Mentari Completes Merger with InMed and $490 Million Financing
The combined migraine-prevention biotech will trade on Nasdaq as Mentari with a pipeline built around PACAP biologics and a 2027 data slate.
Mentari Therapeutics, Inc. (MTRI), a clinical-stage biotechnology company developing therapies for migraine prevention, completed its previously disclosed merger with InMed Pharmaceuticals Inc. on November 9, 2026, and said its shares were set to begin trading that day on the Nasdaq Capital Market under the name Mentari Therapeutics, Inc. and the ticker MTRI.
The combined company said it will operate under the Mentari name and that the close marks its entry into the public markets. Chief Executive Officer Greg Divis said, “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.”
Immediately before the merger closed, Mentari completed two private placement financings with gross proceeds of about $490 million, led by Fairmount, with participation from Venrock Healthcare Capital Partners, ADAR1 Capital Management, Blackstone Multi-Asset Investing, Commodore Capital, RTW Investments, BB Biotech, Vivo Capital, Wellington Management, a16z Bio + Health, Janus Henderson Investors, TCGX, Deep Track Capital, Farallon Capital, Perceptive Advisors, Sirenia Capital Management LP, and other firms. The proceeds include the conversion of $50.0 million of previously issued convertible notes, plus accrued interest. The company said the capital provides runway into 2029 and beyond multiple key data catalysts.
Following a reverse stock split, the private placements, and the merger, there are approximately 58.3 million shares of the combined company’s common stock and common stock equivalents outstanding, including common stock, pre-funded warrants, and preferred stock, and excluding shares underlying equity awards. In connection with the close, Mentari appointed Todd Shegog to its board, where he will serve as chair of the audit committee.
Mentari is advancing biologics for migraine prevention, a condition it said affects more than 1 billion people globally. It said that while calcitonin gene-related peptide (CGRP) therapies marked a turning point in migraine care, many people still experience frequent attacks, and that its lead programs target pituitary adenylate cyclase-activating polypeptide (PACAP), an emerging and clinically validated target, with potential to address the two-thirds of people who have a suboptimal response to existing anti-CGRP therapies.
MT-001, an investigational monoclonal antibody targeting PACAP, continues in Phase 1 development with dosing ongoing and initial data expected mid-2027. MT-002, an investigational bispecific antibody targeting both PACAP and CGRP, is on track for a regulatory filing in the first quarter of 2027, with initial data expected by year-end 2027. The company said MT-002 is designed for infrequent subcutaneous dosing and that by addressing two validated and complementary pathways in a single molecule it has potential to deliver greater efficacy than targeting either pathway alone.
Divis said the company believes 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.
He added that with multiple catalysts ahead, the company looks forward to sharing initial data on both of its lead programs in 2027 and continuing to rapidly advance its full pipeline of potentially best-in-class therapies for people living with migraine.