Astrocyte Pharmaceuticals has completed a $9.5 million Series B financing round led by DeepWork Capital. New investors MintPharma Capital, Waterstar Capital, Dynagrow Capital and Angel Star Ventures participated in the round, alongside continued support from existing investors. The company said the financing brings total investment in Astrocyte to $40 million, including financing and grants to date.
Founded in 2014, Astrocyte Pharmaceuticals is a clinical-stage biotechnology company developing therapies for concussion, traumatic brain injury and stroke. William S. Korinek, Ph.D., co-founded the company and serves as chief executive officer, while James D. Lechleiter, Ph.D., is also a co-founder. The company is headquartered in Groton, Connecticut.
Astrocyte is developing AST-004, a cerebroprotective drug candidate designed to target astrocytes, cells that play a role in supporting and protecting neurons during metabolic stress following acute brain injury. The company is evaluating the therapy across neurological conditions including concussion, traumatic brain injury and acute ischemic stroke.
The Series B proceeds will support continued Phase 2 clinical development of AST-004, including completion of the STARFAST trial in sports-related concussion involving Australian Rules Football players. AST-004 has completed two Phase 1 clinical safety studies, and enrollment has been completed in the company’s first Phase 2 trial.
