Reykjavik – 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.”