REYKJAVIK, Iceland, June 20, 2022 /PRNewswire/ -- 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.
Discussing 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."
Karl Ægir Karlsson
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