Novosteo, Inc., a spin-out from Purdue University that is developing a novel injectable-targeted drug to accelerate and improve the healing of broken or compromised bones, received a $500k seed investment from Research Bridge Partners.
The amount of the deal was not disclosed.
The investment is designed to allow the company to build out the business infrastructure that will allow it to compete for business talent and capital in global markets.
Co-founded by the father/son team Philip S. Low, the Ralph C. Corley Distinguished Professor of Chemistry, and Stewart A. Low, a former postdoctoral staff member in Purdue’s Department of Chemistry, Novosteo is developing a novel injectable-targeted drug to accelerate and improve the healing of broken or compromised bones. The drug concentrates at the fracture site following systemic administration.
Novosteo has already completed preclinical studies that demonstrate how the new targeted drug heals bone fractures faster and better than the same untargeted drug. The research findings were published in the June 2018 edition of the Department of Defense Spotlight article “Fracture-targeted drugs for accelerated bone repair,” authored by the Lows.