£107m For Health Spinout is 'Most Significant Commercial Investment in Welsh Research To Date'
A clinical-stage spinout company is launching with a $140 million (£107 million) investment – the most significant commercial investment into Welsh research to date.
Cardiff University spinout Draig Therapeutics will launch with the investment from leading international venture investors to advance the development of novel therapies for major neuropsychiatric disorders such as major depressive disorder.
The university said this represents the most significant commercial investment into Welsh research to date.
Founded on the research and expertise of Professor John Atack and Professor Simon Ward from Cardiff University's Medicines Discovery Institute, the new company will translate the latest research into new treatments for neuropsychiatric conditions.
Draig Therapeutics will target key processes in the brain – the Glutamate and GABA pathways – to develop new and more effective treatment options.
Professor Simon Ward, Cardiff University's Medicines Discovery Institute and Draig Therapeutics, said:
'We have unique scientific expertise in safely and effectively modulating the core Glutamate and GABA pathways in the brain, which play a critical role in neuropsychiatric disorders. Our knowledge of balancing the chemical neurotransmitters in the brain in neuropsychiatric conditions underpins Draig's pipeline of novel treatments. With the launch of Draig, we can test and develop these new treatments, to bring them into clinical practice and make genuine impacts on the lives of patients around the world.'
Draig was formed through a partnership between Cardiff University's Medicine Discovery Institute and SV Health Investors and was founded in 2024. Draig Therapeutics is due to launch on June 18, 2025, with investment led by Access Biotechnology, alongside SV Health Investors and ICG, and including Canaan Partners, SR One, Sanofi Ventures and Schroders Capital.
Liam Ratcliffe, Head of Access Biotechnology, said:
'Despite numerous treatments available for neuropsychiatric disorders, a significant unmet need remains with many patients continuing to experience inadequate symptom relief and high rates of relapse. Draig's differentiated approach, which targets core mechanisms underlying these complex conditions, has the potential to deliver a real breakthrough for patients.'
Ruth McKernan, co-founder and Executive Chair of Draig, added:
'Making the best molecules to rebalance brain networks has been John and Simon's life work. It has been a professional highlight for me to be part of creating this hugely promising company.'
The new funds will enable Draig Therapeutics to advance its lead candidate drug, DT-101, into Phase 2 trials in 2025 for Major Depressive Disorder. The funding will also enable Draig Therapeutics to advance two other drugs towards clinical development in 2026, with best-in-class potential across a range of neuropsychiatric disorders.
Rhodri Turner, Research Commercialisation Manager in Cardiff University's Research and Innovation Services, said:
'This investment in Draig Therapeutics is the largest into a Cardiff University spinout company and represents an outstanding success for the university's Medicines Discovery Institute and will significantly accelerate the delivery of much-needed therapeutics to patients.'
The Medicines Discovery Institute was launched at Cardiff University in 2017, with supportive funding from the European Regional Development Fund through the Welsh Government's Sêr Cymru scheme, to translate the latest biomedical research into new therapies.
Professor Roger Whitaker, Pro Vice-Chancellor for Research, Innovation and Enterprise at Cardiff University, said:
'Draig Therapeutics is an excellent example of how our research ecosystem is driving innovation-led growth and real-world commercialisation. In collaboration with government, the private sector and other stakeholders, we look forward to further building on this success to strengthen the sector's wider role in driving inward investment to Wales.
'Translating our fundamental research into innovative solutions for global challenges is at the heart of what we do. Combined with support for innovation, it is important to remember just how vital Sêr Cymru and other targeted research funding has been in making a step change for Wales. Together we can do much more.'
Professor Wendy Larner, Vice-Chancellor and President at Cardiff University, said:
'This achievement exemplifies the huge impact from Cardiff's outstanding research. Our strategy for 2035 reaffirms our global-civic ambitions and the partnership approach that is vital for Wales and the UK. Through our new strategy, Cardiff will continue to strengthen its position for future innovation across the portfolio, for continued economic, social and health benefits.'
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