the products.

The License Agreement also provides that we will have the right to sub-license the five compounds in North and South America. We will also have the right to assign our entire interest in the License Agreement subject to the following:

(a)	if the assignment is for cash consideration only, we will be entitled to retain 90% of the cash payment and Natac will be entitled to 10% of the cash payment; and
(b)	if the assignment is for a combination of a cash payment and royalties, we will be entitled to retain 90% of the cash payment and royalty with 10% of the cash payment and royalty being paid to Natac.

The term of the License Agreement is for a period of twenty years.

As of the date of this Quarterly Report, we have not completed our first commercial sale of the products or commenced clinical trial(s) required by the License Agreement. We are in discussions with Natac to extend the deadlines. Our ability to meet these obligations is subject to our obtaining substantial financing, of which there is no assurance.

PLAN OF OPERATION

Over the next twelve months, our plan is to continue to develop our over-the-counter pipeline of products and, if warranted, develop our Liver Health Formula as an FDA approved pharmaceutical. We also plan to continue to acquire and license additional products and technology to add to our current product pipeline. In order to complete our plan of operation we will require substantial financing of which there is no assurance.

a)	Over-the-Counter Medication Development
	Oral Supplement: We plan to develop, market and manufacture a formulation of our Liver Health Formula as an over-the-counter oral supplement. In developing the formulation of our Liver Health Formula, we plan to conduct a clinical trial in the second half of 2011. We anticipate that this formulation will be derived from our first generation Lamiridosin compound called HP-201. The HP-201 compound is designed to support liver health and provide general immune status benefits. We anticipate that the costs related to the development and marketing of the oral supplement will be $700,000 in 2011.

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Dermatologic Application: We also plan to initiate research, development and pre-commercial activities related to the HP-201 over-the-counter franchise line extension formulations, including dermatologic applications. We anticipate that the costs related to the dermatological line will be $450,000 in 2011.

b)	Pharmaceutical Development
	First Generation Lamiridosin Compound: We plan to continue pre-clinical work related to the HP-201 prescription pharmaceutical pathway. Pre-clinical work will include the identification and synthetic structural modification of compounds derived from HP-201. We anticipate that the costs related to the HP-201 New Drug Application pathway will be $300,000 in 2011.
	Second Generation Lamiridosin Compound: We also plan to initiate pre-clinical work related to discover a second antiviral New Drug Application pipeline product referred to as HP-202. This pre-clinical work will include anti-viral and cytotoxicity assays. We anticipate that the costs related to the HP-202 New Drug Application pathway will be $200,000 in 2011.
c)	Product Pipeline
	We plan to accelerate our in-licensing activities targeted at identifying new, over-the-counter and prescription product development candidates that are synergistic with our current product pipelines as well as our research, development and commercialization skill sets and overall business model. There is no assurance that we will identify and secure rights to license additional products in 2011. We anticipate that the costs related to identifying new product development opportunities will be $250,000 in 2011.

In addition to the amounts described above, we anticipate that we will require an additional $800,000 for general and administrative purposes, including consulting fees in connection with the operation of our business and legal and accounting fees in connection with meeting our ongoing reporting obligations under the Securities Exchange Act of 1934 (the “Exchange Act”). As a result, we anticipate that the costs of implementing our plan of operation and meeting our ongoing operating costs will be $2,700,000. Accordingly, we will require substantial financing in order to carry out our plan of operation and to meet our operating costs over the next twelve months. There is no assurance that we will be able to obtain financing in the amounts required to implement our plan of operation or to meet our ongoing operating costs. If we are not successful in raising sufficient financing, our business may fail and our shareholders may lose all or part of their investment.

RESULTS OF OPERATIONS

Three and Six Months Summary

Revenues

We have not earned any revenues since our inception and we do not anticipate earning revenues in the foreseeable future. Our ability to earn revenues in the future is dependent upon: (i) the development and manufacturing of our Liver Health Formula as an over-the-counter medication; and (ii) the development and manufacture of our naturally sourced products. There is no assurance that we will be able to develop and manufacture our Liver Health Formula as an over-the-counter medication, or we will be able to manufacture and develop our naturally sourced products.

