Arctic Therapeutics closes $21.5m financing for pipeline expansion
Pekron, Sanos Group, Kaldbakur and Landvættir led the financing to advance two additional drug programmes.
Arctic Therapeutics closed an oversubscribed $21.5 million financing round on 21 October 2026, led by Pekron, Sanos Group, Kaldbakur and Landvættir, a venture fund managed by AxUM Securities.
The proceeds will advance AT-002 and AT-003 toward clinical development, broadening the Icelandic-US company’s pipeline beyond its lead dementia and inflammatory-skin-disease programmes. The financing follows an earlier approximately $31 million Series A, which supported AT-001 and AT-004.
AT-002 targets an immune-signalling pathway and is initially being developed for autoimmune uveitis. AT-003 is designed to address cellular processes involving mitochondrial function and autophagy. Both remain investigational programmes, while Arctic also pursues partnering and out-licensing opportunities for its more advanced assets.
Use of funds
Advance AT-002 and AT-003 towards clinical development