Thermalin Diabetes, a JumpStart Ventures portfolio company, recently closed $2.85 million in Series A investments, paving the way to the further development of short, medium and long lasting insulin analogs by Case Western Reserve Medical School Dr. Michael A. Weiss.

The announcement includes a second $250,000 investment from JumpStart, and exceeds Thermalin's original target by $1 million. "Having this round closed is great," says Thermalin CEO Rick Berenson. "I'm very excited about the progress. I'm looking forward to being able to report further progress."

The company is now moving immediately into Series B, in which the hope is to raise another $8 million. "With that we should be able to get through [the first] phases of studies."

The patents on existing insulins on the market are due to expire in 2013 and 2014, so the interest in Thermalin's developments is huge worldwide. Weiss' work centers around developing insulins that are more stable and effective on a more timely basis.

Thermalin has developed about 40 different analogs. The funding will allow the company to continue testing to determine which analogs to commercialize.

Insulin is a $14 billion a year market -- the largest volume drug market in the world. Insulin sales are expected to double in the U.S., triple in Europe and increase 12-fold elsewhere in the world as the disease reaches epidemic levels.

Thermalin employs six full time scientists at the Cleveland Clinic's Global Cardiovascular Innovation Center. The investment allows for additional key hires, including a senior scientist.


Source: Rick Berenson
Writer: Karin Connelly

Cleveland-based ChanTest has tested more than 20,000 compounds for hundreds of pharmaceutical and biotech companies around the world since its founding in 1998. Over the years, the company has also developed a cell optimization service. These advancements have helped pharmaceutical and biotech companies develop safer drugs for a variety of health-related issues.

ChanTest has now formed an agreement with Molecular Devices, a Sunnyvale, California, company, to further its impact on the industry. Molecular Devices will distribute ChanTest's ion channels and promote its cell optimization services to a number of global customers.

Dr. Arthur Brown, founder of ChanTest, says that this partnership will benefit ChanTest because of the screening instrumentation provided by Molecular Devices. These include automated electrophysiology devices, which study the effects of electric activity in the body. "The ability to screen ion channels with automated electrophysiology is revolutionizing drug discovery," according to Dr. Brown.

ChanTest has a staff of 70 people, including scientists specializing in molecular and cell biology, chemistry and electrophysiology.


SOURCE: ChanTest
WRITER: Diane DiPiero

Local rowing advocates say their beloved sport is about to get even bigger thanks to the Cleveland Rowing Foundation's recent acquisition of Rivergate Park, a former marina on the East Bank of the Flats. Over the next two years, CRF will redevelop Rivergate into a seven-acre riverside recreation venue, with a boathouse, kayak rental and public park. Rivergate is part of an emerging recreation district in the Flats that includes a new skate park and bike path to Whiskey Island.

According to Gil Van Bokkelen, chairman and CEO of Athersys, inflammatory bowel disease (IBD) continues to be a debilitating condition for many people. Could Athersys' MultiStem cell therapy product benefit the more than two million people worldwide who suffer from some form of  IBD, such as ulcerative colitis?

A new phase II clinical trial will search for the answer. Athersys, in collaboration with Pfizer Inc., is conducting a study involving about 126 people in clinical sites across North America and Europe. Participants will receive multiple doses of either MultiStem or a placebo over the course of several weeks. Baseline and eight-week evaluations will be conducted, and all patients will receive follow-up evaluations through 12 months.

MultiStem is produced from nonembryonic tissues such as adult bone marrow. The human stem cells in the product have the ability to reduce inflammation, protect damaged tissue or form new blood vessels in injured areas. In addition to ulcerative colitis and other forms of inflammatory bowel disease, MultiStem has shown promise in aiding with bone marrow transplants and in the treatment of damage from ischemic strokes, which is caused by a blockage in blood flow to the brain.

Athersys trades on the NASDAQ and has experienced steady growth during the last 12 months.


