Triathlon Medical Ventures

Triathlon Medical Ventures was a venture capital firm focused on life sciences, including drugs, biomedicine, medical devices, biotechnology, and diagnostics, with activity primarily in the Midwest United States. It invested in seed through expansion stages, typically in the range of 0.5 to 10 million dollars, and sought to lead investments, often taking a board seat for early rounds and a board observer role for later rounds. The firm originated in Ohio, with its base in Cincinnati and additional Midwest offices, and supported companies developing proprietary biomedical technology addressing significant healthcare needs. The firm ceased operations at the end of 2022.

Carrie Bates

Managing Partner and Owner

Dennis B. Costello

Co-Founder and Managing Partner

Suzette Dutch

Managing Partner and Owner

Past deals in Ohio

Aerpio Pharmaceuticals

Venture Round in 2017
Aerpio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Cincinnati, Ohio, focused on developing innovative 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. Additionally, Aerpio is advancing ARP-1536, a humanized monoclonal antibody in preclinical development for diabetic vascular complications, and GB004, a selective stabilizer of hypoxia-inducible factor-1 alpha, currently undergoing a Phase 1b trial for inflammatory bowel disease. Furthermore, the company is developing a bispecific antibody for the treatment of wet age-related macular degeneration and diabetic macular edema. Aerpio has also partnered with Quantum Leap Healthcare Collaborative to evaluate razuprotafib's potential in treating acute respiratory distress syndrome in COVID-19 patients. Founded in 2011, Aerpio Pharmaceuticals aims for rapid development of its promising therapies.

Aerpio Pharmaceuticals

Series C in 2014
Aerpio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Cincinnati, Ohio, focused on developing innovative 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. Additionally, Aerpio is advancing ARP-1536, a humanized monoclonal antibody in preclinical development for diabetic vascular complications, and GB004, a selective stabilizer of hypoxia-inducible factor-1 alpha, currently undergoing a Phase 1b trial for inflammatory bowel disease. Furthermore, the company is developing a bispecific antibody for the treatment of wet age-related macular degeneration and diabetic macular edema. Aerpio has also partnered with Quantum Leap Healthcare Collaborative to evaluate razuprotafib's potential in treating acute respiratory distress syndrome in COVID-19 patients. Founded in 2011, Aerpio Pharmaceuticals aims for rapid development of its promising therapies.

Aerpio Pharmaceuticals

Series A in 2013
Aerpio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company based in Cincinnati, Ohio, focused on developing innovative 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. Additionally, Aerpio is advancing ARP-1536, a humanized monoclonal antibody in preclinical development for diabetic vascular complications, and GB004, a selective stabilizer of hypoxia-inducible factor-1 alpha, currently undergoing a Phase 1b trial for inflammatory bowel disease. Furthermore, the company is developing a bispecific antibody for the treatment of wet age-related macular degeneration and diabetic macular edema. Aerpio has also partnered with Quantum Leap Healthcare Collaborative to evaluate razuprotafib's potential in treating acute respiratory distress syndrome in COVID-19 patients. Founded in 2011, Aerpio Pharmaceuticals aims for rapid development of its promising therapies.

Tolera Therapeutics

Series B in 2012
Tolera Therapeutics Inc. is a biotechnology company established under the leadership of Dr. Maria Siemionow, an expert in microsurgery and transplantation. Originating as a spin-off of the Cleveland Clinic, Tolera focuses on developing advanced immune modulation therapies aimed at enhancing organ and tissue transplant acceptance while minimizing the need for chronic immunosuppression. The company’s innovative approach targets the human alpha-beta T-cell receptor, which helps render pathologic T-cells inert. This unique signaling pathway promotes the expansion of regulatory T-cells in a non-depleting manner, addressing unmet medical needs for patients with a range of autoimmune and immune-mediated diseases. Through its research, Tolera Therapeutics aims to provide safer, more effective solutions that improve patient outcomes and quality of life.

Juventas Therapeutics

Series B in 2012
Juventas Therapeutics is a privately-held clinical-stage biotechnology company developing regenerative therapies. Founded in 2007, it focuses on treating life-threatening diseases using non-viral gene therapies that activate natural processes to repair the body.

Tolera Therapeutics

Series B in 2010
Tolera Therapeutics Inc. is a biotechnology company established under the leadership of Dr. Maria Siemionow, an expert in microsurgery and transplantation. Originating as a spin-off of the Cleveland Clinic, Tolera focuses on developing advanced immune modulation therapies aimed at enhancing organ and tissue transplant acceptance while minimizing the need for chronic immunosuppression. The company’s innovative approach targets the human alpha-beta T-cell receptor, which helps render pathologic T-cells inert. This unique signaling pathway promotes the expansion of regulatory T-cells in a non-depleting manner, addressing unmet medical needs for patients with a range of autoimmune and immune-mediated diseases. Through its research, Tolera Therapeutics aims to provide safer, more effective solutions that improve patient outcomes and quality of life.

Juventas Therapeutics

Series A in 2008
Juventas Therapeutics is a privately-held clinical-stage biotechnology company developing regenerative therapies. Founded in 2007, it focuses on treating life-threatening diseases using non-viral gene therapies that activate natural processes to repair the body.

Tolera Therapeutics

Series A in 2008
Tolera Therapeutics Inc. is a biotechnology company established under the leadership of Dr. Maria Siemionow, an expert in microsurgery and transplantation. Originating as a spin-off of the Cleveland Clinic, Tolera focuses on developing advanced immune modulation therapies aimed at enhancing organ and tissue transplant acceptance while minimizing the need for chronic immunosuppression. The company’s innovative approach targets the human alpha-beta T-cell receptor, which helps render pathologic T-cells inert. This unique signaling pathway promotes the expansion of regulatory T-cells in a non-depleting manner, addressing unmet medical needs for patients with a range of autoimmune and immune-mediated diseases. Through its research, Tolera Therapeutics aims to provide safer, more effective solutions that improve patient outcomes and quality of life.
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