Akureyri-based startup Arctic Therapeutics has received a $2.7M grant and $10.6M funding from the extremely competitive European Innovation Council (EIC) Accelerator. The startup focuses on identifying the genetic underpinnings of both rare and common diseases to develop novel and innovative therapies. Arctic Therapeutics joins the very select circle of Europe’s high-potential Small and Medium Enterprises (SME’s) and the funding will help them with product development.
“We are incredibly pleased and honoured to be a part of this exceptional group of companies and look forward to the work ahead”, said Ívar Hákonarson, CEO of Arctic Therapeutics.
Arctic Therapeutics is an Iceland-based drug discovery and development company that is focused on identifying the genetic underpinnings of both rare and common disease to develop novel and innovative therapies. Its drug pipeline consists of five drug development projects with a wide range of applications, read more about these here.
The grant received from the EIC Accelerator will be used to further develop and bring forward one of the five drugs, called AT-001. AT-001, a DNACA Dementia/Alzheimer Drug Attributed to Cystatin-C and other mutations is for the treatment of dementia. It binds to and breaks up sulphite bridges and blocks the accumulation of protein aggregates (amyloid, tau etc.) that precipitate in the brain, provoking inflammatory action leading to neuronal death, brain atrophy and dementia.
The first POC study is based on a founder mutation out of Iceland due to cystatin C mutation (L68Q) which results in accelerated amyloid deposition often clogging brain vessels and causing stroke and/or early dementia – this therapy may inform future Alzheimer’s treatment; and treatment of genetically-related similar CAA diseases in multiple other countries.
An aging population and over 55 million cases of dementia worldwide indicate that effective treatment is needed, now more than ever. AT-001 has through previous clinical trials shown the potential to delay onset, stop or even revert the disease through the prevention of aggregation of amyloid/tau proteins, and therefore change the lives of millions for the better.
Over 1000 innovative start-ups and SMEs applied for the grant and 78 have been selected by the European Commission in this latest 2022 EIC Accelerator cut-off.
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