In the present work, 22 different actinomycetes were isolated and cultured from sediment samples collected from the Arctic fjord, Kongsfjorden. Among these was S. artemisiae MCCB248, the extract of which exhibited cytotoxicity with IC50 values of 8.1 µg/mL on NCI-H460 cells and 8.2 µg/mL on BS-C-1 cells. The biosynthetic potential of this microorganism for the production of secondary metabolites was evaluated by detecting the presence of genes involved in secondary metabolite production. The presence of PKS 1 and NRPS genes in S. artemisiae MCCB 248 suggests the possibility that it can produce bioactive secondary metabolites belonging to these two classes of natural products, or a hybrid of both. Relatively low sequence similarity of the PKS and NRPS gene sequences with those available in GenBank indicates the possibility that novel compounds are produced by S. artemisiae MCCB 248. By phylogenetic analysis of PKS 1 using the deduced amino acid sequence, it formed a separate branch along with Streptomyces himastatinicus ATCC 53653 and Streptomyces aurantiacus.