another thing to remember, page-7

This announcement was released on 21st January 2010

SHAREHOLDER UPDATE
PRODUCTION OF ThermaLIFECREAM

The Company wishes to advise that it has received confirmation from Quantum
Pharmaceuticals Pty Ltd (Quantum) that production of the first batch of ThermaLIFE
Cream has been successfully completed and is currently undergoing a testing phase.
The required regulatory clearances will follow the testing phase prior to the product
being released. The Company is continuing its negotiations for distribution
arrangements and expects these to be completed shortly.


So now the Right Issue is the out of the way and PNO has funds to continue operating for a little longer this announcement would suggest we should be expecting two announcements.

1, About the regulatory clearances following the testing phase

2, Information about a distribution deals

I am not an expert in this industry so someone with some knowledge about how long these two things could take might be able to shed some light? It has already almost been 3 months since this annoucement so we could be close to something been realeased.

It could be close with the recent buying this week or it might be simply position traders taking advantage of the changing sentiment of this stock. All IMO