This is 100% on the money. One thing I would add is the placebo effect in this case can be induced not just by better cleaning, but regression to the mean. A patient is more likely to enter the trial when they are having a flare up and would have got better over the 12 weeks even if they did nothing.
@Southoz have you looked at the size of the error bars on the presented data? Just by eyeballing it looks to me that all values can be be explained by measurement error.
I would add that there is zero chance that the FDA will allow BOT to progress to Phase III on the basis of these results. At best they will have to run another Phase II trial in the USA before the FDA even considering the possibility of a Phase III trial.
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