This story is part of STAT’s quarterly series Something Ventured, which looks at early-stage startups. You can read the earlier stories in the series here.
Before biotech startups can even try their products in people, executives work hard to convince people to give them millions of dollars. Last year, $3.2 billion flowed from venture capital firms to early-stage biotech startups, according to the National Venture Capital Association’s yearbook.
It’s often a fundraising pitch based more on hope than substance: Most young startups can offer only data from animal studies or other early-stage experiments.
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