Novosteo, Inc., an Austin, Texas-based bone treatment startup, raised $5.5m in Series A financing.
Backers included Kairos Ventures, as well as BioCrossroads Ventures, Elevate Ventures and Purdue Research Foundation.
Proceeds from the financing will be used to advance NOV004 into clinical development that will begin in the first half of 2021.
Co-founded by Stewart Low and Philip Low of Purdue University, Novosteo is a startup developing and delivering new drugs for the treatment of bone injury and diseases that impact patients’ morbidity, mortality and loss of mobility and productivity associated with bone fractures, bone metastasis and infection.
NOV004 has shown promise in live animals in the acceleration of fracture healing when delivered systemically. The compound concentrates at the fracture site while avoiding accumulation in the rest of the body.