{"success":true,"data":{"pressRelease":{"id":"94977","rtpr_id":"nPn6Hk486a","ticker":"INM","exchange":"NASDAQ","all_tickers":["INM"],"title":"Mentari Therapeutics Announces $200 Million Private Placement for Migraine Prevention Pipeline","author":"PR Newswire","published_at":"2026-07-22T11:00:03.843Z","article_body":"Mentari Therapeutics Announces $200 Million Private Placement for Migraine Prevention Pipeline\n\nPR Newswire\n\nWALTHAM, Mass., July 22, 2026\n\nWALTHAM, Mass., July 22, 2026 /PRNewswire/ -- Mentari Therapeutics, Inc.\n(\"Mentari\"), a privately-held biotechnology company developing therapies for\nmigraine prevention, today announced a $200 million private placement to\nleading healthcare investors. The proceeds from the private placement will\nenable the continued development of Mentari's pipeline of targeted biologics\naimed at improving outcomes for people living with migraines.\n\nKey transaction details for the private placement include:\n\n * The additional $200 million private placement consisted of common stock and\npre-funded warrants to purchase common stock (the \"Private Placement\").\n * Investors include Fairmount, ADAR1 Capital Management, Venrock Healthcare\nCapital Partners, Sirenia Capital Management LP, Janus Henderson Investors,\nBlackstone Multi-Asset Investing, RTW Investments, Deep Track Capital, Vivo\nCapital, Commodore Capital, BB Biotech, and other leading healthcare\ninvestors.\n * The financing, based on current plans, extends Mentari's cash runway into 2029\nand through Phase 2a readouts on each of the two PACAP-targeted lead programs,\nincluding MT-002.  Additionally, it supports the clinical development of\nMentari's broader migraine prevention pipeline.\n * The Private Placement is expected to close immediately prior to the completion\nof Mentari's merger with InMed Pharmaceuticals, Inc. (Nasdaq: INM) (the\n\"Merger\") and concurrently with the previously announced $290 million private\nplacement (the \"Initial Private Placement\"). The combined company will\ncontinue to operate under the Mentari Therapeutics name and trade on the\nNasdaq Capital Market under a new ticker symbol.\n * Following the completion of the Merger, the Initial Private Placement and the\nPrivate Placement, the estimated total number of shares of common stock\noutstanding of the combined company on an as-converted / as-exercised basis is\nexpected to be approximately 601,195,812.\nJefferies, TD Cowen, Stifel and Guggenheim Securities, are acting as the\nplacement agents.\n\nAbout Mentari Therapeutics\n\nMentari Therapeutics is a biotechnology company developing therapies for the\nprevention of migraine to deliver freedom from this debilitating and\nundertreated neurological condition that affects more than 1 billion people\nglobally. Mentari's lead programs target PACAP, a newly validated target that\nis mechanistically independent from CGRP, one of the first migraine targets to\nyield clinical and commercial success. Mentari's pipeline includes MT-001, an\nanti-PACAP monoclonal antibody designed for convenient subcutaneous dosing,\nand MT-002, an anti-CGRP and anti-PACAP bispecific antibody designed to\ninhibit these complementary pathways with potential to deliver superior\noutcomes for people with incomplete response to CGRP-targeted therapies. The\ncompany's programs were discovered by Paragon Therapeutics. Mentari is based\nin Waltham, MA. For more information, visit mentaritx.com.\n\nForward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nSection 27A of the Securities Act of 1933, as amended (the \"Securities Act\"),\nand Section 21E of the Securities Exchange Act of 1934, as amended, including,\nwithout limitation, statements regarding the proposed merger of InMed\nPharmaceuticals Inc. (\"InMed\") and Mentari Therapeutics, Inc. (\"Mentari\") and\nrelated private financing; the expected timing, completion and anticipated\nbenefits of the merger and private financing; the expected proceeds from\ninvestors in the private financing; expectations regarding the use of\nproceeds, the sufficiency of resources to support the advancement of Mentari's\npipeline through certain milestones and the time period over which resources\nwill be sufficient to fund Mentari's anticipated