Astrocyte Pharmaceuticals Secures $9.5 Million Series B to Advance Phase 2 Clinical Development of Breakthrough TBI and Concussion Therapy AST-004

Enrollment Complete in STARFAST Sports-Related Concussion Trial; Topline Results Expected This Winter

GROTON, Conn., Sept. 30, 2026 /PRNewswire/ -- Astrocyte Pharmaceuticals Inc., a pioneering clinical-stage biotechnology company developing first-in-class cerebroprotective therapies for concussion, traumatic brain injury (TBI) and stroke, today announced the completion of a $9.5 million Series B financing round. The capital will advance the continued Phase 2 clinical development of AST-004, including completion of the company's STARFAST trial in sports-related concussion in Australian Rules Football.

The financing was led by DeepWork Capital, with continued support from existing investors and participation from new investors MintPharma Capital, Waterstar Capital, Dynagrow Capital and Angel Star Ventures. The Series B round brings the total invested in Astrocyte to $40 million including financing and grants to date.

AST-004 is a novel cerebroprotective therapy that targets astrocytes, the brain's primary caretaker cells, enhancing their natural ability to protect neurons and preserve brain function during the metabolic stress that follows an acute injury. This approach intervenes early in the injury process, protecting vulnerable brain tissue from secondary damage to improve recovery and avoid lasting neurological deficits. AST-004 addresses enormous unmet medical need for concussion and other traumatic brain injuries, as well as acute ischemic stroke.

"Astrocyte has the potential to develop the first therapeutic drug specifically approved to treat concussion and TBI," said Jackson Streeter, M.D., Venture Partner at DeepWork Capital. "We have continually been impressed by the team, the consistency of the science and the progress of the clinical programs. We are pleased to support Astrocyte and the advancement of AST-004 for the major unmet medical condition of brain injury." 

AST-004 has completed two Phase 1 clinical safety studies and has advanced into Phase 2 development, with enrollment now complete in its first Phase 2 trial. Its development is supported by extensive preclinical data demonstrating cerebroprotective activity across multiple models of acute brain injury, as well as multiple federal research awards supporting continued development.

The Phase 2 STARFAST trial is evaluating AST-004 in athletes who experience a concussion during competitive Australian Rules Football. The randomized, double-blind, placebo-controlled trial is assessing the safety of AST-004 and its effects on objective blood biomarkers of brain injury and clinical measures of concussion recovery. Topline results are expected this winter.

"This is an exciting time for Astrocyte as we reach one of the most important value inflection points in the company's history," said William Korinek, Ph.D., Chief Executive Officer of Astrocyte Pharmaceuticals. "We have built substantial scientific evidence demonstrating the potential of AST-004 and we're about to see crucial Phase 2 data from patients. With STARFAST, followed by clinical results from our trials in complicated mild TBI and acute ischemic stroke, we expect to build a comprehensive understanding of AST-004's ability to protect the brain across multiple types of acute brain injury."

Astrocyte is led by a deeply experienced senior executive team, a world-class scientific and clinical advisory board and a distinguished board of directors. The company's non‑clinical advisory board, comprised of national leaders in sports, marketing, media and strategic business operations, will be announced this fall.

About Astrocyte Pharmaceuticals Inc.
Astrocyte Pharmaceuticals is a clinical-stage biotechnology company developing first-in-class cerebroprotective therapies that target astrocytes to enhance the brain's intrinsic ability to protect and repair itself. The company is advancing AST-004 across multiple acute neurological conditions, supported by a growing body of clinical, translational and preclinical research. For more information, visit www.astrocytepharma.com or email [email protected]. 

Forward-Looking Statement
This press release contains forward-looking statements regarding, among other matters, the development, potential benefits, clinical and preclinical evaluation, and future development plans for AST-004. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results, development timelines or outcomes to differ materially from those expressed or implied. Forward-looking statements are not guarantees of future performance. The information in this release is provided as of the date hereof, and Astrocyte Pharmaceuticals undertakes no obligation to update these statements except as required by applicable law.

Media contact:
Charles Upchurch
919-395-1588
[email protected] 

SOURCE Astrocyte Pharmaceuticals Inc.