Eagles owner Jeffrey Lurie part of $27.6M investment in CHOP spinoff

The syndicate of investors in the Series A round also includes the Kaldbakur, Iceland’s largest privately held investment firm; the EIC Fund; Investcorp-backed Sanos Group; Swiss-based Cerebrum DAO; Kerecis in northwest Iceland, and Copenhagen-listed Chemometec.

Arctic Therapeutics was established in 2015 as a spinoff from the Center for Applied Genomics, a research center at the Children’s Hospital of Philadelphia. The Center for Applied Genomics is led by Dr. Hakon Hakonarson, who co-founded Arctic Therapeutics with his son Ivan, the company's CEO. Hakon Hakonarson is also a professor and investigator at CHOP's Joseph Stokes Jr. Research Institute and a professor in the department of pediatrics' division of human genetics at the University of Pennsylvania's Perelman School of Medicine.

Arctic Therapeutics plans to use the proceeds from the financing to advance its two lead new drug candidates AT-001, which is being developed as an oral treatment to prevent the aggregation of harmful amyloid proteins in the brain linked to dementia and Alzheimer's disease, and AT-004, which is being studied as a potential treatment for acne and other inflammatory skin diseases, including atopic dermatitis, rosacea and psoriasis.

Arctic Therapeutics representatives were not available to respond to questions about the company's locals operations.

The Lurie Family Foundation could not be reached for comment.

One of the company's new investors, the EIC Fund Board, is the governing body that oversees investments of the European Innovation Council Fund. The venture capital fund was established by the European Commission to invest in innovative companies, primarily startups, with promising breakthrough technologies.

Svetoslava Georgieva, chairperson of the EIC Fund Board, noted dementia affects over 10 million people in Europe. In the U.S., the National Institutes of Health estimates dementia afflicts about 6.7 million people.