dont underestimate importance of phase 2, page-9

I would hope that the valuation models take into account that Avexa has now missed the boat. Phase II is the time to differentiate a compound from the sea of candidates out there, and the market has spoken by not coming forward with a deal. Second-line treatments are not a good value proposition in the current climate - big pharma is in search of the next generation of best-in-class treatments, not drugs based on old targets whose patents will be soon threatened by generic competition.

There is much less money in this than a lot of people realise.