Triathlon Medical Ventures

Triathlon Medical Ventures is a venture capital firm based in Ohio, specializing in investments in the life sciences and biomedical sectors. Founded in 2004, the firm focuses on seed and early-stage companies, as well as mid- to late-stage firms, primarily in the Midwest, but it is open to national opportunities. Triathlon Medical Ventures does not invest in healthcare information technology or services. The firm seeks to support companies with proprietary biomedical technologies that address significant healthcare needs, typically investing between $0.5 million and $10 million. It prefers to take a lead investor position and often requires a board seat for early-stage investments, while it may assume a board seat or become a board observer for later-stage investments. The firm has additional offices in Indianapolis, Louisville, and Michigan.

Carrie Bates

Managing Partner

Dennis Costello

Co-Founder and Managing Partner

Suzette Dutch

Managing Partner

34 past transactions

CoLucid Pharmaceuticals

Series C in 2015
CoLucid Pharmaceuticals, Inc. is a biotechnology company based in Research Triangle Park, North Carolina, established in 2005. The company specializes in developing therapies for central nervous system disorders. Its primary product, COL-144, is an anti-migraine agent aimed at treating migraine headaches. Additionally, CoLucid is working on COL-204, a conjugated stigmine platform designed to create novel therapeutic entities for various conditions, including sleep/wake disorders, chronic pain, Alzheimer's disease, and psychiatric disorders. Through its innovative approaches, CoLucid Pharmaceuticals aims to address significant unmet medical needs in the field of neurology.

Aerpio Pharmaceuticals

Series C in 2014
Aerpio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Cincinnati, Ohio, dedicated to developing novel compounds for the treatment of ocular diseases and diabetic complications. The company's lead candidate, razuprotafib, is a small molecule activator of the Tie2 pathway that has completed a Phase IIb clinical trial for diabetic retinopathy. In addition, Aerpio is developing ARP-1536, a humanized monoclonal antibody in preclinical stages for diabetic vascular complications, and GB004, a selective stabilizer of hypoxia-inducible factor-1 alpha, which is currently in a Phase 1b clinical trial for inflammatory bowel disease. The company is also working on a bispecific antibody targeting wet age-related macular degeneration and diabetic macular edema. Aerpio has partnered with Quantum Leap Healthcare Collaborative to assess razuprotafib's efficacy in treating acute respiratory distress syndrome in patients with moderate to severe COVID-19. Founded in 2011, Aerpio Pharmaceuticals emerged from a spin-out from Akebia Therapeutics, leveraging an experienced management team and an outsourced approach to pharmaceutical development.

Alluxa

Venture Round in 2014
Sirrus Technology, Inc. offers precision optical thin film interference filters for laser systems, telecommunications equipment, and biomedical instruments. The company was incorporated in 2007 and is based in Santa Rosa, California.

Aerpio Pharmaceuticals

Series A in 2013
Aerpio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Cincinnati, Ohio, dedicated to developing novel compounds for the treatment of ocular diseases and diabetic complications. The company's lead candidate, razuprotafib, is a small molecule activator of the Tie2 pathway that has completed a Phase IIb clinical trial for diabetic retinopathy. In addition, Aerpio is developing ARP-1536, a humanized monoclonal antibody in preclinical stages for diabetic vascular complications, and GB004, a selective stabilizer of hypoxia-inducible factor-1 alpha, which is currently in a Phase 1b clinical trial for inflammatory bowel disease. The company is also working on a bispecific antibody targeting wet age-related macular degeneration and diabetic macular edema. Aerpio has partnered with Quantum Leap Healthcare Collaborative to assess razuprotafib's efficacy in treating acute respiratory distress syndrome in patients with moderate to severe COVID-19. Founded in 2011, Aerpio Pharmaceuticals emerged from a spin-out from Akebia Therapeutics, leveraging an experienced management team and an outsourced approach to pharmaceutical development.

Akebia Therapeutics

Series C in 2013
Akebia Therapeutics, Inc., a pharmaceutical company, focuses on treatments for ischemia and improvement of vascular disease. It engages in the clinical development of compounds for the treatment of anemia and ischemia-related disorders. The company offers Omacor for hypertriglyceridemia; and Actonel for osteoporosis. Its products include prolyl hydroxylase enzyme and phosphatase enzyme. Akebia Therapeutics, Inc. was founded in 2007 and is based in Cincinnati, Ohio.

