November 11, 2024 · Entrepreneurs, Innovation, Program Impact
InvestAL “Adds One More Level of Validation” For Huntsville’s KALM Therapeutics
About ten percent of the world’s population suffers from eczema.
That hit home for A.J. Singhal when his daughter experienced this widespread skin condition, which continues to affect more people around the globe each year.
Singhal, an experienced Alabama scientific researcher, knew that eczema treatment often involves steroids, which can have harmful side effects. Also, scratching from eczema greatly complicates treatment, many times causing infections.
The idea then took shape in Singhal’s mind to combine the protection of a skin patch that also contains a 24-hour non-steroidal medication. The patch protects from scratching while the medicine does its work. Thus, the concept behind KALM Therapeutics was born.
Today, KALM Therapeutics in Huntsville is the largest direct investment from Innovate Alabama through the InvestAL program, made possible by the State Small Business Credit Initiative (SSBCI). InvestAL is the investment arm of Innovate Alabama, helping fund Alabama startup companies that are able to match InvestAL funds with funds raised through private investment.
KALM’s product is the Kalm Patch that utilizes “Continuous Dose” technology and delivers anti-inflammatory natural medication while protecting eczemic skin from itching and infection. The Kalm Patch delivers its natural compound over 24 hours, providing a convenient and effective alternative to harmful topical steroids that require 3-5 applications per day.
KALM Therapeutics is using its InvestAL funding to contribute to further execution toward its Investigational New Drug (IND) submission to the U.S. Food and Drug Administration and starting its clinical trial in 2025. InvestAL made its investment after a due diligence process that included verification of KALM’s private funding.
As an Alabama native, KALM CEO Chris Seibert takes pride in the fact his home state through Innovate Alabama now has a program like InvestAL to support research startups like his. “This is my fourth startup. One was based in California, one was based in St. Louis, one in Toronto, and now one in Huntsville. So, it’s important for me at this stage in my career that Innovate Alabama exists and has invested in our mission,” Seibert said.
“InvestAL scrutinized our business just like any other venture capitalist would, prior to their investment in us. So now, being able to go to New York and other major fundraising hubs and say our state program does the same level of due diligence that a venture capitalist or an investment banker does, is very validating. Similarly, National Institutes of Health provided deep scrutiny when they provided funding for the development of the Kalm Patch in 2 separate grants that have been awarded. Having InvesAL’s approval just adds yet one more level of validation to help us check all those boxes,” he said.
“We are proud to invest in technology like the KALM Patch that helps bring such a revolutionary solution to a growing global health condition affecting millions of people,” said Innovate Alabama CEO Cynthia Crutchfield. “Innovate Alabama’s InvestAL program is the first of its kind in the state, leveraging SSBCI dollars to catalyze private investment in world-changing companies like KALM.”
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