July 17, 2006 »»» A Company Formed by Indiana University Researchers Has Received A Significant Seed Investment from Triathlon Medical Ventures CS-Keys will use the funding to continue its work in reducing the breast cancer mortality rate. Specifically, the firm will continue developing a diagnostic tool that can identify malignant cells in early stages. CS-Keys was formed in February 2005, led by Dr. Linda Malkas, the Vera Bradley Professor of Oncology and professor of medicine at the Indiana University School of Medicine. Triathlon is part of the $73 million Indiana Future Fund. This is Triathlon's third investment in Indiana. CS-Keys, Inc. (CS-Keys) announced today a significant seed investment in the company by Midwest-based Triathlon Medical Ventures (Triathlon). CS-Keys has developed a new diagnostic tool that can help detect cancer in its earliest stages, with an initial focus on breast cancer. CS-Keys will use the investment to support continuing research and development of its novel biomarker, which has been shown to be highly effective in identifying malignant cells. It will also be used to support the refinement of the marketing and regulatory strategies for the company. "This investment will help CS-Keys continue its effort into getting a quick, easy and highly effective diagnostic tool into the hands of physicians," said Claire Deselle, CEO of CS-Keys. "It's a long journey to get a product to market, and we are grateful for the investment and the involvement that we will have from Triathlon. Their expertise in biomedical investing will serve us well." Carrie Bates and John Rice, both managing partners of Triathlon, will sit on the Board of Directors for CS-Keys. They join Dr. Linda Malkas and Dr. Lauren Schnaper, who represent the two of the initial four founders, and David Johnson of BioCrossroads. "Triathlon typically focuses on early stage investments," said Carrie Bates. "So for us to invest in CS-Keys at a seed stage demonstrates the confidence we have that this new technology will fulfill a critical need in the market. This decision was driven by the exciting research and resulting discoveries, combined with the exceptional CS-Keys team." Earlier this year, CS-Keys received a $285,000 investment from the BioCrossroads-managed Indiana Seed Fund. The investment allowed the company to complete several key scientific and business milestones and enabled the company to attract this investment from Triathlon. Triathlon is also part of the $73 million Indiana Future Fund, a fund-of-funds organized through BioCrossroads, focused on early-stage Indiana life sciences investment opportunities. This is Triathlon's third investment in Indiana and represents the sixth Indiana Future Fund investment. "The technology we have developed allows us to look for cancer in the smallest detectable amounts - the equivalent of singling out one chair in a huge football stadium," said CS-Keys co-founder Dr. Robert Hickey. "We are excited about the future development of this company." Back to NEWS HEADLINES