September 23, 2020
Novosteo sees growth as it develops injectable drug to heal broken bones
WEST LAFAYETTE, Ind. – A Purdue University-affiliated startup known for its novel injectable drug to heal broken bones is growing and adding additional scientists to its team. One of those scientists is using his recovery experience from being hit by a moving truck to help other patients.
Novosteo Inc. was co-founded by father-son team Philip S. Low, the Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry, and Stewart A. Low, the company’s chief scientific officer and visiting scholar in Purdue’s Department of Chemistry.
One of the startup’s injectable drugs is unique in that it concentrates at the fracture site while reducing exposure to the rest of the body. As the team prepares to move the drug into clinical trials, more scientists are joining Novosteo at its headquarters in Purdue Research Park West Lafayette.
“The stories we have heard from so many people about their devastating experiences with broken bones really pushes us forward,” Stewart Low said. “It may be an elderly patient, a loved one or someone suffering from a rare disease who is dealing with bone fractures. We want to provide non-invasive options to improve the quality of life and, in some cases, save a life.”
One new addition to the Novosteo team is Jeffery Nielsen, a Purdue alumnus, who serves as director of research and development. Nielsen was hit by a moving truck as a child. The impact crushed his skull and broke dozens of bones.
“Recovery from bone fractures was tough as a child, but we know it is significantly more difficult for older adults,” Nielsen said. “I am driven to use my personal and professional experiences to help improve lives.”
Nielsen previously worked with targeted bone therapies, technology startups and organ growth procedures.
The treatment was developed in the Purdue laboratory of Philip Low in the Purdue Institute of Drug Discovery.
Novosteo is already looking at the future use of the injectable-targeted drug for other applications, including dental implants, head and facial fractures, and hip and knee replacements. Novosteo also has a pipeline of drugs for treating an array of musculoskeletal maladies.
Novosteo’s technology is licensed through the Purdue Research Foundation Office of Technology Commercialization. The company also received entrepreneurial support from Purdue Foundry, an entrepreneurship and commercialization hub in Discovery Park District’s Convergence Center for Innovation and Collaboration.
Novosteo is adding scientists and expanding into a second laboratory and larger space at Purdue Research Park.
About Novosteo Inc.
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. More information is available on the Novosteo website.
About Purdue Research Foundation
The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park, Purdue Technology Centers and University Development Office. In 2020, the IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The foundation received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. For more information on licensing a Purdue innovation, contact the Purdue Office of Technology Commercialization at email@example.com. For more information about involvement and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at firstname.lastname@example.org. For more information about setting up a presence at Purdue, possibly in the Purdue Research Park or Discovery Park District, contact the PRF Economic Development Office at email@example.com.
Jeffery Nielsen, firstname.lastname@example.org