— This week’s episode of “WisBusiness the Podcast” is with returning guest Alex Vodenlich, president and CEO of Plumb Pharmaceuticals.
The Madison-based company has developed and patented a technology platform for long-duration drug release, starting with a formulation for an opioid addiction medication. Over the past year and a half, since Vodenlich last came on the podcast, the business has been working on optimizing and testing its naltrexone product.
“We have tested it to prove out that the duration is as long as we say it is,” he said. “Which, today I can tell you that we’ve improved it from four weeks to eight weeks … and we’ve done so using materials that are already seen or have been approved by the FDA, as has naltrexone.”
That qualifies the product for a “faster track” through the clinical trial process, Vodenlich said. Going forward, the company is seeking a new round of fundraising to support further studies required by regulators to submit the drug for full approval.
“We just need some more money, so that’s what we’re working on for the next eight, nine months,” he said, adding the current goal is raising $3 million.
Startup accelerator program gener8tor recently announced Plumb Pharmaceuticals is part of its latest cohort in Madison, which comes with a $100,000 investment. Vodenlich says “we’re certainly quite excited” about participating in the accelerator cohort, noting the program helps entrepreneurs “polish themselves up” and check assumptions about their businesses.
“That’s the next key for us, is for us to communicate to our whole set of hundreds of investors if that’s what it takes to raise the next round of funding to achieve our next set of goals,” he said.
Listen to the podcast here, and see the full list of WisBusiness.com podcasts.
— In this week’s episode of “Talking Trade,” Michael Sekula of InPro Corporation discusses global supply chain challenges and how companies are navigating them.
Sekula is vice president of global supply chain management and safety for the Muskego-based company, which provides architectural products for commercial buildings.
“There are a couple wars going on, there’s the Red Sea issue going on, and from an export and import perspective, it’s difficult,” he said. “But flying around to various countries … I was just in Europe, and I was just in Dubai, and in the end, you know, there might be those things going on but all they want to do is do business.”
He also shares advice for companies facing compliance hurdles, noting InPro Corp. recently underwent multiple audits that didn’t uncover any issues.
“It’s also important to show that you’re a compliant company,” he said. “Don’t try to hide anything … Reach out to them, reach out to the officer or whoever it is and understand what they want, so there’s clear direction on both sides.”
The discussion touches on the role of compliance consultants in logistics decisions, as well as the potential for technologies such as AI to shape the industry, balancing sustainability with growth and more.
Sekula also shares insights on how InPro is approaching Asian markets, the impact of tariffs and other government regulations.
“It’s been a good exercise for us,” he said. “We still have a long way to go but we are mitigating our risks, that’s for sure.”
Watch the show.
“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here.
— Wisconsin has been allocated nearly $18 million in State Opioid Response grant funding, federal officials announced.
The funds are part of a $1.5 billion round of grants from the U.S. Department of Health and Human Services, Domestic Policy Advisor Neera Tanden said yesterday during an online news conference. Along with the state-level funding, the announcement included $63 million through the Tribal Opioid Response grant program.
“These are real investments that will make a big difference in people’s lives,” Tanden said. “In prior years, communities have used these grants to make major headway in beating the opioid crisis.”
She noted Missouri distributed more than 1 million doses of the overdose reversal drug naloxone thanks to previous SOR funding, while Arizona used its grant funding to open new 24/7 treatment programs and California has used it for opioid addiction treatments.
“We need bold action to meet this crisis, and this is an incredibly important partnership between the federal government, state governments and localities,” Tanden said. “Today’s actions will help us meet the pressing needs of our communities and fill key gaps.”
In a change from previous years, SOR awards will be extended from two to three years while the tribal awards will be extended from two to five years, according to an HHS release. Awards will be made on an annual basis with continuation grants occurring later in the program.
The notice of funding opportunity is being posted this afternoon, and states will have 60 days to put together their applications for the funding and submit them to the Substance Abuse and Mental Health Services Administration. Funding is expected to be awarded by the end of September, the end of the federal fiscal year.
See the funding breakdown here.
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— UW-Eau Claire, The Mayo Clinic and a Chicago-based organization will announce an effort later this month to establish a rural health “epicenter” in the Chippewa Valley.
The Wisconsin Technology Council yesterday announced the Rural Health Innovation Alliance will be introduced May 23 at an event on the UW-Eau Claire campus.
The luncheon will feature speakers Ken Bahk and Kate Merton of the health organization Chicago ARC, followed by a panel with representatives of UW-Eau Claire, The Mayo Clinic, Marshfield Clinic Health System, health-care startups and others.
“The goal is to include global innovators, community members, healthcare providers, regional government and others in finding solutions to rural health care challenges,” UW-Eau Claire Chancellor Jim Schmidt said in a statement. “The Alliance will attract, support and grow global solutions for health care in the Chippewa Valley while becoming a model for other rural communities.”
See event details here.
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