I wouldn't think safety would be different between the two stages of the Phase 1. Before entering clinical trials evidence is required that a drug is safe in animal models and efficacious on the disease. Adding to the fact that the incumbent drugs have high discontinuation rates, the bar is not particularly high here relative to other indications. Combine that with high price of incumbent $36k on PBS in AU and about US$100k overseas, it is understandable why the partnering window has typically occurred earlier than most other indications (diseases) too. Am pretty excited about it myself albeit only have about 75% of what I want to own long term.
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