British Business Bank’s British Growth Partnership Fund I invests in Draig Therapeutics Series B financing round
Press release
The British Business Bank has invested in Draig Therapeutics as part of its $65 million Series B financing round. This marks the first life sciences investment made by the Bank’s British Growth Partnership Fund I, following the announcement of the Fund’s first close in April this year.
The Bank, including the British Growth Partnership Fund I investment vehicle, is one of the most active direct VC investors in UK life sciences, having invested £263m in 23 companies over the last five years, and is accelerating deployment into scale ups in the sector.
The financing round was led by new investor Deep Track Capital with participation from Janus Henderson, Marshall Wace and Jefferson Life Sciences.
Founded in 2024 through a partnership between Cardiff University and SV Health Investors, Draig Therapeutics is a Wales-based clinical-stage biopharmaceutical company developing next-generation treatments for neuropsychiatric disorders, including major depressive disorder (MDD).
The funding will be used to advance Draig’s best-in-class pipeline of highly selective modulators that look to restore the balance of neural signaling. Its lead program, DT-101, is currently being evaluated in Phase 2 clinical trials for the treatment of MDD, with the goal of delivering rapid and robust antidepressant effects, with potential benefits on cognitive impairment.
British Growth Partnership Fund I is an investment vehicle designed to address structural barriers and help pension funds increase their allocations to UK venture capital. The fund invests in high growth UK companies by leveraging the Bank’s market access as the largest investor in UK venture capital. BGP Fund I investors include Aegon, Cushon Master Trust, and M&G and this investment demonstrates how pension fund capital is being deployed into UK scale-ups at speed through the British Growth Partnership.
Charlotte Lawrence, Managing Director, Head of Direct Equity at British Business Bank said:
Draig Therapeutics is pioneering targeted therapies to tackle some of the most challenging neuropsychiatric disorders. Through British Growth Partnership Fund I, we are deploying UK pension capital into a standout innovator with the capacity to become a global leader, reinforcing the power of British life sciences to drive both breakthrough health outcomes and economic growth.
Dr Carmine Circelli, Senior Investment Director, Life Sciences at British Business Bank said:
Draig Therapeutics is a unique example of the UK’s strength in life sciences. Innovations such as its DT-101 programme and selective receptor modulators are highly promising next-generation approaches with strong therapeutic potential. Our investment will help accelerate Draig Therapeutics’ pipeline and improve outcomes for patients.
Ivana Magovčević-Liebisch, PhD, JD, President and Chief Executive Officer of Draig Therapeutics said:
This oversubscribed financing marks an exciting milestone for Draig as we continue to advance our transformative, best-in-class pipeline. Major depressive disorder remains one of the largest unmet needs in medicine. 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.
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Notes to editors
About British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.
The British Business Bank’s core programmes support £23bnRead footnote text 1 of finance to almost 64,000Read footnote text 2 smaller businesses.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.
BBB Investment Services Limited, registered in England and Wales, registration number 15662260, registered office Steel City House, West Street, Sheffield S1 2GQ. A wholly owned commercial subsidiary of British Business Bank plc. It is not a banking institution and does not operate as such. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Draig Therapeutics or its products or services.
About Draig Therapeutics
Draig Therapeutics is a clinical-stage biopharmaceutical company developing transformative, best-in-class neuropsychiatric therapies. Our pipeline of highly specific AMPAR & GABAAR modulators are designed to enable safe, precise modulation of the major neurocircuits underlying neuropsychiatric disorders. Our lead program, DT-101, is a Phase 2 AMPAR PAM with best-in disease potential in major depressive disorder. Working in partnership with patients and their care partners, Draig is transforming the future of neuropsychiatry.
Draig was co-founded by Cardiff University and SV Health Investors, which led the seed financing with ICG, and is backed by other leading healthcare venture firms including Access Biotechnology, Canaan Partners, SR One, Sanofi Ventures and Schroders Capital.
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Figures as at end March 2025
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Figures as at end March 2025
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