Cambridge, MA, March 24, 2017 – Astrocyte Pharmaceuticals Inc., a CNS therapeutics startup, announced today that it has raised approximately $1.36M in a seed financing round. The company is developing novel small molecule drugs that limit neuronal damage in patients that have suffered a stroke, traumatic brain injury (TBI) or concussion.
“There has been significant progress in understanding how glia cells in the brain contribute to brain health and recovery. Astrocyte is at the forefront of advancing glia-directed drugs and have impressive animal data for their lead compound. We believe this drug could substantially improve outcomes for victims of stroke and TBI and we are excited to be part of this effort,” said Jeff Arnold, a member of Boston Harbor Angels who participated in the financing and today joined Astrocyte’s Board of Directors. Per the World Health Organization, stroke is the second leading cause of death worldwide, while TBI is the leading cause of death and disability in children and young adults following an injury.
According to Dr. William Korinek, CEO at Astrocyte Pharmaceuticals, “This seed financing, combined with NIH and DOD grants to study our drug, should enable Astrocyte to rapidly advance its lead drug candidate into important preclinical studies.”
For more information about Astrocyte Pharmaceuticals please contact Dr. William Korinek at 617-444-8765 or [email protected].
About Astrocyte Pharmaceuticals Inc.
Astrocyte Pharmaceuticals Inc. is a privately held drug development company dedicated to accelerating the recovery and well-being of brain injury patients. The company is committed to proving the neuroprotective benefits of selective astrocyte activation, and advancing breakthrough therapeutic agents for treating brain injury resulting from stroke, TBI, concussion, and neurodegenerative disorders such as Alzheimer’s disease.
About Boston Harbor Angels
Boston Harbor Angels, like a lighthouse, helps entrepreneurs navigate and grow their start-up businesses through the treacherous waters of an increasingly competitive environment in our global economy. Boston Harbor Angels is a group of proven business leaders interested in investing a portion of our assets in high-growth, early-stage companies. Since 2004 we have made investments in companies in medical devices, IT, consumer products, business products, specialty materials, Internet, aviation, etc. We believe we contribute more than money to the companies we fund and welcome the opportunity to work with entrepreneurs who are open to taking advice, yet have the smarts and determination to make their company successful.
Research support referred to in this press release will be supported by the National Institute of Neurological Disorders and Stroke of the National Institutes of Health under Award Number R41NS093756, and by the Department of Defense Congressionally Directed Medical Research Programs under Award Number W81XWH-15-1-0283. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health, the Department of Defense or the U.S. Army Medical Research and Materiel Command.
The securities sold in the aforementioned private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the aforementioned shares. In addition, this press release contains certain forward-looking statements regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and the company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.