When the company is approaching clinical trials, when the milestone is higher, that's when the VCs step up or, if not, when the company partners. The technology is staying in the universities and foundations longer. They get if off the ground. But when the rubber hits the road, they get out of the way. All in all, it's a relay race.
Angels take the first leg.
Angels tend to come in earlier with smaller investments, while VCs tend to come in later with larger investments. Companies often seek both. Every bit as important as the cash that Tenex supplies start-ups, is the aggregate intellectual capital that the group has to offer. You've got 90 guys who've been through it. They've spent entire careers in life science, as lawyers, CEOs, scientists, consultants.