Bio-bonds: A new way to invest in the medical miracles of the future

Published: Oct 4, 2018 9:48 a.m. ET

Karen Petrou is pushing for a funding mechanism that could attract a new crop of investors.

Scientists call it “the valley of death.” Pharmaceutical and medical research tends to follow a well-worn path in the U.S.: In its early stages, research is funded by the government and nonprofits, and conducted at universities and research institutes. At the end of its life cycle, when the outline of a promising drug or treatment takes shape, venture capitalists and drug companies show up with checkbooks. It’s in the middle when things fall apart.

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Justin Porcano