An interesting AGM to attend this year. Not many in attendance....

An interesting AGM to attend this year.

Not many in attendance. No more than 30 including staff.

Certainly not the fan fare and fist pumping that you sometimes want to hear, but I left there with the impression of a workmanlike attitude, just getting the job done. That the wheels are continually turning and that progress continues to be made. There was no cartwheels and fireworks but an explanation of the intense relationship that exists with Terumo who work extremely closely and very well with Phosphagenics. Communication is frequent, meetings, correspondence and visits. Confirmation that the Japanese cross their T's and dot their I's and then go back and do it again, but with the understanding that the company is very serious about our technology with close to 50-60 Terumo staff working on our suite of products.

In asking about the licensing of our patches in other regions outside of Japan, Ross made it clear that the approach is to allow Terumo to help compile the data packages needed firstly for themselves and after which we would have this to expand elsewhere, especially considering that Terumo are footing costs for it's development. Terumo/Japanese validation will be held in very high regard globally.

Mylan is significant and near term but bound by extreme confidentiality as being at the mercy of the arbitrator, the last thing POH need is to get offside with the arbitrator.

The process to release the damages claim

in itself was arduous. When released on Friday it would have also been the first time Mylan would have been made aware of the extent of the claim.

Whilst they are sure to refute the claim, there has to be a significant chance of some form of settlement as early as October/November when the arbitration hearing is set.

This will release the noose around our neck of both eliminating our final litigious situation and also providing financial certainty, whilst also allowing further progress with the product.

A significant portion of our monthly expenses go to legal fees but to date we have covered all of it, looks like we will continue to do so.

Otherwise not too much on other areas apart from the reiteration of ongoing discussions in animal health and personal care.

So just have to sit tight, remain patient and let the wheels keep turning in the background. Foundations are set, costs are controlled and progress is happening. Hopefully for all our sakes we have some tangible outcomes over the next 6 months. I feel that the crew have set us up as best as possible.