Arctic Therapeutics fundingImage Credit: Arctic Therapeutics

Arctic Therapeutics (ATx), an Icelandic drug discovery and development startup, has announced the successful closure of a €26.5 million Series A financing round. The funding, supported by a diverse syndicate of international investors, marks a significant milestone in the company’s mission to develop innovative treatments for neurodegenerative diseases and inflammatory conditions.

The investment round saw participation from the EIC Fund, Iceland’s largest private investment firm Kaldbakur, Investcorp-backed Sanos Group, Swiss-based Cerebrum DAO, The Lurie Family Foundation founded by US billionaire Jeffrey Lurie, and a consortium led by early investors in Icelandic unicorn Kerecis and Chemometec. Icelandic institutional investors and family offices also joined the round, further solidifying Arctic Therapeutics’ position as a leader in the biotech space.

With the new capital, Arctic Therapeutics aims to accelerate the development of its two lead candidates, AT-001 and AT-004. AT-001, an oral treatment designed to prevent the aggregation of harmful amyloid proteins in the brain, recently received approval from the European Medicines Agency (EMA) for a Phase IIb/III clinical trial targeting Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare form of familial dementia. The company plans to explore AT-001’s potential in other familial dementias and eventually Alzheimer’s disease.

“This funding represents a critical milestone in our journey to address significant unmet medical needs,” said Ivar Hakonarson, Co-founder and CEO of Arctic Therapeutics. “Advances in understanding amyloid proteins and plaque formation highlight the transformative potential of our approach to significantly slow or even prevent these devastating diseases. The support from our new investors will enable us to bring groundbreaking treatments closer to patients in need.”

The Series A funding will also support the development of AT-004, a treatment targeting inflammatory skin diseases, expanding Arctic Therapeutics’ portfolio in addressing urgent global health challenges.

Arctic Therapeutics’ achievements extend beyond funding. The company was recently selected to join the EIC Scaling Club, a prestigious European initiative aimed at transforming promising scale-ups into unicorns. The Club’s focus on growth acceleration aligns perfectly with Arctic Therapeutics’ vision for global impact.

Svetoslava Georgieva, Chair of the EIC Fund Board, emphasized the importance of the investment, stating, “In Europe alone, dementia affects over ten million people, placing immense strain on families and healthcare systems. Arctic Therapeutics’ innovative approach to preventive treatments holds the potential to change the trajectory of this crisis, improving quality of life and alleviating economic burdens worldwide.”

This funding milestone underscores Arctic Therapeutics’ commitment to transforming the treatment landscape for neurodegenerative and inflammatory diseases, driving innovation to improve lives globally.


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