The path to getting a new drug approved in the biotech industry takes up to $10\frac{1}{2}$

years, creating the need to raise money to pay the up$-$front costs. This example

illustrates the need for funding or financing referred to as

Select one:

a$.$ personnel costs

b$.$ marketing costs

c$.$ costs associated with building a brand

d$.$ lengthy product development cycles

e$.$ cash flow challenges