With our Arnica gel we anticipate a decision for registration for a foreign partner in Europe within this year. With this successfully completed development C.P.M. demonstrates its competence in the area of developing arnica based topical preparations. National product licenses can be obtained for certain countries via our partner company Agon.

Initial pre-stability tests on two galenic preparations - ointments and creams incorporating the agent Betamethason - have already been completed. At the moment we are trying - together with a potential partner - to complete this project trough to registration.

After the successful conclusion of initial pre-stability tests for Felbinac gel we could recently place stability batches for a foreign European partner in storage. National product licenses can be obtained for certain countries via our partner.

Stability studies for our Panthenol ointment are expected to start in July 2004. Immediate market access is possible via Agon which has the marketing rights.

We are currently developing a Psoriasis-Neurodermatitis cream. Working from a recipe