Ann: BIT225 Phase 2 HIV-1 Clinical Trial Fully Recruited, page-24

I think you are well qualified to explain it fishman since you will no doubt be feeling the same sense of daja-vu that many other of us are feeling right now. No doubt you recall mid 2018 when when the 009 trial results were long overdue and the company was near broke. You will recall at the time the company was seeking a "cornerstone investor" and/or a commercial partnership out of China. Shareholders were pissed off at the lack of communication and the company not telling them how it was going to be resolved. Finally a rights issue and some months later 009 results, lots of announcements about discussions with commercial partnerships and endless speculation about BP buying up stock cheap before a takeover.

Anyway, that was 2018. Moving forward 4 year, we have new phase 2 HIV trials 010 and 011 suffering delays, company nearly out of money, still looking for a partner, shareholders pissed off at the lack of communication, questions asked when / how they are going to raise cash, speculation of BP buying BIT.

But the very simple answer to your question is that the market expected BIT to achieve a commercial outcome in 2018 when the phase 2 BIT225-009 trial was completed. The price rocketed from 2c to over 40c on speculation after trial prelim trial results and the company announcing that it was in discussions with industry players with a view finding a partner to take it into phase 3 and commercialization. Possible partners were not convinced and for the last 4 years Biotron have been working to figure out what more than can do to enhance the "data package" to help convince the big players to take on BIT225. BIT225-010 and BIT225-011 were born out of the necessity to produce more convincing data.