Astrocyte Pharmaceuticals, a company focused on clinical-stage drug discovery and development based in Cambridge, MA, with operations in Groton, CT, has secured $6 million in Pre-Series B funding.
The financing round was spearheaded by Dreavent Capital, and saw participation from prominent contributors including the Alzheimer’s Drug Discovery Foundation, Navis VB Fund I, DeepWork Capital, Mid Atlantic Bio Angels, Boston Harbor Angels, Life Science Angels, Mass Medical Angels, SideCar Angels, and other investors.
Under the leadership of CEO William Korinek, Astrocyte Pharmaceuticals specializes in the advancement of treatments for brain injuries, with the goal of improving the lives of those impacted. The company is dedicated to developing therapeutic solutions that have demonstrated effectiveness across a wide range of brain injury models in both small and large animals. These models encompass conditions such as stroke, traumatic brain injury, concussion, and neurodegenerative disorders like Alzheimer’s disease.
The funding procured will be channeled towards expediting the clinical progression of their promising therapeutic candidate, AST-004. This candidate exhibits potential for treating a broad spectrum of acute brain injuries, including stroke and traumatic brain injury (TBI).
Furthermore, the company plans to extend its investigations to assess the compound’s viability in preclinical models of Alzheimer’s disease.
Astrocyte is presently engaged in Phase 1B clinical safety trials of AST-004, with preparations underway for Phase 2 efficacy studies scheduled for 2024. Beyond its applications in acute brain injuries, the company is dedicated to exploring the potential of AST-004 in addressing chronic neurodegenerative disorders like Alzheimer’s disease.