"There is zero chance that they would be required to do an additional study *before* the phase IIIs to examine the effects of Androxal on metabolic end points." BSR has talked to management and released an update.
"In fact, I would not be surprised if they conducted a small, quick proof-of-concept study to enhance the sale value of Androxal and left it to future partners to do a pivotal."
That may actually be their unpublicized game plan!