PHARMX TECHNOLOGIES LIMITED — Interim / Quarterly Report 2007

Aug 29, 2007

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APPENDIX 4E Preliminary final report

Name of Entity

ABN Financial year ended

Corum Group Limited (formerly Cosmos Limited) 25 000 091 305 30 June 2007

Results for announcement to the market

			$000s
Revenues from ordinary activities	up	9.2 % to	17,832
Profit from ordinary activities after tax
attributable to members	down	61.6 % to	409
Net profit for the period attributable to
members	down	61.6 % to	409

Financial reporting period

The current financial reporting period is for the 12 months to 30 June 2007 with the previous corresponding period being the 12 months to 30 June 2006.

Dividends

No dividends were declared or issued by Corum Group Limited (“Corum” or “the Company”) during the current or prior year.

Corum Group Limited

(formerly Cosmos Limited)

Commentary on the movements from previous corresponding period

	2007	2006
	$000s	$000s
EBITDA	2,793	2,090
Net profit for the period attributable to
members	409	1,064
Normalised earnings	968	540

Group operations

The principal activities of the consolidated entity during the financial year were, and continue to be:

• the operation of a retail technology business providing point-of-sale software, pharmaceutical dispensing software, computer hardware and support services to the pharmacy industry;

• the operation of a transaction processing business providing electronic bill payment, funds transfer and processing services;

• the provision of accredited training services to the real estate industry through the group's Registered Training Organisation.

Review of operations

The directors are pleased to announce a profit after income tax of $0.41 million (2006 $1.06 million). The 2007 annual financial results show a 9.2% increase in revenues to $17.83 million (2006 $16.33 million) offset by increases in operating and financing costs, giving an operating profit before tax of $0.41 million. EBITDA for the year increased by 34% to $2.79 million compared with $2.09 in 2006.

On a normalised basis, ie excluding legacy litigation costs and other non-recurring items of income and expenditure, earnings before and after tax for 2007 increased by 79% to $968k compared with $540k in 2006.

On 3 November 2006, the Company changed its name to Corum Group Limited. This name change was accompanied by a full corporate re-branding programme including a change of logo and new website.

The Company completed a refinancing of its secured convertible notes in January 2007. A term loan facility for $5.0 million was provided by Westpac Banking Corporation which, together with the Company's own funds, was used to redeem $6.85 million of secured and unsecured convertible notes. A placement of shares was made in February 2007 to raise $2.0 million for further development of the group's businesses.

Westpac also became the clearing bank for the group's Corum eCommerce transactions and has implemented the addition of BPay and Over-the-Counter payment facilities for the Real Estate rental payments business resulting in a more robust business model for that division.

Following the implementation of the additional Westpac payment facilities in early June and the ensuing marketing campaign, there has been significant growth in tenant and agent numbers. It is anticipated that this will continue throughout the current year and result in an additional $1.5 million of revenue for the eCommerce Real Estate division for the 2008 financial year.

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Corum Group Limited

(formerly Cosmos Limited)

Commentary on the movements from previous corresponding period

Review of operations (continued)

Corum's investment in the PharmX internet ordering gateway continues to be justified with the addition of further major customers. The business is expected to become profitable in the current financial year.

Corum has invested in the establishment of a Registered Training Organisation known as Corum Training focused on servicing Corum Real Estate clients. This division is already contributing to revenues and profits.

The board has also enhanced its commercial and technical expertise with the appointment of Mr Craig Glendenning as Executive Director. Craig has over 20 years of experience in the electronic payment industry and has been responsible for the analysis and development of Branch Security Networks, Card Management Systems, BPay and, most recently, Visa International's global contactless card and mobile phone payment solutions. The focus of the board will remain on the Company's core businesses in order to derive maximum benefit from its own intellectual property and market share.

Events subsequent to reporting date

On 13 August 2007, Pharmasol Pty Ltd and Amfac Pty Ltd entered into contracts with Medicare Australia for the installation and provision of support services for PBS Online, a government funded initiative to improve the efficiency of the pharmaceutical benefits scheme through use of the internet. These contracts run for a period of approximately two years and will generate ongoing maintenance revenues of approximately $2 million per year.