Tolera Therapeutics

Series B in 2012
Tolera Therapeutics Inc., founded under the scientific and medical direction of Maria Siemionow, M.D., Ph.D., D.Sc., is a spin-off of the Cleveland Clinic focused on bringing more specific, and safer therapies to market with competitive speed. The company’s technology stems from immune modulation and transplant research done at the Cleveland Clinic under the leadership of Dr. Siemionow, an internationally recognized leader in the fields of microsurgery and transplantation. In addition to her surgical skills, she has focused her research efforts on the development of therapies to promote life-long acceptance of organ and tissue transplants, while reducing or eliminating the need for chronic immunosuppression therapies and their dangerous side effects. In addition, Dr. Siemionow’s efforts have led to new discoveries in immune system modulation. She has authored and contributed to over 180 peer reviewed articles on transplantation, immune suppression and organ tolerance.

Juventas Therapeutics

Series B in 2012
Juventas Therapeutics, Inc., a clinical stage biotechnology company, develops non-viral gene therapies that activate natural processes to repair the body. The company focuses on treatment of non-healing wounds in patients with advanced peripheral artery disease. It offers JVS-100, a non-viral gene therapy that expresses stromal cell-derived factor-1 or SDF-1, a naturally occurring signaling protein that has been shown to recruit the body’s own stem cells and promote tissue repair in a range of disease states. Juventas Therapeutics, Inc. was formerly known as AcelleRX Therapeutics, Inc. and changed its name to Juventas Therapeutics, Inc. in April 2009. The company was founded in 2007 and is based in Cleveland, Ohio.

Mitralign

Series D in 2012
Mitralign is a venture backed privately held company located in a suburb of Boston, MA. The company is developing an innovative catheter based technology for percutaneous treatment of functional mitral regurgitation. The novel Mitralign system emulates surgical annuloplasty as it delivers a series of surgical implants directly into the mitral annulus by means of a catheter. The implants are cinched together, thus reducing the size of the mitral valve annulus and the valve opening. Mitralign is funded by top tier venture capitalists and has two major cardiovascular device companies as investors.

CoLucid Pharmaceuticals

Venture Round in 2011
CoLucid Pharmaceuticals, Inc. is a biotechnology company based in Research Triangle Park, North Carolina, established in 2005. The company specializes in developing therapies for central nervous system disorders. Its primary product, COL-144, is an anti-migraine agent aimed at treating migraine headaches. Additionally, CoLucid is working on COL-204, a conjugated stigmine platform designed to create novel therapeutic entities for various conditions, including sleep/wake disorders, chronic pain, Alzheimer's disease, and psychiatric disorders. Through its innovative approaches, CoLucid Pharmaceuticals aims to address significant unmet medical needs in the field of neurology.

Akebia Therapeutics

Series B in 2011
Akebia Therapeutics, Inc., a pharmaceutical company, focuses on treatments for ischemia and improvement of vascular disease. It engages in the clinical development of compounds for the treatment of anemia and ischemia-related disorders. The company offers Omacor for hypertriglyceridemia; and Actonel for osteoporosis. Its products include prolyl hydroxylase enzyme and phosphatase enzyme. Akebia Therapeutics, Inc. was founded in 2007 and is based in Cincinnati, Ohio.

Celleration

Series E in 2011
Celleration Inc. develops and commercializes therapeutic ultrasound healing technologies in the United States. It offers MIST Therapy, a noncontact and low frequency ultrasound solution delivered through a saline mist to the wound bed. The company serves patients, medical professionals, and payers. Celleration Inc. was formerly known as Advanced Medical Applications, Inc. The company was founded in 1999 and is based in Eden Prairie, Minnesota. As of May 29, 2015, Celleration, Inc. operates as a subsidiary of Alliqua BioMedical, Inc.

Tolera Therapeutics

Series B in 2010
Tolera Therapeutics Inc., founded under the scientific and medical direction of Maria Siemionow, M.D., Ph.D., D.Sc., is a spin-off of the Cleveland Clinic focused on bringing more specific, and safer therapies to market with competitive speed. The company’s technology stems from immune modulation and transplant research done at the Cleveland Clinic under the leadership of Dr. Siemionow, an internationally recognized leader in the fields of microsurgery and transplantation. In addition to her surgical skills, she has focused her research efforts on the development of therapies to promote life-long acceptance of organ and tissue transplants, while reducing or eliminating the need for chronic immunosuppression therapies and their dangerous side effects. In addition, Dr. Siemionow’s efforts have led to new discoveries in immune system modulation. She has authored and contributed to over 180 peer reviewed articles on transplantation, immune suppression and organ tolerance.

