I looked at PNHL and think MTBR is a better stock, because it has chosen to remain fully reporting and files with the SEC despite being pink.
It has proven this by releasing its latest quarterly report. PNHL stopped filing and went pink and appears to have diluted over the last few months (June and July look better though) while there is no evidence of dilution in the chart for MTBR. Look at CMF remaining positive in the chart below despite the slide in the shareprice during the time before MTBR launched sales of Stemulite in February 2008.