Draig Therapeutics announced the closing of an oversubscribed $65 million Series B financing to accelerate development of its pipeline of neuropsychiatric therapies. The round was led by new investor Deep Track Capital, with participation from Janus Henderson Investors, Marshall Wace, British Business Bank, and Jefferson Life Sciences.
Draig is a clinical-stage biopharmaceutical company developing highly specific AMPA and GABAA receptor modulators. The company’s therapies are designed to enable safe and precise modulation of major neurocircuits underlying neuropsychiatric disorders.
The proceeds will support accelerated clinical development of Draig’s pipeline, including its lead program DT-101. DT-101 is an AMPA receptor potentiator, or positive allosteric modulator, being developed to address major unmet needs in major depressive disorder.
Draig said DT-101 has shown encouraging safety, tolerability, and target engagement data. The company also highlighted the therapy’s pulsatile pharmacokinetic profile as a feature supporting its development potential.
Phase 2 studies evaluating DT-101 in patients with major depressive disorder are ongoing. These include a global study evaluating DT-101 as a monotherapy and a U.S. study evaluating DT-101 in an adjunct setting.
The financing follows rapid progress for Draig since its founding. In less than two years, the company has built an international organization, started two Phase 2 trials in major depressive disorder, and advanced its broader pipeline toward the clinic.
Draig was co-founded by Cardiff University and SV Health Investors. SV Health Investors led the company’s seed financing with ICG, and Draig is also backed by healthcare investors including Access Biotechnology, Canaan Partners, SR One, Sanofi Ventures, and Schroders Capital.
The company said its broader mission is to transform neuropsychiatry by developing best-in-class neuromodulators of validated molecular targets. Draig is working with patients and care partners as it advances therapies aimed at restoring healthier brain function.
KEY QUOTES:
“This oversubscribed financing from an exceptional group of new investors marks an exciting milestone for Draig as we continue to advance our transformative, best-in-class pipeline. Major depressive disorder remains one of the largest unmet needs in medicine. Our next-generation AMPA receptor modulator, DT-101, has shown encouraging safety, tolerability and target engagement data and displays a pulsatile pharmacokinetic profile which gives us real conviction in its potential. This new financing will enable us to accelerate the development of our pipeline and bring us closer to our ultimate goal: to restore the brain to a healthier state and enable patients to live their best lives.”
Ivana Magovčević-Liebisch, PhD, JD, President and CEO of Draig Therapeutics
“Draig’s laser-focused execution is a testament to the strength of not only its science, but also its team. In less than two years, the Company has built an international organisation of dedicated individuals, initiated two Phase 2 trials in MDD and advanced its broader pipeline towards the clinic. We are excited to partner with Draig as they continue to advance their best-in-class neuromodulators of validated molecular targets with potential to address significant unmet medical needs.”
Rebecca Luse, Managing Director at Deep Track Capital
