LONDON, UK: Cambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health, announced that Monument Therapeutics Limited has completed a £1.0 million fundraise and announced a further £0.5 million grant funding for the development of a Schizophrenia treatment.
Monument was spun out of Cambridge Cognition in 2021, with the Company maintaining a significant shareholding. Since then, Monument has focused on the application of a unique novel drug development strategy, leveraging digital cognitive assessments to match patients with new pharmaceutical treatments.
The fundraising was led by Cambridge Angels, the UK’s leading business angel network, as well as the Manchester Angels and SyndicateRoom’s Access EIS. The additional funds will enable Monument to commence clinical development of MT1988, a novel fixed-dose combination drug for the treatment of cognitive impairment associated with schizophrenia which has shown substantial cognitive improvement in pre-clinical studies.
This fundraising continues to demonstrate investor support for Monument’s novel approach. Cambridge Cognition did not participate in the fundraise, and its holding has consequently been reduced from 28% to 25%.
Following the successful fundraise, Monument expects the first clinical trials to begin in the coming weeks and, if successful, a Phase 2 clinical trial is expected to begin in early 2025.
Matthew Stork, Chief Executive Officer of Cambridge Cognition, commented: “This represents a significant milestone in Monument’s mission to leverage precision medicine to develop effective treatments in psychiatry and neurology. Monument has a pipeline of opportunities within the CNS space each with significant unmet medical need. We are pleased to maintain a substantial holding in the business, which provides upside for Cambridge Cognition given continued success in the future.”
Dr Jenny Barnett, Chief Executive Officer of Monument Therapeutics, commented: “We are delighted to announce this latest funding round and excited to be entering the clinic. Cognitive impairment is a debilitating symptom of schizophrenia and a major unmet medical need. We are grateful to our investors and to Innovate UK for seeing the value in our development strategy”.
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