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JumpStart Invests In and Provides Entrepreneurial Assistance to Thermalin Diabetes Inc.
3/29/2010 2:39:35 PM
Cleveland, OH, March 29, 2010 – JumpStart Ventures, which invests in and partners with innovative, early-stage companies in Northeast Ohio, announced an investment commitment of $250,000 in Thermalin Diabetes Incorporated. The young biopharmaceutical company is developing new insulin treatments for patients with diabetes.
Thermalin?s insulin analogs, which are new proteins engineered to act like insulin, were developed at Case Western Reserve University Medical School by Dr. Michael A. Weiss, a Harvard University Ph.D. who has investigated the structure and function of insulin for more than 20 years. The company?s lead analogs include an ultra-fast meal-time insulin expected to have a near immediate absorption time and reduced post-meal hypoglycemia, and a long-acting basal insulin, expected to have „flat? 24-hour action and reduced long-term side-effects. The ultra-fast insulin also maintains potency even after many months at relatively high temperatures, which makes it easier to transport and store in environments that lack refrigeration, such as mail-order delivery.
“Over the next 20 years, worldwide insulin sales are expected to grow from $12 billion to $54 billion,” said JumpStart Venture Partner Ted Frank, who will be providing Thermalin with entrepreneurial development assistance. “That growth, combined with the medical community?s interest in insulin with higher performance, fewer side effects, and storage flexibility, position Thermalin?s pipeline to be in high demand.”
With the JumpStart Ventures investment and entrepreneurial development assistance provided by Frank, Thermalin plans to validate its insulin analogs? characteristics, secure a manufacturer, and move forward in the investigational new drug process with the Food and Drug Administration.
This investment represents JumpStart Ventures? 60th investment in its 47th company.
About Thermalin Diabetes Incorporated Based in Cleveland and built on technology developed by Dr. Michael A. Weiss at Case Western Reserve Medical School, Thermalin Diabetes Incorporated is developing clinically-superior, second generation, insulin analogs for the rapidly-growing $12 billion insulin market. Thermalin?s patent pending compounds include rapid-, intermediate- and long-acting analogs. With patents expiring on existing analogs in the next three to four years, Thermalin looks to form partnerships with large pharmaceutical companies that wish to market superior, next generation insulin therapies and plans to build a substantial new employer in Northern Ohio. For more information, contact Richard Berenson, Executive Chairman, at rick@thermalin.com.
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