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<TITLE>SECURITIES AND EXCHANGE COMMISSION &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TITLE>
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<META NAME="date" CONTENT="08/03/2006">
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<DIV style="width:468pt"><P style="line-height:16pt; margin:0pt; padding-top:3pt; font-size:14pt; border-top:3pt solid #000000" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>August 1, 2006</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>Date of Report (Date of earliest event reported)</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B><U>PHYTOMEDICAL TECHNOLOGIES, INC.</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B><U>NEVADA</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(State or other jurisdiction of incorporation)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B><U>000-28790</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(Commission File Number)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B><U>87-0429962B</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(I.R.S. Employer Identification No.)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B><U>1628 West 1st Avenue, Suite 216, Vancouver, British Columbia, &nbsp;V6J 1G1</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(Address of principal executive offices)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B><U>(800) 611-3388</U></B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center>(Registrant&#146;s telephone number, including area code)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:TimesNewRoman"><FONT FACE="TimesNewRoman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:TimesNewRoman">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0pt; font-family:TimesNewRoman">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0pt; font-family:TimesNewRoman">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0pt; font-family:TimesNewRoman">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0pt; padding-bottom:3pt; border-bottom:3pt solid #000000" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman"><B>SECTION 1. Registrant's Business and Operations</B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><U>Item 1.01 &#150; Entry into a Material Definitive Agreement</U></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>At a Board of Directors meeting held on August 1, 2006, the Company&#146;s Board of Directors agreed (simultaneously with the termination of 2,250,000 stock options described in Item 1.02 below) to enter into 10 year Stock Option Agreement with Mr. Greg Wujek for 2,000,000 common shares reserved for issuance under the Company&#146;s 2005 Incentive Stock Option Plan, which was approved by shareholders on September 7, 2005. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The 2,000,000 stock options have an exercise price of $0.52 per share, the closing price of the Company&#146;s shares on July 31, 2006. &nbsp;The options vest as follows: (a) 250,000 options shall vest if and when an Investigational New Drug (IND) application is filed for any current or future compounds; &nbsp;(b) 250,000 options shall vest if and when a phase I clinical trial is commenced for any current or future compounds; and &nbsp;(c) 1,500,000 options shall vest if and when PhytoMedical or a wholly owned subsidiary or any one current or future compound is acquired, in whole or in part, or when either through PhytoMedical or a subsidiary, enters into a strategic collaborative agreement for any one current or future compound, provided that the Company&#146;s Board of Directors has approved, by written resolution, any such acquisition, sale or agreement. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><U>Item 1.02 &#150; Termination of a Material Definitive Agreement</U></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>At a Board of Directors meeting held on August 1, 2006, the Company&#146;s Board of Directors (simultaneously with the granting of 2,000,000 stock options described in Item 1.01 above) agreed to cancel 2,250,000 stock options granted to Mr. Greg Wujek on April 6, 2006.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>SECTION 2. &nbsp;Financial Information</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>None.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>SECTION 3. &nbsp;Securities and Trading Markets</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>None.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>SECTION 4. &nbsp;Matters Related to Accountants and Financial Statements</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">None.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>SECTION 5. &nbsp;Corporate Governance and Management</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>None.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=justify><B>SECTION 6. [Reserved]</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>N/A.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>SECTION 7. &nbsp;Regulation FD</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>None</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>SECTION 8. &nbsp;Other Events</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>None.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>SECTION 9. &nbsp;Financial Statements and Exhibits</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><U>Item 9.01 &nbsp;Financial Statements and Exhibits</U></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The following exhibits are furnished as part of this report:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt">Exhibit 10.1 &#150; Stock Option Agreement of Greg Wujek</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:33.5pt"><B>&nbsp;</B></P>
<P style="margin:0pt; text-indent:216pt"><B>PHYTOMEDICAL TECHNOLOGIES, INC.</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:216pt"><U>/s/ Harmel S. Rayat</U></P>
<P style="margin:0pt; text-indent:216pt">Harmel S. Rayat</P>
<P style="margin:0pt; text-indent:216pt">Chief Financial Officer, Director</P>
<P style="margin:0pt; padding-left:288pt; text-indent:-72pt" align=justify>&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Date: August 4, 2006</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
</DIV></BODY>
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SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 1, 2006
Date of Report (Date of earliest event reported)
PHYTOMEDICAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation)
000-28790
(Commission File Number)
87-0429962B
(I.R.S. Employer Identification No.)
1628 West 1st Avenue, Suite 216, Vancouver, British Columbia,  V6J 1G1
(Address of principal executive offices)
(800) 611-3388
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 1. Registrant's Business and Operations
Item 1.01 – Entry into a Material Definitive Agreement
At a Board of Directors meeting held on August 1, 2006, the Company's Board of Directors agreed (simultaneously with the termination of 2,250,000 stock options described in Item 1.02 below) to enter into 10 year Stock Option Agreement with Mr. Greg Wujek for 2,000,000 common shares reserved for issuance under the Company's 2005 Incentive Stock Option Plan, which was approved by shareholders on September 7, 2005.
The 2,000,000 stock options have an exercise price of $0.52 per share, the closing price of the Company's shares on July 31, 2006.  The options vest as follows: (a) 250,000 options shall vest if and when an Investigational New Drug (IND) application is filed for any current or future compounds;  (b) 250,000 options shall vest if and when a phase I clinical trial is commenced for any current or future compounds; and  (c) 1,500,000 options shall vest if and when PhytoMedical or a wholly owned subsidiary or any one current or future compound is acquired, in whole or in part, or when either through PhytoMedical or a subsidiary, enters into a strategic collaborative agreement for any one current or future compound, provided that the Company's Board of Directors has approved, by written resolution, any such acquisition, sale or agreement.
Item 1.02 – Termination of a Material Definitive Agreement
At a Board of Directors meeting held on August 1, 2006, the Company's Board of Directors (simultaneously with the granting of 2,000,000 stock options described in Item 1.01 above) agreed to cancel 2,250,000 stock options granted to Mr. Greg Wujek on April 6, 2006.
SECTION 2.  Financial Information
None.
SECTION 3.  Securities and Trading Markets
None.
SECTION 4.  Matters Related to Accountants and Financial Statements
None.
SECTION 5.  Corporate Governance and Management
None.
SECTION 6. [Reserved]
N/A.
SECTION 7.  Regulation FD
None
SECTION 8.  Other Events
None.
SECTION 9.  Financial Statements and Exhibits
Item 9.01  Financial Statements and Exhibits
The following exhibits are furnished as part of this report:
Exhibit 10.1 – Stock Option Agreement of Greg Wujek
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHYTOMEDICAL TECHNOLOGIES, INC.
/s/ Harmel S. Rayat
Harmel S. Rayat
Chief Financial Officer, Director
Date: August 4, 2006