It will. If you look at previous presentations by the management, the plan was always to initiate Phase 3 in 1st Quarter 2014.
They received preliminary data, and want to do their due diligence by studying the data carefully, before the design the Phase 3 trial. Furthermore, they have indicated that they want to also have dialogue with both potential partners and the FDA, in order to clarify what their next steps should be.
If you ask me, this is exactly how a Phase 3 trial should be designed, keeping the FDA and future prospective partners in mind, since they will be taking BIOD over the next hump, into FDA-approved drug/sales and income generation.
I agree this is the correct way to do it, and it may take some time to analyze the data enough to make a forward looking plan. Assuming they want to INITIATE a P3 in 1Q 2014, when would you expect them to at least announce forward looking plans for that initiation? My guess (based on just my hunch) is that within 1-2 months we will hear such kind of news...