Purdue Startup Awarded Grant For New Drug

Posted: Updated:
Phillip and Stewart Low, co-founders of Novosteo (photo courtesy of Purdue University) Phillip and Stewart Low, co-founders of Novosteo (photo courtesy of Purdue University)
WEST LAFAYETTE -

A $1.7 million National Institutes of Health grant will help Novosteo, Inc. test the efficacy of a new drug to help reduce complications from a broken bone due to a fall. The Purdue-affiliated startup was co-founded by Phillip and Stewart Low, who designed a unique drug that focuses on the fracture site and reduces exposure to the rest of the body. 

The Journal of Internal Medicine reported last year that one in three adults aged 50 or over die within 12 months of a bone-breaking fall. 

“There is a compelling need for this type of targeted treatment. Hip fractures alone are expected to climb by 160 percent to 500,000 fractures annually by 2040,” said Stewart Low. “Even with current medical therapies, the odds of making a full recovery are wholly unsatisfactory. Our goal is to provide a better solution for those who suffer and help them more quickly regain their mobility, significantly decreasing the life-threatening complications that besiege those immobilized by their fracture.”

The company has already done preclinical studies that show the targeted drug heals faster and better than the same untargeted drug, which Novosteo Chief Executive Officer Dan Hasler says could have a large economic impact as well. "Healing a hip fracture can cost over $80,000 from start to finish, including nursing home costs, but frankly, we are motivated by the hope of reducing the suffering of the hundreds of thousands of hip fracture patients annually. It is the face of my grandmother, who died after a long post-hip fracture fight that motivates me.”

Novosteo officials are also investigating other uses for the injectable drug, such as dental implants, and hip and knee replacements. For more information on the testing of the new drug, click here

  • Perspectives

    • (photo courtesy of Conexus)

      October Celebrates Indiana’s Vibrant Manufacturing Industry

      Indiana is the most manufacturing intensive state in the country and more than a third of the state’s GDP comes from the industry. The health and wellness of Indiana’s economy is dependent on the state’s manufacturing industry. But Hoosiers face a challenge: it is expected that nearly a quarter of the current manufacturing workforce will be of retirement age in the next 10 years and we lack the generational workforce to make up that gap.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • AM General & Fiat Chrysler announce plans to build military grade Jeep Gladiator pickup trucks.

      AM General, FCA Collaborate on New Military Grade Jeep

      Nearly 80 years since the first jeep rolled off the assembly line, and helped support American soldiers throughout World War II, it appears the trusted four-wheel-drive machine may be making a comeback in the U.S. military. South Bend-based AM General LLC has teamed up with Fiat Chrysler Automobiles to build military-grade versions of the 2020 Jeep Gladiator pickup truck. 

    • Red Star announced plans to expand and add 18 jobs.

      Larwill Medical Device Maker to Expand, Add Jobs

      A Whitley County-based medical device maker has announced plans to expand its facility in Larwill which should mean new jobs. Red Star Contract Manufacturing Inc. says it will invest $1.6 million in real estate improvements and additional equipment and will create 18 new jobs by 2022. 

    • Jaci Lederman

      Vincennes Professor Wins Prestigious Award

      The International Council of E-Commerce Consultants has honored Vincennes University faculty member Jaci Lederman with the Academic Instructor Circle of Excellence award. She is chair and associate professor of the Information Technology Department. Lederman won the distinction due to her commitment to cybersecurity education.