"Without some sign of efficacy in the US population cohort the FDA is not going to give its approval to continue to Phase III."
That's a big statement.
MD said, the company currently has around $37m cash, presumably not including $7m research refund, then $44m, but still need to raise more cash for Phase III if go ahead.
Ann: BTX 1503 Acne Phase 2 Study Results Presentation, page-479
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