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To: Cal Gary who wrote (12996)	10/8/2003 4:56:31 PM
From: Joe Krupa	Respond to of 14101

Pennsaid, a new local treatment for arthritis [October 8, 2003 - St.John Telegraph Journal] Dr. Kenneth Walker Elephants normally win when fighting a mouse. But for once the mouse has won. A Canadian company has beaten the U.S. and achieved an historic first. Dimethaid Research has developed a non-oral NSAID (non-steroidal anti-inflammatory drug) to treat osteoarthritis. And since it's locally applied, it dramatically reduces the risk of stomach complications associated with oral NSAIDs. It's estimated that three million Canadians suffer from osteoarthritis. It's the wear-and-tear type of arthritis which presents a challenge for patients day after day. Some people have had to give up a favourite sport gardening or taking their daily walk. Others find it increasingly difficult to navigate the stairs or carry out household chores. Today, with an aging population, there's a huge need for this safe and effective remedy. Dr. Peter Tugwell, Professor of Medicine at the University of Ottawa, recently presented his findings on Pennsaid to the European Congress of Rheumatology in Lisbon, Portugal. The study was conducted on 622 Canadian patients suffering from knee osteoarthritis. The purpose was to compare Pennsaid with the maximum daily dose of oral diclofenac, a nonsteroidal anti-inflammatory drug. Researchers found Pennsaid was as effective as the oral dose of NSAID in relieving pain and the physical impairment of arthritis. And since it's applied locally, there is much less likelihood of the complications associated with oral NSAIDs. Why is Pennsaid such an historic event? For years, the standard treatment of arthritis has been the use of oral NSAIDs. They have helped millions of patients in North America. But treating arthritis with them has always been a risky affair. Every year, 1,900 Canadians die from the complication of these drugs. It's a worldwide problem. A study in the United Kingdom used an optical instrument to examine the stomachs of patients using the older NSAIDs. The results were shocking. Doctors reported that after two months of use, one in five patients had a stomach ulcer without symptoms, one in 70 a painful ulcer, one in 150 a bleeding ulcer, one in 1,200 died from a gastric hemorrhage. In a Danish study, researchers tracked 207,000 people for 19 years who had been on NSAIDs to determine the extent of intestinal bleeding. It showed that NSAIDs increased the risk of bleeding five times. For those over 75 years of age, the risk was 27 times greater. And in the U.S., 107,000 people are hospitalized every year due to the intestinal side-effects of NSAIDs and 16,500 die. It's a huge price to pay for pain relief. But in addition to life threatening complications, many patients using oral NSAIDs complain of abdominal pain, dyspepsia, nausea, diarrhea and there may be abnormalities in liver function tests. This happens because the early NSAIDs destroyed an enzyme called COX-1, which normally protects the stomach's lining from inflammation. So researchers did the obvious thing. They designed new NSAIDs such as Celebrex, Mobicox and Vioxx to preserve COX-1 and protect the stomach. Studies show these NSAIDs are an improvement, but they have not eliminated serious complications. There is another aspect of NSAID medication that is rarely explained to patients suffering from arthritis. I frequently see patients swallowing NSAIDs as if they were like M&M candies. They have never been informed that NSAIDs are powerful drugs that can have adverse effects on kidneys, particularly aging ones. The availability of a stomach-friendly NSAID fills a big void in therapy. Initially, Pennsaid solution is applied onto the knee four times a daily. Later, as the paid subsides, fewer daily applications may be required. The most common side-effect involves a minor skin reaction at the site of application. Pennsaid will undoubtedly save lives and be a godsend for those suffering from arthritis. But it will also help to save millions of dollars spent treating the complications of oral NSAID medication.

To: Cal Gary who wrote (12996)	10/9/2003 5:57:30 AM
From: twentyfirstcenturyfox	Respond to of 14101

Annual Report 2003: page 13 would have been written by Keeler. I think it is worth pointing out that her source is Contingency Note #16, on Page 35 - and she quoted that note, verbatim. This note#16 carries more weight, because it has been specifically written by the auditors; is covered by their 'clean' audit report (equivalent to a papal blessing of the financials); and is based on their discussions with the company's lawyers; and is dated the same date as the audit report i.e. July 7, 2003. I still have some worries that Provalis will bite our tails - but I am comforted by the fact that there no indication of a deterioration in the outlook for this contingent liability. Note #14, page 35: Here is what I figure this means. I see that in fiscal 2003, DMX issued shares, to a value of $221,503. These shares were issued to directors under the 'share purchase plan' (SPP). Of this total, I calculate that $149,650 is for shares bought by the company, to match Directors buying shares under the SPP (see page 6 of the Notice of Annual Meeting). For the balance of $71,853 - I cant identify it. But, it too has been debited as administration expense. Altho' the amount is piddly, I conclude that some directors traded services for shares. Yet - the note manages to avoid saying that. I can't see why. Overall, tho' - I give full marks to the Annual Report for clarity of disclosure. With one qualification - I would have liked very much to see a critical assessment of what lies ahead for Pennsaid distribution in the EU and Japan. Preferring to ignore the USA until it happens, I really needed to get a better idea of short-term (defined as within 12 months) revenues prospects from outside of North America. Perhaps someone will do the honours at the AGM? Fox.