Arctic Therapeutics has raised €26.5 million in Series A funding to advance clinical research for treatments targeting dementia and neurological diseases.

Information on the Target

Arctic Therapeutics (ATx), an Icelandic biotechnology company, has successfully secured Series A financing valued at €26.5 million, equivalent to approximately 4 billion Icelandic Krona. The funding round saw participation from both domestic and international investors, including the EIC Fund, the Nordic research consortium Sanos Group, Kaldbakur, the Swiss firm Cerebrum DAO, and notable individuals such as Jeffrey Lurie, the well-known owner of the NFL's Philadelphia Eagles. Additionally, other early investors and co-founders of biotechnology firms like Kerecis and Chemometec contributed to this financial milestone.

Founded by Dr. Hákon Hákonarson, a physician and specialist in lung and genomic research at the Center of Applied Genomics in the United States, Arctic Therapeutics also includes his son, Ívar Hákonarson, among its founders. The company has three other drug candidates in development, including treatments targeting Parkinson's disease, illustrating its commitment to addressing critical healthcare challenges.

Industry Overview in Iceland

The biotechnology industry in Iceland has been gaining traction over the past few years, characterized by a growing emphasis on innovation and research. With a favorable environment for startups, Iceland has attracted both local