Ann Arbor, MI — Sling Therapeutics Inc. has raised $123 million in a Series C financing to advance the Phase 3 development of linsitinib, its oral small-molecule treatment for thyroid eye disease.
The financing was led by Forbion, with participation from existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management.
Sling said the proceeds will support the continued clinical development of linsitinib, an oral inhibitor of insulin-like growth factor 1 receptor, or IGF-1R. The company has begun the global Phase 3 ORBIT pivotal trial in adults with moderate to severe active thyroid eye disease, or TED.
The trial follows Sling’s Phase 2b/3 LIDS study, which met its primary endpoint of reducing proptosis, or eye bulging, in patients with moderate to severe TED. Sling said the study also showed a differentiated safety profile in areas associated with IGF-1R inhibition, including hearing impairment, glycemic changes and menstrual cycle changes.
Linsitinib has also received Fast Track designation from the U.S. Food and Drug Administration for the treatment of TED. Fast Track designation is intended to facilitate development and review of therapies for serious conditions with unmet medical needs.
“This financing reinforces our conviction in linsitinib’s potential to transform the treatment landscape for people living with TED as the first and only oral IGF-1R inhibitor in late-stage development,” said Ryan Zeidan, Ph.D., President and Chief Executive Officer of Sling Therapeutics. “The data generated to date give us confidence in linsitinib’s potential to meaningfully address important limitations of current TED therapies and offer patients an effective, convenient oral treatment option that could be used earlier and more broadly in the treatment journey.”
In connection with the financing, Regina Salvat, Ph.D., of Forbion and François Beaubien, Ph.D., CFA, of Sectoral Asset Management joined Sling’s Board of Directors.
“Sling has demonstrated compelling clinical progress with linsitinib, supporting its potential to become an important new treatment option for patients with TED,” Salvat said. “TED can have a devastating physical and emotional impact on patients, and we believe there remains a significant unmet need for therapies that combine compelling efficacy with improved convenience and tolerability.”
Peter Bojo, Principal at TPG Life Sciences Innovations, said the firm’s continued investment reflects its confidence in Sling’s development program and linsitinib’s potential as an oral treatment for TED.
