My guess is that the Psoriasis trial timeline is being managed to avoid further dilution if possible (as Ph2 is not yet funded). I think they want to finish 1503 ph2 first, then use upfront cash from a 1503 deal to fund Psoriasis Ph2. Whether this works out or not, time will tell. Of course, always the left field possibility of a Permetrex outlicence or 1701 deal to bring some cash in along the way as well.
Ann: Botanix Presents at Fall Clinical Dermatology Conference, page-10
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