1 The EIC Accelerator Project
The EIC Accelerator program is an integral component of the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs) and startups in their journey to scale innovative technologies. The program particularly focuses on deep tech innovations, which encompass advanced technological solutions that drive significant changes in various sectors, including healthcare, energy, and transportation.Funding Structure
The EIC Accelerator offers a blended finance model, combining both grants and equity investments to provide substantial financial support. The grant component can reach up to €2.5 million, aimed at covering specific project costs such as research and development, prototyping, and market entry strategies. This funding mechanism is critical for early-stage companies that may struggle to secure traditional financing options.
In addition to grants, the EIC Accelerator offers equity investment opportunities. As of 2024, companies can receive up to €15 million in equity funding, which subsequently reduces to a maximum of €10 million starting in 2025. This equity investment is designed to help companies scale rapidly and effectively, ensuring they have the necessary capital to expand operations, enhance technological capabilities, and penetrate international markets.
Purpose and Role in the Ecosystem
The EIC Accelerator serves a dual purpose within the European DeepTech and startup ecosystem. Firstly, it acts as a catalyst for innovation by providing financial resources that enable startups to develop and commercialize groundbreaking technologies. Secondly, it plays a crucial role in bridging the funding gap that often exists between early-stage financing and venture capital. By providing both types of funding, the EIC Accelerator helps companies de-risk their projects, making them more attractive to private sector investors.
The program also facilitates mentorship, business coaching, and access to a network of industry experts, which collectively assist companies in refining their business models and scaling operations effectively. This comprehensive support ecosystem contributes to a more robust innovation landscape across Europe.
Case Study: Aplagon Oy and the APAC-ON Project
Aplagon Oy, a Finnish company, emerged as a winner of the EIC Accelerator program with its project titled APAC-ON. The project focuses on developing APAC, the first targeted therapy for peripheral arterial occlusive disease (PAOD), a condition affecting blood flow to the limbs, primarily the legs, leading to severe complications if left untreated.
Technology Basics and Background
Peripheral arterial occlusive disease is a prevalent condition characterized by narrowed arteries, reducing blood flow to the limbs and causing symptoms such as pain and cramping. Current treatment options often involve invasive procedures or systemic medications that do not specifically target the affected areas. Aplagon's APAC project aims to address these limitations by introducing a targeted therapy that enhances blood flow to the affected arteries, thereby alleviating symptoms and improving the quality of life for patients.
The technology behind APAC leverages advanced drug delivery systems that ensure localized treatment, minimizing side effects and maximizing therapeutic efficacy. By focusing on direct delivery to the site of occlusion, Aplagon's approach stands to revolutionize the management of PAOD, offering a novel solution in the cardiovascular therapeutic landscape.
The EIC Accelerator's support will enable Aplagon Oy to advance the development of the APAC therapy, conducting necessary clinical trials and expediting regulatory approvals. This funding will also facilitate market entry strategies, ensuring that the innovative treatment reaches healthcare providers and patients effectively.
Conclusion
The EIC Accelerator program is a pivotal initiative in the European startup ecosystem, particularly for deep tech companies like Aplagon Oy. With its unique blend of grant and equity funding, coupled with extensive support services, the program empowers innovative startups to overcome financial barriers and drive transformative technologies into the market. Aplagon’s APAC-ON project exemplifies the potential of such support, aiming to redefine treatment paradigms for peripheral arterial occlusive disease and enhance patient outcomes across Europe and beyond.
2 The Funding Rounds
Aplagon Oy: Financing and Funding Events Since EIC Accelerator Award (2022–2025)
Overview
Aplagon Oy, based in Helsinki, Finland, is a clinical-stage biopharmaceutical company focused on developing novel therapeutics for thrombo-inflammatory diseases. After submitting its successful Step 2 EIC Accelerator proposal on March 23, 2022, Aplagon has been active in securing funding to advance its lead asset APAC through clinical trials.