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Our expenses decreased from $484,797, during the three months ended April 30, 2010, to $139,018 during the three months ended April 30, 2011. The decrease in our expenses is primarily attributable to a decrease in professional fees and other operating expenses. The decrease in expenses was partially offset by a change from foreign currency gain to foreign currency loss.

Management fees include amounts paid as compensation to our officers and directors. During the three months April 30, 2011, we incurred management fees of $2,500 per month to our sole executive officer and $1,000 to a member of our Board of Directors.

Professional fees consisted of: (i) legal fees, accounting and audit fees related to meeting our reporting requirements under the Exchange Act; and (ii) consulting fees related to payments to consultants regarding product development and investor relations activities. The additional professional fees during the quarter ended April 30, 2010 are primarily related to product development.

Other operating expenses primarily consisted of travel and office expenses.

The change from foreign currency gain to foreign currency primarily relates to unfavorable exchange rates in connection with our outstanding accounts payable.

If we are able to obtain sufficient financing to undertake our proposed business plan for our over-the-counter and pharmaceutical business, our expenses are anticipated to increase significantly.

LIQUIDITY AND CAPITAL RESOURCES

Working Capital
								Percentage
		At April 30, 2011			At October 31, 2010			Increase / (Decrease)
Current Assets	$	904		$	5,080			(82.2	)%
Current Liabilities		(931,628	)		(837,227	)		11.3%
Working Capital Deficit	$	(930,724	)	$	(832,147	)		11.8%
Cash Flows
					Six Months Ended			Six Months Ended
					April 30, 2011			April 30, 2010
Cash Flows used in (provided by) Operating Activities				$	(130,232	)	$	(711,627	)
Cash Flows used in Investing Activities					-			-
Cash Flows from Financing Activities					126,056			542,100
Effect of Foreign Currency Translations					-			-
Net Decrease in Cash During Period				$	(4,176	)	$	(169,527	)

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Our working capital deficit increased from $832,147, as at October 31, 2010, to $930,724, as at April 30, 2011. The decrease in our working capital deficit is due to an increase in accounts payable as a result of our lack of capital to meet our ongoing requirements.

During the six months ended April 30, 2011, we issued 3,000,000 shares at a price of $0.05 per share for proceeds of $150,000 under our foreign private placement offering. The investor represented that she was not a “U.S. Person” as contemplated under Regulation S of the U.S. Securities Act.

Future Financings

As at April 30, 2011, we had cash on hand of $904. Currently, we do not have sufficient financial resources to complete our plan of operation for the next twelve months. We have not earned any revenues to date and we do not anticipate earning revenues in the near future. As such, our ability to complete our plan of operation is dependent upon our ability to obtain substantial financing in the near term.

On November 9, 2010, our Board of Directors approved a $500,000 foreign private placement offering. We have issued 3,000,000 shares at a price of $0.05 per share for proceeds of $150,000 under the foreign private placement offering. There are no assurances that the remainder of the foreign private placement offering will be completed.

Any future financing that we obtain is expected to be in the form of sales of our equity securities. If we are successful in completing any equity financings, of which there is no assurance, our existing shareholders will experience a dilution of their interest in our company. There is a substantial doubt that we will be able to obtain financing in an amount that is sufficient to enable us to complete our proposed plan of operation. If we are not successful in raising sufficient financing, we will not be able to complete our plan of operation. We do not have any specific alternatives to our current plan of operation and have not planned for any such contingency. If we are not successful in raising sufficient financing, our business may fail and our shareholders may lose all or part of their investment.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with generally accepted accounting principles requires our management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our management routinely makes judgments and estimates about the effects of matters that are inherently uncertain.

Our significant accounting policies are described in Note 3 to our interim financial statements for the period ended April 30, 2011 included in this Quarterly Report on Form 10-Q.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

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ITEM 4T.

