Mentara Therapeutics, an Australia-based biotechnology company developing treatments for neurological and neuropsychiatric disorders, has secured initial strategic funding from SPRIM Global Investments. The financing amount was not disclosed.
The investment accompanies Mentara’s launch following its acquisition of the EM-221 drug development program from EuMentis Therapeutics. The investigational treatment has been renamed MTA-304, while former EuMentis shareholders will receive equity in Mentara as part of the transaction.
Mentara is led by CEO Frank Stonebanks, who previously served as chief executive of EuMentis Therapeutics. The company is focused on developing treatments that target specific neurological pathways, initially concentrating on levodopa-induced dyskinesia (LID), a complication affecting patients receiving long-term treatment for Parkinson’s disease.
Its lead candidate, MTA-304, is an investigational, second-generation phosphodiesterase 10A (PDE10A) inhibitor. The drug is being developed to regulate signaling in the striatum, a region of the brain involved in motor control, with the aim of reducing involuntary movements associated with levodopa treatment.
According to the company’s October 7, 2026 announcement, MTA-304 has completed three Phase 1 clinical studies involving 86 participants, with results indicating a favorable safety and tolerability profile. In preclinical studies involving non-human primates, the treatment reduced dyskinesia by 40% without diminishing levodopa’s therapeutic effects. These findings have not yet established efficacy in Parkinson’s disease patients.
Mentara plans to use its initial backing to advance drug development and manufacturing preparations ahead of a Phase 2 clinical trial, scheduled to begin in the first half of 2027. The study will evaluate MTA-304 in patients experiencing levodopa-induced dyskinesia.
The company’s development program builds on research conducted under EuMentis Therapeutics. Through the acquisition, Mentara has taken responsibility for advancing the drug candidate into its next clinical development stage, supported by SPRIM Global Investments, a Singapore-based life sciences investment firm.
