Ann: June 2013 Appendix 4D Half Year Financial Re, page-2

re: Ann: June 2013 Appendix 4D Half Year Fina... Well as expected revenues are nothing to crow about. Revenues of $3.4mill compared to $2.4mill for the previous year. However take away misappropriation amount and R&D grants (for both years) and revenue is $2mill compared to $1.6mill in 2012. Pretty much as we suspected, very little growth at all.

What is striking for me is abosolutely NO reference to ENA at all? Not in current achievements, not in forward looking comments, not in financials. Why not?

They have announced that Novartis diclo will now be released in 1st quarter 2014, so we won't see any meaningful revenue figures from that until this time next year. So we're back to Oxy as the main potential driver for POH in the shorter term - which really means sometime in 2014 anyway.

In the meantime I think we can expect continued share price weakness. At least they have plenty of cash on hand still, probably about the only positive of the last year from a financial perspective.

Very disappointing overall. 2012 was to be the year, then 2013, now I guess it will be 2014?