Excerpt of story provided by Crain's Cleveland Business
Written by Chuck Soder
A Cleveland-based drug development company has received $250,000 investments from both business development organization JumpStart Inc. and life sciences investment firm Portal Capital LLC of Beachwood.
TheraVasc Inc. will use the $500,000 to complete the first phase of human testing of its first drug, an oral formulation of sodium nitrite intended to promote the regrowth of blood vessels in patients with peripheral artery disease and other conditions involving poor blood flow to the extremities. The U.S. Food and Drug Administration already has approved the use of sodium nitrite to treat other conditions...
...In addition to the money from JumpStart Ventures, the investment arm of the Cleveland-based nonprofit, and Portal Capital, which closed its first investment a year ago, TheraVasc last summer received a $100,000 grant from the Lorain County Community College Foundation's Innovation Fund...
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