Charles Best (medical scientist) the pancreatic extract and monitoring glucose levels, MacLeod assigned the biochemist James Collip to the team. In January 1922, while Collip was working on insulin purification, Best and Banting administered prematurely their pancreatic extracts to 14-year-old Leonard Thompson, who suffered a severe allergic reaction. Eventually, Collip succeeded in preparing insulin in a more pure, usable form. Banting, Best and Collip shared the patent for insulin, which they sold to the University of Toronto for one dollar. In 1923, the Nobel Prize Committee honoured Banting and J. J. R. Macleod with the Nobel Prize in Medicine for the discovery of insulin,
Frederick Banting was created in 1925 and provides funding to support health and biomedical research in Canada. Banting's name is immortalised in the yearly Banting Lectures, given by an expert in diabetes, and by the creation of the Banting and Best Department of Medical Research of the University of Toronto; Sir Frederick G Banting Research Centre located on Sir Frederick Banting Driveway in the Tunney's Pasture complex, Ottawa, ON; Banting Memorial High School in Alliston, ON; Sir Frederick Banting Secondary School in London, ON; Sir Frederick Banting Alternative Program Site in Ottawa, ON; Frederick Banting Elementary School in Montréal-Nord QC and École