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Novosteo, Inc. s NOV004 has shown promise in live animals in the acceleration of fracture healing when delivered systemically. The compound is unique in that it concentrates at the fracture site while avoiding accumulation in the rest of the body. Proceeds from the financing will be used to advance NOV004 into clinical development that will begin in the first half of 2021. Bone injuries and disease are one of the most challenging health issues facing all ages, especially for the elderly. Despite the advent of preventive measures, one in three hip fracture patients who are 65 and older will die within a year; many deaths occur as a result of the complications due to slow fracture healing and long-term immobilization.

Purdue universityUnited statesDan haslerReid hoffmanRalphc corleyIsaac barchasEli lillyPhilip low of purdue universityPurdue research foundationNational institutes of healthPurdue department of chemistryNovosteo incResearch bridge partnersSilicon valleyDistinguished professorKairos ventures