operations; the combined\ncompany operating under the name Mentari Therapeutics, Inc.; the anticipated\ntiming of regulatory filings for, and the development, potential benefits and\ntherapeutic potential of, MT-001 and MT-002; and the strategy, plans,\nobjectives and leadership of Mentari and the combined company. Words such as\n\"anticipate,\" \"believe,\" \"expect,\" \"intend,\" \"plan,\" \"potential,\" \"will\" and\nsimilar expressions identify forward-looking statements. These statements are\nbased on current expectations and are subject to risks and uncertainties that\ncould cause actual results to differ materially, including, among others: the\nrisk that the merger may not be completed on the anticipated timeline or at\nall; the failure to obtain the required InMed shareholder and Mentari\nstockholder approvals or to satisfy other closing conditions, including\neffectiveness of the registration statement on Form S-4; the risk that any\nconcurrent financing is not completed on the expected terms or at all; risks\nrelating to the redomestication, reverse stock split and Nasdaq\ncontinued-listing requirements; risks inherent in preclinical and clinical\ndevelopment, the regulatory review and approval process and commercialization\nof product candidates; and the other risks described in InMed's filings with\nthe U.S. Securities and Exchange Commission (the \"SEC\") and applicable\nCanadian securities regulators, including the Form S-4 and the proxy\nstatement/prospectus and management information circular relating to the\nmerger. Because forward-looking statements are inherently subject to risks and\nuncertainties, you should not rely on them as predictions of future events.\nExcept as required by law, neither InMed nor Mentari undertakes any obligation\nto update any forward-looking statement.\n\nNo Offer or Solicitation\n\nThis press release is for informational purposes only and does not constitute\nan offer to sell, or the solicitation of an offer to buy, any securities, or\nthe solicitation of any vote or approval, nor shall there be any sale of\nsecurities in any jurisdiction in which such offer, solicitation or sale would\nbe unlawful prior to registration or qualification under the securities laws\nof any such jurisdiction. Without limiting the foregoing, this press release\ndoes not constitute an offer to sell, or the solicitation of an offer to buy,\nany securities in connection with any private placement or other financing by\nMentari or InMed. Any such securities have not been and will not be registered\nunder the Securities Act or any state securities laws and may not be offered\nor sold in the United States absent registration or an applicable exemption\nfrom registration. No offering of securities shall be made except by means of\na prospectus meeting the requirements of Section 10 of the Securities Act or\nan applicable exemption therefrom.\n\nImportant Additional Information About the Merger and Where to Find It\n\nIn connection with the proposed merger, InMed has filed with the SEC a\nregistration statement on Form S-4 that includes a preliminary proxy\nstatement/prospectus of InMed and a management information circular and will\nfile other relevant documents with the SEC and applicable Canadian securities\nregulators. The Form S-4 has not yet become effective. After the Form S-4 is\ndeclared effective, InMed will mail a definitive proxy statement/prospectus\nand management information circular to its shareholders and to Mentari's\nstockholders. INVESTORS AND SECURITYHOLDERS OF INMED AND MENTARI ARE URGED TO\nREAD THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT INFORMATION\nCIRCULAR (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS) AND ALL OTHER RELEVANT\nDOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES\nREGULATORS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE,\nBECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT INMED,\nMENTARI, THE MERGER AND RELATED MATTERS. Investors and securityholders may\nobtain free copies of these documents (when available) through the SEC's\nwebsite at www.sec.gov (http://www.sec.gov) , on SEDAR+ at www.sedarplus.ca\n(http://www.sedarplus.ca) , or from InMed at inmedpharma.com/investors.