– The Purdue University-affiliated startup is developing a novel injectable-targeted drug for broken and compromised bones –
AUSTIN, Texas, Aug. 8, 2019 — Research Bridge Partners—a 501 (c) (3) organization that makes formative investments in biomedical startup companies based on the breakthroughs of preeminent innovators at mid-continent research universities—announced the investment of seed capital in Novosteo, Inc.
A spin-out from Purdue University, Novosteo was 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. The company is developing a novel injectable-targeted drug to accelerate and improve the healing of broken or compromised bones. The drug is unique in that it concentrates at the fracture site following systemic administration.
According to a 2017 report published in the Journal of Internal Medicine, “one in three adults aged 50 and older die within 12 months” from fracture-related complications following a bone-breaking fall. Medicare alone paid $31 billion in hip fracture treatment in 2015.
Novosteo has already completed preclinical studies that successfully 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.
“We employ proprietary analytics to identify and connect world-class researchers operating at heartland universities,” said Isaac Barchas, co-founder and CEO of Research Bridge Partners. “Phil, Stewart and their team unambiguously emerged as national leaders not simply on the strength of their research, but also because their lab culture and personality traits further enhance their potential for extraordinary human impact and economic output.”
Research Bridge Partners’ initial investment of $500,000 is the first seed capital raised by Novosteo. The Research Bridge Partners investment is designed to activate the venture cycle for Novosteo by allowing the company to build out the business infrastructure that will allow it to compete for industry-leading business talent and capital in global markets.
“We’re investing in the business-side of the business, while playing a hands-on role in setting up an independent company to succeed long term,” said Barchas, who joins Novosteo’s board of directors as part of Research Bridge Partners’ program-related investment.
The senior Low added: “Our research holds enormous potential to significantly improve the lives of many, many people. We have an obligation to build a business that is equal to that science. Research Bridge Partners gives us a trusted partner, on our side of the table, who helps us find, partner with, and pay for access to the best know-how, professional services, capital providers, and business talent in the nation.”
About Research Bridge Partners
Research Bridge Partners, a 501 (c) (3) organization, makes formative investments in biomedical startup companies based on the breakthroughs of preeminent innovators at mid-continent research universities—creating high quality investment opportunities that are sourced from geographies with thinner commercialization resources.
Founded by Isaac Barchas and Reid Hoffman, we use proprietary analytics to identify the less than 1% of academic researchers nationwide whose science and entrepreneurial mindsets are characteristic of successful biomedical startups. We then make seed capital and scaling investments and establish effective corporate structures to create portfolio-ready opportunities for downstream investors.
www.researchbridgepartners.org
About Novosteo
Novosteo was founded to reduce the morbidity, mortality and loss of productivity associated with bone fractures. Based on discoveries of agents that accelerate bone regeneration and breakthroughs in methods to target these agents selectively to fracture surfaces, Novosteo has designed a series of fracture-targeted drugs that concentrate a drug’s healing power specifically at the fracture site, thereby greatly accelerating and improving the healing process. The mission of Novosteo is to reduce the debilitating and often life-threatening effects of bone fractures.