Innovation Pharmaceuticals Inc (IPIX)

[sox040713]

Sample size isn't nearly as important as market size. It's possible that a deal for P after Phase 2b is bigger than a deal for B-ABSSSI after Phase 3, since the psoriasis market is bigger than antibiotics. Otezla is expected to have $2B in sales.

Then you still have B-UP, B-OM and K-OC as a possible candidate for a deal. We should see whether Leo made the right decision by year end.