\n\nParticipants in the Solicitation\n\nInMed, Mentari and their respective directors and executive officers may be\ndeemed to be participants in the solicitation of proxies from InMed's\nshareholders and Mentari's stockholders in connection with the proposed\nmerger. Information regarding InMed's directors and executive officers and a\ndescription of their direct and indirect interests, by security holdings or\notherwise, is set forth in InMed's most recent annual report [on Form 10-K /\nForm 40-F, as applicable] and its other filings with the SEC and on SEDAR+.\nAdditional information regarding the participants and their interests is or\nwill be contained in the proxy statement/prospectus and management information\ncircular and other relevant materials filed or to be filed with the SEC and\nCanadian securities regulators. These documents may be obtained free of charge\nas described above.\n\nMedia Contact\nLia Dangelico\nDeerfield Group\nlia.dangelico@deerfieldgroup.com (mailto:lia.dangelico@deerfieldgroup.com)\n540-303-0180\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/mentari-therapeutics-announces-200-million-private-placement-for-migraine-prevention-pipeline-302832045.html\n(https://www.prnewswire.com/news-releases/mentari-therapeutics-announces-200-million-private-placement-for-migraine-prevention-pipeline-302832045.html)\n\nSOURCE Mentari Therapeutics\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1884843/Mentari-logo-Full-Color-CMYK.jpg?id=OA2778824\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn6Hk486a","title":"Mentari Therapeutics Announces $200 Million Private Placement for Migraine Prevention Pipeline","author":"PR Newswire","ticker":"INM","created":"2026-07-22T11:00:03.843Z","tickers":["INM"],"exchange":"NASDAQ","article_body":"Mentari Therapeutics Announces $200 Million Private Placement for Migraine Prevention Pipeline\n\nPR Newswire\n\nWALTHAM, Mass., July 22, 2026\n\nWALTHAM, Mass., July 22, 2026 /PRNewswire/ -- Mentari Therapeutics, Inc.\n(\"Mentari\"), a privately-held biotechnology company developing therapies for\nmigraine prevention, today announced a $200 million private placement to\nleading healthcare investors. The proceeds from the private placement will\nenable the continued development of Mentari's pipeline of targeted biologics\naimed at improving outcomes for people living with migraines.\n\nKey transaction details for the private placement include:\n\n * The additional $200 million private placement consisted of common stock and\npre-funded warrants to purchase common stock (the \"Private Placement\").\n * Investors include Fairmount, ADAR1 Capital Management, Venrock Healthcare\nCapital Partners, Sirenia Capital Management LP, Janus Henderson Investors,\nBlackstone Multi-Asset Investing, RTW Investments, Deep Track Capital, Vivo\nCapital, Commodore Capital, BB Biotech, and other leading healthcare\ninvestors.\n * The financing, based on current plans, extends Mentari's cash runway into 2029\nand through Phase 2a readouts on each of the two PACAP-targeted lead programs,\nincluding MT-002.  Additionally, it supports the clinical development of\nMentari's broader migraine prevention pipeline.\n * The Private Placement is expected to close immediately prior to the completion\nof Mentari's merger with InMed Pharmaceuticals, Inc. (Nasdaq: INM) (the\n\"Merger\") and concurrently with the previously announced $290 million private\nplacement (the \"Initial Private Placement\"). The combined company will\ncontinue to operate under the Mentari Therapeutics name and trade on the\nNasdaq Capital Market under a new ticker symbol.\n * Following the completion of the Merger, the Initial Private Placement and the\nPrivate Placement, the estimated total number of shares of common stock\noutstanding of the combined company on an as-converted / as-exercised basis is\nexpected to be approximately 601,195,812.\nJefferies, TD Cowen, Stifel and Guggenheim Securities, are acting as the\nplacement agents.