Mentari Therapeutics completed about $490 million in private financings immediately before closing its merger with Nasdaq-listed InMed on November 6, the company announced. The financing total includes conversion of $50 million in previously issued notes plus accrued interest.
The package combines a $290 million placement announced in May with another $200 million announced in July. With the expansion, Mentari projected funding into 2029 and through Phase 2a results for both lead programs, compared with the original plan to fund operations through 2028.
Mentari develops antibody medicines to prevent migraine. Its MT-001 program targets PACAP, while MT-002 is designed to block both PACAP and CGRP, the target of existing migraine medicines. Mentari hopes the combined approach will help patients who get incomplete relief from CGRP-targeted drugs.
Both programs remain early in development: Mentari's website lists MT-001 in Phase 1 and MT-002 as preclinical. The proposed benefit of targeting both pathways remains a company development goal.
The combined company will operate as Mentari, with trading under MTRI expected to begin November 9. Legacy InMed shareholders also received contingent value rights tied to potential proceeds from its older Alzheimer's, eye-disease and dermatology drug programs.