CONTROLS AND PROCEDURES.

We carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of April 30, 2011 (the “Evaluation Date”). This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses in internal control over financial reporting discussed in our Annual Report on Form 10-K for our year ended October 31, 2010 (the “2010 Annual Report”).

Notwithstanding the assessment that our internal control over financial reporting was not effective and that there were material weaknesses as identified in our 2010 Annual Report, we believe that our financial statements contained in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2011 fairly present our financial condition, results of operations and cash flows in all material respects.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended April 30, 2011 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

None.

ITEM 1A.

RISK FACTORS.

The following are some of the important factors that could affect our financial performance or could cause actual results to differ materially from estimates contained in our forward-looking statements. We may encounter risks in addition to those described below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also impair or adversely affect our business, financial condition or results of operation.

We require additional financing.

To date our operations have not been profitable. We have not earned any revenues to date and there is no assurance that we will be able to do so in the near future. In addition, there is no assurance that our ongoing expenditures will exceed our estimates over the next twelve months. We may never be able to achieve profitability.

We do not currently have the financial resources to complete our plan of operation for the next twelve months. We anticipate that we will require substantial financing over the next twelve months in order to complete our business plan. However, there is no assurance that we will be able to obtain additional financing. If further financing is not available or obtainable, our ability to meet our financial obligations and pursue our plan of operation will be substantially limited and investors may lose a substantial portion or all of their investment.

Our inability to complete our product development activities successfully may severely limit our ability to operate and finance operations.

The development of our technology as an over-the-counter medication and a FDA approved pharmaceutical will require significant financing and additional research and development as well as substantial clinical trials. We believe that the United States, Europe and Canada will be the principal markets for our technology, as will any country in the world where the need for the treatment of liver diseases, including the Hepatitis C virus, exists. We may not be able to successfully complete development of our technology, or successfully market our technology. We, and any of our potential collaborators, may encounter problems and delays relating to research and development, regulatory approval and intellectual property rights of our technology. Our research and development programs may not be successful. Our technology may not prove to be safe and efficacious in clinical trials, and we may not obtain the intended regulatory approvals for our technology. Whether or not any of these events occur, we may not have adequate resources to continue operations for the period required to resolve the issue delaying development and we may not be able to raise capital to finance our operation during the period required for resolution of that issue.

We may lose our competitiveness if we are not able to protect our proprietary technology and intellectual property rights against infringement, and any related litigation may be time-consuming and costly.

Our success and ability to compete depends to a significant degree on our proprietary technology. If any of our competitors copy or otherwise gain access to our proprietary technology or develop similar technologies independently, we may not be able to compete as effectively. The measures we have implemented to protect our proprietary technology and other intellectual property rights are currently based upon patent applications filed in the United States, Europe and Canada and European Drug Master File applications. This, however, may not be adequate to prevent the unauthorized use of our proprietary technology and our other intellectual property rights. Further, the laws of foreign countries may provide inadequate protection of such intellectual property rights. We may need to bring legal claims to enforce or protect such intellectual property rights. Any litigation, whether successful or unsuccessful, may result in substantial costs and a diversion of our company's resources. In addition, notwithstanding our rights to our intellectual property, other persons may bring claims against us alleging that we have infringed on their intellectual property rights or claims that our intellectual property rights are not valid. Any claims against us, with or without merit, could be time consuming and costly to defend or litigate, divert our attention and resources, result in the loss of goodwill associated with our business or require us to make changes to our technology.

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We may become subject to intellectual property litigation which may harm our business.

Our success depends in part on our ability to develop commercially viable products without infringing the proprietary rights of others. Although we have not been subject to any filed infringement claims, other patents or patent applications could exist or could be filed which may prohibit or limit our ability to market our products or maintain a competitive position. In the event of an intellectual property dispute, we may be forced to litigate. Intellectual property litigation may divert management's attention from developing our technology and may force us to incur substantial costs regardless of whether we are successful. An adverse outcome could subject us to significant liabilities to third parties, and force us to curtail or cease the development and commercialization of our technology.

