JumpStart Ventures, which invests in Ohio start-up companies, announced that it will invest $250,000 in Thermalin Diabetics Inc., a new biopharmaceutical company that is developing insulin treatments.
"Over the next 20 years, worldwide insulin sales are expected to grow from $12 billion to $54 billion, JumpStart Ventures partner Ted Frank told Crain's Cleveland Business. "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."
Thermalin will use the funds to validate its insulin analogs' characteristics, locate a manufacturer, and proceed in the investigational drug process with the FDA.
The company's products include a faster meal-time insulin that is expected to reduce long-term side effects. The insulin can also be stored at higher temperatures, which would make transport and delivery easier.