Memento Medicines raises $93m Series A for retinal bispecific
Memento Medicines has launched and closed a $93 million Series A financing to advance MMT-205, a bispecific antibody designed to simultaneously activate Tie2 and inhibit VEGF, in neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME). The round was co-led by Forbion, RA Capital Management and Avego BioScience Capital, with additional participation from Sanofi Ventures and Samsara BioCapital.
Alongside the financing, Memento announced an exclusive worldwide licence for MMT-205 from MabTics Co., Ltd. and Curacle Co., Ltd., the South Korean biopharmaceutical group. MabTics and Curacle received upfront cash and equity in Memento and are eligible for development, regulatory and commercial milestone payments plus tiered royalties on net sales. The candidate was previously designated MT-103 within the originating companies' pipelines.
The science and the strategic logic
MMT-205 engages the Tie2 receptor directly to produce agonist activity, which the company says generates greater Tie2 activation and improved retinal vascular integrity in preclinical models compared with current approved therapies. VEGF inhibition remains the backbone of treatment for both nAMD and DME; adding Tie2 agonism addresses vascular permeability through a complementary, clinically validated pathway. The rationale mirrors a mechanism explored by other molecules in the space, including faricimab, Roche's approved bispecific that pairs Ang-2 inhibition with VEGF blockade to target the same Tie2 signalling axis upstream. Memento is positioning MMT-205 as a potential best-in-class agent on the basis of its direct Tie2 engagement profile, though preclinical advantages will need to translate into robust human data.
Naveen Daryani, chief executive of Memento Medicines, said the asset is "supported by a robust preclinical data package established by our partners at MabTics and Curacle" and that the investor syndicate brings deep domain expertise in ophthalmology.
Market context and competitive landscape
The retinal biologics market is substantial and growing, driven by an ageing global population and the expanding use of anti-VEGF agents such as ranibizumab, aflibercept and brolucizumab across both nAMD and DME. The introduction of faricimab has raised the bar for new entrants by demonstrating that dual-pathway inhibition can extend dosing intervals relative to monotherapy, a feature that matters significantly to both patients and healthcare systems managing injection burden. Any new bispecific entering this space will be assessed not only on efficacy endpoints but on durability of response and the feasibility of less frequent intravitreal dosing.
Memento is the fifth subsidiary to be established and financed by Sera Medicines, RA Capital's biologics-focused antibody accelerator, which has been active since 2023. The model of launching purpose-built companies around single assets with pre-assembled investor syndicates is well established at RA Capital and reduces early-stage execution risk. Forbion's Dmitrij Hristodorov, who will join the board, highlighted the firm's track record in building ophthalmology companies as central to its conviction in MMT-205.
Proceeds will fund IND-enabling studies, with a first-in-human trial expected to commence in 2027. Near-term milestones for investors will include the filing of an IND application with the FDA and initial Phase 1 safety and tolerability data. Given the competitive intensity of the nAMD and DME space, the depth and quality of the clinical readout will be decisive in establishing MMT-205's positioning relative to faricimab and the pipeline of next-generation candidates from larger ophthalmology-focused players.