Well worth reading
http://www.fool.com/investing/general/2012/12/05/1-event-that-could-make-or-break-biotech-investors.aspx
I suggest reading it all but below is an extract
"Obviously, the successful completion of a phase 2 trial can have huge impacts on not only a company's profits, but also its patients' outcomes. Today's biotech and pharmaceutical companies are working on some of the most difficult health issues of our time, and they could provide a path to a healthier life for patients with conditions we previously thought were untreatable.
Investors know this, too -- and some companies have seen both the cheers and jeers of Mr. Market following phase 2 results."
make or break
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