Mongomery discusses SRX valuation, page-7

CRC, please be careful assuming results of very small numbers in trials, will be replicated in large trials , over a number of years, and many sites. Staff will leave and move on, replaced by inexperienced staff in trial centers.

One of the reasons that a large trial becomes more meaningful is that it covers staff movements, new centers, let alone many different types of trial participants. Any new treatment needs to be capable of replication by the average skilled practitioner.

So although I remain confident, I don't think one should base an investment on the smaller trials. There is a history of small trial data being completely trashed a larger trial.

Best.