Icelandic drug discovery and development startup Arctic Therapeutics has raised €26.5M in Series A financing from a syndicate of international investors.
The syndicate includes the EIC Fund, Iceland’s largest privately held investment firm Kaldbakur, Investcorp-backed Sanos Group, Swiss-based Cerebrum DAO, The Lurie Family Foundation – established by US billionaire Jeffrey Lurie – as well as a consortium led by early investors and co-founders of Icelandic unicorn, Kerecis, and Copenhagen-listed Chemometec. Icelandic institutional investors and family offices also participated in the round.
The funds will be used to advance ATx’s two frontrunners, AT-001 and AT-004. Last year, the European Medicines Agency (EMA) approved a phase IIb/III clinical trial evaluating AT-001 for the treatment of Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare form of familial dementia.
The new funding will allow ATx to explore the potential of AT-001, an oral treatment designed to prevent the aggregation of harmful amyloid proteins in the brain, in other forms of familial dementia, and eventually Alzheimer’s disease.
“This funding represents a critical milestone in our journey to address significant unmet medical needs, from familial forms of dementia and Alzheimer’s to novel treatments for inflammatory skin diseases. The new investors bring expertise and strategic value to the table, enabling us to accelerate the development of groundbreaking treatments,” commented Ivar Hakonarson, ATx co-founder and CEO.
“Recent advances in understanding the role of amyloid proteins and the critical importance of preventing and dissolving plaque formation in the brain underscore the transformative potential of our approach to significantly slow or even prevent these devastating diseases,” he added.
Last year, ATx was selected to join the prestigious EIC Scaling Club, an exclusive community of Europe’s "most promising" scaleups. The Club aims to accelerate the growth of its members, with a goal of scaling 20% of them into unicorns.
“Investing in innovative solutions to address the global healthcare challenge of dementia is both a responsibility and an opportunity,” said Svetoslava Georgieva, Chair of the EIC Fund Board. “In Europe alone, dementia affects over ten million people – placing immense strain on families, healthcare systems, and economies. By providing an equity investment in Arctic Therapeutics, the EIC Fund is supporting groundbreaking preventive treatments that have the potential to change the trajectory of this crisis, improve quality of life, and alleviate the burden on healthcare infrastructure worldwide."
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