Sling Therapeutics, Inc., a clinical-stage biopharmaceutical company developing the first and only late-stage oral small-molecule therapy for thyroid eye disease (TED), has announced the close of a $123m Series C financing.
Proceeds from the financing will support the continued clinical advancement of linsitinib, an oral small molecule inhibitor of IGF-1R (insulin-like growth factor 1 receptor), a validated target for the treatment of TED. Sling has commenced the global phase 3 ORBIT pivotal trial for adults with moderate to severe active TED. Alignment on the pivotal phase 3 study design was secured during a successful end-of-phase 2 meeting with the U.S. Food and Drug Administration (FDA) earlier this year.
The pivotal phase 3 ORBIT trial builds upon Sling’s previously completed phase 2b/3 LIDS trial, which met its primary endpoint of proptosis (eye bulging) reduction in patients with moderate-to-severe TED and exhibited a differentiated safety profile, particularly in IGF-1R areas of interest such as hearing impairment, glycaemic changes, and menstrual cycle changes.
As a result of these data and recognition from the FDA that TED is a serious disease in which patients could benefit from new treatment options beyond what is currently available, linsitinib was granted Fast Track designation.
“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, 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. With the support of a high-quality investor syndicate, we are well positioned to advance linsitinib toward commercialization with urgency and purpose for the TED community.”
The financing was led by Forbion and included participation from existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management.