Monument Therapeutics, a precision neuroscience company, announced a further £1 million equity investment by the Forster Foundation, a charitable incorporated organization. This new funding builds on equity and non-dilutive funding announced in April 2024 and will support the clinical development of MT1988, a novel treatment for the cognitive symptoms of schizophrenia.
Cognitive impairment associated with schizophrenia significantly impacts quality of life and presents a substantial unmet medical need and economic burden. Monument’s treatment MT1988 is complementary to existing drugs for schizophrenia, including the newly approved drug Cobenfy, which was initially developed by Karuna Therapeutics and acquired by Bristol Myers Squibb last year for $14 billion.
Along with the new investment, the company announced two new board appointments.
1.) Dr. Randeep Grewal, who has served as a board observer at Monument representing angel investors since 2022, has been appointed as Board Chair. And Randeep has extensive experience from his other roles as Chair of Bellevue Healthcare Trust and non-executive director of organizations, including Hox Therapeutics, the Global Smaller Companies Trust, and the Monks Investment Trust. And his previous fund manager and vascular surgeon background provides a unique blend of financial and hands-on medical expertise.
2.) David Ford, an experienced life sciences investor and former Managing Director at Prudential Capital Group and Intermediate Capital Group, joins the board, as a new Investor Director. David also serves as Chair of VisusNano Ltd and holds non-executive roles at Vianautis and Foresight VCT plc.
KEY QUOTES:
“I am excited to join Monument Therapeutics at such an important stage in the company’s journey. The company’s innovative approach to developing treatments for the cognitive symptoms of schizophrenia is both groundbreaking and much needed. I look forward to working with the team to help bring MT1988 through clinical development.”
-David Ford
“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.”
-Dr. Jenny Barnett, CEO of Monument Therapeutics