If we commercialize or test our technology, we will be subject to potential product liability claims which may affect our financial condition.

We face an inherent business risk of exposure to product liability claims in the event that the use of our technology during research and development efforts, including clinical trials, or after commercialization, results in adverse affects. As a result, we may incur significant product liability exposure, which may exceed any insurance coverage that we obtain in the future. Even if we elect to purchase such issuance in the future, we may not be able to maintain adequate levels of insurance at reasonable cost and/or reasonable terms. Excessive insurance costs or uninsured claims may increase our operating loss and affect our financial condition.

If we fail to effectively manage the growth of our company and the commercialization or licensing of our technology, our future business results could be harmed and our managerial and operational resources may be strained.

As we proceed with the development of our technology and the expansion of our marketing and commercialization efforts, we expect to experience significant growth in the scope and complexity of our business. We will need to add staff to manage operations, handle business development efforts and perform finance and accounting functions. We anticipate that we will be required to hire a broad range of additional personnel in order to successfully advance our operations. This growth is likely to place a strain on our management and operational resources. The failure to develop and implement effective systems, or to hire and retain sufficient personnel for the performance of all of the functions necessary to effectively service and manage our potential business, or the failure to manage growth effectively, could have a material adverse effect on our business and financial condition.

Failure to obtain and maintain required regulatory approvals will severely limit our ability to commercialize our technology.

We will need to obtain the approval of the FDA before we commence commercialization of our technology as a pharmaceutical in the United States. We may also be required to obtain additional approvals from foreign regulatory authorities to apply for any sales activities we may carry out in those jurisdictions. If we cannot demonstrate the safety, reliability and efficacy of our technology, the FDA or other regulatory authorities could delay or withhold regulatory approval of our technology.

Even if we obtain regulatory approval of our technology, that approval may be subject to limitations on the indicated uses for which it may be marketed. Even after granting regulatory approval, the FDA and other regulatory agencies and governments in other countries will continue to review and inspect any future marketed products as well as any manufacturing facilities that we may establish in the future. Later discovery of previously unknown problems with a product or facility may result in restrictions on the product, including a withdrawal of the product from the market. Further, governmental regulatory agencies may establish additional regulations which could prevent or delay regulatory approval of our technology.

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Even if we obtain regulatory approval to commercialize our products, lack of commercial acceptance may impair our business.

Our product development efforts are primarily directed toward obtaining regulatory approval for our liver disease product treatments. Our products may not be employed in all potential applications being investigated, and any reduction in applications may limit the market acceptance of our products and our potential revenues. As a result, even if our products are developed into marketable products and we obtain all required regulatory approvals, we cannot be certain that our products will be adopted at a level that would allow us to operate profitably.

If we do not keep pace with our competitors, technological advancements and market changes, our technology may become obsolete and our business may suffer.

The market for our technology is very competitive, is subject to rapid technological changes and varies for different individual products. We believe that there are potentially many competitive approaches being pursued that compete with our technology, including some by private companies for which information is difficult to obtain.

Many of our competitors have significantly greater resources and have developed products and processes that directly compete with our technology. Our competitors may develop, or may in the future develop, new technologies that directly compete with our technology or even render our technology obsolete. Our technology is designed to benefit people suffering from moderate to severe liver maladies, such as elevated liver enzymes and the Hepatitis C viral infection. Even if we are able to demonstrate improved or equivalent results from our technology, researchers and practitioners may not use our technology and we may suffer a competitive disadvantage. Finally, to the extent that others develop new technologies that address the targeted application for our current technology, our business will suffer.

If we are unable to hire and retain key personnel, then we may not be able to implement our business plan.

