Word: dnax
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Dates: during 1980-1989
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When it was founded 16 months ago, DNAX of Palo Alto, Calif., easily raised $5.5 million. The company, though, is now spending nearly $4 million annually on research, and it does not expect to see any profits for at least another six or seven years. Dr. Alejandro Zaffaroni, the founder and acting president of DNAX, admits that he expects to find it difficult to raise additional capital and that he may eventually be forced to sell out to a larger partner...
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