Arctic Therapeutics awarded a highly prestigious multi-million grant from the EIC Accelerator
Press release from Arctic Therapeutics
Arctic Therapeutics (AT) joins the very select circle of Europe’s high potential Small and Medium Enterprises (SMEs) to be awarded funding from the extremely competitive European Innovation Council (EIC) Accelerator.
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.
“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.
About Arctic Therapeutics
AT is an Iceland-based drug discovery and development company that is focused on identifying the genetic underpinnings of both rare and common diseases to develop novel and innovative therapies. AT’s 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 ageing 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.
Learn more about Arctic Therapeutics, the drugs in development and our mission for the future here.
About the EIC Accelerator
The EIC Accelerator supports start-ups and SMEs to develop and scale-up game-changing innovations, providing grants of up to €2.5 million as well as offering the possibility of direct equity investments through the EIC Fund, ranging from €0.5 to €15 million or more.
Additionally, as a part of the EIC community, all projects that get EIC funding benefit from a range of Business Acceleration Services (BAS), providing access to leading expertise within the world of innovation, corporates, and investors.
Read the EIC Accelerator’s announcement on this year’s selected companies here.
Originally published on 29 December
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