Today, Michael Hufford and Mary Gleson of Cypress Bioscience called me in response to my email. Although they didn't give real specifics regarding Phase lll, here's a summary of what we talked about:
They reiterated that they were very serious about Indaflex and Phase lll testing but that it would be misleading to put a timeframe on the beginning. Of course, I had mentioned that if I had paid 40-60M for a company with one product, I would feel a sense of urgency to get started! They said, at that point, that what amounted to a lot of blue sky had a lot to do with Proprius' Michael Walsh and his style and previous success. Naturally, I also mentioned that he must be God if they paid five times more than the market cap of ALRX for one product. Back to Phase lll, they said that they were still working and/or were very familiar with Dr. Lee Simon, AlRX's consultant and that it was very important to design the Phase lll endpoints to ensure success, blah, blah, blah. They were very earnest and I guess I believed them. Or, as much as I believe most people.
I have learned over the years, especially from a nephew who has a big job at the biggest pharma company, that these incubators take time. The rewards however, are very large if it all works out. Another guy I met who is CEO of a San Francisco incubator similar to Proprius, said his investors were getting a little antsy after six years........
Best wishes Tuffy & Neverpost.
Mavenwood
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