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Corum Group Limited

(formerly Cosmos Limited)

Consolidated Income Statement for the year ended 30 June 2007

Note Revenue from sales of goods Revenue from rendering of services Other revenue from ordinary activities Total revenue from ordinary activities 2 Materials and consumables used Employee expenses Administration expenses Occupancy expenses Marketing expenses Depreciation and amortisation expenses 3 Borrowing costs 3 Write off of loan to joint venture Other expenses from ordinary activities Total expenses from ordinary activities Profit from ordinary activities before tax Income tax on ordinary activities 4 Net profit attributable to members of the parent entity Earnings per share Basic earnings per share 10 Diluted earnings per share 10	2007 $000s 2006 $000s 1,058 961 16,093 14,760 681 608
	17,832 16,329
	(2,062) (2,291) (9,185) (9,373) (1,897) (1,161) (703) (697) (527) (433) (701) (347) (1,683) (679) (126) - (539) (284)
	(17,423) (15,265)
	409 1,064
	- -
	409 1,064
	0.5 cents 1.6 cents 0.7 cents 1.5 cents

The income statement is to be read in conjunction with the notes to the financial statements.

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Corum Group Limited

(formerly Cosmos Limited)

Consolidated Balance Sheet as at 30 June 2007

Note Current assets Cash and cash equivalents 8(a) Trade receivables Inventories Other Total current assets Non-current assets Investments 5 Property plant and equipment Intangible assets 6 Other Total non-current assets Total assets Current liabilities Trade and other payables Deferred Revenue Financial liabilities 7 Provisions Total current liabilities Non-current liabilities Financial liabilities 7 Provisions Total non-current liabilities Total liabilities Net assets Equity Contributed equity 11 Accumulated losses Equity attributable to members of the parent entity	2007 $000s 2006 $000s 3,898 3,643 3,027 1,501 102 73 521 365
	7,548 5,582
	- 30 907 767 18,267 16,633 54 65
	19,228 17,495
	26,776 23,077
	4,851 3,107 1,798 1,876 469 6,854 763 587
	7,881 12,424
	11,231 6,700 117 147
	11,348 6,847
	19,229 19,271
	7,547 3,806
	77,453 74,120 (69,906) (70,314)
	7,547 3,806

The consolidated balance sheet is to be read in conjunction with the notes to the financial statements.

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Corum Group Limited

(formerly Cosmos Limited)

Consolidated Statement of Changes in Equity for the year ended 30 June 2007

Economic Entity Balance at 1 July 2005 Shares issued during the period Capital raising costs Recognition of share option expense Profit attributable to members of parent entity Balance at 30 June 2006 Shares issued during the period Capital raising costs Recognition of share option expense Profit attributable to members of parent entity Balance at 30 June 2007	Ordinary Share Capital $000s Option Reserve $000s Retained Losses $000s Total $000s
	73,462 - (71,378) 2,084 720 - - 720 (75) - - (75) - 13 - 13 - - 1,064 1,064
	74,107 13 (70,314) 3,806 3,203 - - 3,203 (87) - - (87) - 217 - 217 - - 409 409
	77,223 230 (69,906) 7,547

The statement of changes in equity is to be read in conjunction with the notes to the financial statements.

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Corum Group Limited

(formerly Cosmos Limited)

Consolidated Cash Flow Statement for the year ended 30 June 2007

Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Interest and other costs of finance paid Net cash generated by (used in) operating activities 8(b) Cash flows from investing activities Investment in joint venture Loan to joint venture Payments for intangible assets Payments for property, plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issue of securities Proceeds from borrowings Repayment of borrowings Net cash provided by financing activities Net increase in cash held Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 8(a)	2007 $000s 2006 $000s 17,815 18,152 (14,749) (20,298) 109 49 (525) (35)
	2,650 (2,132)
	- (30) (66) (30) (1,753) (10) (721) (452)
	(2,540) (522)
	2,000 6,700 5,000 200 (6,854) (2,217)
	146 4,683
	255 2,029 3,643 1,614
	3,898 3,643

The cash flow statement is to be read in conjunction with the notes to the financial statements.

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 1: Basis of preparation of preliminary final report

This report has been prepared in accordance with International Financial Reporting Standards and other mandatory professional reporting requirements for the purpose of fulfilling the Company's obligation under Australian Stock Exchange (ASX) listing rules.

This financial report should be read in conjunction with the Annual Report of Corum for the year ended 30 June 2006 and any public announcements made by the Company and its controlled entities during the year in accordance with continuous disclosure obligations arising under the Corporations Act 2001.

The accounting policies adopted have been applied consistently to all periods presented in the consolidated financial report.

This financial report has been prepared on an accruals basis and is based on historical costs; except where stated, it does not take into account changing money values or fair values of assets. A full description of the accounting policies adopted by the consolidated entity may be found in the consolidated entity's full financial report.

