Latest news with #SimonWard
Business News Wales
9 hours ago
- Business
- Business News Wales
£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.'
Wales Online
10 hours ago
- Business
- Wales Online
Welsh university spinout in huge £100m plus investment for its pioneering neuropsychiatric disorder therapies
Welsh university spinout in huge £100m plus investment for its pioneering neuropsychiatric disorder therapies Draig Therapeutics said the funding will support clinicial trials as it aims to move closer to commercialisation John Atack and Simon Ward of Draig Therapeutics. A Cardiff University life sciences spinout firm pioneering new therapies for neuropsychiatric disorders has been boosted with a huge £100m-plus investment round. In the biggest ever equity investment round into a Welsh university spinout and one of the largest for a start-up firm in Wales, Draig Therapeutics has secured backing from leading international venture capital investors globally to support its development of novel therapies for major neuropsychiatric disorders such as major depressive disorder. The company is based on the research and expertise of Professor John Atack and Professor Simon Ward from Cardiff University's Medicines Discovery Institute, The £107m investment round has been led Access Biotechnology, alongside SV Health Investors and ICG, and including Canaan Partners, SR One, Sanofi Ventures and Schroders Capital. The company was set in a partnership between the Medicine Discovery Institute and SV Health Investors and its chair in serial entrepreneur Ruth McKernan. The latest acquisition and equity investment news in Wales READ MORE: The new funds will enable Draig Therapeutics to advance its lead candidate drug, DT-101, into phase two trials this year for major depressive disorder. The funding will also enable it to advance two other drugs towards clinical development in 2026 with potential across a range of neuropsychiatric disorders. Article continues below The company was originally set up in 2021, but gained Cardiff University spinout status last year following approval by the university's executive board. Cardiff University said it could not disclose what equity it and the academic founders of the business have post the investment round. Draig currently employs 17 but with the potential for further job creation. Professor Ward of 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.' 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.' Ms McKernan, co-founder and executive chair of Draig, said:'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 two trials this year for major depressive disorder. The funding will also enable it to advance two other drugs towards clinical development in 2026 with 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 insittute 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. Article continues below '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.'
Reuters
07-04-2025
- Business
- Reuters
Asia credit starts to wobble as market pain spreads
Summary Asia Itraxx CDS spreads widen by 26 bps Sovereign CDS in Asia widen US IG credit spreads + 20bps since April 2 SINGAPORE, April 7 (Reuters) - Credit markets turned shaky in Asia on Monday, with the cost of insuring against corporate and sovereign default higher as recession fears rippled across financial markets. The five-year credit default swap spread on the Markit Itraxx Asia ex-Japan index, comprising sovereign and company debt, rose about 26 basis points to its highest since August last year, according to S&P Global data. Sovereign spreads for China, Vietnam, Indonesia, Thailand and Malaysia also widened, S&P Global data showed. Unusually the pressure on credit has followed, rather than led, a tailspin in world stock markets as U.S. President Donald Trump declared a trade war in earnest by levying the highest tariffs on U.S. imports in over a century. U.S. equity futures were down nearly 4% by mid-session in Asia and selling in credit came as equity markets from Hong Kong to Sydney were crumbling. "It's not just the equity market. We've seen credit spreads gap wider materially and we're also hearing various fund flows going the other way as well, as people try to get into cash or other commodities," said Simon Ward, head of debt capital markets for Australasia at Mizuho in Sydney. He said the debt market would probably enter a "wait and see" mode, with deals on pause as volatility has spiked. The spread or difference in yield between U.S. Treasuries and the Ice BOFA index of U.S. investment grade debt (.MERC0A0), opens new tab has widened about 20 basis points since Trump's tariff announcements and for high-yield U.S. debt (.MERH0A0), opens new tab it has widened about 96 it has widened about 96 bps.
