Phase I <-- They are here
Phase II 18% proceed to phase III [1]
Phase III 50% succeed. 25% for first-in-class agents, which it sounds like this one is. [2]
So if this phage passes its current phase I trials, it would then have a 5% chance of eventually getting to market. The current probability of success would be even lower because it hasn't yet completed phase I.
[1] https://en.wikipedia.org/wiki/Phases_of_clinical_research
[2] http://www.forbes.com/sites/davidgrainger/2015/01/29/why-too...