SOURCE: Athersys
WRITER: Diane DiPiero

These days, it seems that everyone is singing Pittsburgh's praises. Our Rust Belt neighbor to the east recently scored a Google corporate office. And last year, perennial Cleveland-basher Forbes Magazine named Pittsburgh the country's most livable city. Ouch. Clearly Pittsburgh is doing something right. Simply put: That city is light years ahead of Cleveland when it comes to bike-friendliness -- and bike-friendly cities are more attractive to young professionals, the creative-class folks who hold the keys to economic prosperity.
 

"Bioscience is one of the driving forces in Cleveland," said Baiju Shah, president and CEO of BioEnterprise. In case you need hard numbers to back up that claim, Shah noted that more than 600 healthcare related companies exist in the region.

Shah served as moderator for the 4th Annual Summit on Leadership, which was presented on March 10 by the Cleveland Business Leaders Committee of the Union Club.

What does Cleveland have that innovators in biomedicine and healthcare seek? According to Hiroyuki Fujita, founder, president and CEO of Quality Electrodynamics (QED), it's the established presence of top-notch healthcare, research and educational institutions. "Cleveland is known throughout the world in the healthcare industry," he said. "With major players like Cleveland Clinic, University Hospitals and Case Western Reserve University, it's a one-stop shop."

Backed by this level of support, entrepreneurs, inventors and researchers feel confident developing technologies and creating start-ups in Cleveland. "The surgeons at the Clinic take time to work with medical companies," said Patrick McBrayer, president and CEO of AxioMed Spine Corporation. "I have never seen a more nurturing group."

Gil Van Bokkelen, chairman and CEO of Athersys, Inc., agreed. "Cleveland is a good place to establish a company and get things started. There's a lot more energy here than I anticipated."

And there's potential for much greater growth in the next 10 to 15 years, according to Geoffrey Thorpe, founder of NDI Medical. "People are leaving California for the first time, which means there's an opportunity for the Midwest to be competitive."


Sources: Baiju Shah, Hiroyuki Fujita, Patrick McBrayer, Gil Van Bokkelen
Writer: Diane DiPiero

A proposed $7.5 million indoor cycling track in Slavic Village would be the only such facility of its kind east of the Rockies. The nonprofit organization Fast Track Cycling says the velodrome would attract thousands of cycling enthusiasts while helping to transform Cleveland into a greener, healthier city. Slavic Village supporters say, Bring it on.

The Global Cardiovascular Innovation Center (GCIC) on the Cleveland Clinic campus has taken another step toward advancing cardiovascular technology with the addition of Irish medical device solutions provider Creganna-TactX. Specializing in the design of minimally invasive innovations, Creganna-TactX has opened its Cleveland office to support local medical device manufacturers while partnering with the Clinic to develop further advancements.

"Our key markets are in cardiovascular, periferovascular and neurovascular technologies," says Randall Sword, business development director for Creganna-TactX. "Our technologies are not readily available in the Cleveland area. Part of our mission is to support local businesses and hopefully grow a presence."

In addition to its headquarters in Galway, Ireland, Creganna-TactX has locations in Campbell, California; Marlborough, Massachusetts; Plymouth, Minnesota; and Singapore. The new Cleveland office "provides us access to the Clinic and their world-class physicians," Sword says. The Clinic's resources could offer input into development and manufacturing to benefit current customers while helping to evaluate new projects to meet future demands, according to Sword.

The Cleveland office will initially be staffed with one or two part-time employees. "We'd like to grow that as soon as possible," Sword says. "Our intention is to try to grow to a small lab that can work with the Clinic and their physicians and support local small businesses in development."


SOURCE: Randall Sword
WRITER: Diane DiPiero

A packed house at Monday night's Local Food Cleveland meeting on raising backyard livestock demonstrated growing interest in raising chickens, bees and other animals in urban neighborhoods across Northeast Ohio.

When audience members at the Great Lakes Brewing Company's Tasting Room in Ohio City were asked by event organizer Peter McDermott if they currently were raising backyard livestock or were planning on it, approximately two-thirds raised their hands.

