Memento Medicines Raises $93M Series A for Retinal Disease Therapy
Boston biotech secures funding led by Forbion and RA Capital to develop bispecific antibody targeting two validated pathways in eye disease.
Memento Medicines, Inc., a Boston-based biotech company, closed a $93 million Series A financing round to fund development of biologic therapies for retinal diseases. The round was co-led by Forbion, RA Capital Management and Avego BioScience Capital, with participation from Sanofi Ventures and Samsara BioCapital.
The financing enables Memento to advance MMT-205, a bispecific antibody acquired through an exclusive worldwide license agreement with MabTics Co., Ltd. and Curacle Co., Ltd. The compound activates Tie2 and inhibits VEGF, targeting two mechanisms implicated in retinal and vascular disease pathogenesis. MabTics and Curacle received upfront payments comprising cash and equity stakes in Memento, with additional consideration tied to development, regulatory, and commercial milestones as well as tiered royalties on net sales.
The dual-mechanism approach reflects a deliberate strategy within ophthalmology to address multiple pathologic drivers simultaneously. Tie2 activation promotes vascular stability and reduces inflammation, while VEGF inhibition addresses pathologic neovascularization. The combination targets conditions where single-pathway inhibition has shown clinical limitations, positioning the therapy within a competitive landscape of anti-VEGF and combination treatments already established in wet age-related macular degeneration and diabetic retinopathy.
Memento's capital structure signals confidence from established life science investors with deep portfolio experience in ophthalmic programs. Forbion and RA Capital have backed multiple late-stage eye disease companies. The participation of Sanofi Ventures, the venture arm of the multinational pharmaceutical company, suggests potential interest in future partnering arrangements, though no such agreement was disclosed.
The retinal disease market remains attractive to venture capital despite competitive intensity. Global sales of anti-VEGF monotherapy across retinal indications exceed billions annually, yet treatment gaps persist in chronic management and in patient populations that respond suboptimally to current therapies. Development of differentiated bispecific antibodies targeting validated mechanisms represents one pathway to address those gaps.
Memento must now advance MMT-205 through preclinical work and regulatory filings to reach clinical testing. The timeline and indication strategy for initial trials were not specified. Success will depend on demonstrating superior efficacy or safety profiles relative to established therapies in an increasingly crowded field.