Mentari Therapeutics has completed its merger with InMed Pharmaceuticals and secured approximately $490 million in gross financing.

 

This gives the clinical-stage biotechnology company substantial financial firepower to advance its experimental migraine treatments and pursue multiple clinical milestones through 2027.

 

The combined company will operate as Mentari Therapeutics.

 

The merger marks a major step for Mentari as it seeks to develop next-generation biologic therapies for migraine prevention, a condition affecting more than 1 billion people worldwide. Its strategy centres on two investigational antibody candidates, MT-001 and MT-002, designed to target clinically validated biological pathways that could help address persistent treatment gaps.

 

“Today marks a significant milestone for Mentari as we enter the public markets with tremendous momentum and conviction in our mission to transform migraine care. With a proven leadership team, strong capital position and robust pipeline, we are well positioned to advance next-generation migraine therapies,” said Greg Divis, Chief Executive Officer of Mentari.

 

“We believe bispecific antibodies targeting complementary pathways represent the next frontier in migraine treatment, with the potential to redefine care and address the limitations of existing therapies. With multiple catalysts ahead, we look forward to sharing initial data on both of our lead programs in 2027 and continuing to rapidly advance our full pipeline of potentially best-in-class therapies for people living with migraine.”

 

Immediately before completing the merger, Mentari closed two previously announced private placement financings, generating approximately $490 million in gross proceeds.

 

At the centre of Mentari's development strategy are MT-001 and MT-002, two investigational biologic therapies targeting pituitary adenylate cyclase-activating polypeptide (PACAP), an emerging and clinically validated target in migraine research.

 

The company is seeking to address a significant unmet medical need. Although therapies targeting calcitonin gene-related peptide (CGRP) have transformed migraine treatment, many patients continue to experience frequent and debilitating attacks despite existing options.

 

Mentari estimates that approximately two-thirds of people have a suboptimal response to current anti-CGRP therapies, highlighting the potential opportunity for treatments that target additional or complementary biological pathways.

 

MT-001 is an investigational monoclonal antibody targeting PACAP. The candidate is being evaluated in an ongoing Phase 1 clinical trial, with dosing underway and initial data expected in mid-2027.

 

The company is developing MT-001 with the potential for strong efficacy and convenient, infrequent subcutaneous administration.

 

MT-002 is an investigational bispecific antibody designed to target both PACAP and CGRP.

 

By combining two clinically validated migraine pathways in a single molecule, the candidate is intended to deliver greater efficacy than targeting either pathway independently.

 

Mentari expects to submit a regulatory filing for MT-002 in the first quarter of 2027, with initial data anticipated by the end of that year.

 

Both programmes represent key milestones in the company's effort to develop potentially best-in-class migraine prevention therapies, although their safety and efficacy remain to be established through clinical testing.

 

Alongside the merger completion, Mentari announced the appointment of Todd Shegog to its Board of Directors. He will serve as Chair of the Audit Committee.

 

Shegog brings more than 30 years of experience in finance, operations, corporate strategy and compliance across the biotechnology and pharmaceutical industries.