If one uses the failure statistics in biotech as a basis for decision making then NO ONE WOULD EVER INVEST

One has to understand as TOB pointed out elsewhere that the worst case for ANY INDIVIDUAL CASE is

the binary event analysis...the common example is the coin toss. When you add large numbers of events

together and look for averages that mean something the events must be ALIKE in DETAIL. A pool of biotech results

from different indications in different phases for different compounds is not a HOMOGENEOUS POOL and

statements you make about the results in aggregate PROVE NOTHING about how likely any one particular

event is to experience failure