the sce report, page-5

Let's take another look at that SCE report.

A near term pay off.

"POH is currently preparing to conduct a pivotal trial of TPM for oxycodone delivery which we think can yield late stage data and a licensable product by 2011."

Target price 40 cents attainable with clinical data.

41c base case, 80c optimistic case valuation diluted for a further $15m capital injection. In other words the valuation already includes a possible cap raising.

But it's only an assumption - made because of a 650-700k monthly cashburn rate.

However the Target price and re-rating is depended on the following:

1. An IND filing in the US for oxycodone.

2. Initiation of a Phase II or Phase III clinical trial for oxycodone under the IND.

3.Potential licensing for oxycodone and other products.

4.Collaborations with other companies exploring the potential of TPM for large molecule delivery.

5.Formulation development and dose optimisation work for insulin.

6. A Phase II/III study for insulin.

7. A Phase II study for tretinoin.

8. Sales success for cosmeceuticals.

So what is the state of progress on the above points.

Does anyone know?