Astrocyte Pharmaceuticals secures over $6m for brain injury treatments
Astrocyte Pharmaceuticals Inc., a vanguard in the realm of cerebroprotective drug discovery, has amassed over $6 million in an oversubscribed pre-Series B Bridge financing round. Spearheaded by Dreavent Capital, the round witnessed participation from renowned backers like the Alzheimer’s Drug Discovery Foundation, Navis VB Fund I, DeepWork Capital, and a consortium of prominent angel investors. The freshly acquired capital is earmarked for expediting the clinical trajectory of AST-004, a groundbreaking therapeutic candidate with the potential to revolutionize treatments for acute brain injuries, such as stroke and TBI, and probe its efficacy in combatting Alzheimer’s disease.
William Korinek, the CEO of Astrocyte Pharmaceuticals, underlined the global magnitude of brain injuries and the dire scarcity of effective treatments. He expressed optimism that this financial infusion would catalyze the clinical evolution of AST-004, inching it closer to becoming a beacon of hope for countless patients grappling with brain injuries.
Currently nestled in the Phase 1B clinical safety evaluations, Astrocyte Pharmaceuticals is gearing up to launch Phase 2 efficacy assessments of AST-004 by 2024. Gorka Fius, the CEO of Dreavent Capital, which helmed the investment parade, lauded Astrocyte Pharmaceuticals’ exemplary team and research excellence. He emphasized that multifaceted preclinical trials have spotlighted AST-004’s universal efficacy across varied brain injuries, fortifying faith in its transformative therapeutic potential.
Beyond the immediate realm of acute brain injuries, rigorous research endeavors are in the pipeline to decipher AST-004’s potential in countering chronic neurodegenerative maladies like Alzheimer’s disease. With the involvement of eminent investors, including Boston Harbor Angels, Life Science Angels, Mid Atlantic Bio Angels, Mass Medical Angels, SideCar Angels, and more, Astrocyte’s vision is receiving an unwavering endorsement, promising breakthroughs in cerebral health treatments.