Financing Raised and Funding Rounds
- February 2025: €7 Million Financing Round
- Amount: €7 million
- Timing: Announced February 3, 2025
- Investors:
- Fåhraeus Startup and Growth AB (FSG) – new lead investor
- European Innovation Council (EIC) Fund – new investor
- Jenny and Antti Wihuri Foundation – existing Finnish investor
- Innovestor – existing Finnish investor
- Gösta Serlachius Fine Arts Foundation – existing Finnish investor
This round was intended to support the initiation of a Phase 2a clinical trial for APAC targeting peripheral arterial occlusive disease/chronic limb threatening ischemia (PAOD/CLTI), as well as completion of three ongoing clinical trials. The round marked the entry of FSG as a significant Nordic venture capital backer. Johanna Asklin from FSG joined the board; Alexander Jöndell from FSG became an observer.
- March 2022: €2.5 Million EIC Grant
- Amount: €2.5 million
- Timing: March 2022
- Investor/Funder: European Innovation Council
This grant corresponds with Aplagon's successful application to the EIC Accelerator program.
- May 2021: €2.2 Million Oversubscribed Equity Round
- Amount: €2.2 million
- Timing: May 28, 2021
- Investors/Funders:
The majority of these funds were allocated to planned clinical studies for APAC in partnership with Cadila Pharmaceuticals Ltd.
Investor Information
Board changes following investment included Johanna Asklin joining from FSG as Board Member and Alexander Jöndell as Observer.
Valuation Information
There are no disclosed specific company valuations linked to individual rounds or post-money assessments in public sources reviewed.
Exit Events
As of April 24, 2025:
Summary Table of Key Funding Events
| Date | Amount | Lead/Key Investors/Funders | Purpose |
|---|---|---|---|
| Feb 3 2025 | €7M | Fåhraeus Startup & Growth AB; EIC Fund; Jenny & Antti Wihuri Foundation; Innovestor; Gösta Serlachius Fine Arts Foundation | Advance APAC into Phase IIa trial, complete three ongoing trials |
| Mar 23 2022 | €2.5M | European Innovation Council | Non-dilutive grant |
| May 28 2021 | €2.2M | Invesdor Group + private investors | Clinical studies |
<em class="publication">Date corresponds with EIC Accelerator cut-off submission.
Exit Status
No exit events—such as IPOs or acquisitions—have occurred for Aplagon Oy up through April 24th of 2025.
Sources
- Aplagon Announces EUR 7 Million Financing
-
3 The Press Releases
Aplagon Oy's Post-EIC Accelerator Funding Developments Since securing EIC Accelerator funding (exact award date unspecified in available materials, but referenced as part of their 2025 financing" class="inline-link" target="_blank" rel="noopener noreferrer">GlobeNewswire — EUR 7M Financing Announcement, the Helsinki-based biopharmaceutical company has advanced its clinical-stage therapeutic APAC, a heparin proteoglycan mimetic targeting thrombo-inflammatory diseases. Below are key updates from press releases and announcements:
Recent Financing & Clinical Advancements
Aplagon closed a €7 million funding round in February 2025, co-led by the European Innovation Council (EIC) Fund and Fåhraeus Startup and Growth (FSG). The capital supports:- Phase 2a trial initiation: For peripheral arterial occlusive disease/chronic limb-threatening ischemia (PAOD/CLTI) in Finland.
- Ongoing trials: Including a Phase I trial for arteriovenous fistula (AVF) maturation failure, an intravenous Phase I study in healthy participants, and a PET-imaging trial using zirconium-89-labeled APAC.
APAC has been administered to over 40 participants with no safety concerns reported, showing promising early results through localized or IV delivery.
Strategic Partnerships & Collaborations
- Cadila Pharmaceuticals: Aplagon partnered with Cadila Pharmaceuticals Sweden AB (and its parent company) for formulation development, manufacturing, and clinical trials in India. The collaboration focuses on preventing vascular intervention-related occlusions, with Phase I/II studies initially planned for 2019 (timeline unclear post-updates).
- Phase I Intravenous Trial in Healthy Participants: This trial assesses the safety and pharmacokinetics of APAC in healthy individuals.
- PET-Imaging Trial with 89Zirconium-Labeled APAC: The company has completed a PET-imaging study (CHASE-study) to visualize APAC's effect in patients with PAOD/CLI, supported by a €2.1 million EIC Accelerator grant.
- Aplagon – Pioneering first-in-class treatments for patients with thromboinflammatory diseases.
- Aplagon Announces EUR 7 Million Financing to Advance its APAC Therapeutic for Thrombo-inflammatory Diseases into Phase 2a Clinical Trials.
- Aplagon Oy - Drug pipelines, Patents, Clinical trials - Patsnap Synapse.
