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SAN DIEGO — Paul Mola tried his best to keep cool. But inside, he was reeling.

On a mid-February afternoon, he spoke to a room of students and San Diego life science leaders about his journey as a Black entrepreneur and founder of a local biotech company. As the CEO of Roswell Biotechnologies, “I truly try to have a team that is empowered, where they feel supported,” he told the audience.

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None of them knew that two days later he’d lay off nearly half his company after failing to raise enough money.

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