If there are no early investors there can be no later stage investors as there will be nothing to invest in.
If you can sort the good from the bad then investing early can make you money, but if you are just spraying and praying then it is probably better to stay away from early stage biotechs.
I should add that many early stage investors invest for more than just a financial return - their investment is more a donation. You can give to a cancer charity or you can invest in a company trying to help cure cancer.
RAC Price at posting:
$1.39 Sentiment: Buy Disclosure: Held
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