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 2: Revenue from ordinary activities Revenue from sale of goods Revenue from rendering of services Interest revenue Other revenue from ordinary activities Total revenue Note 3: Profit before income tax expense Profit from ordinary activities before income tax expense has been arrived at after charging/(crediting) the following items: Depreciation: Plant and equipment Amortisation: Leased plant and equipment Leasehold improvements Development costs Borrowing cost – convertible notes Borrowing cost – other debt Net loss on disposal of non-current assets and investments Research and development costs Provisions for doubtful debts Employee entitlement provisions Operating lease rental expense	2007 2006 $000s $000s 1,058 961 16,093 14,760 109 49 572 559
	17,832 16,329
	453 286 - 35 128 26 120 -
	701 347
	1,042 994 641 (315)
	1,683 679
	1 8 133 54 39 (618) 180 (40) 516 610

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 4: Taxation (a) The components of income tax expense comprise: Current tax Deferred tax Utilisation of prior year deferred tax assets not previous recognised Income tax expense / (benefit) (b) The prima facie tax on profit from ordinary activities is reconciled as follows: Prima facie income tax (benefit) on profit from ordinary activities Add tax effect of: Non-allowable items Share options expensed Deduct tax effect of: Utilisation of prior year deferred tax assets not previous recognised Income tax expense / (benefit) Deferred tax assets not taken into account Revenue losses Temporary differences Capital losses	2007 2006 $000s $000s 350 (79) (145) 416 (205) (337)
	- -
	123 319 17 14 65 4 (205) (337)
	- -
	12,088 12,400 650 468 3,185 3,600

The potential future tax benefit arising from tax losses and temporary differences has not been recognised as an asset as at 30 June 2007.

Note 5: Investments

Investment in PharmX joint venture (30% interest)

- 30

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 6: Intangible assets Reconciliation of movement in intangible assets Intellectual property Opening balance Amortisation in the year Acquisition in the year Total Goodwill Opening balance Amortisation in the year Total Development costs Opening balance Additions in year Amortisation in the year Total Total Note 7: Financial Liabilities Current Convertible notes Bank loan facility - secured Total Non-current Convertible notes (note) Bank loan facility - secured Total	2007 $000s 2006 $000s 1,270 1,260 - - - 10
	1,270 1,270
	15,363 15,363 - -
	15,363 15,363
	- - 1,753 - (120) -
	1,633 -
	18,266 16,633
	- 6,854 469 -
	469 6,854
	6,700 6,700 4,531 -
	11,231 6,700

Convertible notes

As at 30 June 2007 the Company had outstanding $6,700,000 in unsecured convertible notes redeemable on 30 September 2008 which attract an interest rate of 10%.

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 8: Notes to the cash flow statement (a) Reconciliation of cash and cash equivalents Cash at bank Cash on deposit (b) Reconciliation of profit from ordinary activities to net cash generated (used) by operating activities Profit after income tax from operating activities Add/(deduct) non-cash items: Movement in provisions Depreciation and amortisation Issue of equity for services and interest Changes in assets and liabilities during the year: (Increase)/decrease in receivables (Increase)/decrease in inventories (Increase)/decrease in other assets (Decrease)/increase in trade creditors and accruals (Decrease)/increase in deferred revenue Net cash generated (used) by operating activities	2007 $000s 2006 $000s 3,814 1,393 84 2,250
	3,898 3,643
	409 1,064 311 (654) 701 347 1,332 657 (1,564) 447 (29) 122 (176) (15) 1,744 (3,897) (78) (203)
	2,650 (2,132)

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

Notes to the preliminary final report
for the year ended 30 June 2007 Note 9: Net tangible asset backing Net tangible liability backing per ordinary security Note 10: Earnings per share Earnings Reconciliation Net profit (loss) Basic earnings Diluted earnings Weighted average number of ordinary shares used as the denominator Number for basic earnings per share Number for diluted earnings per share Basic earnings per share Diluted earnings per share Note 11: Contributed Equity Issued and Paid-up Capital 89,174,271 fully paid ordinary shares (2006: 67,663,163) Movement in ordinary share capital Balance at beginning of the year Capital raising costs Shares issued Balance at end of the year Issues of shares Date Number Issue price 4 July 2006 2,102,192 $0.10 2 August 2006 2,909,618 $0.12 29 January 2007 3,349,806 $0.10 2 February 2007 2,513,520 $0.10 14 February 2007 635,972 $0.10 20 February 2007 6,850,000 $0.20 23 February 2007 3,150,000 $0.20	2007 2006 (12.0) cents (22.9) cents $000s $000s 409 1,064 409 1,064 1,079 1,306 Number Number 78,634,695 65,779,114 145,634,695 89,458,566 0.5 cents 1.6 cents 0.7 cents 1.5 cents $000s $000s 77,223 74,107 74,107 73,462 (87) (75) 3,203 720 77,223 74,107 Total $000s Purpose of issue 210 Payment of interest 343 Payment of interest 335 Payment of interest 251 Payment of interest 64 Payment of interest 1,370 Issue for cash 630 Issue for cash	2007 2006 (12.0) cents (22.9) cents $000s $000s 409 1,064 409 1,064 1,079 1,306 Number Number 78,634,695 65,779,114 145,634,695 89,458,566 0.5 cents 1.6 cents 0.7 cents 1.5 cents $000s $000s 77,223 74,107
		74,107 73,462 (87) (75) 3,203 720
		77,223 74,107
			Purpose of issue Payment of interest Payment of interest Payment of interest Payment of interest Payment of interest Issue for cash Issue for cash

