Cambridge, MA, June 6, 2018 – Astrocyte Pharmaceuticals Inc. announced today that it has completed a Pre-A financing round that raised over $2.3M. The company is advancing several small molecule neuroprotective therapeutics for the treatment of stroke, traumatic brain injury (TBI) or concussion, and neurodegenerative disease.
The Pre-A round was led by Kaitai Capital, and was joined by the Boston Harbor Angels, Mass Medical Angels, Zhi Gao Holding Ltd., Nest.Bio Ventures, SideCar Angels and others.
“Stroke and brain trauma are the cause of tremendous death and disability every year, and there is a desperate need for a neuroprotective therapeutic that will help these millions of patients,” said Qi Jin, VP of Kaitai Capital. “Although there have been challenges historically for clinical trials in stroke and trauma, we think that Astrocyte’s AST-004 has great potential, based on its novel mechanism of action, promising preclinical data, and the emergence of a modern clinical trial pathway that has recently proven successful for acute stroke intervention studies.”
“The Astrocyte team has made great progress over the past year in demonstrating the preclinical efficacy of our approach, and the Pre-A financing round reflects the continued investor enthusiasm for the Company,” said Dr. William Korinek, CEO at Astrocyte Pharmaceuticals. “We look forward to advancing our first program to clinical studies, and determining how much AST-004 can benefit brain injury patients.”
For more information about Astrocyte Pharmaceuticals please contact Dr. William Korinek at 617-444-8765 or [email protected].
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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 enhancing astrocyte function, and advancing breakthrough therapeutic agents for treating brain injury resulting from stroke, TBI, concussion, and neurodegenerative disorders such as Alzheimer’s disease.
About Kaitai Capital
Kaitai Capital is an investment management organization that mainly engages in venture capital, private equity, and wealth management businesses. Fields of investment include biotechnology, healthcare services, agriculture technology, consumer business, and digital technology. Currently, Kaitai Capital manages 50 billion RMB (USD$7.2B).
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 Numbers 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.
