RE:RE:News????Ah Proph you and Gilles deserve each other. 1) Completion of phase 1 doesnt matter at all, 2) there is no real moat for avanathranides as Symrise has recently proven. So even if at the successful conclusion of phase 3 studies in 3 or 4 years if the results are strong any number of larger more well capitalized companies can jump in and take whatever gains there are.