Seed stage investing in pharma and biotech companies is a little different than seed stage investing in other sectors. When pharma and biotech companies approach crowdfunders, they’re usually pre-clinical — which means that human trials haven’t begun yet. And they’re raising amounts of money that can’t possibly sustain them long-term. So why do they want crowdfunders to invest? And what should investors look at as they evaluate these startups? Andy Gordon and Vin Narayanan answer these questions and…