Assignment

**1.1 Summary**
Phosphagenics was established in 2004 to capitalise upon a noval trans-dermal drug carrier system, invented by Dr. Simon West, et al. Appointed as managing director was Mr. Harry Rosen, a non-practising lawyer with a long history of founding and managing small science based companies. (5, 11) The technology on which Phosphagenics is founded, is a patch based system that allows for the external administration of a wide range of pharmaceutical drugs (1, 12, 27). As can be seen from Phosphagenics' past revenue raisings [section 1.4/1.5] the company has had positive responses from investors in the past, and have demonstrated that they are capable of raising significant revenue to fund clinical trials (16, 18, 21). The patent protection, held by Phosphagenics and in some cases the inventors, covers many aspects of the technology. The process by which it is made, the compositions of various mixtures of the product and applications of the product, including; use as a trans-dermal drug carrier and oral drug carrier, for treatment of atherosclerosis, and for treatment of cancer (29). Since its foundation Phosphagenics’ share price has fluctuated between a high of 0.42c, in August 2006, and low of 0.06c, November 2008 (28). The company is expecting to move into phase 3 trials of several of its trans-dermal versions of currently available drugs by 2012. Due to the natural origins of the TPM formulations and the availability of safety data for all drugs, to be used in conjunction with said formulations, it is unlikely that there will be a significant problem during the drug trials. Based on this it is foreseeable that the company’s share value will increase over the next 5 to 10 years (27). Phosphagenics’ drug pipeline includes four drugs, not currently available in trans-dermal form, with global markets exceeding one billion dollars (23). One such drug includes insulin and in this case represents a major advantage over current injectable formulations. The products currently available from Phosphagenics include a skincare and vitamin range branded under the trademark ‘Elixia’ (3). The company itself has a strong foundation of management and science, with a technology that is unique from all other technologies with similar applications; existing or in development. (23)

**1.2 Establishment and founders of the company**
Phosphagenics was originally founded as an investment company in 1993, trading under the name Greenchip Capital Ltd. In 1999 the focus of the company was shifted to incorporate science based industries, and the company changed its name to Vital Capital Ltd. In 2004, one of the subsidiary companies, Petrecyle, was distributed amongst investors and owners of Vital Capital. Two other subsidiary companies to Vital, Tocovite and Narturalherbal, were then adopted to form the product basis for the company which is today known as Phosphagenics. (4).

The founders of Phoshphagenics include Harry Rosen and Simon West. Harry Rosen has been the managing director since its foundation. His experience in capital raising and stock-exchange listing is useful for the company. Dr. Simon West now serves as chair of Phosphagenics' scientific advisory board, and he was involved with Petrecycle, the GDC subsidiary (26). Their respective careers and contributions to Phosphagenics are discussed in more detail in assignment 1.

Inventors and entrepreneurs are at the heart of any good biotechnology company. Robert Gianello, Paul D. Gavin, Roksan Libinaki Simon west and Esra Ogru are amongst the team that discovered and developed transdermal drug delivery on the back of tocopheryl phosphate (1, 23). Of these scientists; Dr. Roksan Libinaki, board member and R&D of neutraceuticals; Dr. Simon M West, current scientific advisor; and Dr. Esra Ogru, chief executive officer; are still working directly with Phosphagenics. Others, including Dr. Robert Gianello, have since collaborated with Phosphagenics' scientific team on related projects (5).

**1.3 Core skills on which the company was based**
Phosphagenics' core technology is based on transdermal delivery systems for pharmaceuticals, cosmetics, and neutraceutical products. The technology aims to be novel and cost effective (1). These core skills aim to produce goods with a significant market potential that can have competitive advantages in the drug-delivery market segment (2). TPM technology centres around phosphorylation, where the addition of a phosphate group is found to enhance the bioavailability, activity and safety of existing pharmaceuticals and nutraceuticals (24). This core technology assists in drug delivery and can be used for multiple applications.

