Groton-based Astrocyte Pharmaceuticals Inc., which is working to find treatments for brain injuries and disorders, announced it recently raised more than $6 million in a pre-Series B financing round.
The company plans to use the money toward its clinical development of AST-004, its drug candidate aimed at treating stroke and traumatic brain injury. It will also assess AST-004’s potential for treating Alzheimer’s disease.
Astrocyte Pharmaceuticals CEO William Korinek said there are millions of patients worldwide living with these conditions, and they have limited treatment options.
“With this additional funding, we are poised to accelerate the clinical development of AST-004 and move one step closer to proving this novel approach can benefit patients in dire need,” Korinek said, in an announcement.
Astrocyte is currently conducting Phase 1B clinical safety studies of AST-004, and it is preparing to do Phase 2 studies of its effectiveness in 2024.
Dreavent Capital led the funding round. The Alzheimer’s Drug Discovery Foundation was also a contributor. Since it was founded in 1998, the foundation has awarded more than $250 million for over 720 Alzheimer’s drug discovery and biomarker programs and clinical trials in 19 countries.
Dr. Howard Fillit, co-founder and chief science officer for the Alzheimer’s Drug Discovery Foundation, said finding ways to target brain inflammation, as Astrocyte Pharmaceuticals is doing with its AST-004 drug candidate, will play an important role in the future of Alzheimer’s disease treatment.
Other investors included Navis VB Fund I, DeepWork Capital, Mid Atlantic Bio Angels, Boston Harbor Angels, Life Science Angels, Mass Medical Angels, Trend Investment Group, SideCar Angels and others.
