Mentari Therapeutics closed its merger with InMed Pharmaceuticals and started trading on Nasdaq under the ticker MTRI on November 9, 2026. The clinical-stage biotech also completed two private financings totaling US$490 million. Mentari develops biologics for migraine prevention.
Financing details
The private financings were led by Fairmount. Other participants included Venrock Healthcare Capital Partners, RTW Investments, Wellington Management, and a16z Bio + Health. The proceeds are expected to fund operations into 2029.
Company focus
Mentari is based in Waltham, Massachusetts. It is developing next-generation biologics for migraine prevention. The condition affects more than 1 billion people globally.
Pipeline programs
MT-001 is a monoclonal antibody targeting PACAP and is in Phase 1 development. MT-002 is a bispecific antibody targeting both PACAP and CGRP. The therapies are designed for convenient subcutaneous dosing.
Initial data from the MT-001 Phase 1 trial is expected in mid-2027. Mentari plans a regulatory filing for MT-002 in Q1 2027, with initial data expected by year-end 2027. The combined company reported about 58.3 million shares of common stock and common stock equivalents outstanding.