minnows that might

The thing about microcap molecule hunters, pre-clinical and clinical science outfits, is the probability that 70% will fail at the pre-clinical-stage, 25% of those at Phase 1, 50% at Phase 2, 41% at Phase 3, and 12% at NDA.

The math implies a 5.8% success rate for the average ten years and $2.6 billion spent on screening millions of compounds. Less than 12% reach clinical trials. 

	failure rates	100
pre clinical	-0.7	30.0		-70.0
phase I	-0.25	22.5		-7.5
phase II	-0.5	11.3		-11.3
phase III	-0.41	6.6		-4.6
NDA	-0.12	5.8		-0.8

Capital markets supply liquidity from adventure capital to institutions. The process is an invitation for misuse by less than well-intentioned actors. 

Then there those that just might swim with government approvals.

spinal cords

funded