\n\nAbout Mentari Therapeutics\n\nMentari Therapeutics is a biotechnology company developing therapies for the\nprevention of migraine to deliver freedom from this debilitating and\nundertreated neurological condition that affects more than 1 billion people\nglobally. Mentari's lead programs target PACAP, a newly validated target that\nis mechanistically independent from CGRP, one of the first migraine targets to\nyield clinical and commercial success. Mentari's pipeline includes MT-001, an\nanti-PACAP monoclonal antibody designed for convenient subcutaneous dosing,\nand MT-002, an anti-CGRP and anti-PACAP bispecific antibody designed to\ninhibit these complementary pathways with potential to deliver superior\noutcomes for people with incomplete response to CGRP-targeted therapies. The\ncompany's programs were discovered by Paragon Therapeutics. Mentari is based\nin Waltham, MA. For more information, visit mentaritx.com.\n\nForward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nSection 27A of the Securities Act of 1933, as amended (the \"Securities Act\"),\nand Section 21E of the Securities Exchange Act of 1934, as amended, including,\nwithout limitation, statements regarding the proposed merger of InMed\nPharmaceuticals Inc. (\"InMed\") and Mentari Therapeutics, Inc. (\"Mentari\") and\nrelated private financing; the expected timing, completion and anticipated\nbenefits of the merger and private financing; the expected proceeds from\ninvestors in the private financing; expectations regarding the use of\nproceeds, the sufficiency of resources to support the advancement of Mentari's\npipeline through certain milestones and the time period over which resources\nwill be sufficient to fund Mentari's anticipated operations; the combined\ncompany operating under the name Mentari Therapeutics, Inc.; the anticipated\ntiming of regulatory filings for, and the development, potential benefits and\ntherapeutic potential of, MT-001 and MT-002; and the strategy, plans,\nobjectives and leadership of Mentari and the combined company. Words such as\n\"anticipate,\" \"believe,\" \"expect,\" \"intend,\" \"plan,\" \"potential,\" \"will\" and\nsimilar expressions identify forward-looking statements. These statements are\nbased on current expectations and are subject to risks and uncertainties that\ncould cause actual results to differ materially, including, among others: the\nrisk that the merger may not be completed on the anticipated timeline or at\nall; the failure to obtain the required InMed shareholder and Mentari\nstockholder approvals or to satisfy other closing conditions, including\neffectiveness of the registration statement on Form S-4; the risk that any\nconcurrent financing is not completed on the expected terms or at all; risks\nrelating to the redomestication, reverse stock split and Nasdaq\ncontinued-listing requirements; risks inherent in preclinical and clinical\ndevelopment, the regulatory review and approval process and commercialization\nof product candidates; and the other risks described in InMed's filings with\nthe U.S. Securities and Exchange Commission (the \"SEC\") and applicable\nCanadian securities regulators, including the Form S-4 and the proxy\nstatement/prospectus and management information circular relating to the\nmerger. Because forward-looking statements are inherently subject to risks and\nuncertainties, you should not rely on them as predictions of future events.\nExcept as required by law, neither InMed nor Mentari undertakes any obligation\nto update any forward-looking statement.\n\nNo Offer or Solicitation\n\nThis press release is for informational purposes only and does not constitute\nan offer to sell, or the solicitation of an offer to buy, any securities, or\nthe solicitation of any vote or approval, nor shall there be any sale of\nsecurities in any jurisdiction in which such offer, solicitation or sale would\nbe unlawful prior to registration or qualification under the securities laws\nof any such jurisdiction. Without limiting the foregoing, this press release\ndoes not constitute an offer to sell, or the solicitation of an offer to buy,\nany securities in connection with any private placement or other financing by\nMentari or InMed. Any such securities have not been and will not be registered\nunder the Securities Act or any state securities laws and may not be offered\nor sold in the United States absent registration or an applicable exemption\nfrom registration. No offering of securities shall be made except by means of\na prospectus meeting the requirements of Section 10 of the Securities Act or\nan applicable exemption therefrom.