1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support high-risk, high-potential small and medium-sized enterprises (SMEs) and startups in Europe. It aims to provide funding and resources to foster innovation and accelerate the development of breakthrough technologies and products, particularly in the DeepTech sector. The program offers a unique blend of grant and equity funding, enabling companies to scale and secure the necessary capital to bring their innovations to market.

Funding Structure

The EIC Accelerator funding consists of two main components: grant funding and equity investment.

Purpose and Impact

The EIC Accelerator plays a pivotal role in the European DeepTech and startup ecosystem by addressing the funding gap that many innovative companies face. It acts as a catalyst for innovation, providing not only financial support but also valuable guidance and access to networks that can accelerate growth. By facilitating collaboration between startups and established companies, the EIC Accelerator helps to enhance the commercialization of groundbreaking technologies.

The program also emphasizes the importance of private sector involvement in funding innovation. By supporting companies to achieve milestones that attract further investment, the EIC Accelerator ensures that Europe remains a competitive player in the global innovation landscape.

Arctic Therapeutics and the DNACA Project

Arctic Therapeutics ehf, a company based in Iceland, emerged as a winner of the EIC Accelerator, having successfully submitted its Step 2 proposal and later securing funding in the Step 3 interview on October 5, 2022. The company’s project, known as DNACA (Dementia/Alzheimer Drug Attributed to Cystatin-C and other mutations), focuses on the development of precision medicine aimed at treating dementia and Alzheimer's disease.

Project Overview

The DNACA project targets the development of a novel therapeutic approach to combat neurodegenerative diseases, specifically Alzheimer's disease. This effort is grounded in the understanding of the role of Cystatin-C and other genetic mutations associated with these conditions. By leveraging precision medicine principles, Arctic Therapeutics aims to tailor treatments based on individual genetic profiles, thus enhancing efficacy and minimizing adverse effects.

Technology Background

Cystatin-C is a protein that has been implicated in various neurodegenerative processes, particularly in Alzheimer's disease. Research indicates that alterations in Cystatin-C levels may influence amyloid-beta accumulation, a hallmark of Alzheimer's pathology. The DNACA project seeks to explore these connections further, developing a drug that modulates Cystatin-C activity and targets other relevant mutations that contribute to disease progression.

The technology behind DNACA involves advanced biotechnological techniques, including gene editing and protein engineering, to create a drug that can selectively interact with the molecular pathways involved in Alzheimer's disease. By focusing on precision medicine, Arctic Therapeutics aims to deliver personalized treatment options that address the unique genetic makeup of each patient, thus offering a significant advancement over traditional approaches that may not take individual variability into account.

In conclusion, the EIC Accelerator program stands as a crucial support system for innovative companies like Arctic Therapeutics, empowering them to transform groundbreaking research into viable solutions for pressing health challenges. The DNACA project exemplifies the potential of precision medicine in addressing complex diseases, with the backing of the EIC Accelerator providing the necessary resources to bring this innovative treatment to fruition.

2 The Funding Rounds

# Arctic Therapeutics: EIC Accelerator Funding and Financial Journey

Arctic Therapeutics (ATx), an Icelandic drug discovery and development company, has established itself as a promising innovator in the pharmaceutical sector since its founding in 2015. The company emerged as a spin-off from the US-based Center for Applied Genomics (CAG), a research center at the Children's Hospital of Philadelphia led by ATx founder Hakon Hakonarson, MD, PhD.

EIC Accelerator Funding

Arctic Therapeutics received EIC Accelerator funding after submitting their Step 2 proposal on October 5, 2022, and subsequently winning in the Step 3 interview. The European Innovation Council (EIC) Fund has since become a significant investor in the company, participating in their most recent funding round.

Funding History and Rounds

Arctic Therapeutics has undergone several funding rounds to support its growth and development:

Early Venture Capital

The company received approximately €10 million in Early VC funding before its Series A round.

Series A Financing (January 2025)

On January 22, 2025, Arctic Therapeutics announced the successful closing of an oversubscribed Series A financing round of €26.5 million (approximately $27.6 million). This represents the company's most significant funding milestone to date.

