Agreed. It is the body of evidence that has been amassed by Innovation Pharmaceuticals that is generating excitement.
Taking B into phase II along multiple therapeutic paths (OM, IBD, antibiotic, antiviral) was primarily designed to secure the bona fides of B and strengthen negotiating position for the platform without incurring the massive cost of a phase III trial.
The secondary benefit of the platform strategy has been the slow build up of confidence among investors. Longs have held and accumulated. Others have marked their calendar and timed their entry. Few, if any, will cut and run before TL results. Buying will dominate the chart until phase II results are known.
After? I've always held that a deal would define the baseline share price and not market makers or market sentiment. Multiple BP bidding on the potential revenues of the Brilacidin platform will set the new baseline share value. Market sentiment will shape dips and peaks afterward.