They presumably want to make the biggest splash.
With public companies, there is always tension between the desire to disclose clinical results to investors and the requirement to keep data under wraps in order to publish the results in a prestigious medical journal or present them at a leading conference. This tension is typically resolved by releasing only the skimpiest of “top-line” data in a PR and holding the details for a conference.
When a company is private, there is no such tension. Prospective buyers can only buy during a financing round and prospective sellers have no one to sell to. Hence, the company’s investors and prospective investors are not disadvantaged by having the company sit on clinical data for an extended period.
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