Recently, in a column I confessed to buying the penny stock of Eastgate Biotech Corp. After writing about Type 2 diabetes for 50 years, I was interested to see what would happen to the company鈥檚 momentous discovery, an oral insulin pill, instead of injections, to treat diabetes.
Eastgate needs $10 million for a final study to satisfy Health Canada. I believed Sir Frederick Banting, who discovered insulin at the University of Toronto in 1922, would roll over in his grave as the company struggled to find financing. So, how did readers respond?
R.F. from Toronto said: 鈥淚t鈥檚 tragic that this company has to seek funds from U.S. venture capitalists. Banting would wonder why the U of T, which has spent hundreds of millions on research facilities, would allow this to happen. Besides, a $10-million investment would generate immense royalty profits in view of the epidemic of Type 2 diabetes.鈥�
J.D. wrote from Alberta: 鈥淐onsidering that Banting, a 91原创 researcher, received the Nobel Prize for this discovery, I鈥檓 dismayed the U of T does not lend its support. It鈥檚 due to a lack of foresight and inherent bureaucracy at our research facilities. It鈥檚 time to step up and lead instead of being led.鈥�
R.K. from Ontario said: 鈥淭his response doesn鈥檛 surprise me. 91原创 biotech companies have difficulty raising capital, as the government and investment community favour American companies.鈥�
J.C. responded: 鈥淚n the future, it will make economic sense for governments to sponsor the best and most cost-saving therapeutics. If an insulin pill can save a billion in treating diabetes, why not promote it? If a penny of prevention is worth a pound of cure, why not do it?鈥�
D.S. wrote from 91原创: 鈥淭he article about the insulin pill should be supported by Health Canada or, in this case, the University of Toronto to honour the legacy of Sir Frederick Banting. Today, in North America, a new case of Type 2 diabetes is diagnosed every 30 seconds. If a new case of the Zika or Sars virus was inflicting people at this rate, millions would be spent to find a solution.鈥�
Several readers asked if I had approached the University of Toronto medical school to support this research. Yes, I did.
The university responded that although it would be great to honour Banting, its fundraising priorities are focused on students and faculty members.
I found this an unfortunate reply. As a graduate of Harvard Medical School, I know its greatness is partly due to its huge endowment from fundraising. This means it has the money to attract renowned professors and researchers and build medical facilities second to none. All its research and support of new medical discoveries eventually benefit students and faculty.
Never did I realize that my purchase of penny shares in a small, but forward-looking, research facility would result in this eye-opening experience. I remain optimistic that funds will eventually be found for the insulin pill. The royalties from this discovery will also make a university or entrepreneur very wealthy. But for diabetes patients to be relieved of regular insulin injections, it would be a great blessing.
I also hope my penny shares will, in time, enable me to further fund pain control and palliative care sorely lacking in this country. Too many people die in needless pain, many of them diabetics.
In the earlier column, I said I wished I was a Rockefeller. I have not changed my mind. It would make my life simpler. There would be no need to be concerned about what universities or fundraisers think.
I鈥檇 pick up the telephone and say to Eastgate: 鈥淗ere is the money. Keep Dr. Banting鈥檚 legacy in Canada.鈥�
End of discussion.
