ENMD's situation is different from Celgene's. ENMD is in the position of an unproven, cash-burning biopharma, the kind that often announces PIII trials based on ambiguous or insufficiently warranting PII results. ENMD can't afford a rash move like that. Why jump the gun and announce PIII before properly announcing PII and letting that sink in? One step at a time. CELG (and Elan and Wyeth) are big boys --- they can get afford to scoop PII results and announce the move to PIII early. It's pretty much a blip in their overall operations. Also, they're under a lot more media scrutiny, and have a lot more at stake in keeping the PR engine pumping. Not so ENMD. Burns, imho, is playing this just right.
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