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 12: Segment reporting

Note 12: Segment reporting
Segment revenue Unallocated revenue Total revenue from ordinary activities Segment result Unallocated expenses Profit from ordinary activities Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities Depreciation and amortisation Acquisition of non-current assets Other non-cash expenses Segment by Geographic region Segment revenue Other unallocated revenue Total revenue from ordinary activities Segment result Unallocated expenses Profit from ordinary activities Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities Depreciation and amortisation Acquisition of non-current assets Other non-cash expenses	Transaction Processing Retail Technology Training Eliminations Consolidated 2007 2007 2007 2007 2007 $000s $000s $000s $000s $000s 4,391 12,728 224 17,343 489
	17,832
	306 3,506 (137) 3,675 (3,266)
	409
	4,610 17,236 80 (1,165) 20,761 6,015
	26,776
	(1,483) (4,675) (8) 1,823 (4,343) (14,886)
	(19,229)
	218 305 701 698 1,532 2,474 (36) 316 311 NSW Victoria Eliminations Consolidated 8,630 8,713 17,343 489
	17,832
	1,432 2,243 3,675 (3,266)
	409
	8,749 13,177 (1,165) 20,761 6,015
	26,776
	(4,382) (3,191) 1,823 (4,343) (14,886)
	(19,229)
	281 243 701 1,093 1,138 2,474 15 265 311

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 12: Segment reporting (continued)

Segment revenue Unallocated revenue Total revenue from ordinary activities Segment result Unallocated expenses Profit/ (loss) from ordinary activities Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities Depreciation and amortisation Acquisition of non-current assets Other non-cash expenses Segment by Geographic region Segment revenue Other unallocated revenue Total Segment result Unallocated expenses Profit / (loss) from ordinary activities Segment assets Unallocated assets Total assets Segment liabilities Unallocated liabilities Total liabilities Depreciation and amortisation Acquisition of non-current assets Other non-cash expenses	Transaction Processing Retail Technology Eliminations Consolidated 2006 2006 2006 2006 $000s $000s $000s $000s 4,959 11,321 16,280 49
	16,329
	990 1,671 2,661 (1,597)
	1,064
	2,108 13,622 (644) 15,086 7,991
	23,077
	(2,695) (11,267) 9,950 (4,012) (15,259)
	(19,271)
	152 150 347 64 181 462 7 (193) (658) NSW Victoria Eliminations Consolidated 9,177 7,103 16,280 49
	16,329
	1,411 1,250 2,661 (1,597)
	1,064
	5,298 10,432 (644) 15,086 7,991
	23,077
	(7,820) (6,141) 9,950 (4,012) (15,259)
	(19,271)
	197 105 347 78 167 462 19 (205) (658)

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Corum Group Limited

(formerly Cosmos Limited)

Notes to the preliminary final report

for the year ended 30 June 2007

Note 13: Contingent liabilities and contingent assets

The Company is currently involved in litigation matters in respect of which the directors have provided for costs and anticipated outcomes. The directors are of the opinion that further provisions are not required in respect to these matters. The Company has various rights of recovery in regard to certain losses incurred in past financial years. No value will be ascribed to recoveries until received.

Note 14: Subsequent events

Other than as disclosed in this report, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years.

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Annual meeting

The annual meeting will be held as follows:

Place Hilton Sydney, 488 George Street Date 12 November 2007 Time 11.00 am Approximate date the annual report will be available 8 October 2007

Compliance statement

• 1 This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX.

• 2 This report, and the accounts upon which the report is based, use the same accounting policies.

• 3 This report does give a true and fair view of the matters disclosed.

• 4 This report is based on accounts which are in the process of being audited.

• 5 The entity has a formally constituted audit committee.

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Sign here: Date: 30 August 2007 (Company Secretary)

Print name: Julian M. S. Walter

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