Draig Therapeutics Raises $65M to Advance AMPA Modulator DT-101 for Depression Treatment

Neuropsychiatric drug developer Draig Therapeutics has raised $65 million in an oversubscribed Series B financing round to accelerate development of its pipeline, led by its investigational depression therapy DT-101.

The funding comes as pharmaceutical companies continue to explore new approaches to treating major depressive disorder (MDD), with growing interest in therapies that target alternative biological pathways beyond traditional antidepressants.

DT-101 is a positive allosteric modulator of the AMPA receptor and is currently being evaluated in two Phase II clinical trials, including a global monotherapy study and a US trial assessing its use alongside existing antidepressant treatments.

Draig said the financing will support ongoing clinical development of DT-101, while advancing additional neuropsychiatric programmes targeting GABAA receptor pathways.

Draig Therapeutics Raises $65M to Advance Depression Drug Pipeline

The Series B financing was led by Deep Track Capital, with participation from new and existing investors including Janus Henderson Investors, Marshall Wace, British Business Bank and Jefferson Life Sciences.

The latest funding brings Draig Therapeutics’ total disclosed financing to approximately $205 million since the company launched in June 2025 with a $140 million Series A round.

The company said the capital will be used to accelerate clinical development of DT-101, alongside advancing its broader pipeline of neuroscience programmes.

Draig CEO Ivana Magovčević-Liebisch said early clinical findings have supported continued investment in the company’s AMPA receptor approach.

DT-101 Targets AMPA Receptor Pathway in Major Depressive Disorder

DT-101 is designed as a positive allosteric modulator of the AMPA receptor, a target involved in mood regulation, synaptic plasticity and cognitive function.

The therapy is currently being studied in two Phase II trials:

• A global study evaluating DT-101 as a monotherapy treatment for major depressive disorder

• A US study assessing DT-101 as an adjunctive therapy alongside existing antidepressant treatment
  

Draig believes the approach could address limitations associated with previous AMPA receptor programmes by improving precision and maintaining a wider therapeutic margin.

According to the company, DT-101 has been designed to provide transient receptor engagement through differentiated pharmacokinetic properties, supporting mechanisms involved in restoring synaptic connectivity.

Growing Interest in AMPA Receptor Modulators

The AMPA receptor pathway has attracted increasing attention from pharmaceutical developers searching for alternatives to conventional antidepressant treatments.

Neurocrine Biosciences’ osavampator (TAK-653/NBI-1065845) is currently among the most advanced AMPA receptor modulators in development.

Licensed from Takeda in 2020, osavampator entered Phase III development following positive Phase II results from the SAVITRI trial, where the therapy demonstrated improvements in depressive symptoms among patients with MDD.

The growing investment in AMPA receptor research reflects wider industry efforts to develop treatments that can improve efficacy, speed of response and durability of benefit compared with existing antidepressants.

Expanding Neuroscience Pipeline Beyond Depression

Alongside DT-101, Draig Therapeutics is developing additional programmes targeting GABAA receptors.

The company’s preclinical pipeline includes:

DT-201

A negative allosteric modulator targeting the α5 GABAA receptor subtype.

Draig believes this mechanism could have potential applications across multiple neuropsychiatric disorders.

DT-301

A positive allosteric modulator targeting α2/α3 GABAA receptor subtypes while avoiding α1 and α5 receptors.

The company believes this selectivity could help minimise unwanted effects associated with sedation and cognitive impairment.

One of these programmes is expected to enter clinical development during 2026.

Investment Highlights Growing Interest in Neuropsychiatric Innovation

Deep Track Capital, which led the Series B financing, highlighted Draig’s rapid progress since launch.

Managing director Rebecca Luse said the company had built an international organisation, initiated two Phase II trials in MDD and advanced additional pipeline assets towards clinical development in less than two years.

The investment reflects broader industry interest in next-generation neuroscience therapies, as pharmaceutical companies continue searching for new approaches to conditions including depression and other neuropsychiatric disorders.

What This Means for the Depression Treatment Market

Depression remains one of the largest areas of unmet need in healthcare, with many patients experiencing inadequate responses to existing therapies.

While traditional antidepressants remain widely used, pharmaceutical companies are increasingly exploring novel mechanisms that could offer improved outcomes through alternative biological pathways.

Draig’s focus on AMPA receptor modulation places the company within a growing field of neuroscience innovation targeting synaptic function and neural connectivity.

The success of DT-101 will depend on whether it can demonstrate meaningful clinical benefits while avoiding the safety and tolerability challenges that have affected previous AMPA receptor programmes.

Summary

Draig Therapeutics has raised $65 million in Series B financing to advance its neuropsychiatric pipeline, led by Phase II depression therapy DT-101.

The AMPA receptor modulator is being evaluated in major depressive disorder, with the company aiming to develop a next-generation approach to improving mood regulation and synaptic connectivity.

The funding will also support Draig’s broader neuroscience pipeline, including preclinical GABAA receptor programmes targeting additional neuropsychiatric conditions.

As pharmaceutical developers continue searching for alternatives to traditional antidepressants, AMPA receptor modulation remains an area of significant industry interest.

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