Ann: Epichem Awarded Major US Drug Discovery Contract Extension, page-16

Yep. Branners, this is my guess at what happened.
1. They tried too long to solve the palatability/ingestion problem in house too long before looking for expert help. It appears this issue is a big problem with anti-cancer drugs.
2. They fixated on the capsule solution without investigating properly other solutions while working on it. So after over a year, when the capsules were ready, they decided they weren't good enough - remember phase 2 trials have to be with the formulation that's going to be sold.
3. The result was they were back at square one and another year and half to find the tablet solution they've now got.

At least in the meantime they've been securing patents in the major markets world wide, and that's no easy thing; they just don't hand out patents to every Tom, Dick, and Henrietta.

This is my guess at what happened , and I have a wild imagination, but now they've got to prove their reformulation is good and the drug lives up to the hopes that were built up in the first clinical trials to dispel the doubts that have built up, but I find it hard to believe this has been all part of some massive con. When they do get the early clinical results in, they can go on the marketing war path.

Cheers.