Mentari Therapeutics Secures Additional $200M Private Placement Ahead of InMed Merger
INM has more than doubled off its 52-week low of $0.575.
Summary
Mentari Therapeutics, the private biotech merging with InMed Pharmaceuticals, has raised an additional $200 million in a private placement, bringing total pre-merger financing to $490 million. The new round includes top-tier healthcare investors like Vivo Capital, RTW Investments, and Janus Henderson, and extends the combined company's cash runway into 2029—well past key Phase 2a readouts for its migraine prevention pipeline. This follows the $290 million initial placement announced in May and the S-4 filing in early July. The financing significantly de-risks the merger and pipeline execution, with an estimated 601 million shares outstanding post-close. The deal is expected to close immediately before the merger completion.
At the time of this announcement, INM was trading at $2.92 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $5.1M. The 52-week trading range was $0.58 to $2.75. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.