Schizophrenia affects approximately 20 million people worldwide. Cognitive impairment associated with schizophrenia (CIAS), a core symptom of the condition, impacts memory, attention, and executive function, significantly reducing patients' quality of life. Despite its profound effect, there are currently no approved treatments for CIAS.

Monument Therapeutics has developed MT1988, a novel fixed-dose combination drug for the treatment of CIAS. MT1988 has shown excellent pre-clinical results, with substantial cognitive improvement produced by combining two well-characterised small molecules that act on nicotinic receptors. It is designed to enhance cognitive function while mitigating common side effects seen with similar treatments. The drug is intended to be used alongside existing antipsychotic medications, offering a complementary solution for patients.

This latest funding will support the progression of MT1988 through further clinical development, with Phase 1 results expected in Q2 2025.

Dr Jenny Barnett, CEO of Monument Tx, said: “The development of new treatments in neuroscience has historically been hindered by the difficulty of identifying the right patients for the right drugs. At Monument, we use digital biomarkers to better match patients with targeted treatments, a strategy we call precision psychiatry or stratified neuroscience. This latest funding is a key step forward as we look to progress MT1988 through clinical trials, with the potential to finally address the cognitive symptoms of schizophrenia that have long been neglected.”

Tim Mills, Managing Partner at ACF Investors, said: “Monument Therapeutics is tackling one of the most elusive areas of neuroscience drug development with an innovative, precision-based approach. CIAS is an area of huge unmet need and we believe that MT1988 has the potential to make a real impact on a range of conditions. We look forward to supporting Jenny and the team as they push the boundaries of neuroscience and work towards a much-needed solution for patients worldwide.”

Sunil Shah, CEO of o2h Ventures, said: “We are excited to support Monument in its mission to address the cognitive impairment associated with schizophrenia, an area of significant unmet medical need.  Jenny Barnett has been a fantastic CEO leading the charge and finding innovative sources of funding for the programme. We look forward as they progress their asset to clinical trials, with the potential to bring real benefit to patients.”

For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.