As the research background, there is a high possibility of difficulty of research and development (R&D) continuity for biopharmaceutical start-ups due to the deep valley of deficit especially since the financial crisis in 2008. The research question is; how is it possible to promote the continuity of R&D projects of biotech start-ups at the trade-off situations between the passive attitudes of venture capital from financial markets and the continual progress of life science researches as aptamer, siRNA, iPS cells, and personal medicine. As the research approach, the effectiveness of real options is promising for applying to overcome the valley of deficit. We will examine the gap between the passive waiting option and the active learning option. Another research objective is to find the evidence of the flexible value of compound chooser option for switching chance between two types of projects, that both have independently each negative NPV, one is the base case and the other is inserting the indication expansion for the drug development. We could confirm the possibility of positive NPV by just creating only selection chance from these both alternatives.
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