Acrux knows the skin/dermatology. Developing a transdermal drug...

Acrux knows the skin/dermatology. Developing a transdermal drug delivery system for something like a hormonal drug (Axiron, Testosterone) requires significant expertise. What the company has then decided is to use the 'technology' instead of 'drug discovery' (sort of as it cannot be considered as the unique drug anyway) as moving forward. In principle, it is a good strategy because when one looks around, a lot of branded creams and topical ointments have a generic version made by the parent company. In summary, it is a lot harder to make topical generics than oral or even injectable medications.
As I have limited capital to invest, I am more inclined to pick other stock than this but may come back later.
with regards to your question about larger players, yes, no one will come down here as they have bigger fish to fry.