Connecticut-based Astrocyte Pharmaceuticals Inc. closed a USD 9.5 million Series B financing round led by DeepWork Capital, with funding set to support Phase II clinical development of its cerebroprotective candidate AST-004, including completion of an ongoing concussion trial.
New investors MintPharma Capital, Waterstar Capital, Dynagrow Capital, and Angel Star Ventures participated alongside existing backers. The Series B brings total capital invested in the company, including financing and grants, to USD 40 million.
AST-004 is designed to target astrocytes — the brain's primary support cells — to enhance their capacity to protect neurons and preserve brain function following acute injury. The candidate has completed two Phase I safety studies and entered Phase II development across three indications: sports-related concussion, complicated mild traumatic brain injury (TBI), and acute ischemic stroke.
Enrollment is complete in the Phase II STARFAST trial, a randomized, double-blind, placebo-controlled study evaluating AST-004 in athletes who sustain a concussion during competitive Australian Rules Football, with topline results expected this winter. Clinical results from the company's complicated mild TBI and acute ischemic stroke trials are expected after the STARFAST readout.