These core skills are utilised by Phosphagenics in combination with pharmaceuticals and nutraceuticals (25). The safety of TPM technology has undergone toxicology studies and it was determined that it can deliver products topically and transdermally. Unlike most innovative drug technologies, TPM does not alter the active compounds of drugs but rather alters the lipid-structure of the skin to enhance small-molecule absorption.

**1.4 Sources of capital at foundation**
Greenchip Development Capital Ltd. - the company that formed the basis for Phosphagenics - owned shares in companies including Enterprise Solutions (which has since become Monteray Mining Group Ltd), Vos Industries (which has become Imugene Ltd), and Environmental Group Ltd (7). As of the 31st December 1997, Greenchip Development Capital's investment portfolio had shares in these companies worth over $6 million (7). Its major investment, Enterprise Solutions, went down in value on the 7th April 1998 (8) and thirteen days later, Greenchip Development Capital changed its name to Vital Capital Ltd and investments were redirected toward venture capital in natural products, environmentally sustainable, and medicinally-based technologies (6, 9). The companies Naturalherbal, Petrecycle and Tocovite received most of this capital (9), and these companies developed the basis of scientific technology that now forms Phosphagenics' intellectual property and source of future capital (12).

Therefore, the foundation of funding for Phosphagenics' came from private and public investment in Greenchip Development Capital Ltd. followed by subsequent public offerings to support research and development of their Intellectual Property (10, 11, 13).

**1.5 Subsequent (history of) revenue raisings by the company**
When Phosphagenics was formed it was already trading to the public on the Australian Stock Exchange (ASX) under the trading name Vital Health Sciences (22). In July 2004, Phosphagenics placed 6,363,650 shares onto the London Stock Exchange's Alternative investment Market at AU$0.143 per share. This move, according to a company letter to shareholders, was necessary "[to] access a more developed capital market than is currently available in Australia" (13). Later in the year, Phosphagenics received a grant for $1.7 million From AusIndustry for Phase I/II trials of a morphine patch (17). In 2005, Phosphagenics sold 46.875 million shares (valued at $11.25 million) to "leading overseas and domestic institutions and other sophisticated investors". This money was directed toward further research and development of trans-dermal technology (18). In a bid to raise funds for trials of the 'trans-dermal insulin patch', Phosphagenics sent out an invitation to shareholders, urging them to invest a further $10 million. In 2006, this investment was received (19). In 2007, Phosphagenics received a second AusIndustry grant, $2.1 million for trial testing of their technology (20). In 2008, $9.1 million of capital was raised, again from sophisticated investors (21). In 2009, shares were offered to investors in a 'purchase plan' at 9 cents each, and this raised $7 million. Recently, in 2011, Phosphagenics issued 60 million new shares at 9 cents each to help raise $5.6 million for a clinical trial of their oxycodone patch (15, 16).

Phosphagenics primary exchange is on the ASX under the name 'POH', but it also trades on the International OTCQX189 (over-the-counter stock exchange) under an ADR program. This program consists of purchasing stocks representing a specified number of shares in a foreign corporation. Phosphagenics traded using the code PPGNY, with each ADR equal to 30 ordinary shares. POH, on the ASX, has raised $59 million in equity capital since early 2004 at an average 17 cents per share (23). See Appendix 1.

I think we should include the following tables in an appendix so he can see where we got the information from

hey Lauren,,, it is Meera,,, the stuff from sources (23) and (14) are those which I've added,,,, and these two tables and graph in section 1.7 and table in section 1.10 are coming from source (23). Also the circle graph in section 1.9 is from source (14)





As of March 31, 2011, available cash was $8.5M, boosted by a $7.55M placement of 83.9 million shares (shown in the table above). It was also debt-free (25).

