📍Cardiff - Draig Therapeutics has launched from stealth after raising $140 million (£107 million) in a Series A round. The Wales-based startup, spun out of Cardiff University’s Medicines Discovery Institute in partnership with SV Health Investors and ICG, is preparing to enter Phase 2 trials for its lead drug candidate, DT101, targeting major depressive disorder.
Focused on Neurotransmitter Balance
Draig is developing a small molecule compound, DT101, that acts as a positive allosteric modulator of the AMPA receptor, one of the key glutamate receptors in the brain. The drug aims to correct the imbalance between excitatory (glutamate) and inhibitory (GABA) neurotransmission, a known neurological factor in depression. Phase 1 safety trials involving more than 60 volunteers confirmed target engagement and a favorable safety profile.
A Proven Launchpad for Innovation: Ranked third in the UK in 2019 for translating academic research into spinouts, Cardiff University continues to foster high-impact ventures like Draig Therapeutics.
Well-Backed and Mission-Focused
The funding round was led by Access Biotechnology, with participation from Canaan Partners, SR One, Sanofi Ventures, Schroders Capital, and ICG. Earlier seed funding came from SV Health and ICG.
Ruth McKernan, co-founder and Executive Chair, said the goal is to "rebalance brain networks" using advanced medicinal chemistry. The company is preparing a global Phase 2 trial in major depressive disorder later this year, enrolling up to 300 participants, with data expected in 2027.
Dual-Track Clinical Strategy
In addition to DT101, Draig plans to advance two GABAA receptor modulators into clinical development in 2026.
Unique Scientific Edge
The company uses magnetoencephalography (MEG) to monitor brain activity and neurotransmitter function, an uncommon yet advanced strategy to guide target engagement. Founders John Atack and Simon Ward will serve as Chief Translational Officer and Chief Scientific Officer, respectively.
Why It Matters
- Unmet need: Depression affects over 330 million people worldwide, and many current treatments fail to deliver adequate relief.
- New mechanism: Targeting AMPA and GABA receptors offers a faster, potentially more robust treatment option compared to traditional antidepressants.
- Strong financial support: With £107 million in Series A backing, Draig is well-positioned to advance multiple candidates into clinical trials.
What’s Next
- Late 2025: Launch of the global Phase 2 trial for major depressive disorder
- 2026: Initiation of clinical trials for two additional candidates targeting GABAA receptors
- 2027: Release of initial clinical data for DT101
Draig’s emergence marks a significant milestone for neuroscience innovation in the UK, showing the strength of academic–industry partnerships beyond the traditional so called "Golden Triangle".
