The Story of OsNovum and a Funding Milestone
SteinerBio began the research to introduce its technology for the treatment of failing bones due to osteoporosis in 2016. While the regenerative material was cleared for use in the jaws, a separate FDA clearance was needed to use the material in the skeleton. The study has been ongoing continuously since 2016.
However, anyone who has lived long enough or is a student of economic history knows that the United States experiences a financial crisis every 10 years. You can mark it on your calendar. The last financial crisis was in 2008-2009, so we knew a financial crisis was on its way and because the economy had been booming, we figured the bust was likely to be even bigger. We began watching the economy closely in 2018 but the stock market was still booming and the economy was still growing with no end in sight.
In 2019, we knew a financial crisis had to be near, so SteinerBio restructured and prepared for the hit. All unnecessary costs were stopped. Research and development staff and projects were halted, except for OsNovum. Debts were paid off. We were lean. We decided that the one area we wanted to move forward at full speed was FDA clearance for treating osteoporotic bones. However, that move was very 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 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. When Covid 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 are happy to report that we have just achieved our first fundraising milestone! We have raised $60,000, which is the minimum we set for successfully launching OsNovum. On December 1, 2020 we will go 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.