My husband and I each have a DPhil from Oxford University. Mine is in Cell Physiology and his in Bio-Organic Chemistry. We invest in companies which have solid science, and avoid those whose science, we estimate, to be weaker. We think that biotech companies can fail for many reasons; but none can succeed without solid science. Disclaimer: My articles are not investment recommendations, and I am not an investment adviser. Though I do my best to obtain information from sources that I regard as reliable, I cannot guarantee their accuracy. Opinions, expressed in my articles, can change with new insight or new information. The disclosure statement is accurate at the time of its publication. However, my personal portfolio can change at any time, without further notice. Small cap biotech stocks are highly volatile, speculative, and risky. There is no certainty that any clinical trial will succeed, even with solid science and prior positive results. When a trial fails (and the company stops the program), small cap biotech stock can decline very significantly. Investing in these stocks may result in a partial or complete loss of investment. Conduct your own due diligence and/or consult a certified financial adviser before making any decision to buy, sell or hold any stock. You alone are responsible for your own investment decisions, actions and results.