\n\nImportant Additional Information About the Merger and Where to Find It\n\nIn connection with the proposed merger, InMed has filed with the SEC a\nregistration statement on Form S-4 that includes a preliminary proxy\nstatement/prospectus of InMed and a management information circular and will\nfile other relevant documents with the SEC and applicable Canadian securities\nregulators. The Form S-4 has not yet become effective. After the Form S-4 is\ndeclared effective, InMed will mail a definitive proxy statement/prospectus\nand management information circular to its shareholders and to Mentari's\nstockholders. INVESTORS AND SECURITYHOLDERS OF INMED AND MENTARI ARE URGED TO\nREAD THE FORM S-4, THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT INFORMATION\nCIRCULAR (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS) AND ALL OTHER RELEVANT\nDOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES\nREGULATORS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE,\nBECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT INMED,\nMENTARI, THE MERGER AND RELATED MATTERS. Investors and securityholders may\nobtain free copies of these documents (when available) through the SEC's\nwebsite at www.sec.gov (http://www.sec.gov) , on SEDAR+ at www.sedarplus.ca\n(http://www.sedarplus.ca) , or from InMed at inmedpharma.com/investors.\n\nParticipants in the Solicitation\n\nInMed, Mentari and their respective directors and executive officers may be\ndeemed to be participants in the solicitation of proxies from InMed's\nshareholders and Mentari's stockholders in connection with the proposed\nmerger. Information regarding InMed's directors and executive officers and a\ndescription of their direct and indirect interests, by security holdings or\notherwise, is set forth in InMed's most recent annual report [on Form 10-K /\nForm 40-F, as applicable] and its other filings with the SEC and on SEDAR+.\nAdditional information regarding the participants and their interests is or\nwill be contained in the proxy statement/prospectus and management information\ncircular and other relevant materials filed or to be filed with the SEC and\nCanadian securities regulators. These documents may be obtained free of charge\nas described above.\n\nMedia Contact\nLia Dangelico\nDeerfield Group\nlia.dangelico@deerfieldgroup.com (mailto:lia.dangelico@deerfieldgroup.com)\n540-303-0180\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/mentari-therapeutics-announces-200-million-private-placement-for-migraine-prevention-pipeline-302832045.html\n(https://www.prnewswire.com/news-releases/mentari-therapeutics-announces-200-million-private-placement-for-migraine-prevention-pipeline-302832045.html)\n\nSOURCE Mentari Therapeutics\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1884843/Mentari-logo-Full-Color-CMYK.jpg?id=OA2778824\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-07-22T11:00:04.946983951Z","server_sent_at_ms":1784718004946},"received_at":"2026-07-22T11:00:04.998Z","source_url":"https://www.prnewswire.com/news-releases/mentari-therapeutics-announces-200-million-private-placement-for-migraine-prevention-pipeline-302832045.html"},"analysis":{"id":"84018","press_release_id":"94977","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":[],"eventType":"offering","narrative":"Mentari Therapeutics announced a $200 million private placement financing from leading healthcare investors, concurrent with its merger with InMed Pharmaceuticals.\n\nThe financing adds to a previously announced $290 million placement, extending the combined company's cash runway into 2029 and funding the pipeline through Phase 2a readouts.\n\nFollowing the merger and financings, the company is expected to have approximately 601.2 million shares outstanding on an as-converted basis.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Major capital raise secures Mentari merger, funding operations through 2029."