Ann: PNO September Quarter Activities , page-2

No real surprises. $100k sales for 3months which has stabilised a bit. They explain excess stock at wholesale level as part of the reason. That was always my explaination when PNO got everyone excited with the $100k sales in July 2012. We have never repeated the feat and it is because those sales weren't to consumers but just wholesalers.

Still looking for the active component. No surprises there.

Some interest from our DDC deal but no more mentions of Medtrak.

All financials are prior to the Gel release and we have plans (and approval) for 50gm and 100gm Cream. This will increase shelf exposure and hopefully sales.

Was our typical loss of $500k but offset by the R&D tax offset. Bringing the loss back to $300k. We had about that in the bank at the end of Sept which includes the $250k recently raised. So desperate for money prior to EOY.

We must have had about $50k in the bank in late September when the con note was signed. That is cutting it too fine imo.