The company's top 20 shareholders account for almost 54% of the total shares on issue (25),

**1.6 IP position of the company's main products**
Phosphagenics owns approximately 20 patent rights (25). The intellectual property behind TPM technology is covered by five published patent applications. The most recent priority date is in 2005, giving Phosphagenics basic patent protection until 2025 (23). Four of these patents cover TPM-1, including its basis of alpha-tocopheryl phosphate with surfactant, its potential use as a carrier for the transdermal delivery of phosphate derivatives of drugs, the basic patent application for TPM-1 for transdermal delivery of unphosphorylated drugs including atropine and morphine, and the use of TPM-1 for oral delivery of drugs. The fifth patent application is the basic patent application for TPM-2, which comprises di- and/or mono-electron transfer agent phosphate derivatives (23). These were all invented by core scientists at Phosphagenics, including Simon West, Robert Verdicchio, David Kannar, Esra Ogru and Paul Gavin.

Other intellectual property of Phosphagenics is related to phosphorylation and vitamin E. These published patent applications have spread the technology to the USA and Europe, with potential cancer-drug development further down the product-development pipeline (23). Patents include: recovery of chroman derivatives such as tocopherols from free-fatty acid distillate; improved phosphorylation processes; the formulation for TPM-1 and TPM-2 phosphate derivatives; dermal therapy involving the use of TPM in treating various skin conditions; the use of dietary supplements as a derivative of phosphorylation, the use of TPM-1 in treating atherosclerosis, phosphorylation of secondary alcohols, and phosphorylation of various other pharmaceutical products (23). Most of these patent applications involve the West-Process, and are centred around the production and use of TPM technology as opposed to the technology itself. Even more recent patent applications, with priority dates in 2005, deal with compounds having anti-cancer, lipid-lowering and cytokine-modulating properties. These increase the potential market of Phosphagenics' technology, and also its reputation as a serious and successful biotechnology company.

**1.7 Share and dividend performance (chart with comments)**
Can anyone put some comments with this graph? Please?

Between 2002 and early 2008 POH developed TPM as a gel. Then it found that in order to go after the big market for oxycodone and other narcotic analgesics the FDA, patients and clinicians were going to want a patch instead1. The delay caused by the patch development programme, which was not completed until mid-2009, resulted in the market losing interest in POH stock, even though the patch programme was successful.(In 2009 POH had its worse year in the share market even after its best year with the TPM technology.) In 2009 POH was a classic case of a company that had its best technical year at the time of its worst investor reception. The stock has, however, slowly recovered since January 2010.(23)

"Clearly, our platform technology has widespread application for the safe, painless and effective delivery of many differing pharmaceutical compounds to patients” – Dr Esra Ogru on POH’s TPM drug platform, June 2005. Her opinion of close to six years ago has subsequently been proven correct.**(23)**

**1.8 Status of product development, including any regulatory or other approvals obtained to date**
In Q1 2010, Phosphagenics launched its Elixia™ range of skincare products into the Australian marketplace. With TPM-technology as a key ingredient, this step represented a step into the beauty industry. This range consisted of six skincare products developed form Phosphagenics' pharmaceutical delivery platform. The TPM technology is the main active ingredient in the Elixia™ skincare range, delivering vitamin E, among other vitamins, into the deeper layers of skin (14).

In 2011, many product developments are expected to further Phosphagenics' product-base, including the initiation of phase II/III trials of an oxycodone patch, with the expected cost of AU$15-20, and collaborations with various other companies exploring TPM technology for the delivery of their molecular products (23).
 * May 2011 Product Development Pipeline**

(25)

In terms of product development, Phosphagenics has entered into an agreement with 3M for a commercial-stage patch manufacturing process. This increases the market opportunities as it develops the product on a larger, and worldwide, scale. This large-scale manufactured is expected to be completed in late 2011, in line with the completion of Phase III trials for the TPM/Oxycodone patch (25).

