#Iceland #Reykjavik #Arctic Therapeutics #Sanos Group #Investment Funding

Arctic Therapeutics Secures €26.5 Million in Series A Funding

Icelandic biopharmaceutical company Arctic Therapeutics (ATx) has successfully completed its Series A funding round, raising an impressive €26.5 million. This oversubscribed financing attracted a multitude of international investors, including Iceland's largest investment firm, Kaldbakur, the EIC Fund, and several other notable entities.

The funding will significantly accelerate the development of novel treatments targeting both rare familial forms of dementia, such as Hereditary Cystatin C Amyloid Angiopathy (HCCAA), and common inflammatory skin diseases. ATx co-founder and CEO Ivar Hakonarson emphasized the importance of this financial boost, stating that it is a critical milestone in addressing substantial unmet medical needs. This funding will propel the advancement of their leading candidates, AT-001 and AT-004, into clinical trials.

Key Highlights of the Funding

Recent advancements have seen the European Medicines Agency approve AT-001 for a crucial Phase IIb/III clinical trial that focuses on HCCAA. This oral treatment is designed to prevent harmful amyloid protein aggregation in the brain, which plays a significant role in dementia. The financing will also facilitate further studies on its efficacy in treating other forms of dementia and even Alzheimer's Disease.

In addition, Arctic Therapeutics plans to initiate Phase IIa clinical trials for AT-004, which targets acne vulgaris and has the potential to impact various inflammatory skin conditions including atopic dermatitis, rosacea, and psoriasis.

The involvement of expert organizations enhances ATx’s strategic goals. Jeppe Ragnar Andersen, CEO of the Sanos Group, has been appointed to the board, bringing valuable dermatological expertise. Andersen expressed enthusiasm about this collaboration, amplifying their mission to deliver innovative treatments for both dementia and skin diseases to millions of patients worldwide.

This funding round, celebrated for its depth of strategic investors, reflects a growing recognition of the pressing health challenges posed by dementia. Svetoslava Georgieva from the EIC Fund remarked on the impact of dementia, which currently affects over ten million people in Europe alone, straining healthcare systems and family resources.

Arctic Therapeutics: A Brief Overview

Founded in 2015 as a spin-off from the Center for Applied Genomics in Philadelphia, Arctic Therapeutics has carved a niche in drug discovery and development that utilizes applied genomics for developing safer and more effective treatment options. The company, which operates in Iceland, the U.S., and across Europe, aims to address some of the world's most challenging medical conditions through innovative research and development.

This recent funding is expected to fuel the next phase of Arctic Therapeutics' journey, as they strive to provide transformative solutions for the debilitating effects of dementia and skin diseases, setting a promising precedent for future developments in the biotech industry.