This material contains estimates and forward looking statements, as defined by the Private Securities Litigation Reform Act of 1995. The words "believe," "may," "might," "will," "aim," "estimate," "continue," "would," "a

material contains estimates and forward looking statements, as defined by the

Private Securities Litigation Reform Act of 1995. The words "believe," "may,"

"might," "will," "aim," "estimate," "continue," "would," "anticipate," "intend,"

"expect," "plan" and similar words are intended to identify estimates and

forward looking statements . Our estimates and forward looking statements

are mainly based on our current expectations and estimates of future events and

trends, which affect or might affect our businesses and operations . Although we

believe that these estimates and forward looking statements are based upon

reasonable assumptions, they are subject to several risks and uncertainties and

are made in light of information currently available to us. Our estimates and

forward looking statements may be influenced by the following factors,

among others: our expectations regarding our revenues, expenses, effective tax

rates and other results of operations; our ability to obtain FDA approval of our

product candidates; our anticipated capital expenditures and our estimates

regarding our capital requirements; our liquidity and working capital

requirements; our need to obtain additional funding and our ability to obtain

future funding on acceptable terms; our product candidates and plans to

promote them; anticipated trends and challenges in our business and in the

markets in which we operate; our ability to retain and hire necessary employees

and to staff our operations appropriately; our ability to find future

acquisition opportunities on favorable terms or at all and to manage any

acquisitions; our ability to compete in our industry and innovation by our

competitors; our ability to stay abreast of new or modified laws and

regulations that currently apply or become applicable to our business; estimates

and estimate methodologies used in preparing our financial statements; and the

future trading prices of our common stock and the impact of securities analysts'

reports on these prices. Estimates and forward looking statements involve

risks and uncertainties and are not guarantees of future performance . As a

result of known and unknown risks and uncertainties, including those described

above, the estimates and forward looking statements discussed in this material

might not occur and our future results and our performance might differ

materially from those expressed in these forward looking statements due to,

including, but not limited to, the factors mentioned above. Estimates and

forward looking statements speak only as of the date they were made, and,

except to the extent required by law, we undertake no obligation to update or to

review any estimate and/or forward looking statement because of new

information, future events or other factors.

Phase III company focused exclusively on gastroenterology (GI): ie: anal

disorders, a neglected area of drug development Our products address large

markets where there are no FDA approved drugs in the US 3 Late stage

products: Phase III - Hemorrhoids Phase III initiated - Anal fissures

Phase IIb - Fecal incontinence Near term milestones with 2 important data

read outs expected in H1 2012 Multiple scenarios are possible for

development and commercialization after H1 data readouts

Management Team Russell H. Ellison, MD, MSc: Chief Executive Officer and

Chairman of the Board 30 yrs experience in pharmaceutical industry, most

recently: EVP, Paramount Biosciences (2007-2010) VP Clinical

Development, Fibrogen Inc (2005-2007) VP Medical Affairs and CMO,

Sanofi-Synthelabo US (2002-2005) VP Medical Affairs and CMO, Roche US

(1997-2002) Prior Board Chairman, Cormedix Inc Prior board member of Cougar

Inc David J. Barrett, CPA: Chief Financial Officer CFO, NeuroHitech, a

public pharma company with development stage and marketed products (2006-2009)

CFO, Overture Asset Managers & Overture Financial services (hedge fund)

(2003-2006) Manager Deloitte & Touche (1999-2003)

Development Team Monil Shah PharmD: VP Clinical Research Novartis,

Amgen, Fibrogen, Celgene Celine Scholl CPM Novartis

Merck,GSK Mohan Kabadi PhD: Head of Product Development &

Manufacturing > 20 years; BMS, Novartis, Faulding, Roche John

Dietrich PhD Preclinical Development (toxicology) > 30 years

Iferanserin Novel Treatment for Hemorrhoids

Iferanserin Hemorrhoid Overview Symptoms Causes Bleeding, pain,

itch, swelling & Increased hydrostatic pressure = AV tenderness,

difficult defecation dilation, slower blood flow Market Serotonin

activation of 5HT2a receptors Efferent vasoconstriction,

platelet ~12.5 mm patients in US aggregation, further dilation and

Highest prevalence >50 years of age symptoms No FDA approved products in

U.S. and current products are not reimbursed 4 mm prescriptions written

annually in the U.S. for unapproved use in hemorrhoids 22 mm OTC units sold

annually in the U.S. No other known drugs in development in the

Iferanserin Product Overview Topical rectal ointment: applied

intra-anal BID (with applicator) Mechanism NCE - potent 5HT2a

antagonist : Does not cross the blood brain barrier except at doses much

higher than to be used therapeutically Selective for 5HT2a; 1/3 affinity for

5HT2c, very low affinity for 5HT2b (antagonist) and 1/1000 affinity for

other 5HT receptors Low systemic exposure: < 10% bioavailability

(rat) Indication Acute treatment of hemorrhoids Intellectual

Property: Licensed from the inventor Patents issued in all major

territories US COM patent expires 2015, Hatch-Waxman exclusivity 5 yrs (Rx

to OTC switch) New concentration range patent just filed; 20 yrs

exclusivity: prevents A/B rated generics Topical GI product with low

bioavailability : generic substitution potentially difficult

Iferanserin Ready for Phase III Phase II completed -Excellent

safety profile 7 clinical trials, 220 patients exposed to VEN 309 Side

effects are local and minor; systemic side effects comparable to placebo No

SAE's, no deaths Development plan: chronic use drug FDA confirmed PH

III status; agreement on primary endpoint 1500 patient safety database ; in

2 pivotal trials or 2 pivotals and 1 safety study (TBD) 104 wk 2 species

carcinogenicity (no prior findings of concern) is critical path to NDA filing

(2014) Clinical pharmacology program 2 pivotal trials (Phase III) to

be done in series, not on critical path SPA agreement expected March/April

Iferanserin 1st Pivotal Phase III Study: Proposed Design Start

mid-2011, double blind data available Q1 2012 400 patients Double

Blind; 0.5% iferanserin vs placebo ointment 60 sites (North America) 14 days

treatment with follow up at 28 days All patients roll to active treatment

after 28 days, with 12 month follow up to assess recurrence (open

label) Inclusion criteria Symptomatic grade I to III internal

hemorrhoids Bleeding from hemorrhoids 2 consecutive days prior to

randomization, with pain or itching accompanying the bleeding for the 2

days Primary endpoint: time to cessation of bleeding for a minimum of 3

days Secondary endpoints: cessation of pain and itching for 3