Innovation Pharmaceuticals Inc (IPIX)

[FlashingLeather]

And what exactly constitutes "enough data" for the interim?

this simple fact notwithstanding there oughta be enough data for interim results by now

I suggest that the primary intent of this rather unusual "interim" release is to attempt to narrow down the valuation of the P asset so that parties on both sides of any negotiations will know what kind of numbers a potential deal will entail. In addition, transferring the maximum amount of trial data to parties under CNDA's at this point in time, as opposed to the end of the trial, will assist in expediting the entire partnership process.

Based on a point you've made numerous times, that is the considerable uncertainty in the ph2a results, and on both a change in metrics (PASI-75) and dosing (300 mg and 400 mg) for the ph2b trial, no one really knows what P is currently worth. Since the asset will be valued based on its ph2b results as compared to Otezla's efficacy and market, there is quite the difference between a drug that is efficacious but less so as O, and one that is able to compete with biologics...BIG, BIG difference with respect to the deal numbers.

So I suspect one of two scenarios is in play to trigger the interim data release. Either there is a specific target in mind; e.g 90% at 6 weeks, 67% at 12 weeks, 50% at 16 weeks, etc., in which case the release is simply dictated by timing of the actual event, and we don't know when or if this has even occurred. Or the strategy employed is to maximize the amount of data in the interim yet still release Q3. In this particular case, I'm guessing that they will back off a comfortable margin from the Sep 29th deadline and pull the trigger. I would think Sep 1, or yesterday (Sep 8) would be likely triggering dates, or next Friday (Sep 15) if they really, really trust the CRO for a short turnaround on the data.

Sorry for the long-winded post but I think there's a reasonable, feasible explanation for not having seen the interim data by now, and its an explanation entirely compatible and consistent with IPIX's strategic direction.