Hi, firstly I'd recommend reviewing their website and researching the previous trials yourself. Below is my opinion.
Well the product has already been tried and tested for a few years already in patients, and in hospitals for many years around the world including Australia. Even my friend who is a GP has reported trials being conducted in South Australian hospitals in patients.
As the tanning product has passed these toxcity studies already over the years and in patients, it has made it to Phase III on this basis. Only about 5% of companies make it this far, making it very attractive to a full range of new investors (hence the recent price rise).
Phase III is just really a final trial of the product in many more patients or trialees before it goes live to market, or before a larger pharmaceutical makes an offer to buy or licence it.
In answer to your other question, the study takes as long as it takes to receive a benefit or for the product to work and not have any toxic side-effects in more patients, so the time taken to report a finding could be anything - 3,6,12,18 months. But i do not expect it to be towards the later part.
The other important part aside from trials, is Intellectual Property (patent protection). Important to prevent competitors from coming in. They have a full range of patents protecting the tanning product which is also reassuring.
Right now the price is 95 cents, and tollhurst noal has valued them at $1.48. which is great for any investor.
Cheers