cystic fibrosis trial reaches target recruitment, page-9

closed the cystic fibrosis phase ii trial. PXS has announced that it has essentially closed the cystic fibrosis Phase II trial.
The implications are as follows:
no interim result will be published as this will require additional patients
blinded data thus far indicate a better than expected result -i.e. - it appears that Bronchitol is working extremely well
the company therefore requires less patients than previously expected for this trial
we therefore expect the full trial to be completed earlier than expected, i.e. in Q2-Q3 2006, rather than Q4-2006.
decreased R&D expenditure, but not significant in the larger scheme.
Maintain BUY recommendation with $2.03 valuation with plenty of good news still to come.