Aplagon raises €4.8m to expand antithrombotic into new Phase II trial
Finnish biotech Aplagon has raised €4.8m to broaden Phase II development of its lead candidate APAC, a first-in-class antiplatelet and anticoagulant therapy for thrombo-inflammatory diseases. The financing will support a new Phase II clinical programme in arteriovenous fistula (AVF) maturation failure in patients with end-stage kidney disease.
The round was led by existing investors Fåhraeus Startup and Growth AB and the European Innovation Council Fund, with continued backing from Finnish investors including the Jenny and Antti Wihuri Foundation, Innovestor, and the Gösta Serlachius Fine Arts Foundation. Aplagon said it has recently filed a clinical trial application with the EMA for the AVF programme.
APAC is designed to mimic naturally occurring mast cell-derived heparin proteoglycans, molecules that help regulate coagulation and inflammatory responses in damaged blood vessels, and localise to sites of vascular injury. The aim is to provide sustained antithrombotic and anti-inflammatory activity at the site where vessel damage, platelet activation and inflammation contribute to poor outcomes. According to the company, more than 70 participants have so far received APAC, with no significant safety concerns observed.
Expanding into AVF maturation failure
AVF maturation failure is a major problem in haemodialysis. AVFs are surgically created connections between an artery and a vein that allow repeated vascular access for dialysis, but many fail to mature sufficiently for long-term use. Aplagon estimates that about 130,000 new AVFs are created annually in the United States alone, with around half failing to mature adequately. Failure can lead to repeat procedures, hospitalisation and higher healthcare costs.
The new programme expands Aplagon’s Phase II strategy beyond chronic limb-threatening ischemia (CLTI), a severe form of peripheral arterial occlusive disease. In March 2026, the company announced first patient dosing in the Phase IIa HEALING trial in peripheral arterial occlusive disease leading to CLTI. That study is enrolling up to 42 patients across four cohorts in Finland and is designed to assess preliminary safety, efficacy and thrombo-inflammatory biomarker effects of intravenous APAC in CLTI patients, including those with and without revascularisation.
Aplagon sees APAC’s localised vascular-protective mechanism as potentially relevant across vascular interventions where thrombosis and inflammation contribute to restenosis, fistula failure or other complications. The company’s two lead indications are now AVF maturation failure and CLTI, both hospital-based settings in which APAC could be administered locally or by intravenous infusion.
Founded on research into mast cell-derived heparin proteoglycans by Prof. Riitta Lassila and colleagues at the Wihuri Research Institute in Helsinki, Aplagon has raised more than €20m through equity financing and non-dilutive funding to date.
