Mentari Therapeutics adds $200 million private placement ahead of InMed merger

Mentari Therapeutics, Inc., a privately held company developing migraine prevention therapies, said on July 22, 2026 that it had lined up a $200 million private placement from healthcare investors, according to a press release attached to an InMed Pharmaceuticals Inc. 8-K filing.

The financing consists of common stock and pre-funded warrants to purchase common stock.¹ Participating investors named in the release include 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.¹

According to the release, this new financing is projected to fund Mentari's operations into 2029, covering the period through Phase 2a data on each of its two PACAP-targeted lead programs, one of which is MT-002.¹ It is also meant to support the clinical development of Mentari's broader migraine prevention pipeline.¹

The 8-K explains that the new placement is timed to close right before Mentari's planned merger with InMed Pharmaceuticals is finalized, and it will occur at the same time as an earlier disclosed $290 million private placement, described as the Initial Private Placement.¹ Following completion of the merger and both placements, the combined company's estimated total shares outstanding on an as-converted, as-exercised basis is expected to be approximately 601,195,812.¹

The filing also states that under the merger's exchange ratio formula, pre-merger Mentari stockholders are expected to own approximately 98.85% of the combined company, with pre-merger InMed shareholders holding approximately 1.15%.¹ The combined company is expected to continue operating under the Mentari Therapeutics name and trade on Nasdaq under a new ticker symbol.¹ Jefferies, TD Cowen, Stifel and Guggenheim Securities are acting as placement agents.¹