Groton, CT, May 3, 2021 – Astrocyte Pharmaceuticals Inc., a drug discovery and development company advancing novel neuroprotective therapeutics for the treatment of neurodegenerative brain injuries, announced today the completion of the Company’s Series A financing that raised $6.0M. Astrocyte is progressing its lead development candidate AST-004, based upon technology originally licensed from The University of Texas Health Science Center at San Antonio, to address the unmet need for a drug that can reduce injury to the brain resulting from stroke, traumatic brain injury (TBI), concussion and other neurodegenerative conditions.
“This experienced team of professional drug developers has taken AST-004 through a rigorous program demonstrating safety and efficacy in the best available preclinical models,” said Jeff Arnold, a Director at Astrocyte since 2017 and Boston Harbor Angels investor and deal lead for the Series A. “The result, which of course needs to be proven in the clinic, is a drug which shows extraordinary promise in reducing the brain damage caused by stroke even when given in the presence of the best available current therapy, and shows promise in reducing the short and long term damage from concussion and traumatic brain injury in both the playing field and battlefield settings, for which there are no available therapeutics today.”
“Based upon promising preclinical efficacy across a range of species, AST-004 has the potential to become the first safe and effective neuroprotective drug ever developed for the victims of stroke, TBI and other causes of neurologic injury,” commented Dr. Jackson Streeter of DeepWork Capital, who joined Astrocyte’s Board of Directors. “Millions of people suffer brain injuries each year leading to significant loss of life and well-being, representing a tremendous global health economic burden. Astrocyte is well positioned to aggressively pursue these major unmet medical and socioeconomic needs.”
The investment round was led by Boston Harbor Angels, and was joined by Clinical Research Ventures, DeepWork Capital, Life Science Angels, Trend Investment Group, Dreamers Startup Ventures, Zhi Gao Holdings, Mass Medical Angels, Mid Atlantic Bio Angels, Kyto Technology and Life Science, SideCar Angels, and others.
The Series A financing enables Astrocyte to advance AST-004 into human Phase I clinical studies. Dr. William Korinek, CEO at Astrocyte Pharmaceuticals remarked, “we are proud to be advancing our lead program into the clinic and be another step closer to helping the millions of people affected by these injuries.”
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 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.
Research support referred to in this press release was supported by the National Institute of Neurological Disorders and Stroke (NINDS) and the National Institute On Aging (NIA) of the National Institutes of Health (NIH) under Award Numbers R41NS093756, R44NS093756, and R41AG062163, and also 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 NIH, 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.