President and CEO, David Thompson, will present at the upcoming iC³ Life Science Summit alongside fellow Rising Star recipients
The award follows the announcement by Osteal of an oversubscribed $23M Series C financing round
DALLAS, Sept. 28, 2023 (GLOBE NEWSWIRE) — Osteal Therapeutics, Inc. (“Osteal”), a clinical-stage biopharmaceutical company developing a new category of combination therapies for orthopedic infections, announced today it has been named a 2023 Rising Star recipient by BioNTX in conjunction with the upcoming iC³ Life Science Summit in Irving, TX. Representing the next-generation of companies dedicated to addressing the greatest challenges in healthcare and life sciences, the Rising Stars are North Texas-based companies with no more than $100 Million in funding or sales, and have been nominated by the life sciences community.
Chad Ronholdt, Managing Director of NVB Ventures, and Chair to the BioNTX Tech Transfer Showcase believes, “The Rising Stars program is critical to the future success of life science and healthcare innovation in North Texas because it fosters the ecosystem we live and work in. Investors can see the vibrant company formation and know that the research and development work being done now will become part of the future standards of care across Texas, the Nation, and globally.” Rising Stars will have the opportunity to present their company during the 2023 iC³ Life Science Summit on Thursday, September 28th – Friday, September 29th.
“We are honored to be named a 2023 Rising Star recipient by BioNTX,” said David Thompson, President and Chief Executive Officer of Osteal Therapeutics. “Periprosthetic Joint Infection is a devastating condition whose outcomes haven’t improved in a meaningful way in over 20 years. We are dedicated to lifting the burden of this disease on patients, their providers, and the healthcare system. Our success so far is due in no small part to the community we chose to build this company. The friendly business environment and growing life science community fostered by BioNTX in North Texas are key ingredients to our rapid progress.”
Osteal recently completed an oversubscribed $23 million Series C equity financing. The proceeds leave Osteal well-funded to submit its New Drug Application to the FDA and accelerate preparation for commercial launch of VT-X7, its lead therapy for the treatment of periprosthetic joint infection (PJI). The company is rapidly approaching completion of enrollment in APEX-2, a multicenter, randomized controlled clinical trial of VT-X7. The VT-X7 clinical program was designed in consultation with the FDA following receipt of orphan drug and qualified infectious disease product designations.
About the 2023 iC³ Life Science Summit
The 9th Annual BioNTX iC³ Life Science Summit brings together North Texas bioscience and healthcare innovation leaders for a two-day event from Thursday, September 28, 2023 to Friday, September 29, 2023. The iC³ Summit fosters collaboration between thought leaders, knowledge exchange, and explores the latest innovation, products, and services in the life sciences. We invite you to register for the 2023 iC³ Life Science Summit, please click here.
About Periprosthetic Joint Infection (PJI)
Affecting over 40,000 people in the U.S. annually, PJI is a rare and potentially devastating complication of joint replacement surgery in which pathogenic bacteria colonize the joint prosthesis forming difficult to remove structures called biofilms. Biofilm infections are challenging to resolve, requiring long, invasive, and expensive treatments that are often unsuccessful, resulting in high rates of permanent disability and early death. Recent retrospective analyses demonstrate that the current gold standard for treatment of PJI, two-stage exchange arthroplasty, takes an average of 16 weeks and has a success rate under 50% after 12 months, highlighting the unmet need for faster and more efficacious treatment options.
About VT-X7
VT-X7 (vancomycin hydrochloride and tobramycin sulfate for irrigation/VT-X7 irrigation system) is a novel drug/device combination product designed to deliver therapeutic concentrations of vancomycin and tobramycin, well-established, broad-spectrum antibiotics, directly to the joint space and surrounding tissue to treat PJI. VT-X7 is a seven-day therapy designed to address the unmet clinical need for a rapid, reliable treatment for these challenging infections. In a Phase 2 clinical study of vancomycin and tobramycin delivered by irrigation, 100% of patients were treated and received a new permanent joint prosthesis in seven days, with 93% remaining infection free at one-year. The U.S. Food and Drug Administration granted VT-X7 orphan drug, fast track, and qualified infectious disease product designations. This initial application of VT-X7 represents a first-of-its-kind, multibillion-dollar opportunity to dramatically improve outcomes for a serious unmet medical need.
About Osteal Therapeutics, Inc.
Osteal Therapeutics is a privately held, clinical-stage biopharmaceutical company developing novel musculoskeletal therapeutics to treat orthopedic infections and their consequences. The company is leveraging the ability of concentrated, locally delivered antimicrobials to treat the bacterial biofilms typically responsible for musculoskeletal infections while minimizing off-target tissue exposure and associated adverse effects. Osteal employs a low-risk development strategy by using approved drugs with long histories of safety and efficacy as candidates for new routes of local delivery. The company’s lead candidate, VT-X7, is in Phase 2 development to treat periprosthetic joint infections, a serious complication of joint replacement surgery. For more information, please visit: www.ostealtx.com.
About BioNTX
BioNTX is the premier bioscience and healthcare innovation trade organization in North Texas. We work tirelessly to grow a strong life science community through collaborative peer-to-peer networking events, high-level educational programming, fostering connections to resources, supporting companies with a purchasing consortium, and by being the voice and champion for the North Texas biosciences and healthcare innovation community.
Media Contacts:
Osteal Therapeutics, Inc.
Todd Saunders
Vice President of Marketing
Email: info@ostealtx.com
BioNTX
Kathleen M. Otto
CEO
KOtto@BioNTX.org