Endocyte

Series C in 2010
Endocyte, Inc., a biopharmaceutical company, develops receptor-targeted therapeutics to treat cancer and autoimmune/inflammatory diseases. The company provides EC17, a folate-targeted hapten therapy drug to treat metastatic renal and ovarian cancer; EC145, a folate-targeted chemotherapeutic conjugate to treat various tumors, including cancers of the breast, lung, and blood; EC0225, a targeted chemotherapy drug; BMS753493, a folate-targeted anti-cancer therapy drug; EC0434 to target folate receptor positive tumors; and EC0305, an anti-cancer therapy drug. It also offers EC0286, a folate-targeted small molecule for the treatment of inflammatory diseases; and EC20, a folate-targeted radiopharmaceutical imaging agent to identify folate-receptor positive cancers. The company was founded in 1996 and is based in West Lafayette, Indiana.

Akebia Therapeutics

Series A in 2009
Akebia Therapeutics, Inc., a pharmaceutical company, focuses on treatments for ischemia and improvement of vascular disease. It engages in the clinical development of compounds for the treatment of anemia and ischemia-related disorders. The company offers Omacor for hypertriglyceridemia; and Actonel for osteoporosis. Its products include prolyl hydroxylase enzyme and phosphatase enzyme. Akebia Therapeutics, Inc. was founded in 2007 and is based in Cincinnati, Ohio.

BioVex

Venture Round in 2009
BioVex is a biotechnology company focused on the development and commercialization of biological treatments for cancer and the prevention of infectious disease. Their cancer program, OncoVEXGM-CSF, is a oncolytic vaccine or cancer destroying virus technology that works by replicating and spreading within solid tumors, causing the death of cancer cells while leaving surrounding healthy cells unharmed. The attenuated virus has also been constructed to induce a powerful systemic anti tumor immune response. OncoVEXGM-CSF has now been tested in >110 patients in a broad range of solid tumors including melanoma, head & neck cancer, breast cancer and pancreatic cancer. Both the direct cell killing and systemic immune mediated mechanisms of action of OncoVEX have been clearly validated in the clinic; OncoVEX routinely destroys tumors it is directly injected into and has led to overall disease responses in multiple patients in Phase II testing. Tumors resolved through OncoVEX treatment have not been known to recur.

Juventas Therapeutics

Series A in 2008
Juventas Therapeutics, Inc., a clinical stage biotechnology company, develops non-viral gene therapies that activate natural processes to repair the body. The company focuses on treatment of non-healing wounds in patients with advanced peripheral artery disease. It offers JVS-100, a non-viral gene therapy that expresses stromal cell-derived factor-1 or SDF-1, a naturally occurring signaling protein that has been shown to recruit the body’s own stem cells and promote tissue repair in a range of disease states. Juventas Therapeutics, Inc. was formerly known as AcelleRX Therapeutics, Inc. and changed its name to Juventas Therapeutics, Inc. in April 2009. The company was founded in 2007 and is based in Cleveland, Ohio.

Celleration

Series D in 2008
Celleration Inc. develops and commercializes therapeutic ultrasound healing technologies in the United States. It offers MIST Therapy, a noncontact and low frequency ultrasound solution delivered through a saline mist to the wound bed. The company serves patients, medical professionals, and payers. Celleration Inc. was formerly known as Advanced Medical Applications, Inc. The company was founded in 1999 and is based in Eden Prairie, Minnesota. As of May 29, 2015, Celleration, Inc. operates as a subsidiary of Alliqua BioMedical, Inc.

CoLucid Pharmaceuticals

Series B in 2008
CoLucid Pharmaceuticals, Inc. is a biotechnology company based in Research Triangle Park, North Carolina, established in 2005. The company specializes in developing therapies for central nervous system disorders. Its primary product, COL-144, is an anti-migraine agent aimed at treating migraine headaches. Additionally, CoLucid is working on COL-204, a conjugated stigmine platform designed to create novel therapeutic entities for various conditions, including sleep/wake disorders, chronic pain, Alzheimer's disease, and psychiatric disorders. Through its innovative approaches, CoLucid Pharmaceuticals aims to address significant unmet medical needs in the field of neurology.

Tolera Therapeutics

Series A in 2008
Tolera Therapeutics Inc., founded under the scientific and medical direction of Maria Siemionow, M.D., Ph.D., D.Sc., is a spin-off of the Cleveland Clinic focused on bringing more specific, and safer therapies to market with competitive speed. The company’s technology stems from immune modulation and transplant research done at the Cleveland Clinic under the leadership of Dr. Siemionow, an internationally recognized leader in the fields of microsurgery and transplantation. In addition to her surgical skills, she has focused her research efforts on the development of therapies to promote life-long acceptance of organ and tissue transplants, while reducing or eliminating the need for chronic immunosuppression therapies and their dangerous side effects. In addition, Dr. Siemionow’s efforts have led to new discoveries in immune system modulation. She has authored and contributed to over 180 peer reviewed articles on transplantation, immune suppression and organ tolerance.

