Thermalin Diabetes is picking up steam – and funding – as it develops a more concentrated and faster-acting version of insulin. The Boston and Cleveland-based company just raised $5.9 million from private investors in the first tranche of a Series B round. To date, it has raised about $15 million in equity and $8 million in NIH grants.
One of the more fascinating entrepreneurial stories I have come across in Northeast Ohio has to be that of former math teacher Elijah Stambaugh, his growing firm Learning Egg and the company's product Lightning Grader . . . The software allows a teacher to create an assessment (what anyone over 40 knows as a quiz or test), the grading key and a means to print the assessment . . . After Stambaugh developed the software, he then began to raise capital. To date, he has received the Innovation Fund Grant A ($25,000) from Glide (www.glideit.org) based at Lorain County Community College . . .
Surgical Theater, a Mayfield Village, Ohio-based startup, has received FDA approval for its latest product — the surgical navigation advanced platform, or SNAP, which provides surgeons with a 3D road map during medical procedures. The company’s first device, the surgical rehearsal platform, reconstructs CT and MRI images into 3D models, allowing surgeons to practice and plan specific patients’ surgeries. The new device, which launched in April, brings the technology inside the operating room and allows neurosurgeons to see behind arteries and other critical structures.
Thermedx, a maker of “smart” surgical irrigation products, has received 510(k) clearance from the Food and Drug Administration for a fluid warming product that it says could help reduce risk of hypothermia. Physicians traditionally use cold surgical irrigation fluids in both inpatient and outpatient procedures, but Thermedx says the chilling liquids can triple the risk of surgical site infections and other such complications that can extend a patient’s hospital stay. By warming the fluids used to flush out wounds in surgery, for instance, the company’s new surgical irrigation device can help lower patient costs – and also improve the pace of wound healing.
Annie Jiao's Prezto app, which launches Tuesday at Mitchell's Homemade Ice Cream in Ohio City, enables users to swiftly and securely send a friend a cup of coffee, a dish of ice cream or a glass of beer -- via their iPhones or iPads. She came up with the idea while running late for a meeting at a coffee shop, and has already signed up more than 100 local merchants.
We started BoxCast in the basement of a newly converted convent in West Park - "Love you St Mel's" - but quickly outgrew our space. . . . Northeast Ohio's fast-growing ecosystem of entrepreneurial support has made a big difference for us. It's impossible to acknowledge all the organizations that have helped us without sounding like an Academy Awards acceptance speech. Among other standouts that have to be mentioned: The Great Lakes Innovation and Development Enterprise (GLIDE) sparked us with some initial funding and JumpStart's guidance and funding fueled our initial flight. The Burton D. Morgan Foundation, Blackstone, and many other noncompensated advisors and mentors have been with us every step of the way.