InMed Pharmaceuticals Inc. (INM) shares surged 135.08 percent to $1.6103, up $0.9296 on Tuesday, after the company announced a definitive all-stock merger agreement with Mentari Therapeutics.
The stock is currently trading at $1.6103, compared with a previous close of $0.6807 on the Nasdaq. It opened at $1.7900 and traded between $1.3100 and $1.7900 during the session, with volume reaching 61.77 million shares, dramatically above the average daily volume of 97,980 shares.
The combined company will operate as Mentari Therapeutics and continue trading on Nasdaq Capital Market under a new ticker symbol. The transaction is backed by a concurrent private placement expected to generate approximately $290 million in gross proceeds, which the company said should fund operations through 2028.
Mentari is developing migraine therapies, including MT-001, an anti-PACAP monoclonal antibody, and MT-002, a bispecific antibody targeting both CGRP and PACAP.
InMed shares have traded between $0.5750 and $7.9800 over the past 52 weeks.
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