I wouldn't rate the news as excellent - more like good to very...

I wouldn't rate the news as excellent - more like good to very good, because there seems to me to be a fly or two in the ointment. Well done to management to get us into the trial, if it's going to cost significantly less as claimed, and given that it will carry much weight with the FDA.

But - I'm not so thrilled at 'going down the snake' back to the beginning of another Phase 2 trial. Is it really going to be quicker than continuing from where we are now, with a Phase 3 study design already well-advanced? The question becomes even more pertinent when you consider we're now aiming for a primary end-point of OS rather than PFS - proving superior OS to standard of care will take considerably longer than demonstrating superior PFS, even though the latter could have been enough to get approval.

Also, we're ceding control of much of our destiny to a bunch of academics, who might lack the sense of urgency and relentless drive to overcome or circumvent obstacles, that you'd expect from a lean and hungry company.

It seems to me therefore that we're potentially trading off time to approval and control of our destiny, for (hopefully) lower overall cost and increased credibility. The fact that it's an unquantified trade-off, rather than pure gain, might explain the muted market reaction. Markets are said to hate uncertainty.

Don't get me wrong, I think this is overall a net positive for the company, and I continue to have a 'Buy' sentiment, but I'm not ready yet to put on my sycophant sunglasses.