Ann: Botanix Announces BTX 1503 Data and Progression to Phase 3, page-52

Here's the potential reason why they'd go to phase 3. Really they need to do an investor conference call and explain some of this

"As outlined above, in contrast, vehicle responses in the USA were unexpectedly high, at almost twice the response for combined inflammatory lesion reduction (45.9% reduction in the USA versus a 26.4% reduction in Australia) and more than four times the response for non-inflammatory lesion reduction (24.7% in the USA versus 5.5% in Australia). "

The Australian results pass with flying colours, yet the US results fail. WTF? How do they explain that?