3R Pharma Receives Follow-On Investment from Israeli Innovation Authority and CanNegev Incubator to Accelerate Cannabinoids-based Ophthalmic Drug Development
[19.02.2023 Yeruham, Israel] – 3R Pharma Ltd, a preclinical pharmaceutical company focused on developing novel cannabinoid-based therapies for ophthalmic diseases, today announced that it has received a follow-on investment from the Israeli Innovation Authority and CanNegev Start-Ups Incubator. The additional funding will be used to accelerate the company’s drug development programs and advance its lead candidate into clinical trials.
The Israeli Innovation Authority and CanNegev Incubator first invested in 3R Pharma in 2022, recognizing the company’s innovative approach to developing treatments with active ingredients derived from the medical cannabis plant for ocular surface diseases such as Dry Eye disease as well as significant market potential. The new investment is a testament to the progress that 3R Pharma has made in advancing its drug development programs.
Dry Eye and ocular surface diseases affect 5% -15% of the population on average, and in some countries in Asia can affect 45% of the population. According to Fortune Business Insights, the global market size of dry eye syndrome treatment and management is valued at USD 6.3 billion today and is expected to reach USD 7.73 billion by 2027. This growth is primarily driven by the increasing prevalence of dry eye syndrome and the rising awareness about the condition among patients and healthcare professionals. Factors such as the aging population, environmental pollution, and the widespread use of mobile devices contribute to the increasing prevalence of dry eye syndrome worldwide.
“We are thrilled to receive this follow-on investment from the Israeli Innovation Authority and CanNegev Incubator,” said Michael Rubinov, CEO of 3R Pharma. “Their continued support is a validation of the promise of our platform and the potential of our lead candidate to make a meaningful impact on the lives of patients with ophthalmic diseases such as dry eye.”
3R Pharma’s lead candidate is a cannabinoid derived from cannabis plants and targets inflammatory pathways in the ocular surface of the eye. Preclinical studies have shown promising results, and the additional funding will enable the company to further advance the candidate through preclinical studies and clinical trials.
“We are excited to continue our partnership with 3R Pharma and support their efforts to develop novel treatments for ocular surface diseases,” said Israel Birenbaum, CEO of CanNegev Incubator. “We believe their innovative approach and experienced team are well-positioned to bring much-needed therapies to patients suffering from dry eye and other ocular surface diseases.”
About 3R Pharma
3R Pharma is a preclinical-stage pharmaceutical company focused on developing novel cannabinoid-based therapies for the treatment of ophthalmic diseases. 3R Pharma’s lead candidate is a cannabinoid derived from cannabis plants and targets inflammatory pathways in the ocular surface of the eye. The company’s first product is an anti-inflammatory therapy for Dry Eye disease. Dry Eye disease affects almost 400 Mil people globally and today represents a $6.3 Billion market that will continue to grow with aging of the population and the increased use of digital devices. The company is part of the “CanNegev” start-ups incubator and is based in Yeruham, Israel.