The slug on the p7 is not isolated. It is actually bridged with the positive lead. Check to make sure that your heatsink is insulated properly from the slug. If the slug is making direct (metal on metal) contact with a negative source (heatsink or negative lead) then you are not going to get any light, but you will get a lot of heat, and are likely to do some damage to your emitter/driver/switch/battery. The easiest way to test is to desolder the wires from the emitter, hook up your multimeter and check for continuity between the positive lead and your heatsink. If it shows continuity, then you haven't properly isolated the slug from the heatsink.
I've made this mistake numerous times (positive slug emitter is a poor design). Sometimes it causes permanent damage, sometimes it doesn't.