A West Lafayette-based biotechnology startup has closed on a $5.5 million Series A round of funding. Novosteo Inc., which is developing compounds to treat bone fractures and other bone diseases, has also named Bill Boyle as its new president and chief executive officer.
The company says the funding round was led by California-based Kairos Ventures, with participation from BioCrossroads Ventures, Elevate Ventures and the Purdue Research Foundation.
“The funding provided by this group of highly respected investors supports the promise of the Novosteo technology and team,” said Dan Hasler, chairman of the Novosteo Board of Directors. “Despite the availability of preventative treatments, too many people continue to suffer and die from difficult or slow-to-mend bone fractures.”
Novosteo says it will use the funding to advance its compound, NOV004, into clinical development that will begin in the first half of this year. The company says the compound has shown promise in live animals the acceleration of fracture healing.
“The technology approach of Novosteo has broad applications in the treatment of bone diseases, and we are rapidly developing a bone-targeted anabolic peptide for multiple uses,” Boyle said. “Using our current venture backing we will initiate Phase 1 study of our lead program, NOV004, and pursue future partnering events and fundraising to expand NOV004 indications for areas with high unmet medical needs and accelerate development of our pipeline.”
Boyle joins Novosteo as president and CEO after previously serving as chief of translational medicine at BioAtla Inc. (Nasdaq: BCAB) and founder and president of AnaptysBio Inc. (Nasdaq: ANAB), both based in California.
Additionally, the company says Alex Andrianopolous, venture partner and chief research and development officer at Kairos Ventures, will join the Novosteo Board of Directors.