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

       Date of Report (Date of earliest event reported): January 28, 2004


                           Global Yacht Services, Inc.
                           ---------------------------
        (Exact name of small business issuer as specified in its charter)

             Nevada                    000-49616                88-0488686
             ------                    ---------                ----------
(State or other jurisdiction of   Commission File Number      (I.R.S. Employer
incorporation or organization)                               Identification No.)

       7710 Hazard Center Drive, Suite E-415, San Diego, California, 92108
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                    (Address of principal executive offices)

                                  619.990.0976
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                           (Issuer's Telephone Number)



Item 5. Other Events and Regulation FD Disclosure.

On January 28, 2004,  Global Yacht  Services,  Inc. (the  "Registrant")  and its
stockholders  entered into an Agreement and Plan of Merger (the  "Merger")  with
DeliaTroph Pharmaceuticals, Inc. dba Hyalozyme Therapeutics, Inc. ("Hyalozyme"),
a privately held  California  corporation,  and its  shareholders  to merge with
Hyalozyme.  The Merger will occur between the Registrant's  wholly-owned  merger
subsidiary and Hyalozyme,  and as a result of the Merger,  Hyalozyme will be the
surviving   corporation   and   wholly-owned   subsidiary  of  the   Registrant.
Additionally,  following completion of the Merger, the board of directors of the
Registrant  will resign and Hyalozyme will designate new appointees to the board
of directors.

In connection with the Merger, Hyalozyme's shareholders will become stockholders
of the Registrant.  The Registrant anticipates issuing approximately  34,999,701
shares of its common stock, along with 6,886,807 options and 11,758,460 warrants
to Hyalozyme's shareholders. In addition,  approximately 4,296,375 shares of the
Registrant's  current  outstanding common stock will be redeemed,  such that the
Registrant's remaining stockholders will own approximately 10% of the 38,899,688
issued and outstanding shares of the Registrant's common stock after the Merger.

The Merger is  contingent  on several  closing  conditions.  After the Merger is
concluded,  the Registrant  will: (i) change its name to Halozyme  Therapeutics,
Inc.;  (ii)  amend its  Articles  of  Incorporation  to  increase  the number of
authorized  shares of its common stock;  and (iii) authorize shares of preferred
stock for which its board of directors may set the  designations and preferences
thereon.

Hyalozyme was  incorporated  in California on February 26, 1998.  Hyalozyme is a
product-focused   biotechnology   company   dedicated  to  the  development  and
commercialization  of  recombinant  therapeutic  enzymes  and  drug  enhancement
systems,  based on  intellectual  property  covering the family of human enzymes
known  as  hyaluronidases.   Hyalozyme's  first  products  are  human  synthetic
formulations   of  a   hyaluronidase   enzyme  that  replaces   current   animal
slaughterhouse-derived enzymes that carry risks of animal pathogen contamination
and  immunogenicity.  These  products  are  based on a highly  versatile  enzyme
technology,  which  its  management  believes  has a wide  range of  therapeutic
applications,  and which it hopes will enable  Hyalozyme to help patients across
multiple disease states while creating significant shareholder value.

The Registrant hopes that this transaction will increase the value of its common
stock to its  stockholders,  however,  there is no guarantee that the Registrant
will  be  able  to  consummate  the  transaction  with  Hyalozyme  or  that,  if
consummated,  the acquisition  will increase the value of its common stock.  The
Registrant  intends to continue  providing  its yacht  maintenance,  charter and
delivery  services  until  such  time  as  the  transaction  with  Hyalozyme  is
consummated.

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                                   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, thereunto duly authorized.

                                        Global Yacht Services, Inc.


February 11, 2004                       By: /s/ Mitch Keeler
                                            --------------------------------
                                            Mitch Keeler, President and
                                            Chief Executive Officer


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