Bear,

Thanks that was helpful.

  I am trying to see if I can spot any investigations that directly correlate with clinical measures. The P value  for GFR was marginally significant (p=0.4) and non significant in comparison to placebo. The alkaline phosphatase was highly significant from base line (p<0.0001) and significant also in comparison to placebo (p=0.02). This to my statistically unsavvy mind tells me that there is a good chance the alkaline phosphatase results will be duplicated in the phase three trial, however I am not so certain about the gfr. The GFR is a measure that direcly correlates with kidney function so any change is clinically and immediately significant while alkaline phospahatase is more of an indirect clinical tool.  The same thing holds for a number of the tests that are cited, I agree they are all indirect evidence the drug works but that is not the same as direct evidence of a change in a clinical parameter.

PS. I am long the stock, just looking for some confirmatory evidence which will allow me to size up my position.