HMNC Brain Health has raised €14.3m in a funding series, raised from existing investors, including Carsten Maschmeyer, the Jahr Group and Guntard Gutmann.
New investors included Dr Josef Ackermann, formerly CEO of Deutsche Bank, Toni Kroos of La Liga club Real Madrid, Wilhelm Beier of Dermapharm and Hans Kompernaß of Hans Kompernaß GmbH.
HMNC has stated that the proceeds will be used to accelerate its precision psychiatry programmes, in which first-in-class pharmaceuticals are co-developed with proprietary genetic companion diagnostics to identify the patient groups most likely to benefit most from the treatments.
The company is aiming to innovate mental health care through the development of specific treatments with increased efficacy and reduced side effects, and will be harnessing genomics and Artificial Intelligence (AI) to develop them.
In 2021, HMNC embarked on a joint venture with Develco Pharma to create the company Ketabon – a project developing a prolonged-release oral ketamine formulation for treatment-resistant depression (TRD). The company is hoping that the formula will provide the therapeutic benefits of ketamine without the ‘trip.’
The funds will advance the development of the Ketabon programme, which entered into a clinical Phase 2 trial in June 2022.
Chief business officer of HMNC Brain Health, Dr Maximilian Doebler, commented: “We are very pleased to receive support from both new and current investors.
“With this funding, we will advance the development of our personalised therapies to combat severe, unmet mental health challenges around the world.
“Raising additional capital is a tremendous vote of confidence in the promise of our clinical trial candidates, the power of precision medicine in psychiatry and our team’s ability to achieve its strategic priorities.”
The company secured investment from Toni Kroos, professional football player at Real Madrid, who highlighted how mental health is undervalued in sports.
Kroos stated: “Mental health is a serious issue that affects millions of people around the world. I have witnessed how mental health is undervalued in competitive sports in particular, even though the physical and psychological pressure is incredibly high.
“The team at HMNC Brain Health are true pioneers in this field, combating mental illness with precisely tailored, individualised treatments, which is why I am delighted to be on board.”
Former CEO of Deutsche Bank, Dr Josef Ackermann, also invested.
Ackermann said: “I have always been intrigued by breakthrough innovations that improve people’s lives, especially when it comes to health.
“That’s why I have decided to support HMNC as an investor and be part of the precision psychiatry revolution. Through investing in HMNC’s programmes, I want to foster an important societal impact in the fight against anxiety disorders and depression.”
Co-founder and member of the board of directors at HMNC Brain Health, Carsten Maschmeyer, added: “We are extremely encouraged by the progression of HMNC Brain Health’s activities to date, and equally confident in the team’s ability to achieve further success.
“Over the past few months, HMNC has recruited key experts to join the team, and made great progress in advancing its medications and companion diagnostics.
“Unsurprisingly, within a short period of time we attracted several new, renowned investors to support the maturation of HMNC Brain Health, who are as convinced as I am of the important role HMNC will play in treating mental health patients globally.”
HMNC Brain Health expects to complete a second closing of this round by end of March 2023.
