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Friday, July 1, 2022

Icelandic pharmatech is getting $2M support to further with its new method in drug development strategy

Reykjavik-born drug discovery company 3Z completed a $2M funding round which will provide a boost for the startup to finalize its preclinical studies on therapeutic candidates in ADHD and insomnia. 3Z follows a strategy for drug development allowing reusage of existing drugs in new medical indications, which is called drug repurposing or drug repositioning. To do so, the pharmatech company focuses on zebrafish in vivo screening assays for neurologically effective drugs.

3Z closes $2 million funding for preclinical development of novel ADHD and Insomnia therapeutics identified by 3Z´s zebrafish drug discovery platform

3Z, a Reykjavik based drug discovery company is pleased to announce the closure of a $2 million funding round led by seasoned investors in pharmaceuticals and medical technology. The just closed funding will accelerate finalization of preclinical studies on 3Z´s lead therapeutic candidates in ADHD and insomnia. Using its unique zebrafish screening platform, 3Z has identified both novel and repurposed therapeutics for these indications; the platform allows for cost-effective high-volume screens in vivo.

Currently, the lead therapeutics are being re-assayed in mammalian models, replicating, extending and validating the therapeutic potential of the compounds. The novel ADHD therapeutics are all non-stimulants, poised to fill a gap in the market, with less side-effects compared to contemporary treatments and offer an alternative for non-responders. The insomnia therapeutic encompasses a novel mechanism of action that may combat insomnia and metabolic syndrome, indications with significant comorbidity.

3Z´s CEO Karl Karlsson is a PhD in behavioral neuroscience and professor in Biomedical Engineering at Reykjavik University. Karl was extensively involved in sleep research before merging the neuroscientific and engineering skillsets to high-throughput in vivo drug screening.

3Z, Karl KarlssonDiscussing the significance of the financing round Karl stated: “We are extremely pleased to welcome the investors onboard, which significantly strengthen and deepen the company’s network and competencies for moving forward. 3Z now has the financial means to forge ahead, getting our current assets ready for the clinic and managing outsourcing activities while initiating the next screens.”

Click here to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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