Ann: IND QUESTIONS RECEIVED FROM US FDA, page-74

This announcement has presented probably the most likely scenario and one that would not have surprised the market. Although the announcement could be considered good news in that nothing unforeseen occurred, I don't think we can expect the market to jump in when a likely delay of 60 days is confirmed. Opportunity cost, if I were trading I would either wait longer to hop in or would trade elsewhere for the time being.

While the IND approval has been held back briefly, PAR are still chopping away on the trial sites so the negative impact these questions will have on time are minimized.