Mentari Therapeutics announced a $200 million private placement to leading healthcare investors, with proceeds intended to support continued development of its pipeline of targeted biologics for migraine prevention. The placement consisted of common stock and pre-funded warrants to purchase common stock, with investors including Fairmount, ADAR1 Capital Management, Venrock Healthcare Capital Partners, Sirenia Capital Management LP, Janus Henderson Investors, Blackstone Multi-Asset Investing, RTW Investments, Deep Track Capital, Vivo Capital, Commodore Capital, and BB Biotech, among other healthcare investors.
Based on current plans, the financing extends Mentari’s cash runway into 2029 and through Phase 2a readouts on each of the company’s two PACAP-targeted lead programs, including MT-002, while also supporting clinical development across its broader migraine prevention pipeline. The private placement is expected to close immediately prior to completion of Mentari’s merger with InMed Pharmaceuticals, Inc., and concurrently with a previously announced $290 million private placement. The combined company will continue to operate under the Mentari Therapeutics name and trade on the Nasdaq Capital Market under a new ticker symbol. Following completion of the merger and both private placements, the combined company’s estimated total shares outstanding on an as-converted, as-exercised basis is expected to be approximately 601,195,812. Jefferies, TD Cowen, Stifel, and Guggenheim Securities are acting as placement agents for the transaction.
Mentari’s lead programs target PACAP, which the company describes as a newly validated pathway that is mechanistically independent from CGRP, an earlier migraine target that has achieved clinical and commercial success. The company’s pipeline includes MT-001, an anti-PACAP monoclonal antibody designed for subcutaneous dosing, and MT-002, a bispecific antibody targeting both CGRP and PACAP that the company says is designed to potentially deliver better outcomes for patients who have had an incomplete response to CGRP-targeted therapies. Mentari’s programs were originally discovered by Paragon Therapeutics, and the company says migraine affects more than 1 billion people worldwide. Mentari is based in Waltham, Massachusetts.