},"keyFigures":{"dealValueUsd":"$200 million","customDimensions":{"cash_runway":"into 2029","initial_private_placement":"$290 million","estimated_shares_outstanding":601195812}},"quotedText":"","namedEntities":{"people":[{"name":"Lia Dangelico","role":"Media Contact"}],"products":["MT-001","MT-002"],"companies":[{"name":"Mentari Therapeutics","relationship":"target"},{"name":"InMed Pharmaceuticals","ticker":"INM","relationship":"acquirer"},{"name":"Fairmount","relationship":"investor"},{"name":"ADAR1 Capital Management","relationship":"investor"},{"name":"Venrock Healthcare Capital Partners","relationship":"investor"},{"name":"Sirenia Capital Management LP","relationship":"investor"},{"name":"Janus Henderson Investors","relationship":"investor"},{"name":"Blackstone Multi-Asset Investing","relationship":"investor"},{"name":"RTW Investments","relationship":"investor"},{"name":"Deep Track Capital","relationship":"investor"},{"name":"Vivo Capital","relationship":"investor"},{"name":"Commodore Capital","relationship":"investor"},{"name":"BB Biotech","relationship":"investor"},{"name":"Paragon Therapeutics","relationship":"discovery partner"},{"name":"Jefferies","relationship":"placement agent"},{"name":"TD Cowen","relationship":"placement agent"},{"name":"Stifel","relationship":"placement agent"},{"name":"Guggenheim Securities","relationship":"placement agent"}],"dollarAmounts":[{"amount":"$200 million","context":"private placement proceeds"},{"amount":"$290 million","context":"previously announced initial private placement"}]},"materialImpact":{"score":4,"reasoning":"The $200 million private placement adds to a previously announced $290 million raise, securing roughly $490 million in total funding. This extends the combined company's cash runway into 2029, significantly de-risking the clinical development of the migraine pipeline through Phase 2a readouts."},"tickerRelevance":{"others":[],"primary":"INM"},"globalImportance":35,"audienceRelevance":30,"eventTypeSecondary":["m_and_a"],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"material-financing","sectorWeight":"biotech"}},"event_type":"offering","event_type_secondary":["m_and_a"],"sentiment":"bullish","material_impact_score":4,"narrative":"Mentari Therapeutics announced a $200 million private placement financing from leading healthcare investors, concurrent with its merger with InMed Pharmaceuticals.\n\nThe financing adds to a previously announced $290 million placement, extending the combined company's cash runway into 2029 and funding the pipeline through Phase 2a readouts.\n\nFollowing the merger and financings, the company is expected to have approximately 601.2 million shares outstanding on an as-converted basis.","key_figures":{"dealValueUsd":"$200 million","customDimensions":{"cash_runway":"into 2029","initial_private_placement":"$290 million","estimated_shares_outstanding":601195812}},"named_entities":{"people":[{"name":"Lia Dangelico","role":"Media Contact"}],"products":["MT-001","MT-002"],"companies":[{"name":"Mentari Therapeutics","relationship":"target"},{"name":"InMed Pharmaceuticals","ticker":"INM","relationship":"acquirer"},{"name":"Fairmount","relationship":"investor"},{"name":"ADAR1 Capital Management","relationship":"investor"},{"name":"Venrock Healthcare Capital Partners","relationship":"investor"},{"name":"Sirenia Capital Management LP","relationship":"investor"},{"name":"Janus Henderson Investors","relationship":"investor"},{"name":"Blackstone Multi-Asset Investing","relationship":"investor"},{"name":"RTW Investments","relationship":"investor"},{"name":"Deep Track Capital","relationship":"investor"},{"name":"Vivo Capital","relationship":"investor"},{"name":"Commodore Capital","relationship":"investor"},{"name":"BB Biotech","relationship":"investor"},{"name":"Paragon Therapeutics","relationship":"discovery partner"},{"name":"Jefferies","relationship":"placement agent"},{"name":"TD Cowen","relationship":"placement agent"},{"name":"Stifel","relationship":"placement agent"},{"name":"Guggenheim Securities","relationship":"placement agent"}],"dollarAmounts":[{"amount":"$200 million","context":"private placement proceeds"},{"amount":"$290 million","context":"previously announced initial private placement"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-22T12:04:47.794Z","global_importance":35,"audience_relevance":30,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"material-financing","sectorWeight":"biotech"}},"durationMs":206515,"modelName":"glm-4.7"}}