Without going into all the murky details I think the point...

Without going into all the murky details I think the point underneath patrickretire's question is a good one.

There is little doubt that Prana has a good compound, thanks to those world leading scientists.

There was little doubt about their fund raising ability.

However, their is doubt about the companies development and sales ability. With a good compound and reasonable 2a results why has the company failed to do a deal or initiate a 2b trial in over 2.5 years? Yes, I'm sure everyone has been very busy, but companies are measured on results not activity and I think it's fair to say Prana get an D for the last two years. (Patents and publications raised that score from an F)

BUT, that is in the past and we must look to the future. Have the team learnt from their inability to do a deal? Have they analysed why they failed or do they simply blame it on external factors?
Do the development team have a great trial design and ability to successful manage a 2b trial?

The real shame in all this is if PBT2 is successful, AD suffers will have waited longer than necessary.

On the positive side:
- I am continuously told what an intelligent and charming guy Geoffrey Kempler is.
- The recent patent awards in US and Europe give Prana and their eventual partner (fingers crossed) the time to development and successfully commercialise PBT2.
- Unfortunately (but fortunate for shareholders) there should be no problem is recruiting for an AD trial.
- AD competitors keep falling by the way side and big pharma are still desperate to fill their pipelines.

Anyway I wish Prana could luck in their 2b trial and will keep my fingers crossed that they have the ability for honest introspection.