RE: date of purchaseYou have the general idea ronrydell but the real credibility moment for a drug comes when phaseII data is avaliable. As you know water can pass phaseI, as can grape jelly for that matter, but that doesn't really tell you anything about the efficacy of the drug in question. While phaseI is obviously important it is often a formality as company's most often have enough relevant animal model data at this point to be pretty confident that it won't be toxic for humans.
On another note I notice that the inside info., $60 buyout by February crowd is either gone, silent or talking about what is going to happen after phaseI (in one case their insiders have now morphed into "knowledgable posters" that they know). Shameless but then again when O&G guys show up on a biopharma type play with inside info. one would have to be rather naive to believe the hype.