We depend on the services of our senior management and key technical personnel. In particular, our future success will depend on the continued efforts of John Boschert, an executive officer and a member of our Board of Directors, Luc Vanhal, our Chief Financial Officer, James Sandino, a member of our Board of Directors, and F. Javier Benedi Garcia, a member of our Board of Directors. We also rely on consulting from Jim Metropoulos. The loss of the services of any of the gentlemen mentioned above and the further erosion of staff could have an adverse effect on our business, financial condition and results of operations.

The quotation price of our common stock may be volatile, with the result that an investor may not be able to sell any shares acquired at a price equal to or greater than the price paid by the investor.

Our common shares are quoted on the OTC Bulletin Board. Companies quoted on the OTC Bulletin Board have traditionally experienced extreme price and volume fluctuations. In addition, our stock price may be adversely affected by factors that are unrelated or disproportionate to our operating performance. Market fluctuations, as well as general economic, political and market conditions such as recessions, interest rates or international currency fluctuations may adversely affect the market price of our common stock. In addition, to date, the trading volume for our shares on the OTC Bulletin Board has been limited. As a result of this potential volatility and potential lack of a trading market, an investor may not be able to sell any of our common stock that they acquire that a price equal or greater than the price paid by the investor.

We may conduct further offerings of our equity securities in the future, in which case your shareholdings will be diluted.

Since our inception, we have been reliant upon sales of our common stock to fund our operations. We may conduct further equity offerings in the future to finance our current projects or to finance subsequent projects that we decide to undertake. If common stock is issued in return for additional funds, the price per share could be lower than that paid by our current stockholders. We anticipate continuing to rely on equity sales of our common stock in order to fund our business operations. If we issue additional stock, investors' percentage interest in us will be diluted.

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ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 5.	OTHER INFORMATION.
None.
ITEM 6.	EXHIBITS.

Exhibit
Number	Description of Exhibits
2.1	Agreement and Plan of Merger dated July 24, 2009 between the Company (as parent surviving company) and Caleco Pharma Corp. (as subsidiary merging entity).(20)
3.1	Articles of Incorporation.(1)
3.2	Certificate of Change – 13-for-1 Stock Split effective September 30, 2005.(7)
3.3	Certificate of Amendment to Articles – Name Change from Triton Resources, Inc. to Skyflyer Inc. effective October 17, 2006.(7)
3.4	Certificate of Amendment to Articles of Incorporation – Name Change from Skyflyer Inc. to Blackstone Lake Minerals Inc. effective January 23, 2008.(10)
3.5	Certificate of Merger.(20)
3.6	Articles of Merger between the Company (as surviving entity) and Caleco Pharma Corp. (as  merging entity), with surviving entity changing its name to Caleco Pharma Corp.(20)
3.7	Bylaws.(1)
10.1	Share Purchase Agreement among the Company, Inventa Holding GmbH, Skyflyer Technology GmbH and Perry Augustson, dated for reference the 31st day of March, 2006.(3)
10.2	Agreement and Deed of Transfer between Inventa Holding GmbH and the Company dated for reference as of the 19th day of April, 2006.(4)
10.3	Patent Transfer Agreement between Dieter Wagels and Skyflyer Technology GmbH, dated effective as of April 17, 2006.(4)
10.4	Loan Agreement between Dast GmbH and Skyflyer Technology GmbH dated December 8, 2006.(5)
10.5	Employment contract between Skyflyer Technology GmbH and Dr. Manfred Sappok, dated for reference as of June 1, 2005 (translated from German to English).(6)
10.6	Employment contract between Skyflyer Technology GmbH and Dieter Wagels, dated for reference as of January 1, 2006 (translated from German to English).(6)
10.7	Purchase Agreement dated October 3, 2007 between American Yellowcake Resources Inc. and Skyflyer Inc.(8)
10.8	Loan Agreement dated October 17, 2007 between the Company and Black Pointe Holdings Inc.(9)
10.9	Extension to Loan Agreement between Dast GmbH and Skyflyer Technology GmbH, dated July 30, 2007 (translated from German to English).(12)
10.10	Second Extension to Loan Agreement between Dast GmbH and Skyflyer Technology GmbH, dated December 31, 2007 (translated from German to English).(12)
10.11	Loan Agreement between Dast GmbH and Skyflyer Technology GmbH dated November 28, 2007 (translated from German to English).(12)

