Purdue Ventures – which manages three funds to support Purdue University-connected startups – announced it has invested $250,000 in TRIO Pharmaceuticals, a cancer immunotherapeutics startup founded by a Purdue University biophysics and structural biology alumnus. The company’s antibody-based therapeutics strengthen the body’s defense, the immune system, to eradicate cancer.
The investment from Purdue Ventures is part of a larger $2.2 million series seed-funding round that includes investments from investor groups in the U.S. and Japan: NuFund Venture Group, SeedFolio, Friedman BioVentures, Tech Coast Angels, Newsight Tech Angels, and others.
TRIO’s founder and chief operating officer Shiva Bhowmik said that traditional approaches to developing anticancer drugs focus on eliminating cancer cells and activating the body’s immune system. And Bhowmik said Purdue Ventures’ investment and the funding round will enable TRIO to advance its technology and find the best drug candidates to further develop.
KEY QUOTES:
“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. 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.”
“But if you eliminate just immunosuppressive cells, there isn’t a very strong enhancement of antitumor activity. So, the crux of what TRIO Pharmaceuticals does is to enhance antitumor immunity with a mix of directly eliminating both cancer cells and immunosuppressive cells.”
“This milestone is very critical for us. Once we achieve it, it opens us up for further collaborations with large pharmaceutical companies and the possibility to raise future rounds of funding.”
“I earned my PhD in biophysics and structural biology from Purdue. During my tenure, Wayne Hockmeyer gave a talk as a distinguished alumnus of the Department of Biological Sciences. He had founded MedImmune, one of the world’s most renowned biotechnology companies that was eventually acquired by AstraZeneca.”
“Wayne’s journey inspired me. He served his country as a commissioned officer in the U.S. Army; he earned his doctorate and founded MedImmune. I was always very inclined to be an entrepreneur, and Wayne’s story inspired me to become an entrepreneur. Coincidentally, the structural biology building was dedicated to Wayne. I’m excited to maintain TRIO’s connections with Purdue through this investment from Purdue Ventures.”
- TRIO’s founder and chief operating officer Shiva Bhowmik
“TRIO is doing groundbreaking work in cancer therapeutics, which captured the interest of the investment committee. 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.”
- Riley Gibb, associate director of Purdue Ventures
