That interview was a hard read for me. I think Alan K asked all...

That interview was a hard read for me.

I think Alan K asked all the right questions, and was really trying to tease out what had caused the share price drop. I think at best Vince was not communicating very clearly and at worst was being purposefully obtuse with his answers.

My understanding, is that the US arm of the phase 2 study didn’t show enough of a difference in results between patients applying the drug + the vehicle of delivery / cream that helps the skin absorb the drug (called Permatrex) vs the control group applying Permatrex without any drug mixed in.

This lack of difference in results (or what Vince refers to as a “very large vehicle effect”) logically makes you think “Did adding the drug do anything or was all the effect due to the Permatrex?” Vince seems to blame this on a manufacturing issue with the delivery vehicle (Permatrex). I know close to zero about dermatology or topical delivery vehicles, but something strikes me as counterintuitive with the explanation.

Can one of the LTHs confirm or deny my understanding? Also, did Phase 3 trials ever go aead?