Sling Therapeutics, an Ann Arbor-based clinical-stage biopharmaceutical company, has raised $123 million in Series C financing to advance linsitinib, its oral small-molecule IGF-1R inhibitor for thyroid eye disease, through Phase 3 development.
The financing was led by Forbion, with participation from existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management.
Sling has started its global Phase 3 ORBIT pivotal trial in adults with moderate-to-severe active thyroid eye disease, or TED. The company previously reached alignment with the FDA on the pivotal study design during an End-of-Phase 2 meeting.
The study builds on Sling’s Phase 2b/3 LIDS trial, which met its primary endpoint of reducing proptosis, or eye bulging. Sling also reported a differentiated safety profile in areas associated with IGF-1R therapies, including hearing impairment, glycemic changes and menstrual cycle changes.
The FDA has granted linsitinib Fast Track designation for TED. Sling describes the therapy as the first and only late-stage oral IGF-1R inhibitor for the disease, potentially offering a more convenient alternative to currently available intravenous and injectable treatments.
Linsitinib has previously been administered to more than 900 patients across 15 clinical trials involving multiple diseases.
TED is a rare autoimmune disorder estimated to affect more than 200,000 people in the U.S. and can cause inflammation, proptosis, pain and, in severe cases, vision loss.
As part of the financing, Regina Salvat of Forbion and François Beaubien of Sectoral Asset Management joined Sling’s board.
KEY QUOTES:
“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.”
Ryan Zeidan, Ph.D., President and Chief Executive Officer of Sling Therapeutics
“Sling has demonstrated compelling clinical progress with linsitinib, supporting its potential to become an important new treatment option for patients with TED.”
Regina Salvat, Ph.D., Partner at Forbion
