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,
Banting and Best Centre for Innovation and Entrepreneurship developed in 1921. The Centre, managed by the University of Toronto, set up facilities to foster collaborative work between students, faculty and private enterprise by providing office space, courses and equipment. The centre has also provided jobs for students and recent graduates of the university. Soon after its establishment, the centre began raising money from private investors to fund startup companies. During the first year about $23 million was raised. As of 2016, the centre operates nine business accelerators. Banting and Best Centre for Innovation and Entrepreneurship The Banting and Best Centre for Innovation and Entrepreneurship is an initiative of