And we have some movement at the Board (are these guys reading...

And we have some movement at the Board (are these guys reading HC??)

Andrew Vizard- POHs chairman since 1999 is stepping down. He will not seek re election and the helm will be taken by Mr Addison: (which I consider an interim post). I believe this is a very proactive and positive move by POH for reasons spelled out in my earlier post on the POH board.

As a long term holder I wish to congratulate Andrew Vizard on a Job well done as POHs Chair for over a decade. I thank him for his work in steering the company from a Pooled Development Fund in 2000 (Vital Capital) with 4 startup investees, thru to Phosphagenics's position today as an emerging J&J with the worlds best Transdermal Drug delivery system in rollout.

KC



15th April 2010

Company Announcement


CHAIRMAN TO RETIRE

Independent Director and Chairman of the Board of Directors, Associate Professor Andrew Vizard, who this year is due to retire by rotation, has
advised the Company of his intention not to seek re-election as a Director at the
Annual General Meeting ("AGM") of shareholders scheduled to be held on
21stMay 2010. As such, Professor Vizard will automatically retire from the Board at the conclusion of the AGM.

Professor Vizard who joined the Board of Directors in July 1999 has been Chairman
of the Board of Directors since October 2000.

Arising from the decision by Professor Vizard not to seek re-election as a director of
the Company the Board of Directors has resolved to appoint Independent Director
Mr J L Addison as the Chairman of the Board of Directors effective from the
conclusion of the AGM.

Mr Addison, BEc (Tas), ASIC, CFTP (Snr), has been a member of the Board of
Directors since November 2002 and is currently Chairman of the Company's Audit,
Compliance and Corporate Governance Committee