Arctic Therapeutics (ATx), an Icelandic clinical-stage biopharmaceutical company translating genetic discoveries into new treatments for diseases with significant unmet medical need, has announced the closing of a USD 21.5 million financing round, equivalent to approximately ISK 2.5 billion. The financing round was oversubscribed, and size was increased following strong investor demand.
The financing entailed the participation of both new and current investors and was led by investment firm Pekron, Investcorp-backed Sanos Group, Icelandic investment company Kaldbakur and Landvættir, an Icelandic venture capital fund managed by AxUM Securities.
The proceeds will primarily be used to advance ATx’s pipeline assets, AT-002 and AT-003, towards clinical development, expanding the company’s clinical pipeline beyond its lead programs, AT-001 and AT-004, in rare and common forms of dementia and inflammatory skin diseases, respectively, that both have since achieved the clinical development milestones.
(ATx) was founded by Dr. Hakon Hakonarson, MD and expert in lung and gene research at the Center of Applied Genomics (CAG) in the USA, and his son Ívar Hákonarson. The company’s diversified pipeline reflects its commitment to addressing diseases with significant unmet medical need by translating human genetic discoveries into safe and effective treatments. ATx is advancing clinical and preclinical programs across neurology, autoimmune diseases and inflammatory skin conditions and has operations in Iceland and the United States, alongside research and clinical collaborations across Europe.
Arctica Finance and BBA//Fjeldco advised Arctic Therapeutics in the transaction.