**1.9 Current or potential markets of the company's products**
Phosphagenics' current and potential markets are related to its applications and reach the fields of pain, diabetes, dermatology, animal heath, personal care, and nutraceuticals (25). . (25): Current applications of TPM technology

Market opportunities for TPM/oxycodone patches are based mainly in the USA. The total market value for prescription opioid sales was US$8.4 billion in 2007, and the market grows 13% per year (25). By 2020, and phosphagenics' products will still be under patent by then, the market is meant to be worth $50 billion. The POH patch uses oxycodone as the only active ingredient, unlike potential oxycodone pills where a combination with acetaminophin causes severe adverse effects.

continues to be one of the two most significant emerging trends, along with men’s skincare, as consumers continue their obsession with anti-aging and wellness. IBISWorld 2009 reports that the value of the cosmetics market in the USA is set to fall by 1.2% in 2009, to a value of $60.37 billion, but the cosmeceuticals category is expected to grow by 7.7% to reach a value of $3.5 billion (CosmeticsDesign.com). This growth is being fuelled by the needs of Baby Boomers searching for natural ingredients, technology-advanced ingredients exploiting biotechnology, and anti-aging as well as firming/anti-cellulite products. Largely driven by women with higher disposable incomes, who demand more of their skincare products, this influential group of consumers recognise the importance of a natural and scientific approach to skincare.(14)
 * Australian Cosmetics Market 2008: $2.4 billion** **2008 Skincare: valued at $1.023 billion (43.2%)** **US$7 billion //insulin market// (insulin patch in phase 2 trials)**
 * According to Euromonitor International’s 2008 Report, the Australian skincare market is growing at 5% annually, with a value of AUD$1.023 billion. Cosmeceutical skincare **

Phosphagenics is developing a topical anti-cellulite cream using TPM technology after clinical trials for the drug administered orally failed. Transdermal delivery was found to be superior as it avoids the stomach, digestive system and blood stream (25). This product coincides with with the emergence of a market in the USA for anti-cellulite products, which is growing by $3 billion per year. This, combined with a low cost of primary products (peptides) from Taiwan makes it a cost-effective treatment.

With TPM patches working efficiently and without skin irritation or inflammation, there is the potential for POH to develop the world’s first patches for the analgesic drug oxycodone (which represents a US$3bn market in the US alone), and for insulin (a US$14-15bn market globally). POH is also targeting a number of other drugs that are presently without transdermal options and where there are significant revenue opportunities.**(23)**

Phosphagenics' insulin patch has worked, and on its way to be released. This opens up a US$14-15bn global market (23).

**1.10 Overall assessment of the strengths/weaknesses (e.g. competitors or new technology)/potential for success of the company's activities**
The drug delivery has many players. Southern Cross Equities identified around 40 listed companies, mainly in the US, that were participating in the drug delivery space.**(23)**

**Listed companies working on drug delivery (market caps as at 3 May 2011) **
SOURCE: SOUTHERN CROSS EQUITIES **(23)**
 * < ** Established ** ||< ** Emerging ** ||< ** Early stage ** ||
 * < ** Company Market cap (USDm) ** ||< ** Company Market cap (USDm) ** ||< ** Company Market cap (USDm) ** ||
 * < Endo Pharmaceuticals 4,650 ||< Halozyme 48 ||<  ||
 * < Impax Laboratories 1,813 ||< MannKind 559 ||< Durect 277 ||
 * < Alkermes 1,384 ||< Acrux 519 ||< Columbia Laboratories 290 ||
 * < Enzon 637 ||< Depomed 442 ||< BioSante Pharmaceuticals 216 ||
 * <  ||< Vectura 344 ||< Antares Pharma 152 ||
 * ^  ||< Acura 204 ||< Echo Therapeutics 138 ||
 * ^  ||< Flamel Technologies 154 ||< Apricus Biosciences 107 ||
 * ^  ||< Alexza 91 ||< InSite Vision 80 ||
 * ^  ||< BioDelivery Sciences International 89 ||< Emisphere Technologies 78 ||
 * ^  ||< Octoplus 65 ||< Intellipharmaceutics 74 ||
 * ^  ||< Labopharm 33 ||< Generex Biotechnology 68 ||
 * <  ||< Alliqua 44 ||
 * ^  ||< Soligenix 48 ||
 * ^  ||< Access Pharmaceuticals 44 ||
 * ^  ||< Aradigm 28 ||
 * ^  ||< Cipher Pharmaceuticals 20 ||
 * ^  ||< IntelGenx 22 ||
 * ^  ||< Oramed 22 ||
 * ^  ||< SkyePharma 14 ||
 * ^  ||< Scolr Pharma 9 ||
 * ^  ||< AP Pharma 9 ||
 * ^  ||< NeoPharm 9 ||
 * ^  ||< Skinvisible 6 ||
 * ^  ||< AlphaRx 3 ||
 * ^  ||< Transdel Pharmaceuticals 4 ||
 * ^  ||< Bone Medical 2 ||