Investor Information

The Series A financing round attracted a diverse syndicate of international investors, including:

• EIC Fund - The European Innovation Council Fund, which provided equity investment as part of their commitment to supporting groundbreaking preventive treatments
• Kaldbakur - Iceland's largest privately-held investment firm
• Sanos Group - An Investcorp-backed organization (Jeppe Ragnar Andersen, CEO of Sanos Group, joined Arctic Therapeutics' board following the investment)
• Cerebrum DAO - A Swiss-based investment organization
• The Lurie Family Foundation - Established by US billionaire Jeffrey Lurie
• Consortium of early investors - Including co-founders of Icelandic unicorn Kerecis and Copenhagen-listed Chemometec
• Icelandic institutional investors and family offices

Funding Allocation

The proceeds from the Series A financing will be used to advance Arctic Therapeutics' two frontrunner products:

Company Valuation

While exact valuation figures aren't explicitly stated in the available data, estimates suggest Arctic Therapeutics has an enterprise value in the range of $117-175 million.

Recognition and Growth Potential

In 2024, Arctic Therapeutics was selected to join the prestigious EIC Scaling Club, an exclusive community of Europe's "most promising" scaleups. The Club aims to accelerate the growth of its members, with a goal of scaling 20% of them into unicorns.

According to Svetoslava Georgieva, Chair of the EIC Fund Board, the investment in Arctic Therapeutics represents both "a responsibility and an opportunity" to address the global healthcare challenge of dementia, which affects over ten million people in Europe alone.

No information about exit events such as IPOs, buyouts, or acquisitions is available in the current data, suggesting that Arctic Therapeutics remains privately held as it continues to develop its therapeutic pipeline.

Sources: - Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing

• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing - PR Newswire
• Arctic Therapeutics Announces $27.6 Million Financing - Global Genes
• Arctic Therapeutics raises €26.5M Series A funding for dementia treatment - Tech.eu
• Arctic Therapeutics company information, funding & investors - Dealroom

3 The Press Releases

Arctic Therapeutics: Progress and Developments Since EIC Accelerator Funding

Arctic Therapeutics, an Icelandic drug discovery and development company, received significant funding from the European Innovation Council (EIC) Accelerator in October 2022. This funding marked a pivotal moment for the company, which is focused on identifying genetic underpinnings of both rare and common diseases to develop innovative therapies.

Funding and Financial Developments

Arctic Therapeutics was awarded a substantial grant of approximately $13.3 million from the EIC Accelerator, consisting of a $2.7 million grant and a $10.6 million direct equity investment through the EIC Fund. This funding has been instrumental in advancing one of their key drugs, AT-001, designed for the treatment of dementia.

In January 2025, the company announced the successful closing of an oversubscribed Series A financing round, securing €26.5 million. This round included investments from the EIC Fund, Kaldbakur, Sanos Group, Cerebrum DAO, The Lurie Family Foundation, and a consortium led by early investors and co-founders of Icelandic unicorn Kerecis.

Technology and Drug Development

Arctic Therapeutics leverages bioinformatics, AI, and a nationwide genealogy database to eliminate major risks associated with traditional drug development. The company collaborates closely with the Center for Applied Genomics (CAG) at the Children’s Hospital of Philadelphia to develop groundbreaking new medical treatments.

The company's drug pipeline includes five projects, with AT-001 being a key focus. AT-001 is designed to treat dementia by preventing the aggregation of amyloid proteins in the brain. It is particularly targeted at Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare form of familial dementia, with potential applications in treating Alzheimer's disease.

Partnerships and Team Updates

Arctic Therapeutics has expanded its partnerships and investor base significantly. The Series A financing round brought in strategic investors, including the EIC Fund, Sanos Group, and The Lurie Family Foundation. Jeppe Ragnar Andersen, CEO of Sanos Group, joined the company's board as part of this round.

The company is also collaborating with leading international experts, research organizations, and universities to advance its drug portfolio. Operations are supported by a team of international experts in genetics, genomics, immunology, bioinformatics, and drug development.

Press Releases and Updates

Recent press releases highlight Arctic Therapeutics' achievements in securing significant funding and advancing its drug development projects. The company's website and social media platforms likely host these updates, providing insights into their progress and milestones.

Sources: - Arctic Therapeutics awarded a highly prestigious multi-million grant from the EIC Accelerator

• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing
• Arctic Therapeutics
• Icelandic startup Arctic Therapeutics receives $13.3M from the European Innovation Council
• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing

4 The Technology Advancements

Overview of Arctic Therapeutics ehf

Arctic Therapeutics, based in Iceland, is a drug discovery and development company focused on identifying the genetic underpinnings of both rare and common diseases to develop novel therapies. The company was founded in 2015 as a spin-off from the Center for Applied Genomics at the Children’s Hospital of Philadelphia.

