Medtech startup Arctic Therapeutics recently made waves in the healthcare industry by securing a substantial €26.5M in Series A funding. This boost is set to propel the company’s cutting-edge anti-amyloid treatment for various forms of dementia, both rare and common.
“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 funding was secured through a collaboration with a diverse syndicate of international investors, showcasing the broad appeal and potential impact of Arctic Therapeutics’ innovative approach. Among the notable backers are 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, and a consortium led by early investors and co-founders of Icelandic unicorn Kerecis, along with Copenhagen-listed Chemometec.
Beyond these prominent names, Icelandic institutional investors and family offices also participated in this round of funding. Such widespread support underscores the confidence in Arctic Therapeutics’ mission to revolutionize dementia treatment through groundbreaking pharmaceutical advancements.
“Recent advances in understanding the role of amyloid proteins underscore the transformative potential of our approach to significantly slow or even prevent these devastating diseases.”
The allocated funds are earmarked for advancing ATx’s two lead projects: AT-001 and AT-004. Particularly noteworthy is AT-001, which gained approval last year from the European Medicines Agency (EMA) for a phase IIb/III clinical trial targeting Hereditary Cystatin C Amyloid Angiopathy (HCCAA), an uncommon form of familial dementia.
ATx’s primary focus revolves around developing AT-001 as an oral treatment specifically designed to impede the aggregation of harmful amyloid proteins within the brain. This innovative strategy holds promise not only for HCCAA but also potentially extends its benefits to other types of familial dementia and eventually Alzheimer’s disease itself.
“Investing in innovative solutions to address the global healthcare challenge of dementia is both a responsibility and an opportunity.”
Ivar Hakonarson, co-founder and CEO at ATx expressed profound gratitude towards their new investors: “The new investors bring expertise and strategic value to the table, enabling us to accelerate the development of groundbreaking treatments.” He highlighted how recent scientific progress elucidating amyloid proteins’ role emphasizes Arctic Therapeutics’ potential to significantly mitigate or even prevent these debilitating diseases.
In recognition of their pioneering work, Arctic Therapeutics was invited last year to join Europe’s prestigious EIC Scaling Club—an exclusive community nurturing Europe’s most promising scale-ups aiming at transforming 20% into unicorns.
Svetoslava Georgieva, Chairperson of EIC Fund Board shared insights on their investment rationale: “By providing equity investment in Arctic Therapeutics, we are supporting preventive treatments that have seismic potential to reshape outcomes related to dementia worldwide.”
Arctic Therapeutics stands at a pivotal juncture where innovation meets compassion—a potent combination driving them towards reshaping how we perceive and combat neurological disorders like dementia. With visionary leadership steering their course backed by robust financial support—this medtech startup is poised for remarkable breakthroughs that could redefine healthcare paradigms globally.
