Arctic Therapeutics, our New Biotech Platforms group member from Iceland, has today announced the successful closing of a €26.5 million oversubscribed Series A investment round. 

The company’s co-founder and CEO Ivar Hakonarson said that this funding will help Arctic Therapeutics continue to “address significant unmet medical needs, from familial forms of dementia and Alzheimer’s to novel treatments for inflammatory skin diseases.”

The funding has been raised by a syndicate of international investors, including the EIC Fund, Iceland’s largest privately-held investment firm Kaldbakur, Investcorp-backed Sanos Group, Swiss-based Cerebrum DAO, The Lurie Family Foundation, as well as a consortium led by early investors and co-founders of Icelandic unicorn, Kerecis, and Copenhagen-listed Chemometec.

The proceeds from the Series A financing will be used to advance ATx’s two pioneering treatments, AT-001 and AT-004, closer to the patients:

• AT-001 focuses on dementia caused by harmful accumulations of protein. Taken orally, AT-001 disrupts and dissolves these harmful protein clusters, consequently reducing the risks of dementia.
• AT-004 is a treatment for acne, preventing or alleviating its symptoms before they expand into other inflammatory skin diseases, like atopic dermatitis, rosacea, or psoriasis. 

Read more about this news in the Arctic Therapeutics official announcement.

About the EIC Scaling Club

The EIC Scaling Club is a curated community where 120+ European deep tech scale-ups with the potential to build world-class businesses and solve major global challenges come together with investors, corporate innovators and other industry stakeholders to spur growth.

The top 120+ European deep tech companies will be carefully selected from a pool of high-growth scale-ups that have benefitted from EIC financial schemes, other European and national innovation programmes, and beyond.

The EIC Scaling Club is an EIC-funded initiative run in partnership by Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.

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