Valuing An Early Stage Pharma, page-20

I'm not sure they would tell the market they want to do diabetes and schizophrenia, plaster it all over the website, announce a third mystery trial, remove the other two from the website, and then reveal diabetes or schizophrenia as some big shock.

if you can track it down, read the publication written by Dr Sarah Gregory on 11b hsd enzyme inhibition. This publication outlines a large list of possible indications based on clinical evidence and peer reviewed papers. XanaFX was not on there and they probably would never have done it if they weren't approached. My bet is that they were either approached by an external body again, or they have chosen one of the indications on that publication.

shifting away from diabetes and schizophrenia might not be such a bad idea. Once we prove cognitive improvement in a phase 2 then we almost certainly know the others will work, we then target behavioural issues such as FX and maybe this will open avenues. The strategy may be that they want to target something outside of behavioural and cognitive. My best guess is (as Rudder said) depression, anxiety or PTSD based on this strategy.

just a theory