CS-Keys

Series A in 2008
CS-Keys is a private, Indianapolis-based biotechnology company focused on the discovery and development of 3rd generation cancer-associated biomarkers using proteomics. These biomarkers may be used to create products to enhance the diagnosis and treatment of patients with cancer.

Hydrocision

Series H in 2008
HydroCision develops, manufactures, and markets fluidjet based surgical tools for minimally invasive spine surgery requirements. Its products include SpineJet HydroSurgery System that is used to ablate, cut, and remove targeted tissue for spinal procedures, Spinejet, water-based technology solutions for minimally invasive spine surgery requirements, SpineJet HydroDiscectomy Systems, which are used to remove tissue without the risk of thermal energy for minimally invasive discectomy procedures, and AlloJet, systems to prepare bone allografts. The company also provides customer care services. HydroCision, Inc. was formerly known as Surgijet Corporation and changed its name to HydroCision, Inc. in November 1996. The company was founded in 1994 and is headquartered in North Billerica, Massachusetts.

Mitralign

Series C in 2007
Mitralign is a venture backed privately held company located in a suburb of Boston, MA. The company is developing an innovative catheter based technology for percutaneous treatment of functional mitral regurgitation. The novel Mitralign system emulates surgical annuloplasty as it delivers a series of surgical implants directly into the mitral annulus by means of a catheter. The implants are cinched together, thus reducing the size of the mitral valve annulus and the valve opening. Mitralign is funded by top tier venture capitalists and has two major cardiovascular device companies as investors.

BioVex

Series E in 2007
BioVex is a biotechnology company focused on the development and commercialization of biological treatments for cancer and the prevention of infectious disease. Their cancer program, OncoVEXGM-CSF, is a oncolytic vaccine or cancer destroying virus technology that works by replicating and spreading within solid tumors, causing the death of cancer cells while leaving surrounding healthy cells unharmed. The attenuated virus has also been constructed to induce a powerful systemic anti tumor immune response. OncoVEXGM-CSF has now been tested in >110 patients in a broad range of solid tumors including melanoma, head & neck cancer, breast cancer and pancreatic cancer. Both the direct cell killing and systemic immune mediated mechanisms of action of OncoVEX have been clearly validated in the clinic; OncoVEX routinely destroys tumors it is directly injected into and has led to overall disease responses in multiple patients in Phase II testing. Tumors resolved through OncoVEX treatment have not been known to recur.

Alluxa

Venture Round in 2007
Sirrus Technology, Inc. offers precision optical thin film interference filters for laser systems, telecommunications equipment, and biomedical instruments. The company was incorporated in 2007 and is based in Santa Rosa, California.

Endocyte

Series C in 2007
Endocyte, Inc., a biopharmaceutical company, develops receptor-targeted therapeutics to treat cancer and autoimmune/inflammatory diseases. The company provides EC17, a folate-targeted hapten therapy drug to treat metastatic renal and ovarian cancer; EC145, a folate-targeted chemotherapeutic conjugate to treat various tumors, including cancers of the breast, lung, and blood; EC0225, a targeted chemotherapy drug; BMS753493, a folate-targeted anti-cancer therapy drug; EC0434 to target folate receptor positive tumors; and EC0305, an anti-cancer therapy drug. It also offers EC0286, a folate-targeted small molecule for the treatment of inflammatory diseases; and EC20, a folate-targeted radiopharmaceutical imaging agent to identify folate-receptor positive cancers. The company was founded in 1996 and is based in West Lafayette, Indiana.

Hydrocision

Series G in 2007
HydroCision develops, manufactures, and markets fluidjet based surgical tools for minimally invasive spine surgery requirements. Its products include SpineJet HydroSurgery System that is used to ablate, cut, and remove targeted tissue for spinal procedures, Spinejet, water-based technology solutions for minimally invasive spine surgery requirements, SpineJet HydroDiscectomy Systems, which are used to remove tissue without the risk of thermal energy for minimally invasive discectomy procedures, and AlloJet, systems to prepare bone allografts. The company also provides customer care services. HydroCision, Inc. was formerly known as Surgijet Corporation and changed its name to HydroCision, Inc. in November 1996. The company was founded in 1994 and is headquartered in North Billerica, Massachusetts.

