Memento Medicines announced the completion of a $93 million Series A financing round to advance MMT-205, its lead biologic therapy for retinal diseases. The round was co-led by Forbion, RA Capital Management, and Avego BioScience Capital, with participation from Sanofi Ventures and Samsara BioCapital.
In connection with the financing, Memento also entered into an exclusive license agreement with MabTics and Curacle to obtain worldwide rights to MMT-205.
MMT-205, previously known as MT-103, is a bispecific antibody designed to activate Tie2 and inhibit VEGF. The therapy is being developed for neovascular age-related macular degeneration and diabetic macular edema.
Under the licensing agreement, MabTics and Curacle received upfront consideration consisting of cash payments and equity in Memento. They are also eligible for additional development, regulatory, and commercial milestones, along with tiered royalties on net sales.
Memento said MMT-205’s dual mechanism of Tie2 activation and VEGF inhibition could improve upon the efficacy of anti-VEGF monotherapies in retinal diseases.
The company said MMT-205 activates Tie2 signaling through direct engagement with the Tie2 receptor. In preclinical models, MMT-205 produced greater Tie2 activation and improved retinal vascular integrity compared to current therapies.
Proceeds from the financing will support IND-enabling studies for MMT-205, with clinical trials expected to begin in 2027.
Memento Medicines was founded in 2026 as the fifth subsidiary of Sera Medicines, a biologics-focused antibody accelerator formed in collaboration with RA Capital.
In connection with the financing, Dmitrij Hristodorov of Forbion, Zach Scheiner of RA Capital, Vishal Kapoor of Avego BioScience Capital, and Megan Krench of Sanofi Ventures will join Memento Medicines’ Board of Directors.
Memento Medicines is focused on developing novel antibody therapies for ophthalmology, with an initial focus on retinal diseases.
KEY QUOTES:
“MMT-205 holds the potential to become a best-in-class biologic therapy in nAMD and DME and is supported by a robust preclinical data package established by our partners at MabTics and Curacle. Memento is fortunate to have the backing of an accomplished investor syndicate with deep domain expertise in ophthalmology, enabling us to rapidly bring this therapy to patients with various retinal diseases.”
Naveen Daryani, CEO of Memento Medicines
“Given Forbion’s experience in building and guiding ophthalmology companies, partnering with Memento allows MMT-205 to reach its full potential. We believe that MMT-205 has the potential to be a transformative therapeutic in retinal diseases.”
Dmitrij Hristodorov, General Partner at Forbion
“We are profoundly excited and proud to enter into this alliance, which reflects recognition of the strong therapeutic potential of MMT-205—a novel bispecific antibody that activates Tie2 and inhibits VEGF—compared to current clinical competitors. By leveraging Memento’s outstanding development capabilities and execution strength, we can project our scientific innovations globally. Together, we will actively collaborate to accelerate the clinical advancement of MMT-205, bringing impactful clinical solutions to patients with ocular diseases at an unprecedented pace.”
Nam-Kyung Lee, CEO of MabTics, and Jaehyeon Ryu, CEO of Curacle
