CLEVELAND, March 29 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.
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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 email@example.com.
About Dr. Michael A. Weiss
Dr. Michael Weiss, Founder and Chief Scientific Officer of Thermalin Diabetes Incorporated, has investigated aspects of the structure and function of insulin for more than 20 years. He earned his A.B., summa cum laude in Physics in 1978, his M.D., summa cum laude, in 1985, and a Ph.D. in biophysics in 1986, all from Harvard University. Dr. Weiss' interest in insulin began during his post-doctoral studies under the supervision of Professor Karplus (Harvard Department of Chemistry) and the late Dr. L. J. Neuringer (MIT Magnet Laboratory). He has more than 150 publications, including four on his insulin analogs, which were named Papers of the Week by the Journal of Biological Chemistry within 12 months. Dr. Weiss is Board-Certified in Internal Medicine and is on the NIDDK's board of Scientific Councilors. He lives in Cleveland and is Chairman of Biochemistry at Case Western Reserve Medical School.
About JumpStart Ventures
JumpStart Ventures is the investment arm of JumpStart Inc., a nationally recognized non-profit organization creating economic transformation by efficiently securing and providing resources to entrepreneurs leading high potential early-stage companies. JumpStart provides intensive entrepreneurial development assistance to entrepreneurs leading high potential, early-stage companies, acts as a champion for entrepreneurs by aggressively advocating for the entrepreneurial economy, and focuses on economic inclusion and activates that increase the success of minority and women entrepreneurs in growing high impact companies.
SOURCE JumpStart Ventures