Astrocyte Pharmaceuticals Inc., a clinical-stage drug discovery and development firm, has successfully closed an oversubscribed pre-Series B Bridge financing round exceeding $6M. Led by Dreavent Capital, the round saw significant participation from the Alzheimer’s Drug Discovery Foundation, among other investors. The funds will be utilized to expedite the clinical development of AST-004, a promising treatment for acute brain injuries, and to further explore its potential in Alzheimer’s disease models.
Key Highlights
- The financing round aims to fast-track the clinical development of AST-004, focusing on acute brain injuries and its potential implications in Alzheimer’s disease preclinical models.
- AST-004 has demonstrated efficacy in multiple preclinical studies across a range of brain injury types.
- Astrocyte is currently in the midst of Phase 1B clinical safety studies for AST-004 and is preparing for Phase 2 efficacy studies in 2024.
Source: Business Wire
Notable Quotes
- “There are millions of patients living with brain injuries worldwide who face limited treatment options for these devastating conditions. 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.” – William Korinek, Ph.D, CEO, Astrocyte Pharmaceuticals
- “Finding innovative ways to target inflammation in the brain will play an important role in the future of combination therapy and precision medicine for Alzheimer’s disease. Astrocyte’s approach using AST-004 holds promise for reducing astrocyte-induced excess inflammation, which has the potential to provide a neuroprotective effect and may reduce the burden of beta-amyloid plaques in the brain, one of the traditional hallmarks of Alzheimer’s.” – Dr. Howard Fillit, Co-Founder and Chief Science Officer, Alzheimer’s Drug Discovery Foundation
SoH's Take
- The successful financing round for Astrocyte Pharmaceuticals, with the Alzheimer’s Drug Discovery Foundation as a notable investor, marks a significant step forward in the field of brain injury treatment. The investment by the Alzheimer’s Drug Discovery Foundation underscores the potential of AST-004, especially in the context of Alzheimer’s disease.
- The involvement of Dreavent Capital as the lead and the participation of other prominent investors highlight the industry’s confidence in the therapeutic potential of AST-004 and its applicability across various brain injuries.
