Sling raises $123M Series C to advance oral thyroid eye disease drug
What's the deal? Sling Therapeutics has closed a $123 million Series C financing to advance linsitinib, its oral treatment for thyroid eye disease (TED). Forbion led the round, joined by existing investor TPG Life Sciences Innovations and new investor Sectoral Asset ManagementDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The clinical-stage biopharma is developing what it calls the first and only late-stage oral small-molecule therapy for TED. Linsitinib inhibits IGF-1R, a validated target, and the proceeds will fund its global Phase 3 ORBIT pivotal trial in adults with moderate to severe active TED.
Why now? Sling secured alignment on the Phase 3 study design at an End-of-Phase 2 meeting with the US Food and Drug Administration earlier this year. The trial builds on a Phase 2b/3 study that met its primary endpoint of reducing proptosis, or eye bulging.
That data helped linsitinib win Fast Track designation, giving Sling more frequent FDA interactions and potential eligibility for Rolling Review, Accelerated Approval, and Priority Review.
Why it matters: Sling frames linsitinib as an oral alternative to current TED therapies that require invasive surgery or lengthy infusions.
"Linsitinib offers the combination of a validated target, a differentiated safety profile, and the convenience advantage of an oral therapy for patients who currently face invasive surgery or lengthy infusion regimens," said Peter Bojo, principal at TPG Life Sciences Innovations.
Chief executive officer Ryan Zeidan said the raise 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."
Who's in: As part of the deal, Regina Salvat of Forbion and François Beaubien of Sectoral Asset Management joined Sling's board.
The signal: At $123 million, the round sits in the 94th percentile of US health Series C rounds, based on a sample of 1,908 deals. That scale of capital signals investor conviction in oral therapies designed to displace surgery and infusion-based standards of care.
Image credit: Sling Therapeutics
