I offer this extract form the Phosphagenics Half-year...

I offer this extract form the Phosphagenics Half-year Report:

"TPM/AOD9604 Novel anti-fat peptide

"The novel biological properties of AOD9604, combined with the companys delivery technology, provide Phosphagenics an opportunity of developing a product that may reduce the visible appearance of subcutaneous fat or cellulite. Formulation work has been underway to maximise the delivery of this novel peptide into the skin, eliminating the need for the active to travel through the systemic circulation by directly targeting problem areas. Human studies are planned to assess the cosmetic benefits of the TPM/AOD9604 in relation to the appearance of these problem areas. By developing AOD as a cosmetic product, development costs will be substantially reduced, as will the time required to get the product to market. If successful, the TPM/AOD9604 product will not only capture a significant percentage of the global anti-cellulite market but will likely also increase the size of that market.

"The AOD program has attracted commercial interest and Phosphagenics is working with experts to plan the development and commercial strategy for the product. The current leading commercial cosmetic creams with which our product will compete have little supporting scientific data demonstrating efficacy. An efficacious topical cream able to improve the visible appearance of subcutaneous fat should quickly impact the global market. The low cost of entry into the personal care industry and the speed in which products can be launched into the market makes this product commercially extremely attractive.

"Phosphagenics aims to complete its formulation and efficacy study this year and to commence the commercialisation process for TPM/AOD9604 in the first quarter of 2011. This program is proceeding in line with expectations and Phosphagenics is encouraged by the developments completed to date."

This is the technology that Calzada proposes to give away to ATOS.

If Calzada management wants to give ATOS an opportunity to profit from the development of AOD9604, why not issue them with $700,000 worth of new Calzada shares in return for all ATOS shares?

Instead Calzada give them $500,000 cash in return for about about $325,000 worth of ATOS shares, then we toss in Metabolic Pharmaceuticals, and all the AOD9604 IP for free.

Are we all nuts? Or is it just Calzada management?

If it's management, then we need to make some changes in the interest of ALL shareholders.