Cleveland-based biotech company Thermalin Diabetes, on the heels of a successful 2011 Series A fundraise for around $3 million that included backers JumpStart Ventures and Massachusetts Medical Angels, will seek to complete another round of funding in 2011, CEO Richard Berenson told peHUB.
Thermalin, which was founded in 2007 and develops next-generation insulin analogs for diabetes treatment, will take up to $12 million from outside investors again this year, as it seeks to expand its investor base and ramp up its insulin analogs for clinical approval trials and, ultimately, either a sale or licensing deal.
Although Berenson believes Thermalin’s product will ultimately be licensed out or sold to a large-cap pharma company, it will not do its own distribution, he told peHUB. He also added that the company could expand its offerings to larger countries facing higher rates of diabetes, including nations in the Middle East and Asia. The World Health Organization predicts the number of diabetics globally will eclipse 366 million worldwide by 2030, representing more than a doubling of 2000’s figures.
Berenson said Thermalin’s next funding round will likely be its last (aside from capital it attains through federal funding initiatives). The company is looking at a horizon of two to three years in which it will either sell or begin licensing.
Thermalin will consider both strategic investors and VCs for its next round, Berenson said. Jumpstart also backed an angel round for Thermalin in 2010, contributing $250,000.