POH has competitive advantage in the drug delivery space. Three reasons which POH has competitive advantage as a drug delivery company:**(23)**

1) The company is a transdermal delivery player. Most companies working on drug delivery are focused on reformulation of drugs to allow extended release of orally available drugs, or to convert injectable drugs to oral delivery. This leaves relatively few players focused on the high-value transdermal space, where the principal emerging competitor is Acrux;

2) The company can patch-deliver its products, allowing it to take advantage of this highly patient-friendly and generally accepted format; and

3) The company’s success with oxycodone suggests that it can be a player in the highly lucrative market for alternative delivery of narcotic analgesics, allowing it to compete against companies like Acura, Depomed and Biodelivery Sciences.**(23)**

Southern Cross Equities lists multiple risks in Phosphagenics ASX investments. These weaknesses are mostly centred around attitudes toward drug-delivery systems. There are risks associated with clinical trial success. Much of Phosphagenics' success is due to oxycodone delivery systems, and if clinical trials show unfavourable results Phosphagenics' may experience significant loss. Biotechnology consumers also prefer drug-development stocks where new drugs are being tested. The path-to-market of drug delivery systems is less understood. There are also risks that are common to most biotechnology companies, including that clinical trials could take longer-than-expected periods of time to complete, there may be IP disputes in the future, and their burn rate of $700 000 per month results in the requirement for a lot of equity raising, and often (23).

**1.11 References**
(1): Phosphagenics 2009, Phosphagenics Melbourne, Australia, viewed 21 May 2011,  (2): Phosphagenics 2009, Phosphagenics Melbourne, Australia, viewed 21 May 2011,  (3): Phosphagenics 2009, //Phosphagenics' R&D Pipeline for May 2011,// Melbourne, Australia, viewed 21 May 2011,  (4): Phosphagenics 2009, Phosphagenics, Melbourne, Australia, viewed 21 May 2011,  (5): Thomson Reuters 2011, //Phosphagenics Ltd (ASX: POH),// http://www.reuters.com/finance/stocks/companyOfficers?symbol=POH.AX&WTmodLOC=C4-Officers-5 (6): Australian Stock Exchange, 2011, //Name change (20/4/99)// __[|, (7): Australian Stock Exchange, 2011, //Investment portfolio (31/12/97), //viewed 21 May 2011, <__[] __> (8): Australian Stock Exchange, 2011, //Investment portfolio (30/9/98), //viewed 21 May 2011__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[|, <http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=text&issuerId=1692&announcementId=636834>] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(9): Australian Stock Exchange, 2011//<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">, Investment portfolio //(30/6/99//<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">), //viewed 21 May 2011__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[|, <http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=text&issuerId=4016&announcementId=723547>] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(10): Australian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Investment portfolio // (31/7/00//<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">), //viewed 21 May 2011__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[|, <http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=text&issuerId=4016&announcementId=723617] __>

