Cambridge Cognition spin-out, Monument Therapeutics, receives £1.0 million for schizophrenia clinical development

Cambridge Cognition Holdings plc (AIM: COG), the brain health software group, is pleased to announce that its spin-out company, Monument Therapeutics Limited (“Monument”), has secured an investment of £1.0 million from the Forster Foundation at a post investment valuation of £8.35 million.

Since becoming an independent business in 2021, Monument has focused on a unique drug development strategy, leveraging Cambridge Cognition’s digital cognitive assessments to match patients with new pharmaceutical treatments.  This latest investment builds on the funding announced on 23 April 2024 and will help support the clinical development of MT1988, a novel treatment for the cognitive symptoms of schizophrenia.

If successful in clinical development Monument’s MT1988 is anticipated to be complementary to existing drugs for schizophrenia; including those recently approved by regulatory authorities.

Cambridge Cognition holds a 22.1% shareholding in Monument following this financing and intends to review the valuation of its shareholding and anticipates a significant increase on a mark-to-market basis.

Dr Steven Powell, Chair of Cambridge Cognition, commented:

“We congratulate the Monument team on their progress since establishing the business in 2021.  The advancement of their pipeline demonstrates the value of Cambridge Cognition’s technology and the innovative ways to leverage its intellectual property within drug development.”