Newton, Mass.– Draig Therapeutics has closed an oversubscribed $65 million Series B financing to accelerate the clinical development of its pipeline of treatments for neuropsychiatric disorders.
The financing was led by new investor Deep Track Capital, with participation from Janus Henderson Investors, Marshall Wace, British Business Bank and Jefferson Life Sciences.
Draig said the proceeds will support the development of its highly specific AMPA and GABAA receptor modulators, including lead candidate DT-101, an AMPA receptor potentiator being studied as a treatment for major depressive disorder.
“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,” said Ivana Magovčević-Liebisch, PhD, JD, President and Chief Executive Officer of Draig Therapeutics. “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.”
The clinical-stage biopharmaceutical company is developing drugs designed to precisely modulate major neural circuits involved in neuropsychiatric conditions.
DT-101 is a positive allosteric modulator of the AMPA receptor. Draig is evaluating the candidate in two ongoing Phase 2 studies involving patients with major depressive disorder.
One global study is assessing DT-101 as a standalone treatment, while a U.S. trial is evaluating the drug as an adjunctive therapy.
“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,” said Rebecca Luse, Managing Director at Deep Track Capital.
