Draig Therapeutics Secures $140M Series A Funding to Advance Neuropsychiatric Drug Pipeline

In a significant development for the neuropsychiatric drug landscape, U.K.-based Draig Therapeutics has emerged from stealth mode with a substantial $140 million Series A financing round. The company, whose name derives from the Welsh word for dragon, is poised to make waves in the treatment of major depressive disorder and other neuropsychiatric conditions.

Lead Candidate Targets Depression

Draig's lead candidate, DT-101, is set to enter Phase II clinical trials for major depressive disorder later this year. The molecule is described as a positive allosteric modulator of the AMPA receptor in the central nervous system. According to the company, DT-101 has been engineered to offer a "much larger therapeutic window" compared to previous generations of drugs in this class, potentially offering improved efficacy and safety profiles.

Expanding the Pipeline

The substantial funding will also support the advancement of two GABAA modulators currently in preclinical development. Draig aims to initiate clinical trials for these compounds by 2026, though specific neuropsychiatric indications have not yet been disclosed. This multi-pronged approach underscores the company's commitment to addressing unmet needs in neuropsychiatry through diverse molecular targets.

Strategic Backing and Leadership

The Series A round was led by Access Biotechnology, with participation from notable investors including Sanofi Ventures, Canaan Partners, Schroders Capital, and SR One. Draig's inception stems from a collaboration between the Medicines Discovery Institute at Cardiff University and SV Health Investors, the latter having contributed to the company's seed funding.

At the helm of Draig's scientific efforts are Professors John Atack and Simon Ward from Cardiff University, serving as Chief Translational Officer and Chief Scientific Officer, respectively. Ruth McKernan has been appointed as the biotech's Executive Chair, rounding out a leadership team with significant expertise in neuroscience drug discovery and development.

Neuroscience Resurgence in Biopharma

Draig's launch comes amid a broader resurgence in neuroscience research and investment across the biopharmaceutical industry. Recent weeks have seen notable advancements in the field, including promising mid-stage data from Ventyx Biosciences for their Parkinson's disease drug VTX3232, and renewed efforts by Roche and Prothena in their pursuit of prasinezumab for the same indication.

The influx of capital into neuroscience-focused companies further highlights this trend. Dutch biotech Azafaros recently secured nearly $150 million in Series B funding for late-stage studies in rare neurological disorders, while epilepsy specialist GRIN Therapeutics closed a series of deals potentially worth over $700 million.

As Draig Therapeutics joins the ranks of well-funded neuroscience biotechs, the company's progress will be closely watched by industry observers and potential partners alike. With its strong financial backing and promising pipeline, Draig is well-positioned to contribute significantly to the evolving landscape of neuropsychiatric therapeutics.