Two years ago, Cleveland City Council passed progressive "chicks and bees" legislation that allowed city residents to raise and keep certain farm animals and bees. Other municipalities in Northeast Ohio also allow residents to keep backyard livestock. Presenters urged audience members to consult their local zoning code and contact their local zoning officials with questions.

The majority of livestock owners in Cleveland tend chickens (not roosters) for eggs or bees for honey, said McDermott, a Network Weaver with Entrepreneurs for Sustainability (E4S). While raising goats, pigs and other animals is also permitted in some places, those animals typically require more land than is available on urban lots.

Despite the growing interest in urban farming and backyard livestock in U.S. cities, many municipalities lag behind. Some zoning codes prohibit or strictly limit keeping chickens, bees and other animals, while others do not address the issue. Presenters urged audience members to educate themselves -- in many Northeast Ohio communities, despite assumptions to the contrary, raising chickens and bees is permitted in some form.

McDermott cited a plethora of benefits to keeping backyard livestock, including saving money on groceries, providing healthy, locally produced foods to residents, and income generation for owners who sell eggs and other products to neighbors or through local markets.

As the local foods movement in Northeast Ohio continues to expand, McDermott challenged audience members to consciously support the infrastructure needed to sustain it, including educating wary public officials at the state and local level.

"Studies show that local food is potentially a $15 billion economy in Northeast Ohio, and in recent years, we've seen a fifteen- to twenty-percent increase per year in local farmers' markets," said McDermott. "The question is, can the market for local foods support continued expansion? Our group is interested in accelerating the progress."


Source: Peter McDermott
Writer: Lee Chilcote

Michele Iacobelli Buckholtz has treasured memories of going to lunch with her dad in Little Italy. He grew up here when it was an Italian neighborhood with markets on nearly every corner. She soaked up the old neighborhood during these childhood visits.

Today, Buckholtz is recreating the tradition of the small Italian market -- with a contemporary twist. She recently renovated an historic storefront at Murray Hill Road and Paul Avenue in Little Italy. It reopened as the Murray Hill Market, which is open seven days a week for lunch and dinner and carries fresh produce and groceries.

Patrons of the Murray Hill Market can expect something new with each visit. The specials change daily, based on fresh ingredients and the chef's whim. Some favorites appear consistently, however. Buckholtz offers meatball subs every Thursday, relying upon her mother's recipe of course.

Little Italy has changed since Buckholtz's father grew up here -- there are fewer Italian families now, more students and empty nesters. The small, corner markets have all but disappeared. Yet with the growth of University Circle and sharp condos sprouting up in Little Italy, demand exists for a contemporary market, Buckholtz says. She considers it part of her mission to provide fresh, healthy foods to area residents and employees, an amenity she says is lacking at other neighborhood stores.

The Murray Hill Market is also spicing up the food offerings in Little Italy. Although Italians are no longer the predominant ethnic group here, the restaurants along Mayfield and Murray Hill Roads still offer mostly Italian fare. While Buckholtz specializes in Italian foods, she also offers an array of other ethnic foods, including Jewish and French pastries, Middle Eastern dishes, and Puerto Rican rice and beans.


Source: Murray Hill Market
Writer: Lee Chilcote

Last October, Cleveland's ViewRay unveiled a research radiation therapy system to the medical device community. Now comes word that the Food and Drug Administration (FDA) has granted ViewRay clearance for its radiotherapy treatment planning and delivery software, a key element of the radiation therapy system.

This is a critical step toward FDA approval of the system, according to Gregory M. Ayers, M.D. and Ph.D., president and CEO of ViewRay. "It's exciting to see such progress with a product we believe will offer an advancement in radiation therapy," he says.

Combining MRI and radiotherapy delivery, the system provides a continuous MRI during radiation treatment. This helps doctors to see exactly where the radiation is going and to deliver precise treatment.

A recent $20 million Series C financing will help ViewRay in the final stages of development for commercial distribution. For now, the ViewRay system is only used in non-human settings.

