Privately held biopharmaceutical firm Mentari Therapeutics has unveiled plans to transition into the public equity markets through a definitive reverse merger agreement with InMed Pharmaceuticals. The consolidated corporate entity will focus its operational mandate on advancing antibody-based therapies designed to prevent migraine attacks. The transaction has secured formal endorsement from the board of directors of both participating companies and is projected to conclude during the latter half of the current calendar year. Under the specified structural terms, InMed’s existing shareholders will retain an estimated 1.5% ownership stake in the combined enterprise, which carries a pro forma equity valuation of approximately $421 million. This aggregate valuation incorporates a concurrent private financing placement generated gross proceeds of roughly $290 million.
The associated private financing round was anchored by Pennsylvania-based investment manager Fairmount, alongside institutional contributions from over a dozen specialized backers, including Blackstone Multi-Asset Investing, Wellington Management, a16z Bio + Health, and Perceptive Advisors. The acquired capital reserves are projected to sustain the combined business operations — which will maintain the Mentari corporate identity — through the year 2028. By this target threshold, the management anticipates the generation of pivotal clinical readouts for its two primary developmental assets.
The underlying therapeutic programs originated from Paragon Therapeutics, a prolific “hub-and-spoke” biotechnology incubator responsible for launching multiple specialized spinouts within the oncology, neurology, and immunology sectors. Through Mentari, the clinical focus centers on mitigating migraine occurrences by inhibiting PACAP, a specific nervous system protein responsible for stress regulation, pain-sensing nerve activation, and cranial blood vessel expansion. This biological pathway is currently being targeted by alternative corporate developers, including Slate Medicines and Lundbeck.
Mentari’s foundational pipeline consists of two investigational candidates designated as MT-001 and MT-002. The MT-001 program functions as a mono-specific agent targeting PACAP independently, with Phase 2 proof-of-concept clinical data anticipated in 2028. Conversely, the MT-002 asset is designed as a bispecific antibody engineered to simultaneously neutralize both the PACAP and CGRP proteins, with initial Phase 1 data from healthy subject cohorts scheduled for release in 2027. Upon the formal closing of the merger transaction, the restructured corporate entity will list its shares on the Nasdaq stock exchange under a newly assigned trading symbol.