Hydrocision

Venture Round in 2006
HydroCision develops, manufactures, and markets fluidjet based surgical tools for minimally invasive spine surgery requirements. Its products include SpineJet HydroSurgery System that is used to ablate, cut, and remove targeted tissue for spinal procedures, Spinejet, water-based technology solutions for minimally invasive spine surgery requirements, SpineJet HydroDiscectomy Systems, which are used to remove tissue without the risk of thermal energy for minimally invasive discectomy procedures, and AlloJet, systems to prepare bone allografts. The company also provides customer care services. HydroCision, Inc. was formerly known as Surgijet Corporation and changed its name to HydroCision, Inc. in November 1996. The company was founded in 1994 and is headquartered in North Billerica, Massachusetts.

Endocyte

Venture Round in 2006
Endocyte, Inc., a biopharmaceutical company, develops receptor-targeted therapeutics to treat cancer and autoimmune/inflammatory diseases. The company provides EC17, a folate-targeted hapten therapy drug to treat metastatic renal and ovarian cancer; EC145, a folate-targeted chemotherapeutic conjugate to treat various tumors, including cancers of the breast, lung, and blood; EC0225, a targeted chemotherapy drug; BMS753493, a folate-targeted anti-cancer therapy drug; EC0434 to target folate receptor positive tumors; and EC0305, an anti-cancer therapy drug. It also offers EC0286, a folate-targeted small molecule for the treatment of inflammatory diseases; and EC20, a folate-targeted radiopharmaceutical imaging agent to identify folate-receptor positive cancers. The company was founded in 1996 and is based in West Lafayette, Indiana.

Mitralign

Series B in 2006
Mitralign is a venture backed privately held company located in a suburb of Boston, MA. The company is developing an innovative catheter based technology for percutaneous treatment of functional mitral regurgitation. The novel Mitralign system emulates surgical annuloplasty as it delivers a series of surgical implants directly into the mitral annulus by means of a catheter. The implants are cinched together, thus reducing the size of the mitral valve annulus and the valve opening. Mitralign is funded by top tier venture capitalists and has two major cardiovascular device companies as investors.

Mitralign

Series B in 2006
Mitralign is a venture backed privately held company located in a suburb of Boston, MA. The company is developing an innovative catheter based technology for percutaneous treatment of functional mitral regurgitation. The novel Mitralign system emulates surgical annuloplasty as it delivers a series of surgical implants directly into the mitral annulus by means of a catheter. The implants are cinched together, thus reducing the size of the mitral valve annulus and the valve opening. Mitralign is funded by top tier venture capitalists and has two major cardiovascular device companies as investors.

CoLucid Pharmaceuticals

Series A in 2006
CoLucid Pharmaceuticals, Inc. is a biotechnology company based in Research Triangle Park, North Carolina, established in 2005. The company specializes in developing therapies for central nervous system disorders. Its primary product, COL-144, is an anti-migraine agent aimed at treating migraine headaches. Additionally, CoLucid is working on COL-204, a conjugated stigmine platform designed to create novel therapeutic entities for various conditions, including sleep/wake disorders, chronic pain, Alzheimer's disease, and psychiatric disorders. Through its innovative approaches, CoLucid Pharmaceuticals aims to address significant unmet medical needs in the field of neurology.

Kereos

Series B in 2005
Kereos, Inc. is a biopharmaceutical company based in Saint Louis, Missouri, specializing in the development of targeted molecular imaging agents and therapeutics aimed at detecting and treating cancer and cardiovascular diseases. Established in 1999, Kereos utilizes a nanoscale drug delivery technology that enhances the targeting and efficacy of various therapeutic compounds, including existing drugs, new candidates, and those that may be too toxic or fragile for conventional delivery methods. The company's product portfolio includes KER-1001, a cancer therapeutic that combines paclitaxel with a targeted nanodroplet, KER-1002, which integrates a natural anti-tumor agent, and KER-1003, known for its anti-angiogenic properties. Additionally, Kereos offers diagnostic solutions such as KER 0001, designed to detect angiogenesis. The company also collaborates with pharmaceutical and imaging firms to further develop its MRI agents and targeted chemotherapeutics for solid tumors and cardiovascular applications.

Renal Solutions

Series B in 2005
Renal Solutions is focused on the development of dialysis products and services. Renal Solutions was acquired by Fresenius Medical Care in November 2007. Renal Solutions was founded in 2000 and is based in Warrendale, Pennsylvania.
Remon Medical Technologies is a development-stage company focused on communication technology for medical device applications. It offers RemonCHF, a device that monitors the hemodynamic status of patients with congestive heart failure; and RemonAAA, a device that monitors pressure following an endograft procedure in AAA patients. The company is based in Caesarea, Israel.