- Aplagon Oy | HealthBIO 2023 Partnering Event - b2match.
- Aplagon secures EUR 7 million for APAC phase 2a trials.
- Aplagon Joins The TRACER Excellence Program to Perform In-Human Imaging Study.
- First Patient Dosed in the CHASE Clinical Trial for Aplagon's APAC Therapeutic for Thrombo-inflammatory Diseases.
- Aplagon Signed EIC-Accelerator Grant Agreement.
- Aplagon secures €7m for APAC development.
- Helsinki's biotech startup Aplagon raises €7M to advance its APAC therapeutic for thrombo-inflammatory diseases into Phase 2A clinical trials.
- Since 2017, Aplagon has had a significant development and commercialization agreement with Cadila Pharmaceuticals Sweden AB and its parent company Cadila Pharmaceuticals Limited in India for Aplagon's lead APAC product—a first-in-class antithrombotic therapeutic targeting blood vessel wall injury related to vascular interventions.
- Under this partnership, Cadila handles formulation development and commercial-scale manufacturing of APAC. They also co-invest substantially in clinical trials conducted in India (Phase I/II and Phase II/III), targeting vascular occlusions post-intervention.
- In exchange, Cadila receives commercialization rights for APAC within India plus a share of proceeds outside India; Aplagon retains rights elsewhere globally. This partnership helps Aplagon scale manufacturing capabilities through an established pharmaceutical manufacturer while accelerating access to the large Indian market.
- In 2022, Aplagon joined the TRACER Excellence Program to conduct an innovative in-human imaging study involving PET imaging using radiolabeled APAC to visualize drug distribution at vascular injury sites.
- This collaboration leverages TRACER’s expertise in molecular imaging techniques and fast clinical trial execution at reduced costs under their Excellence Program framework. It accelerates clinical development by providing critical pharmacokinetic data on systemic versus local retention of APAC molecules.
- In early 2025, Aplagon secured €7 million financing supported notably by Fåhraeus Startup & Growth AB (FSG) alongside EIC Fund among others such as Wihuri Foundation, Innovestor, Serlachius Foundation.
- Johanna Asklin from FSG joined the board signaling strong investor commitment focused on revolutionizing treatments for thrombo-inflammatory diseases affecting cardiovascular health. The funding will enable completion of ongoing international trials plus initiation of new Phase 2a studies targeting peripheral arterial occlusive disease (PAOD) and chronic limb-threatening ischemia (CLTI).
- Development acceleration: Collaborations with Cadila enable cost-sharing on expensive multi-phase clinical trials while utilizing their manufacturing capacity for scale-up production.
- Clinical validation: The TRACER program supports advanced human imaging studies necessary to demonstrate targeted delivery mechanisms critical for regulatory approval.
- Market access expansion: Through licensing deals like that with Cadila Pharmaceuticals granting regional commercial rights.
- Financial backing & governance: Investor relations bring capital resources needed to progress late-stage clinical trials as well as industry expertise through board membership.
- An innovator with proprietary locally acting antithrombotics recognized internationally across emerging markets like India via commercialization alliances.
- Clinically validated through novel PET-imaging enabling clear demonstration of drug action sites—strengthening regulatory submissions globally.
- Financially equipped by experienced venture capital investors ensuring sustained R&D investment toward scaling operations beyond Finland into broader European markets.
- Aplagon has grown its team primarily through strategic senior hires supporting clinical development (e.g., Clinical Study Director) alongside strengthening its board with industry-savvy investors post-EIC funding.
- Current headcount details are not explicit but indicate an expanding multidisciplinary group focused on drug development stages.
- New team members enhance capabilities needed to scale operations efficiently during critical Phase 2a trials.
- Management remains stable under experienced founders committed to advancing therapies addressing unmet thromboinflammatory disease needs.
- Aplagon has been featured in various news outlets for its successful funding rounds and advancements in clinical trials. The company has secured significant investments from the European Innovation Council (EIC) Fund and other investors to support its Phase IIa trial for peripheral arterial occlusive disease/chronic limb-threatening ischemia (PAOD/CLTI) in Finland.
- The company has been involved in several research publications, particularly focusing on the safety and efficacy of its APAC compound. Notable publications include studies on the heparin-like effects of APAC on red blood cell deformability and aggregation, and its role in limiting early collar-induced carotid atherosclerotic plaque development.
