Use the efinaconazole results as an unofficial commercial comparison for the upcoming tavaborole data.

The other relevant comp is Penlac, currently the only approved topical treatment for toenail fungus. However, Penlac's complete cure rate is only in the 5-8% range, according to the drug's FDA-approved label. Despite generic competition, Penlac still does about $250 million in annual sales. Generic versions of Lamisil, an oral medicine, are also available, but use has been limited by worries about liver toxicity.

Anacor closed Monday at $4.89, giving the company a $174 million market value. Anacor last raised money in October, selling 4 million shares at $6 per share. Anacor owns full rights to tavaborole. Schering-Plough licensed the drug but returned development rights after its merger with Merck ( MRK).

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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