A team of physicians and researchers leads the privately held medical device company. ViewRay is currently in growth mode and building its staff in quality assurance, software engineering, clinical science and sales.


SOURCE: Gregory M. Ayers
WRITER: Diane DiPiero

Malik Moore is excited about the $2 billion worth of development that is planned or underway in the Flats and adjacent neighborhoods. At the same time, however, as the area is redeveloped as a hub for entertainment, housing, offices, industry and recreation, he wants to ensure that residents' voices are being heard.

"As this neighborhood grows, we want the residents to grow with it," said Moore, Executive Director of the Downtown Cleveland YMCA, at last week's forum on mapping out the future of the Flats. Over 350 people attended the event.

The YMCA has formed a partnership with the Cleveland Metropolitan Housing Authority (CMHA). Starting in March, the nonprofit will offer several new initiatives to residents of Lakeview Terrace, a public housing project in the Flats, including the REACH program, an effort to address health disparities among low-income and minority groups. A college readiness program will also be offered to Cleveland Municipal School District students.

"Lakeview Terrace is located in the shadow of Ohio City, an area that has seen redevelopment," said Moore in a recent interview. "As we look at ways to redevelop the Flats, we need to build bridges between communities."

Moore says that the Y's programs will help to lessen the physical and social isolation experienced by Lakeview Terrace residents. "Through broadening the social network these youth have available to them, we can reduce the likelihood of high-risk behaviors," he said.

Although the proliferation of new condos and townhouses in the Flats make clear that demand for housing exists here, more than one speaker cited the area's crumbling infrastructure and lack of neighborhood amenities as quality of life barriers.

While competing interests between industry, entertainment, recreation and housing have long stymied the Flats' redevelopment, speakers at the forum challenged the audience to work together to revitalize one of Cleveland's oldest neighborhoods.


Source: Malik Moore
Writer: Lee Chilcote

In 2010, MetroHealth began testing a surgical solution for high blood pressure, became the only Ohio hospital chosen to participate in the Major Extremity Trauma Research Consortium to benefit injured servicemen and women, launched MetroExpressCare to address the needs of urgent care patients, and provided resources for the identification of the first gene associated with age-related cataracts.

All the while, the hospital system has kept its eye on sustainable business practices that resulted in a budget surplus last year. MetroHealth currently has about 6,000 employees.

Revenue over expenses for MetroHealth in 2010 totaled $27 million, and operating income decreased from $37.7 million in 2009 to $23.8 million last year. These numbers are in keeping with the health system's goal of maintaining sustainable business practices, which, according to MetroHealth CEO and president Mark Moran, means being able to support the hospital's mission of providing high-quality and affordable care.

Throughout 2011, MetroHealth will be addressing challenges that include a continuing decline in inpatient volumes and rising charity care. The total cost of charity care provided by MetroHealth last year was up $9 million over the previous year.


SOURCE: MetroHealth
WRITER: Diane DiPiero

A drug that has shown promise in the treatment of cardiovascular disease will now be evaluated for effectiveness in healing wounds, thanks to a joint capital investment. SironRX Therapeutics has received a $500,000 investment from Cleveland Clinic and JumpStart Ventures. The money will allow SironRX to continue evaluations on its lead drug, JVS-100, which contains an engineered version of a naturally occurring molecular factor called Stromal cell-Derived Factor-1 (SDF-1). SDF-1 promotes tissue repair.

"This investment will allow SironRX to make significant progress toward initiation of a Phase II clinical study evaluating the potential for JVS-100 to accelerate dermal wound repair and reduce scarring," says Rahul Aras, CEO of SironRX. "JVS-100 is already being evaluated for the treatment of cardiovascular disease, and it is exciting to broaden the scope of therapeutic potential for this drug."

SironRX is an offshoot of Juventas Therapeutics, a privately held biotechnology company developing regenerative therapies to treat life-threatening diseases. Juventas licensed JVS-100's intellectual property from Cleveland Clinic in 2007. Aras also serves as CEO of Juventas.

SOURCE: Rahul Aras
WRITER: Diane DiPiero