- The financing round, led by investment firm Pekron, Investcorp-backed Sanos Group, Icelandic investment company Kaldbakur and Landvættir, an Icelandic venture capital fund managed by AxUM Securities, was increased to US$21.5 million following strong investor demand
- The proceeds will advance AT-002 and AT-003 towards clinical development, broadening the company’s pipeline and building on key Phase II milestones achieved by its lead programs, AT-001 in rare and common forms of dementia and AT-004 in inflammatory skin diseases.
- The funding round follows the company’s participation in the acquisition of the lead clinical-stage asset of US-based Nobias Therapeutics and the subsequent launch of Synaptiq Therapeutics
REYKJAVIK, Iceland AND PHILADELPHIA, October 21, 2026 /PRNewswire/ — Arctic Therapeutics (ATx), a clinical-stage biopharmaceutical company translating genetic discoveries into new treatments for diseases with significant unmet medical need, today announced the closing of an oversubscribed US$21.5 million financing round, which was increased following strong investor demand.
The financing round 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.
The new financing follows the company’s oversubscribed approximately US$31 million Series A round, which was allocated towards advancing the company’s lead assets, AT-001 and AT-004. ATx has since achieved the clinical development milestones targeted with the Series A financing, with both programs reaching key Phase II clinical milestones.
“The support from both new and existing investors allows us to build on the substantial progress made across Arctic Therapeutics over the past two years,” said Ivar Hakonarson, co-founder and chief executive officer. “Our Series A enabled us to move our lead programs forward and achieve the clinical milestones we set out to reach. This new financing gives us the opportunity to unlock additional value within the broader pipeline by advancing AT-002 and AT-003 towards the clinic, while advancing partnering and out-licensing activities for AT-001 and AT-004,” he added.
AT-002 is a peptide mimetic of the kinase inhibitory region (KIR) domain of suppressor of cytokine signaling 1 (SOCS1), a potent inhibitor of the JAK-STAT signaling pathway. The program is initially being developed for autoimmune uveitis, with potential applications across other autoimmune and inflammatory diseases including lupus, psoriasis, and juvenile dermatomyositis.
AT-003 is a small-molecule mitophagy and autophagy modulator designed to counteract the consequences of aberrant activity of CLEC16A. Genetic variation involving CLEC16A has been strongly associated with 16 autoimmune diseases, including lupus, rheumatoid arthritis, multiple sclerosis, and type 1 diabetes, as well as Parkinson’s disease. The program is intended to address cellular dysfunction associated with impaired mitochondrial function and autophagy dysregulation.
“AT-002 and AT-003 reflect the same genomics-driven approach on which Arctic Therapeutics was founded, identifying disease biology through human genetics and translating those discoveries into therapeutic interventions,” ATx founder Dr. Hakon Hakonarson said. “Both programs target biological pathways implicated across multiple serious diseases both common and rare. Bringing them closer to clinical development significantly expands the potential reach of our pipeline beyond our current clinical-stage programs,” he added.
The company’s lead dementia program, AT-001, is an oral investigational treatment designed to prevent and disrupt the aggregation of amyloid, tau and related toxic aggregation proteins. The company has completed the 12-month core treatment period of its pivotal Phase IIb/III study in Hereditary Cystatin C Amyloid Angiopathy (HCCAA), a rare familial form of dementia, with an approved extension continuing to evaluate longer-term treatment.
AT-001 is also being evaluated in an ongoing fully recruited randomized, double-blind, placebo-controlled Phase IIa biomarker study in patients with mild cognitive impairment and mild Alzheimer’s disease, investigating its effects using blood-based biomarkers and brain imaging. The program is intended to evaluate whether findings from ATx’s work in genetically defined amyloid disease can translate into the much larger Alzheimer’s disease population.
AT-004, the company’s second lead clinical program, is an acetylcholinesterase inhibitor targeting the non-neuronal cholinergic anti-inflammatory pathway, a biological system present in human skin involved in regulating inflammation and pro-inflammatory cytokines such as TNF-α. A Phase IIa signal finding proof-of-concept study in acne vulgaris has been completed, demonstrating favorable safety, tolerability and generating encouraging efficacy signals supporting further clinical development. The program is initially focused on acne but has potential applications across other inflammatory skin diseases, including atopic dermatitis, rosacea, psoriasis as well as wound healing.
Earlier this year, ATx participated in the acquisition of NB-001, a clinical-stage program previously owned by US-based Nobias Therapeutics. The asset, now known as SYN-001, forms the foundation of newly established Synaptiq Therapeutics, which was launched in July 2026 by a consortium including ATx, Sanos Group, an Icelandic investment fund managed by AxUM Securities, and investors in Nobias Therapeutics, including US-based Medical Excellence Capital.
SYN-001 is being developed for the treatment of neuropsychiatric symptoms associated with 22q11.2 deletion syndrome (22q11DS). The program has received FDA Rare Pediatric Disease Designation and Orphan Drug Designation and, following positive Phase II clinical results, is being prepared for a Phase IIb clinical trial in North America and Europe. ATx provides Synaptiq with clinical development infrastructure, scientific expertise, and operational capabilities.
Arctic Therapeutics was advised by Arctica Finance as financial advisor and BBA//Fjeldco as legal advisor in connection with the financing.
About Arctic Therapeutics
Arctic Therapeutics (ATx) is a clinical-stage biopharmaceutical company established in 2015 as a spin-off from the US-based Center for Applied Genomics (CAG), a research center at the Children’s Hospital of Philadelphia. 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. For more information, please visit www.arctictherapeutics.com and follow Arctic Therapeutics on LinkedIn.
About Pekron
Pekron is a private investment firm and family office headquartered in Reykjavík, Iceland. The firm invests and manages capital across private and public securities, real estate and other investment opportunities, with a long-term approach to capital allocation. For more information, please visit www.pekron.is.
About Sanos Group
Sanos Group is a leading specialist provider of clinical study services to the global pharmaceutical and biotechnology industries. Headquartered in Denmark, the group operates across Europe, the United States and Asia and provides clinical development capabilities through specialist CROs, research clinics, technology platforms and clinical supply services. Its specialist areas include dermatology, central nervous system disorders and osteoarthritis. For more information, please visit www.sanos.com.
About AxUM Securities and Landvættir
AxUM Securities Ltd. (AxUM Verðbréf hf.) is an Icelandic licensed alternative investment fund management company headquartered in Akureyri, Iceland. AxUM manages investment funds for professional private investors, including venture capital fund Landvættir. For more information, please visit www.axum.is.
About Kaldbakur:
Kaldbakur is an international investment company focused on creating long-term value through active ownership and strategic investments. The company manages a diversified portfolio spanning the seafood industry, tourism, food production, healthcare and a range of smaller businesses, reflecting its commitment to diversification, sustainable growth, and long-term value creation. For more information, please visit www.kaldbakur.net
For media inquiries
Gulli Arnason, Chief Strategy Officer
gulli@arctictherapeutics.com
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