DSW Ventures has led a £1.2m investment into Ulster University spin-out Dia Beta Labs (DBL) to accelerate the development of a breakthrough treatment for obesity and type 2 diabetes.
With more than 4 million people in the UK living with diabetes and £10 billion per year spent by the NHS on related care, there is a pressing need for more effective solutions.
In a market currently led by high-profile drugs like Wegovy and Ozempic, DBL’s lead candidate promises similar benefits without the harmful side effects or long-term complications.
Existing therapeutics, particularly GLP-1 analogues such as semaglutide (the active ingredient of Wegovy and Ozempic), have commanded the press in recent years, but suffer from well-documented negative side effects – commonly including nausea, vomiting and diarrhoea – as well as poor long-term effectiveness and adherence.
The investment from DSW Ventures and Northern Ireland-based QUBIS Ltd, leveraged additional funding from Innovate UK’s Future Economy Investor Partnership grant programme. This funding will accelerate key pre-clinical data packages and scale-up efforts, positioning the company to seek further investment and partnerships as it moves towards commercialisation.
Chief Executive Officer, Dr Ryan Lafferty said of the investment: “The widespread success of GLP-1s for weight management has certainly changed the management landscape in obesity, but high discontinuation rates mean that they represent an imperfect solution to a complex issue. With the funding secured in this round, we will be able to significantly progress our path to clinic for DBL’s lead candidates which target greater fat vs muscle loss and provide a much-required alternative to GLP-1s for the majority of users forced to discontinue GLP-1s due to intolerance.”
DBL becomes the fifth investment from DSW Ventures’ first SEIS fund and its first investment in Northern Ireland. Doug Quinn, partner at DSW Ventures, commented: “The demand for effective treatments to address obesity and type 2 diabetes has grown massively in recent years. We are hugely encouraged by the data generated by Ryan and the team, building on years of research in the diabetes field. Through the combination of investment and grant funding, DBL is well-positioned to progress its science and pathway towards addressing these debilitating conditions.
“There is an impressive science and funding eco-system in Northern Ireland and with the imminent launch of our second SEIS fund we look forward to hopefully supporting new opportunities in the region.”