$2.7mill in the bank. Looks like a capital raising is on the...

$2.7mill in the bank. Looks like a capital raising is on the cards.

At the end of December 2010, the company held $2.7 million in cash and cash equivalents.
Closing cash was 75% below the amount held at December 2009 of $10.9 million. The
Phosphagenics board is reviewing various funding options which are in advanced stages of
negotiation and will finalise the review by mid March. The capital raising will be primarily directed to
the launch of the anti cellulite product in April, the completion of a commercial oxycodone patch and
the commencement of a phase 2 study in the third quarter.