Uni spinout wins record investment

CARDIFF University life sciences spinout firm pioneering new therapies for neuropsychiatric disorders has been boosted with a huge £100m-plus equity investment round to support clinical trials ahead of commercialisation.

- SION BARRY Business editor [e-mail]

In the biggest-ever investment into a Welsh university spinout, and one of the largest for a start-up firm in Wales, Draig Therapeutics has secured backing from international venture capital investors 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 by Access Biotechnology, alongside SV Health Investors and ICG, and including Canaan Partners, SR One, Sanofi Ventures and Schroders Capital.

The company was set up in a partnership between the Medicine Discovery Institute and SV Health Investors and its chair, serial entrepreneur Ruth McKernan.