Yep, for once I tend to agree with @Praetorian2011. In reality the first was a Phase 2a trial - the next will be Phase 2b at higher cost in preparation for a real Phase 3 which will be even more expensive again.
I originally invested in MSB at the IPO, so have been watching this stock over many, many years. And one of the things that troubles me is that MSB continues to dress up Phase 2 trials as Phase 3. So what was touted as a Phase 3 trial in CHF was, in reality, a Phase 2b exploratory study at best, as we have now seen.
Lots of expense yet to come, and no obvious funding source. I am quickly coming to the conclusion that privatising this mess is the only way out - and I'm sure the PE firms have SI on speed dial as we speak.
Could be an attractive option!
Ann: Update on Novartis Agreement, page-537
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