Memento Medicines, Inc., a privately-held biotech company developing biologic therapies for retinal diseases, has complete a $93m Series A financing round co-led by Forbion, RA Capital Management and Avego BioScience Capital, with participation from Sanofi Ventures and Samsara BioCapital.
In connection with the financing, Memento also announced that it has entered into an exclusive license agreement with MabTics Co., Ltd. and Curacle Co., Ltd. to obtain worldwide rights to MMT-205. MMT-205, previously known as MT-103, is a bispecific antibody that activates Tie2 and inhibits VEGF, two clinically validated targets that play a central role in the pathogenesis of retinal and vascular diseases.
Under the terms of the license agreement, MabTics and Curacle have received upfront consideration comprising cash payments and equity in Memento and are also eligible for additional development, regulatory, and commercial milestones and tiered royalties on net sales.
MMT-205’s agonism of Tie2 simultaneously with inhibition of VEGF may improve upon the established efficacy of anti-VEGF monotherapies in the treatment of retinal diseases such as neovascular age-related macular degeneration (nAMD) and diabetic macular oedema. MMT-205 activates Tie2 signalling through direct engagement with the Tie2 receptor. Compared to current therapies, MMT-205 produces greater Tie2 activation and improved integrity of the retinal vasculature in preclinical models. Proceeds from the financing will support IND-enabling studies for MMT-205, with clinical trials expected to initiate in 2027.
“MMT-205 holds the potential to become a best-in-class biologic therapy in nAMD and DME and is supported by a robust preclinical data package established by our partners at MabTics and Curacle,” said Naveen Daryani, CEO of Memento Medicines.
Nam-Kyung Lee, CEO of MabTics, and Jaehyeon Ryu, CEO of Curacle said: “We are profoundly excited and proud to enter into this alliance, which reflects recognition of the strong therapeutic potential of MMT-205—a novel bispecific antibody that activates Tie2 and inhibits VEGF—compared to current clinical competitors. By leveraging Memento’s outstanding development capabilities and execution strength, we can project our scientific innovations globally. Together, we will actively collaborate to accelerate the clinical advancement of MMT-205, bringing impactful clinical solutions to patients with ocular diseases at an unprecedented pace.”