Astrocyte Pharmaceuticals has raised $9.5 million in Series B funding to advance Phase 2 clinical development of AST-004, its investigational cerebroprotective therapy for concussion, traumatic brain injury and stroke. The financing was led by DeepWork Capital, with continued support from existing investors and participation from MintPharma Capital, Waterstar Capital, Dynagrow Capital and Angel Star Ventures.
The round brings total investment in Astrocyte, including financing and grants, to $40 million.
The funding will support continued Phase 2 development of AST-004, including completion of the STARFAST trial in athletes suffering sports-related concussion during Australian Rules Football. Enrollment is complete, with topline results expected this winter.
AST-004 targets astrocytes and is designed to increase their mitochondrial energy production, potentially strengthening the brain’s natural protective and repair mechanisms following an injury.
The candidate has completed two Phase 1 safety studies and is also being developed for complicated mild TBI and acute ischemic stroke.
KEY QUOTES:
“Astrocyte has the potential to develop the first therapeutic drug specifically approved to treat concussion and TBI. We have continually been impressed by the team, the consistency of the science and the progress of the clinical programs. We are pleased to support Astrocyte and the advancement of AST-004 for the major unmet medical condition of brain injury.”
Jackson Streeter, M.D., Venture Partner at DeepWork Capital
“This is an exciting time for Astrocyte as we reach one of the most important value inflection points in the company’s history. We have built substantial scientific evidence demonstrating the potential of AST-004 and we’re about to see crucial Phase 2 data from patients. With STARFAST, followed by clinical results from our trials in complicated mild TBI and acute ischemic stroke, we expect to build a comprehensive understanding of AST-004’s ability to protect the brain across multiple types of acute brain injury.”
William Korinek, Ph.D., CEO of Astrocyte Pharmaceuticals