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(11): Phosphagenics 2009, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">History //, viewed 19 May 2011 (11), <__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __> (12): Australian Life Scientist, 2002, //Tocovite claims its technology delivers,// viewed on 20 May 2011, <http://www.lifescientist.com.au/article/69143/tocovite_claims_its_technology_delivers/> <span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(13): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">AIM Listing - Issue of Shares (29/07/2004), //viewed 20 May 2011, <http://www.asx.com.au/asxpdf/20040729/pdf/3m9b1jy8szlfl.pdf> (14): Phosphagenics Newsletter | December 2009, <[]> <span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(15): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Share purchase plan (9/10/2009), //viewed 21 May 2011, <__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __> <span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(16): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Phosphagenics to raise $5.6M to fund clinical trials (14/04/2011), //viewed 21 May 2011, <__<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[|http://www.phosphagenics.com/site/DefaultSite/filesystem/documents/2011%2003%2014%20Phosphagenics%20to%20raise%20 $5.6%20million%20to%20fund%20clinical%20trials.pdf] __> <span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(17): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">AusIndustry offer grant $1.7M to fund morphine patch trials (15/12/04), //viewed 21 May 2011, __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __ http://www.phosphagenics.com/site/DefaultSite/filesystem/documents/2008_annual_report_29_may_2009_agm_documentation.pdf

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(18): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Phosphagenics announces $11.25M share placement (14/11/05), //viewed 21 May 2011, __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(19): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">$10M share placement competed (13/12/06), //viewed 21 May 2011, __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(20): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">AusIndustry offer grant $2.1M (04/06/07), //viewed 21 May 2011, __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(21): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Phosphagenics completes $9.1M capital raising (07/05/08), //viewed 21 May 2011, __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[] __

<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">(22): Austrlian Stock Exchange, 2011, //<span style="background-color: transparent; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">Vital to trade as Phosphagenics (03/02/04), //viewed 21 May 2011,< __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">[|http://www.asx.com.au/asxpdf/reloaded/pdf/00414323..pdf] __<span style="background-color: transparent; color: #0000ee; font-family: serif; font-size: 16px; text-align: start; vertical-align: baseline;">>

<span style="background-color: #ffffff; color: #000000; font-family: serif; font-size: 16px; text-align: start; text-decoration: none; vertical-align: baseline;">**(23)**: Southern Cross Equities, 4 May, Phosphagenics (POH), <[]>

(24) //Phosphagenics 2008 General Report// (2009), Phosphagenics, Melbourne, Australia, accessed 23 May 2011, < http://www.phosphagenics.com/site/DefaultSite/filesystem/documents/2008_annual_report_29_may_2009_agm_documentation.pdf>

(25) //Leveraging TPM Technology across Multiple Products and Markets// (2011), Phosphagenics, Alpha Securities, accessed 23 May 2011 < http://www.phosphagenics.com/site/DefaultSite/filesystem/documents/2011%2005%2005%20Alpha%20Securities%20-%20 Phosphagenics%20Research%20Report.pdf>

(26) //Phosphagenics Ltd. CEO and Executives// (2011), Bloomberg Businessweek, Bloomberg. Accessed 24 May 2011 < http://investing.businessweek.com/research/stocks/people/people.asp?ticker=POH:AU>

(27): Yesim Negris, Mohsen Meydani, Jean-Marc Zingg, Angelo Azzi, (2007) //The molecular mechanism of alpha-tocoperyl phosphate transport across a membrane.// Biochemical and biophysical research communications, Elsevier, Issue 359, pages 348 - 353 (28): Yahoo Finance, 2011, Phosphagenics (ASX code: POH), viewed May 20, http://au.finance.yahoo.com/q?s=poh&ql=1 (29): BBY stockbroking, corporate advisory and asset management firm. (2011) //Phophagenics at BBY Life Sciences conference,//viewed on the May 24, http://www.google.com/url?sa=t&source=web&cd=1&ved=0CBcQFjAA&url=http%3A%2F%2Fwww.bby.com.au%2FPortals%2F0%2FCorporate%2FPDF%2FConferences%2FHealthcare%2FPhosphagenics_BBY_Life_Sciences_Conference.ppt&rct=j&q=Phosphagenics_BBY_Life_Sciences_Conference&ei=IlzbTfCrHIeisQPH1YCoDg&usg=AFQjCNEwYmdO_h2g0K05R6LiuKzk5YdATw&sig2=fT7ABJh4jbg4H71VpXBqFg&cad=rja