REG - Cambridge Cognition - COG spin-out Monument Therapeutics accesses £1.5m

Cambridge Cognition HoldingsAnnouncement

23/04/2024 07:00

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RNS Number : 5864L  Cambridge Cognition Holdings PLC  23 April 2024

 

23 April 2024

 

Cambridge Cognition Holdings plc

("Cambridge Cognition", the "Company" or the "Group")

 

Cambridge Cognition spin-out Monument Therapeutics accesses £1.5m for
schizophrenia clinical development

 

Cambridge Cognition Holdings plc (AIM: COG), which develops and markets
digital solutions to assess brain health, is pleased to announce that Monument
Therapeutics Limited ("Monument") a precision neuroscience company spun-out
from, and partly owned by Cambridge Cognition, 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".

 

 

Enquiries:

 

 Cambridge Cognition Holdings plc                         Tel: 012 2381 0700

 Matthew Stork, Chief Executive Officer                   press@camcog.com (mailto:press@camcog.com)

 Stephen Symonds, Chief Financial Officer

 Panmure Gordon (UK) Limited (NOMAD and Joint Broker)     Tel: 020 7886 2968

 Freddy Crossley / Emma Earl                              (Corporate Finance)

 Rupert Dearden                                           (Corporate Broking)

 Dowgate Capital Limited (Joint Broker)                   Tel: 020 3903 7715

 David Poutney / James Serjeant

 Hudson Sandler (Financial PR and IR)                     Tel: 020 7796 4133

 Dan de Belder / Hattie Dreyfus                           cog@hudsonsandler.com (mailto:cog@hudsonsandler.com)

 

Notes to Editors

 

About Cambridge Cognition

 

Cambridge Cognition is a technology company developing digital health products
to better understand, detect and treat conditions affecting brain health. The
Company's software products assess cognitive health in patients worldwide to
improve clinical trial outcomes, identify and stratify patients early and
improve global efficiency in pharmaceutical and healthcare industries.

 

For further information visit: https://cambridgecognition.com/
(https://cambridgecognition.com/)

 

 

About Monument Therapeutics

 

Monument Therapeutics is bringing stratified medicine to CNS drug development.
The company uses proprietary digital biomarkers to reduce heterogeneity and
identify patients with homogenous underlying neurobiology, which are then
matched with appropriately targeted compounds. Monument Therapeutics has a
pipeline of promising drug development programmes, with the most advanced two
being for cognitive impairment in schizophrenia and neuroinflammation. For
further information visit www.monumenttx.com (http://www.monumenttx.com)

 

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