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Phosphagenics Limited – Anti-cellulite cream a step closer
 
Phosphagenics Limited (POH) announced that it has exercised its option to licence the patented weight loss compound AOD9604 to develop an anti-cellulite cream. POH plans to start human testing of the cream within the next six months, and hopes to launch the product in 3Q CY11. While this is a positive development, in our view, the TPM/oxycodone pain relief patch remains key to delivering significant value in the near term. POH is currently conducting clinical trials to identify the optimum dosing regime for the oxycodone patch. POH will delay further development of its insulin delivery patch while it focuses on the oxycodone clinical program. We now expect the insulin patch to be launched in 2015 and as a consequence, have deferred insulin milestone payments and royalties. We reduce our DCF valuation and price target to A$0.16/sh (prev A$0.17/sh) and retain our BUY recommendation.
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