"I would think phase 3 has to be completed to prove BIT225's true efficacy..."
That's a given, but the way I understand it is it takes bigpharma with megabucks to fund this stage of the venture.
Someone put up a very informative interview setting out the development sequence leading up to a drug being successful by getting the attention with a positive phase II result leading to a "deal" - which is where they are at present, as I understand it.
Ann: Letter to Shareholders, page-23
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