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Exhibit
Number	Description of Exhibits
10.12	Loan Agreement between Dast GmbH and Skyflyer Technology GmbH dated December 6, 2007 (translated from German to English).(12)
10.13	Loan Agreement between Dast GmbH and Skyflyer Technology GmbH dated December 7, 2007 (translated from German to English).(12)
10.14	Management Consultant Agreement dated March 1, 2008 between the Company and Dr. Rudolf Mauer.(11)
10.15	Share Exchange Agreement dated for reference as of March 31, 2008 among Blackstone Lake Minerals Inc., Inventa Holding GmbH and Skyflyer Technology GmbH.(13)
10.16	Management Consultant Agreement dated October 1, 2008 between the Company and John Boschert.(14)
10.17	Technology Purchase Agreement dated October 16, 2008 among the Company, NY Financial (International) Corp., Caleco Pharma Corp. (our former wholly owned subsidiary) and John Boschert.(15)
10.18	Amendment Agreement to Technology Purchase Agreement dated October 16, 2008 among the Company, NY Financial (International) Corp., Caleco Pharma Corp. (our former wholly owned subsidiary) and John Boschert.(16)
10.19	Technology Purchase Agreement dated December 19, 2008 among the Company, NY Financial (International) Corp., Caleco Pharma Corp. (our former wholly owned subsidiary) and John Boschert.(17)
10.20	Promissory Note between Caleco Pharma Corp. (our former wholly owned subsidiary) and NY Financial (International) Inc.(18)
10.21	Investor Relations Service Agreement between the Company and Evergreen Marketing, Inc. dated October 6, 2009.(21)
10.22	Consulting Agreement dated October 27, 2009 between the Company and Professor Harry H.S. Fong.(22)
10.23	License Agreement dated November 1, 2009 between the Company and Caleco Pharma S.L.(23)
10.24	Consulting Agreement dated December 17, 2009 between the Company and Peter Kitzinski.(24)
10.25	Consulting Agreement dated for reference February 1, 2010 between the Company and BlueWater Advisory Group, LLC.(25)
10.26	Designated Sponsor Agreement dated February 9, 2010 between the Company and ICF Kursmackler AG.(25)
10.27	Share Purchase Agreement dated February 10, 2010 among the Company, Natac Biotech S.L., and the principal shareholders of Natac Biotech S.L.(25)
10.28	Letter Agreement dated February 10, 2010 between the Company and Natac Biotech S.L.(25)
10.29	Promissory Note dated February 10, 2010 between the Company and Natac Biotech S.L.(25)
10.30	Lab Facilities and Service Agreement dated for reference February 18, 2010 between the Company and Natac Biotech S.L.(26)
10.31	License Agreement dated March 12, 2010 between the Company and Natac Biotech S.L.(27)
10.32	Amendment Agreement to Share Purchase Agreement dated March 19, 2010 among the Company, Natac Biotech, S.L. and the principal shareholders of Natac Biotech S.L.(28)
10.33	Amendment Agreement to Lab Facilities and Services Agreement dated March 19, 2010 between the Company and Natac Biotech, S.L. (28)
10.34	Second Amendment Agreement to Share Purchase Agreement dated for reference April 19, 2010 among the Company, Natac Biotech, S.L. and the principal shareholders of Natac Biotech S.L. (29)
10.35	Second Amendment Agreement to Lab Facilities and Services Agreement dated for reference April 19, 2010 between the Company and Natac Biotech, S.L. (29)
10.36	Management Consulting Agreement dated June 11, 2010 between the Company and Luc
	Vanhal(30)

