Leo is purported to have stated in a recent email

Leo is purported to have stated in a recent email (what we already know) that big pharma deals for psoriasis drug candidates are now being done on phase two results while cancer drug deals are being done after a successful phase III is completed. Prurisol's 505(b)(2) application status should make it all the more compelling and may even generate good partnership offers on compelling interim P2b results when available. This area of drug development is very ripe at the moment as confirmed by other recently completed lucrative deals in the area.
The 505(b)(2) application status may allow a well healed partner to leap frog the competition and achieve first mover market advantage. I think it was wise to focus on this inexpensive low hanging fruit and slow down on K"s PIII as it would require very dilutive financing and will take much longer to bring to market. It's difficult to overstate the impact a material partnership with big pharma would have on the stock. Revenue from P, up-listing and a much higher stock price will enable K's PIII with minimal or no dilution. Hat tip to Leo.