Arctic Therapeutics secures $21.5 million in funding round
Icelandic biotech firm Arctic Therapeutics has raised $21.5 million in an oversubscribed funding round led by a consortium of investment firms.
The funding round was led by investment firm Pekron, the Investcorp-backed Sanos Group, Icelandic firm Kaldbakur, and Landvættir, a venture capital fund managed by AxUM Securities. Due to significant investor demand, the final total reached $21.5 million.
Arctic Therapeutics will allocate the proceeds toward the advancement of its ongoing research and development pipeline. The capital serves as a bridge for the company to move its pharmaceutical assets through critical development stages.
This funding round bolsters the company's capital reserves as it pursues its long-term development objectives in the biotechnology sector.