Astrocyte Pharmaceuticals Secures $6M Pre-Series B Financing with Alzheimer's Drug Discovery Foundation as a Notable Investor
Slice of Healthcare Team
08/18/2023
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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
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