Quarterly report pursuant to Section 13 or 15(d)

CONCENTRATIONS AND RISKS

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CONCENTRATIONS AND RISKS
6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
CONCENTRATIONS AND RISKS

 

NOTE 10 – CONCENTRATIONS AND RISKS

 

Concentration of Credit Risk

 

The Company maintains its cash in bank and financial institution deposits in Australia.  Bank deposits in Australian banks are uninsured. The Company has not experienced any losses in such accounts through December 31, 2011.

 

Receivable Concentration

 

As of December 31, 2011, the Company's receivables were 100% related to reimbursements on GST taxes paid.

 

Vendor Concentration

 

As of December 31, 2011, there were two significant vendors that the Company relies upon to conduct its research and development. Both vendors provide services to the Company which can be replaced by alternative vendors should the need arise.

 

Product and Patent Concentration

 

As of December 31, 2011 the Company was undertaking preclinical activities for their lead product.  The Company was also undertaking research to uncover the mechanism of action of their lead product in order to screen new compounds for development.

 

The Company has recently been expanded by the filing of an international PCT patent application (No. PCT/AU2010/001403) directed to enhanced proenzyme formulations and combination therapies.  The international PCT application has been based on previous provisional patent applications capturing the Company’s ongoing research and development in this area.

 

Further provisional patent filings are also expected to be filed to capture and protect additional patentable subject matter that is identified, namely further enhanced formulations, combination treatments, use of recombinant products, modes of action and molecular targets. 

 

Foreign Operations

 

As of December 31, 2011, the Company's operations are based in Australia.