Ann: Phosphagenics Arbitration Award Issued, page-101

The first part of that was:

"If unsuccessful in the above matters, the Company is likely to need to find additional sources of funding.Both the insufficient certainty around the timing and quantum of revenue and the outcome of the arbitration eachresult in a material uncertainty that may cast significant doubt on the Company’s ability to continue as a goingconcern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course ofbusiness. "

Pretty clear they under no false pretences, they need to raise more money.  This is just another nail in the coffin for current investors as the dilution it will create for even a modest raise will be horrific.  It's all over for current investors, the question will be how do they convince new investors and otherwise stave of certain liquidation.