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A scientist at a well-known university has been working for several years on the development of a drug that is a treatment for a particular type of cancer. He has successfully completed all pre-clinical trials and has filed an application for an investigational new drug. Once the application has been accepted by the Food and Drug Administration, the scientist plans to embark on a series of clinical trials. Although his work to this point has been financed by research grants and personal funds, he now needs to obtain more substantial financing from a venture capitalist. However, the scientist does not know what his fledgling company is worth.