Advancements Since EIC Accelerator Funding

In December 2022, Arctic Therapeutics received $13.3 million in funding from the European Innovation Council (EIC) Accelerator, comprising a $2.7 million grant and a $10.6 million equity investment. This funding was used to further develop AT-001, a treatment for dementia.

Since then, the company has made significant advancements:

• Series A Financing: In January 2025, Arctic Therapeutics completed a $27.6 million (€26.5 million) Series A financing round. This funding will advance its lead candidates, AT-001 and AT-004, through clinical trials. AT-001 is designed to treat Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare form of familial dementia, and potentially Alzheimer’s disease. AT-004 is aimed at treating inflammatory skin diseases such as acne vulgaris.
• Clinical Trials: The European Medicines Agency (EMA) approved a pivotal Phase 2b/3 clinical trial for AT-001. The company is also preparing to launch a Phase 2a trial for AT-004 in Europe.
• Technological Improvements: Arctic Therapeutics leverages bioinformatics, AI, genetic sequencing, and a unique nationwide genealogy database to accelerate drug development. This approach helps reduce the risks and costs associated with traditional drug development methods.
• Market Demonstration: While specific market demonstrations or customer trials have not been detailed, the company's focus on clinical trials indicates progress towards demonstrating its technology in these settings.

New Patents and Scientific Studies

There is no publicly available information on new patents filed or scientific studies published specifically since the EIC funding. However, the company's advancements in clinical trials and drug development suggest ongoing research and innovation.

Conclusion

Arctic Therapeutics has made significant strides in advancing its drug pipeline, particularly with the development of AT-001 and AT-004. The company's unique approach to drug development, enhanced by recent funding rounds, positions it well to address significant unmet medical needs in dementia and inflammatory skin diseases.

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Sources: - Arctic Therapeutics Announces $27.6 Million Financing

• Arctic Therapeutics
• Arctic Therapeutics raises €26.5M Series A funding for dementia treatment
• Arctic has $27.6 million series A
• Icelandic biotech Arctic Therapeutics grabs €26.5M to tackle dementia and skin disorders
• Arctic Therapeutics awarded $13.3M in funding from the European Innovation Council
• Arctic Therapeutics International
• Arctic Therapeutics awarded a highly prestigious multi-million grant from the EIC Accelerator

5 The Partnerships and Customers

Overview of Arctic Therapeutics ehf

Arctic Therapeutics ehf, an Icelandic drug discovery and development company, has made significant strides in the biopharmaceutical industry since receiving recognition associated with the EIC Accelerator in 2022. Founded as a spin-off from the Center for Applied Genomics at the Children's Hospital of Philadelphia, the company leverages applied genomics to develop safer and more effective treatments for challenging diseases.

Partnerships and Collaborations

Arctic Therapeutics has established a robust network of partnerships and collaborations. Key partners include:

• EIC Fund: A part of the European Innovation Council, supporting innovative projects.
• Kaldbakur: Iceland's largest privately-held investment firm.
• Investcorp-backed Sanos Group: A leading provider of clinical study services in the pharma and biotech industry.
• Cerebrum DAO: A Swiss-based entity focusing on innovative healthcare solutions.
• The Lurie Family Foundation: Established by US billionaire Jeffery Lurie.
• Kerecis and Chemometec: Icelandic unicorns and Copenhagen-listed companies, respectively, contributing through early investors and co-founders.
• Nacuity Pharmaceuticals: Partnered for the development and commercialization of AT-001 (NPI-001) for treating Hereditary Cystatin C Amyloid Angiopathy (HCCAA).

Additionally, Arctic Therapeutics works with leading international experts, research organizations, and universities, including Iceland's National Hospital.

New Relationships

Recent funding has brought new partnerships, notably with Sanos Group, whose CEO, Jeppe Ragnar Andersen, has joined Arctic Therapeutics' board. This addition reflects the strategic value and expertise brought by the new investors.

Nature and Purpose of New Relationships

The new relationships aim to accelerate the development of groundbreaking treatments for familial forms of dementia, Alzheimer's disease, and inflammatory skin diseases. The partnerships provide both financial support and strategic expertise, enabling Arctic Therapeutics to advance its lead candidates, AT-001 and AT-004, further into clinical trials.

