Phase I is principally for safety reasons. For a topical treatment of previously tested products the safety implications are minimal and hence they can go straight to a phase II.
Not long to wait for the psoriasis results now. I understand Terry Sadler is very upbeat at present and so I would be surprised if these results proved to be negative. If they are positive I expect a good jump in the price to around the 130 level. Just IMHO of course.......