Monument Therapeutics Gains £1M for Schizophrenia Programme and Growth

Monument Therapeutics, a company specializing in precision neuroscience, has announced a significant £1 million equity investment by the Forster Foundation, a charitable incorporated organization. This new funding follows previous equity and non-dilutive funding announced in April 2024 and is intended to support the clinical development of MT1988, an innovative treatment targeting cognitive symptoms associated with schizophrenia. Cognitive impairment related to schizophrenia is a major challenge, profoundly affecting patients' lives and posing an unmet medical need and economic burden. Monument's MT1988 is designed to complement existing schizophrenia medications, including Cobenfy, a drug initially developed by Karuna Therapeutics and acquired by Bristol Myers Squibb for $14 billion the previous year.

In conjunction with the new investment, Monument Therapeutics has made two significant board appointments. Dr. Randeep Grewal, who has been a board observer representing angel investors since 2022, is now appointed as the Board Chair. Dr. Grewal brings a wealth of experience from his roles as Chair of Bellevue Healthcare Trust and a non-executive director of several organizations, including Hox Therapeutics, the Global Smaller Companies Trust, and the Monks Investment Trust. His background as a fund manager and vascular surgeon gives him a unique blend of financial and medical expertise.

Additionally, David Ford, a seasoned life sciences investor and former Managing Director at Prudential Capital Group and Intermediate Capital Group, joins the board as a new Investor Director. David Ford also serves as Chair of VisusNano Ltd and holds non-executive roles at Vianautis and Foresight VCT plc. Expressing his enthusiasm, Ford stated, "I am excited to join Monument Therapeutics at such an important stage in the company's journey. The innovative approach to developing treatments for cognitive symptoms of schizophrenia is both groundbreaking and much needed. I look forward to working with the team to advance MT1988 through clinical development."

Dr. Jenny Barnett, CEO of Monument Therapeutics, commented, "We are thrilled to welcome David to our board during this pivotal moment for Monument Therapeutics' growth strategy. The support from the Forster Foundation underscores the growing confidence in our precision neuroscience approach. This new investment will bring us closer to fulfilling our mission of improving the lives of people affected by schizophrenia and other psychiatric and neurological conditions."

Monument Therapeutics employs a unique drug development strategy, utilizing digital assessments of cognition to match patients with new pharmaceutical treatments. Their lead asset, MT1988, aims to address the cognitive symptoms of schizophrenia, which are not only costly for society but also significantly impact the quality of life of those affected.

This latest development marks an important milestone for Monument Therapeutics as they continue to push forward in their mission to develop effective treatments for cognitive impairments associated with schizophrenia and other neurological and psychiatric conditions. With the new funding and experienced board members, the company is well-positioned to advance their innovative treatments and make significant strides in the field of precision neuroscience.