Good Phase III EPP results might be worth a spike but then I...

Good Phase III EPP results might be worth a spike but then I think we have this long lull until the confirmatory trials are completed (months down the road).

The might brand it before then. Not sure if that will get much reaction from the market.

Remember, they originally said in announcements (last September if I recall) that they would submit for approval in Europe while the confirmatory trial is in progress. But then the market sold this off when in November Wolgen's interview seemed to point otherwise.

I still say we don't see the MAA lodged until close to the end of the year or even early 2011. Just look how long it is taking them to report on Phase III data from a small trial. They are behind on that.