Purdue Ventures Invests in Antibody-based Cancer Therapeutics Company

Purdue Ventures, which manages three funds to support Purdue University-connected startups, has invested $250,000 in Trio Pharmaceuticals Inc., a cancer immunotherapeutics startup founded by a Purdue University biophysics and structural biology alumnus. The company’s antibody-based therapeutics aim to strengthen the immune system to eradicate cancer.

Purdue Ventures’ investment 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.

Shiva Bhowmik, TRIO’s founder and chief operating officer said 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,” Bhowmik said. “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 added: “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.”

Bhowmik pointed out that Purdue Ventures’ investment and the funding round will allow TRIO to advance its technology and find the best drug candidates to further develop.
“This milestone is very critical for us,” Bhowmik said. “Once we achieve it, it opens us up for further collaborations with large pharmaceutical companies and the possibility to raise future rounds of funding.” 

Riley Gibb, associate director of Purdue Ventures, said TRIO Pharmaceuticals is a strong addition to the investment portfolio.

“TRIO is doing groundbreaking work in cancer therapeutics, which captured the interest of the investment committee,” Gibb said. “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.”