Determined by legal counsel in a company based on some guidelines. Trial enrollment, delay, closure, or completion of trials is usually material for a smaller biotech company. Granted, it's typical to see first subject dosed (FSD) for a phase 1, 2, or 3...not usually every cohort, unless you're trying to make a splash. I do agree that IMU has often touted FSD for cohorts and it's a bit much given how many cohorts are this early on in the development phase.
Ann: First patient dosed in Phase 1 bile tract cancer trial, page-112
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