Arctic Therapeutics, an Icelandic drug discovery and development company with headquarters in Reykjavik and Philadelphia, has secured €26.5M in an oversubscribed Series A round. The investors include EIC Fund, Kaldbakur, Sanos Group, Cerebrum DAO, The Lurie Family Foundation, Kerecis, and Chemometec, as well as Icelandic institutional investors and family offices.
This funding will drive the development of the company’s anti-amyloid treatment for rare and common forms of dementia and advance a novel class of treatment for inflammatory skin diseases.
How Arctic Therapeutics pioneers research in amyloid-based dementia treatment
Founded in 2015 by Ivar Hakonarson and his father, Dr Hákon Hákonarson, a renowned expert in applied genomics at the University of Pennsylvania, Arctic Therapeutics emerged as a spin-off from the Center for Applied Genomics (CAG) at the Children’s Hospital of Philadelphia. The company focuses on addressing medical challenges in dementia and other genetic disorders.
Speaking to TFN, Ivar Hakonarson explained: “Arctic Therapeutics is advancing treatments to meet some of the world’s most pressing healthcare challenges, including developing a treatment for rare and common forms of dementia. The global socioeconomic impact of dementia — estimated at $2.8 trillion — will continue to grow without safe and effective treatments, placing immense strain on families, caregivers, and healthcare systems.”
The Series A proceeds will advance two leading candidates, AT-001 and AT-004, through clinical trials. The European Medicines Agency (EMA) recently approved a pivotal phase IIb/III clinical trial for AT-001 in treating Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare form of familial dementia. The new funding will enable ATx to explore AT-001’s potential — an oral treatment preventing harmful amyloid protein aggregation in the brain — for other forms of familial dementia and Alzheimer’s disease.
Beyond the AT-001 trial, ATx will launch a phase IIa clinical trial for AT-004 in Europe. This trial aims to demonstrate safety and efficacy in acne vulgaris before expanding to other inflammatory skin conditions, including atopic dermatitis, rosacea, and psoriasis.
“This funding marks a crucial milestone in addressing significant unmet medical needs,” noted Hakonarson. “From familial forms of dementia and Alzheimer’s to novel treatments for inflammatory skin diseases, we’re positioned to make a significant impact. Our new investors bring valuable expertise and strategic insight, enabling us to accelerate the development of groundbreaking treatments.”
Arctic Therapeutics’s precision approach through applied genomics
The company uses applied genomics to develop safer, more effective treatments for challenging diseases. Arctic Therapeutics drives innovation in drug development by combining bioinformatics, AI, genetic sequencing, and its proprietary genetic drug discovery platform. This strategy aims to transform and reduce risks in drug development, leading to better outcomes for patients with genetic and common diseases.
Hakonarson told TFN, “Our approach identifies disease root causes by analysing genomic data, finding disease-linked genes and proteins that target these causes. We use AI to analyse complex datasets, identify promising treatment targets, and match drug candidates to improve our treatments’ precision, safety, and effectiveness.”
“Recent advances in understanding amyloid proteins and the role of preventing and dissolving brain plaque formation show our approach’s potential to slow or prevent these devastating diseases significantly,” Hakonarson added.
Advancing dementia treatment through innovation and research
“Dementia affects over ten million people in Europe alone, straining families, healthcare systems, and economies,” said Svetoslava Georgieva, Chair of the EIC Fund Board. “Through our investment in Arctic Therapeutics, the EIC Fund supports groundbreaking preventive treatments that can reshape this crisis, enhance quality of life, and reduce the burden on healthcare infrastructure worldwide.”
Hakonarson concluded: “Early treatment represents the next frontier in dementia research and treatment, particularly given recent advances in early diagnostic tools, such as blood assays measuring plasma protein build-up. Current research indicates this means treating patients before symptoms appear — a global population exceeding 155 million.”
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