Massachusetts-based Mentari Therapeutics announced a USD 200 million private placement, the second financing tied to its pending reverse merger with Nasdaq-listed InMed Pharmaceuticals. The funding extends the company's cash runway into 2029 and is expected to support Phase II proof-of-concept studies of its PACAP-targeted migraine therapies.
Combined with a previously announced USD 290 million private placement, the financing brings total gross proceeds to USD 490 million. Following completion of the merger, the combined company will operate as Mentari Therapeutics and remain listed on Nasdaq under a new ticker.
The financing is earmarked for Mentari's two lead programs, both targeting pituitary adenylate cyclase-activating polypeptide (PACAP), a migraine-relevant pathway distinct from CGRP. MT-001, a subcutaneous anti-PACAP monoclonal antibody, is on track for a clinical trial application in mid-2026, while MT-002, a bispecific antibody combining anti-CGRP and anti-PACAP activity, is targeted for a similar filing in the first quarter of 2027. Both were discovered by Paragon Therapeutics and are designed to address patients who respond incompletely to existing CGRP-targeted drugs — a population the company estimates includes roughly two-thirds of those on current therapies. Mentari recently appointed Greg Divis, former Avadel Pharmaceuticals CEO, to lead the company through this clinical phase and toward eventual commercialization.
PACAP has emerged as one of the next major targets in migraine after the commercial success of CGRP inhibitors. Lundbeck is the most advanced competitor in the field, while several biotechnology companies are pursuing earlier-stage PACAP-directed programs. Mentari's financing provides one of the strongest balance sheets among these emerging developers as the field moves toward clinical proof of concept.