Ann: BTX 1503 Acne Phase 2 Study Results Presentation, page-389

Very quickly ... never heard of Bot before last night ... and never brought / sold or short sold a share in it.

But got sucked in this morning like everyone else into chasing this red herring about high US placebo response.

A little ah ha moment though tonight ... ASX penny stocks produce very tricky trial results; where what is not reported is always much more important than what is reported.

And you look at the IGA results and notice an oddity ... they fail to report it by treatment group over country. Now thats strange ... it will be because it is a dogs breakfast ... and then the rest flows from that.

It also helps to a have a bit of history to spot the tricks that repeat. Several years ago POH ran a acne trial: vehicle versus its special TMP delivery method of topical retinoic acid. Unfortunately it found no difference between the groups. But guess what they claimed ... the vehicle was really an active because it was a TMP based cream and so the trial was great success.

Good to be skeptical. Better than gullible or cynical. But Hot Copper I suspect is the least of your worries when it comes to clinical trial results from ASX microcaps.

There endth the sermon.