Ann: Phosphagenics Pain Program Update , page-41

I'm genuinely confused, guys. Please help.

As recently as the May newsletter, the Oxy program was accelerating,
- Oxycodone 'The study ofthe optimised patch has now commenceden-route to accelerated Phase 2 and 3 trials ....Adding an accelerated Phase 2 trial will not only
increase the amount of data points available but enable the Company to do a dose smaller and cheaper Phase 3 than initially
This, associated with hoped for results from phase 1 Oxymorphone, was all expected to put the Company in a strong position to negotiate licensing deals if it wished so to do.

Now, for Oxycodone, we have simply 'The Company expects
this Phase 2 trial to be conducted in the first half of 2014'.

OK, as ever there are new fields of investigation suggested, but this significant ride-back is unexplained and it looks like another year's delay. OK, that's biotechs, but given POH's long form record, that looks wearyingly 'deja vu'.

'the jaded investor will just be saying more of the same old same old, plenty of promise but no revenues' (Makattack)

That does appear to be a succinct summary.