- A key publication in the Journal of Cardiovascular Pharmacology highlights the safety and pharmacokinetic profile of APAC, emphasizing its potential as a novel intravascular antiplatelet and anticoagulant.
- There are no specific podcasts or interviews directly featuring the team of Aplagon Oy listed in the available sources. However, the company's updates and achievements are often covered in biopharmaceutical news and industry reports.
- Aplagon Oy participated in the HealthBIO 2023 Partnering Event, a platform where investors and life science companies meet. This event provided an opportunity for Aplagon to present its innovative therapeutic solutions for severe cardiovascular and kidney diseases.
- Riitta Lassila, the Chief Scientific Officer of Aplagon Oy, has presented at conferences such as the Nephrology Urology 2018 conference, discussing her work on coagulation medicine and APAC development.
- Aplagon Oy has been involved in securing funding from prestigious organizations like the EIC Fund to support its clinical trials. The company is set to announce results from its ongoing trials in 2025 and 2026.
- Publications and Posters - Aplagon
- Aplagon Publishes New Data in Prestigious Journal of Cardiovascular Pharmacology
- Intravenously administered APAC, a dual AntiPlatelet AntiCoagulant ...
- Aplagon secures funding to support Phase IIa trial of APAC therapeutic
- Aplagon Oy | HealthBIO 2023 Partnering Event
- Riitta Lassila | CSO in Aplagon Oy
Leadership & Governance Updates
Johanna Asklin (General Partner at FSG) joined Aplagon’s board following the February 2025 financing. Alexander Jöndell (FSG Partner) became a board observer.Technology & IP Highlights
APAC mimics mast cell-derived heparin proteoglycans to deliver triple-action effects (antiplatelet, anticoagulant, and anti-inflammatory) at vascular injury sites. Its design enables sustained localized activity while minimizing systemic side effects.Sources
#### Additional References: Vestbee, Clinical Trials Arena, PharmaTimes4 The Technology Advancements
Aplagon Oy's Current Capabilities and Advancements
Aplagon Oy, a clinical-stage biopharmaceutical company from Finland, specializes in developing first-in-class therapeutics for thrombo-inflammatory diseases. Since receiving the EIC Accelerator funding in March 2022, Aplagon has made significant advancements in its technology and clinical trials.
Current Capabilities
Aplagon's lead therapeutic, APAC, is a heparin proteoglycan mimetic designed to address vascular injury by providing antiplatelet, anticoagulant, and anti-inflammatory effects. APAC is administered either locally or via IV infusion and is intended for in-hospital use. The company has successfully dosed over 40 participants with APAC without any safety concerns, and initial clinical findings are encouraging.
Advancements Since EIC Accelerator Funding
Following the EIC Accelerator funding, Aplagon secured an additional €7 million in financing, led by Fåhraeus Startup and Growth AB (FSG) and the European Innovation Council (EIC) Fund, in February 2025. This funding supports the advancement of APAC into Phase 2a clinical trials for peripheral arterial occlusive disease/chronic limb threatening ischemia (PAOD/CLTI).
Aplagon has also initiated several clinical trials: - Phase I Trial for Arteriovenous Fistula (AVF) Maturation Failure: Aplagon is conducting a Phase I trial to prevent AVF maturation failure, crucial for enabling lifesaving haemodialysis treatment in end-stage kidney disease patients.
Improvements in Technology and New Features
Aplagon's innovative approach using a heparin proteoglycan mimetic has shown potential in targeting and retaining APAC at vascular injury sites. By coupling APAC with zirconium-89 for PET imaging, the company aims to demonstrate its unique targeting capabilities without altering APAC's functionality.
Demonstration in the Market
Aplagon is actively engaged in clinical trials, demonstrating its technology through these studies. The company has not yet commercialized its products but is advancing its clinical development strategy.
New Patents, Studies, and Trials
While specific information on new patents or scientific studies is not detailed in the available data, Aplagon's participation in clinical trials and its engagement with the TRACER Excellence Program highlight its focus on advancing its technology through rigorous clinical testing.
