Arctic Therapeutics, an Icelandic biotechnology company, has completed a major financing round, raising the equivalent of 2.6 billion Icelandic krónur. The investment round, reported by Viðskiptablaðið and Vísir, was oversubscribed, prompting the company to expand its offering to meet higher demand from investors.
Four investment firms led the funding, with Pekron and Kaldbakur among those named. The company did not disclose the other two lead investors. According to Vísir, the funds will be used primarily to support further drug development activities at Arctic Therapeutics.
With the completion of this financing, the company has now secured funding for five drug programmes, including projects linked to an acquisition earlier this year. Arctic Therapeutics did not release details about the identities or development stages of these five programmes.
Sources
- Viðskiptablaðið (first reported) in Icelandic
- Vísir in Icelandic
