For OsNovum, the journey to improving skeletal health actually began in the mouth…
For 15 years, SteinerBio has been developing, perfecting, manufacturing, and marketing a novel synthetic bone grafting material for use in the jawbone to regenerate bone and augment lost bone. What set this material apart from the antiquated methods and materials still being used in clinics is its ability to biologically stimulate a patient’s own bone cells to grow bone thanks to the material’s patented molecular compound. However, it was a matter of time, principle, and duty that the same novel material we had been using to treat bone loss in the jaw should be applied to treat bone loss in the skeleton.
In 2019, we suspected a cyclic financial crisis had to be near, so we restructured and prepared for the hit. All unnecessary costs were stopped. Research and development staff and projects were halted, except for exploring the skeletal application of our regenerative technology. Debts were paid off. We were lean. We decided that the one area we wanted to move forward at full speed was the FDA clearance for treating osteoporotic bones. However, that move was expensive and did not fit into our financial survival posture. At that point, we decided to break off this R&D program from SteinerBio and officially form OsNovum.
OsNovum would raise investment dollars to keep the program running at full speed throughout any foreseeable financial crisis. We knew a financial crisis was coming but we had no idea it would be as big as COVID-19. When the pandemic hit, we flipped the switch into survival mode at SteinerBio and rolled out OsNovum for investment. To date, OsNovum investment has been limited to only private investors and we soon hit our first fundraising milestone: We raised $60,000, which was the minimum we set for successfully launching OsNovum.
On December 1, 2020 we went live on the public crowdfunding portal Wefunder, which will run into February. The ultimate goal is $1 million, but no matter how much is raised, OsNovum is moving forward at full speed.