Sources
5 The Partnerships and Customers
Aplagon Oy, a Finnish clinical-stage biopharmaceutical company, has established several important partnerships and collaborations since winning the EIC Accelerator funding in March 2022, which have strategic implications for its market positioning and technology development.Key Partnerships and Customers
1. Cadila Pharmaceuticals (India)
2. TRACER B.V. (Netherlands)
3. Nordic Investors Including FSG Fund
Nature & Purpose of Relationships
The partnerships primarily aim at:
Impact on Market Positioning & Technology Advancement
These relationships strategically position Aplagon Oy as:
Ultimately these partnerships enhance both technological maturation—through advanced imaging studies—and business scalability—through manufacturing collaborations and geographic market penetration—solidifying Aplagon’s competitive edge within thrombo-inflammatory cardiovascular therapeutics.
Sources
Aplagon Partners with Cadila Pharmaceuticals Aplagon Partners Page A EUR 7 Million Financing Announcement Joining TRACER Excellence Program Biovoice News on Partnership With Cadila Vestbee News - €7M Funding Round Details Biopharm International Collaboration Report6 The Hiring and Company Growth
Aplagon Oy, a Finnish clinical-stage biopharmaceutical company specializing in first-in-class therapeutics for thromboinflammatory diseases, has demonstrated notable team growth and strategic hiring since receiving the EIC Accelerator funding in March 2022.Current Team Size and Headcount
While the exact current headcount of Aplagon Oy is not publicly detailed, available information indicates a growing and highly experienced management and operational team. The leadership includes CEO Aki Prihti (since 2015), co-founder and CSO Riitta Lassila, along with several key positions filled by experts in clinical strategy, regulatory affairs, quality management, product development, and project coordination. The recent addition of Jarna Lehtonen as Clinical Study Director in January 2023 reflects active expansion to support clinical operations.
Hiring Activity and Key Recent Positions
Following their EUR 7 million financing round announced in February 2025—which included backing from Fåhraeus Startup & Growth AB (FSG) and the European Innovation Council Fund—Aplagon onboarded Johanna Asklin as a new Board member. This addition brings valuable venture capital expertise focused on life sciences to guide scaling efforts. Furthermore, Alexander Jöndell joined as an Observer representing FSG on the board level.
The recruitment of Jarna Lehtonen as Clinical Study Director underscores a focus on enhancing clinical trial execution capabilities critical for advancing their lead therapeutic APAC through Phase 2a trials targeting peripheral arterial occlusive disease (PAOD) and chronic limb-threatening ischemia (CLTI).
Growth Impact of New Team Members
The infusion of senior-level expertise such as Johanna Asklin into governance strengthens strategic oversight from specialized life science investors who contribute experience scaling innovative biotech firms within Nordic markets. Meanwhile, hiring seasoned professionals like Jarna Lehtonen supports rigorous clinical development activities necessary for regulatory milestones—directly enabling Aplagon to progress multiple international trials simultaneously with greater precision.
These hires signal deliberate efforts to build organizational capacity aligned with upcoming growth phases driven by their novel heparin proteoglycan mimetic platform addressing serious vascular diseases. Such enhancements help position Aplagon for successful product advancement while expanding operational scale.
Management Stability
No major changes or upheavals have been reported regarding founding members or core management since before or after the EIC funding award. CEO Aki Prihti remains at the helm with substantial industry experience spanning over two decades including venture capital involvement; co-founder Riitta Lassila continues her role driving scientific leadership at both company and academic levels.
In summary:
This combined approach aligns well with scaling ambitions following EIC Accelerator support received in early 2022.
Sources:
Aplagon Official Website - Management Team
Aplagon €7M Financing Announcement - BioSpace
Herantis Pharma Annual Reports referencing CEO role
Vestbee Article on Funding Round
7 The Media Features and Publications
Aplagon Oy: Overview and Activities Since Receiving EIC Accelerator Funding
Aplagon Oy, a Finnish biopharmaceutical company, has been advancing in the development of its proprietary dual antiplatelet and anticoagulant (APAC) compound since receiving EIC Accelerator funding on March 23, 2022. Here is a detailed overview of the company's media features, publications, podcasts, conferences, and event participations.
Media Features
Publications
Podcasts and Interviews
Conference and Fair Visits, Presentations or Participations
Involvement in Events
Conclusion
Since receiving the EIC Accelerator funding, Aplagon Oy has made significant strides in advancing its APAC compound through clinical trials and securing additional funding. The company remains focused on developing innovative solutions for vascular diseases.Sources
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