Perhaps it's just a lesson to have your science locked down and proven before you make all kinds of promises to investors. And if your science is broken, don't snow people over with a board of directors that Fortune-50 companies can't even muster.
As I understand it, that's how it works with the VCs who specialize in biomedicine. They'll provide limited funding to scientists with a credible theory to see if it pans out, with further funding to ideally follow.
Theranos got way too far without having to prove their science.
Experienced investors aren't going to invest much if the science isn't on a good foundation. Even if they would, that's a pretty expensive way to fund research: it's cheaper to fund it by grants or through revenue.
