# Triathlon Medical Venture Partners

> Triathlon Medical Venture Partners is a VC fund backing Health Care. See 26 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Cincinnati, United States
- Total investments: 26
- Last investment: Mar 2017
- Lead investor: 12%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/triathlon-medical-ventures/about/
- Website: http://www.tmvp.com

Triathlon Medical Venture Partners is a venture capital company that offers private equity investment services to firms in the biopharmaceutical and medical device industries. It was founded in 2004 by Dennis Costello and John Rice and is based in Ohio.

## Contacts

5 contacts available for Triathlon Medical Venture Partners. Shizune tracks 5 team members at Triathlon Medical Venture Partners. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/triathlon-medical-venture-partners?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 11 | 42% |
| Biotechnology | 8 | 31% |
| Medical | 7 | 27% |
| Medical Device | 7 | 27% |
| Therapeutics | 5 | 19% |

15 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series C | 6 | 23% |
| Funding Round | 6 | 23% |
| Series A | 5 | 19% |
| Series B | 5 | 19% |
| Series D | 1 | 4% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 12 | 46% |
| Israel | 1 | 4% |
| United Kingdom | 1 | 4% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Suzette Dutch | Managing Partner & Owner | 1 | — |
| Carrie Bates | Managing Partner & Owner | 0 | — |
| Dennis B. Costello | Co-founder and Managing Partner | 0 | — |
| George Emont | Team Member | 0 | — |
| Mark Collar | Partner | 0 | — |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Aerpio Pharmaceuticals | Aerpio Pharmaceuticals is a new, clinical-stage biotechnology company focused on the development of novel small molecules and monoclonal antibodies for the treatment of vascular disease and enhancement of wound healing. Aerpio was created in a spin-out transaction from Akebia Therapeutics to enable more rapid development of its exciting compounds.It is managed by the same successful team from Akebia, employing a similar outsourced approach to pharmaceutical development.Aerpio Pharmaceuticals was founded in 2011 and is based in Cincinnati, Ohio, United States. | $40M |  | Mar 16, 2017 |  |
| CoLucid Pharmaceuticals | CoLucid Pharmaceuticals, Inc., a biotechnology company, focuses on therapies for central nervous system disorders. The company develops COL-144, a neurally acting anti-migraine agent, which is designed to treat migraine; and COL-204, a conjugated stigmine platform that produces novel chemical entities for therapy of sleep/wake disorders,chronic pain, Alzheimer's disease, and psychiatric disorders. CoLucid Pharmaceuticals was founded in 2005 and is based in Research Triangle Park, North Carolina. | $37.1M | Series C | Jan 13, 2015 |  |
| Aerpio Pharmaceuticals | Aerpio Pharmaceuticals is a new, clinical-stage biotechnology company focused on the development of novel small molecules and monoclonal antibodies for the treatment of vascular disease and enhancement of wound healing. Aerpio was created in a spin-out transaction from Akebia Therapeutics to enable more rapid development of its exciting compounds.It is managed by the same successful team from Akebia, employing a similar outsourced approach to pharmaceutical development.Aerpio Pharmaceuticals was founded in 2011 and is based in Cincinnati, Ohio, United States. | $22M | Series C | Apr 23, 2014 |  |
| Aerpio Pharmaceuticals | Aerpio Pharmaceuticals is a new, clinical-stage biotechnology company focused on the development of novel small molecules and monoclonal antibodies for the treatment of vascular disease and enhancement of wound healing. Aerpio was created in a spin-out transaction from Akebia Therapeutics to enable more rapid development of its exciting compounds.It is managed by the same successful team from Akebia, employing a similar outsourced approach to pharmaceutical development.Aerpio Pharmaceuticals was founded in 2011 and is based in Cincinnati, Ohio, United States. | $36M | Series A | Nov 06, 2013 |  |
| Akebia Therapeutics | 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 prolylhydroxylase enzyme and phosphatase enzyme. Akebia Therapeutics, Inc. was founded in 2007 and is based in Cincinnati, Ohio. | $41M | Series C | Jun 04, 2013 |  |
| Mitralign | 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 mitralannulus 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. | $35M | Series D | May 16, 2012 |  |
| CoLucid Pharmaceuticals | CoLucid Pharmaceuticals, Inc., a biotechnology company, focuses on therapies for central nervous system disorders. The company develops COL-144, a neurally acting anti-migraine agent, which is designed to treat migraine; and COL-204, a conjugated stigmine platform that produces novel chemical entities for therapy of sleep/wake disorders,chronic pain, Alzheimer's disease, and psychiatric disorders. CoLucid Pharmaceuticals was founded in 2005 and is based in Research Triangle Park, North Carolina. | $7.5M |  | Aug 30, 2011 |  |
| Akebia Therapeutics | 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 prolylhydroxylase enzyme and phosphatase enzyme. Akebia Therapeutics, Inc. was founded in 2007 and is based in Cincinnati, Ohio. | $22M | Series B | Apr 26, 2011 |  |
| Celleration | Celleration, Inc., a privately held medical device company, was founded in 1999 to develop and commercialize its therapeutic ultrasound platform.Celleration’s core product, the MIST Ultrasound Healing Therapy® System delivers low frequency ultrasound through a saline mist. Unlike conventional wound treatments that are limited to treating thesurface, MIST Therapy delivers ultrasound energy into and below the wound bed to stimulate cells to positively impact all critical aspects of the wound healing process. Celleration received 510K clearance from the FDA in 2005 with the full claim of “promote wound healing”. Shortly thereafter, the company introduced the MIST Therapy System to the US market and has since built an impressive body of clinical evidence demonstrating significant clinical and economic benefits in hundreds of facilities across the United States. Currently, over over 1 million MIST® Therapy treatments have been performed in the United States and U.K. benefiting more than 65,000 patients. | $8M | Series E | Jan 12, 2011 |  |
| Endocyte | 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 cancersof 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. | $26M | Series C | Jan 19, 2010 |  |

10 of 26 investments shown.

## Co-investors
- [Venture Investors](https://shizune.co/investors/profile/venture-investors) — VC Fund, 7 deals together
- [Oxford Bioscience Partners](https://shizune.co/investors/profile/oxford-bioscience-partners) — VC Fund, 6 deals together
- [Domain Associates](https://shizune.co/investors/profile/domain-associates) — VC Fund, 4 deals together
- Pearl Street Venture Funds — VC Fund, 4 deals together
- [Orchard Venture Partners](https://shizune.co/investors/profile/sigvion-capital) — VC Fund, 4 deals together
- [Blue Chip Venture Company](https://shizune.co/investors/profile/blue-chip-venture-company) — VC Fund, 3 deals together

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## FAQ

### What does Triathlon Medical Venture Partners invest in?

Triathlon Medical Venture Partners invests primarily in Health Care, Biotechnology and Medical startups, most often at Series C and Funding Round stage. Most of the 26 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact Triathlon Medical Venture Partners?

Public channels for Triathlon Medical Venture Partners include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Triathlon Medical Venture Partners?

The team at Triathlon Medical Venture Partners includes Suzette Dutch (Managing Partner & Owner), Carrie Bates (Managing Partner & Owner) and Dennis B. Costello (Co-founder and Managing Partner). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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