Market Positioning and Advancements

These partnerships position Arctic Therapeutics as a leader in addressing significant unmet medical needs. The collaborations enhance the company's capabilities in drug development and clinical trials, leveraging cutting-edge genomics to improve treatment efficacy and safety. The financial backing and strategic partnerships also facilitate scaling and technological advancements, particularly in the areas of amyloid protein research and inflammatory skin diseases.

Scaling and Technology Advancements

The funding from these partnerships will be instrumental in scaling Arctic Therapeutics' operations and advancing its technology. Specifically, the funds will support the progression of AT-001 in treating rare forms of familial dementia and potentially Alzheimer's disease, as well as launching a phase 2a clinical trial for AT-004 in Europe to address inflammatory skin diseases.

Conclusion

Arctic Therapeutics ehf has strategically expanded its network of partners and investors, positioning itself as a frontrunner in innovative drug development. These collaborations not only provide financial support but also enhance the company's technological capabilities, ultimately driving advancements in treating challenging diseases.

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Sources:

• Arctic Therapeutics
• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing
• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing
• Arctic Therapeutics and Nacuity Pharmaceuticals Announce EMA Approval

6 The Hiring and Company Growth

Arctic Therapeutics Team Growth and Hiring Status Post-EIC Accelerator Funding Since securing EIC Accelerator funding (submitted October 2022) and closing its €26.5M Series A in January 2025, Arctic Therapeutics (ATx) has significantly advanced its clinical pipeline but has not publicly disclosed specific hiring figures or current headcount. The company’s leadership team, listed on its website as of 2025, includes international experts in genetics, drug development, and clinical operations[^7^]. While recent announcements emphasize board expansion—such as the appointment of Sanos Group CEO Jeppe Ragnar Andersen—no explicit details about operational hires or departmental growth are provided.

The Series A funding will accelerate trials for AT-001 (targeting familial dementia and Alzheimer’s) and AT-004 (for inflammatory skin diseases), implying potential scaling of clinical operations. However, job postings or recruitment campaigns are not mentioned in available materials. Leadership changes remain limited to Andersen’s board addition; the founding team, including CEO Ívar Hákonarson and Chief Medical Advisor Dr. Hakon Hákonarson, remains intact.

The EIC Scaling Club membership highlights ATx’s growth trajectory toward becoming a European unicorn, though direct correlations between hiring milestones and this ambition are unspecified. Increased investment likely supports strategic hires in R&D and trial management to advance its two lead candidates into late-stage testing.

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Sources

• Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing
• Arctica Finance advisor to Arctic Therapeutics in Series A financing

• 7 The Media Features and Publications

  Overview of Arctic Therapeutics ehf

  Arctic Therapeutics, based in Iceland, is a drug discovery and development company focused on leveraging applied genomics to develop safer and more effective treatments for challenging diseases. Established in 2015 as a spin-off from the Center for Applied Genomics at the Children’s Hospital of Philadelphia, Arctic Therapeutics operates in Iceland, the United States, and collaborates with partners across Europe.

  Media Features and Publications

  Arctic Therapeutics has been featured in several publications highlighting its advancements in drug development, particularly in addressing significant medical needs such as familial forms of dementia and Alzheimer’s disease. Recent media coverage includes the company's successful Series A financing round, where it raised €26.5 million from a broad syndicate of international investors, including the EIC Fund and Kaldbakur. Additionally, the company's research on preventative strategies against Hereditary Cystatin C Amyloid Angiopathy (HCCAA" class="inline-link" target="_blank" rel="noopener noreferrer">PR Newswire: Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing has been noted in news archives.

  Content and Interviews

  While specific podcasts or interviews with the team of Arctic Therapeutics are not detailed in the available information, the company's CEO, Ivar Hakonarson, has commented on the strategic value of their new investors and the potential of their treatments in addressing dementia and other diseases.

  Conferences, Fairs, and Events

  Arctic Therapeutics' involvement in conferences or fairs is not explicitly mentioned in the available data, but their participation in clinical trials, such as the EMA-approved trial for AT-001, suggests active engagement in the medical research community.

  Events and Involvement

  The company has been involved in significant events, including receiving a prestigious grant from the EIC Accelerator in late 2022, which marks a crucial step in their development of innovative treatments. The Series A financing in January 2025 further underscores their growing presence in the field of precision medicine.

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  Sources: - Arctic Therapeutics

  • News Archives - Arctic Therapeutics
  • Arctic Therapeutics Raises €26.5M Series A Funding for Dementia Treatment
  • Arctic Therapeutics Announces €26.5M Oversubscribed Series A Financing