gc,It's good to know you keep a critical eye on things. I too am...

gc,

It's good to know you keep a critical eye on things. I too am not surprised by the results, however many here would be given the expectations built up in recent weeks.

I don't think the company is at risk of running out of money anytime soon or going the way of the dodo but the theme of uncertainty remains front and center.

The issue of funding won't go away even after March as the company states the cash will be used for cellucreme and the "commencement of phase 2 Oxy". Thus shareholders will be in the same situation 12 months from now, wondering where the next source of funding will come from.

Of course partnerships are possible along the way in 2011 that can take care of funding. The key positive for me in 2010 was the deal, albeit small, with upfronts from Prophase demonstrating POH has what it takes to get a deal done.

Still, the main point is that funding will still be an issue going forward. This is not disastrous by any means, but it does contribute to the cloud of uncertainty over the stock.

Clearly cellucreme is more of a central focus than first thought. The company did flag in 2010 the idea of become a self-funding entity and it appears they are punting on cellucreme as a substantial part of that.

Again, not necessarily a negative but it does add to the uncertainty. What are managements expectations for cellucreme? It's difficult for management to forecast but they must have some targets in mind.

This is not to say that it all rests on the success of cellucreme either, as we all all know, the company has many irons in the fire. However we should at least consider that some of those irons will go cold, remember Nestle?

If you are happy to close your eyes and punt (not saying that you are chook) then all the power to you but I suspect others require a little more clarity before going all in.