Sling Therapeutics has raised $123 million in a Series C financing to support development of linsitinib, an oral small-molecule treatment in Phase III development for thyroid eye disease.
Forbion led the financing. Existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management also participated.
Sling said it will use the proceeds to continue clinical development of linsitinib, an inhibitor of insulin-like growth factor 1 receptor, or IGF-1R. The company has begun the global Phase III ORBIT pivotal trial in adults with moderate-to-severe active thyroid eye disease, or TED.
The Phase III program follows Sling’s completed Phase IIb/III LIDS trial. The company said LIDS met its primary endpoint measuring reduction of proptosis, or eye bulging, in patients with moderate-to-severe TED.
Sling said the LIDS study also assessed safety areas associated with IGF-1R inhibitors, including hearing impairment, glycemic changes and menstrual-cycle changes. The company did not provide numerical efficacy or safety findings from the trial.
The U.S. Food and Drug Administration granted linsitinib Fast Track designation for thyroid eye disease. Sling said it discussed the Phase III study design with FDA during an end-of-Phase II meeting earlier this year.
Linsitinib is an oral small-molecule IGF-1R inhibitor. Sling said the treatment is being developed for people with moderate-to-severe active TED.
In connection with the financing, Regina Salvat, Ph.D., a partner at Forbion, and François Beaubien, Ph.D., CFA, of Sectoral Asset Management, joined Sling’s board of directors.
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