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Exhibit
Number	Description of Exhibits
10.37	Third Amendment Agreement to Lab Facilities and Services Agreement dated for reference May 19, 2010 between the Company and Natac Biotech, S.L.(30)
10.38	Public Relations, Promotion and Marketing Letter Agreement dated August 12, 2010 between the Company and Mary Kratka d/b/a CityVac(31)
10.39	Investor Relations Consulting Agreement between the Company and Institutional Analyst, Inc. dated May 10, 2011(32)
14.1	Code of Ethics.(2)
31.1	Certification of Chief Executive Officer as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
31.2	Certification of Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
32.1	Certification of Chief Executive Officer as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
32.2	Certification of Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

Notes:
(1)	Filed as an exhibit to our Registration Statement on Form SB-2 originally filed on January 14, 2005, as amended.
(2)	Filed as an exhibit to our Annual Report on Form 10-KSB filed on January 30, 2006.
(3)	Filed as an exhibit to our Current Report on Form 8-K filed on April 10, 2006.
(4)	Filed as an exhibit to our Current Report on Form 8-K filed on April 26, 2006.
(5)	Filed as an exhibit to our Current Report on Form 8-K filed on December 15, 2006.
(6)	Filed as an exhibit to our Annual Report on Form 10-KSB filed on January 30, 2007.
(7)	Filed as an exhibit to our Quarterly Report on Form 10-QSB filed on September 19, 2007.
(8)	Filed as an exhibit to our Current Report on Form 8-K filed on October 11, 2007.
(9)	Filed as an exhibit to our Current Report on Form 8-K filed on October 23, 2007.
(10)	Filed as an exhibit to our Current Report on Form 8-K filed on January 25, 2008.
(11)	Filed as an exhibit to our Current Report on Form 8-K filed on March 13, 2008.
(12)	Filed as an exhibit to our Quarterly Report on Form 10-QSB filed on March 21, 2008.
(13)	Filed as an exhibit to our Current Report on Form 8-K filed on April 8, 2008.
(14)	Filed as an exhibit to our Current Report on Form 8-K filed on October 7, 2008.
(15)	Filed as an exhibit to our Current Report on Form 8-K filed on October 22, 2008.
(16)	Filed as an exhibit to our Current Report on Form 8-K filed on December 2, 2008.
(17)	Filed as an exhibit to our Current Report on Form 8-K filed on December 29, 2008.
(18)	Filed as an exhibit to our Current Report on Form 8-K filed on January 27, 2009.
(19)	Filed as an exhibit to our Annual Report on Form 10-K filed on February 13, 2009.
(20)	Filed as an exhibit to our Current Report on Form 8-K filed on September 4, 2009.
(21)	Filed as an exhibit to our Current Report on Form 8-K filed on October 9, 2009.
(22)	Filed as an exhibit to our Current Report on Form 8-K filed on November 2, 2009.
(23)	Filed as an exhibit to our Current Report on Form 8-K filed on November 5, 2009.
(24)	Filed as an exhibit to our Current Report on Form 8-K filed on December 23, 2009.
(25)	Filed as an exhibit to our Current Report on Form 8-K filed on February 16, 2010.
(26)	Filed as an exhibit to our Current Report on Form 8-K filed on February 22, 2010.
(27)	Filed as an exhibit to our Quarterly Report on Form 10-Q filed on March 17, 2010.
(28)	Filed as an exhibit to our Current Report on Form 8-K filed on February 22, 2010.
(29)	Filed as an exhibit to our Current Report on Form 8-K filed on April 27, 2010
(30)	Filed as an exhibit to our Current Report on Form 8-K filed on June 11, 2010
(31)	Filed as an exhibit to our Quarterly Report on Form 10-Q filed on September 20, 2010.
(32)	Filed as an exhibit to our Current Report on Form 8-K filed on May 16, 2011

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			CALECO PHARMA CORP.
Date:	June 14, 2011	By:	/s/ John Boschert
			JOHN BOSCHERT
			Chief Executive Officer, President, Secretary & Treasurer
			(Principal Executive Officer)
Date:	June 14, 2011	By:	/s/ Luc Vanhal
			LUC VANHAL
			Chief Financial Officer
			(Principal Financial Officer)

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