Purdue Ventures invests in cancer therapeutics firm
Purdue Ventures has invested $250,000 in TRIO Pharmaceuticals Inc., an antibody-based cancer therapeutics company founded by a Purdue University biophysics and structural biology alumnus. The investment is part of a $2.2 million series seed funding round that includes other investor groups.
TRIO Pharmaceuticals says its therapies enhance the body’s immune system to effectively attack cancers. TRIO Founder and Chief Operating Officer Shiva Bhowmik says traditional approaches to developing anticancer drugs focus on eliminating cancer cells and activating the body’s immune system.
“These approaches don’t lead to the full enhancement of the body’s immunity to fight cancer because there is another bad actor involved: immunosuppressive cells,” said Bhowmik. “These cells reduce the immune system’s ability to fight infections and diseases like cancer. TRIO Pharmaceuticals is the only company that has figured out how to selectively eliminate this bad actor.”
Bhowmik says the company’s therapeutics strengthen the immune system to help eradicate cancer. He says TRIO is developing single agent dual action treatments inhibiting both cancer growth and immunosuppression.
Purdue’s venture capital arm sees TRIO as a strong addition to the portfolio.
“TRIO is doing groundbreaking work in cancer therapeutics, which captured the interest of the investment committee,” said Riley Gibb, associate director of Purdue Ventures. “The company has a unique perspective to address a worldwide problem. That and their connections with Purdue University make them a company we are proud to support and to follow their growth.”
Bhowmik said Purdue Ventures’ involvement in this investment round will allow TRIO to advance its technology and find the best drug candidates to further develop.
“This milestone is very critical for us,” said Bhowmik. “Once we achieve it, it opens us up for further collaborations with large pharmaceutical companies and the possibility to raise future rounds of funding.”
Other investors in the seed round included NuFund Venture Group, SeedFolio, Friedman BioVentures, Tech Coast Angels, Newsight Tech Angels and others.