Ann Arbor, Michigan-based Sling Therapeutics has raised USD 123 million in a Series C financing to fund the Phase III pivotal trial of linsitinib (OSI-906), its oral insulin-like growth factor 1 receptor (IGF-1R) inhibitor for thyroid eye disease (TED). The round was led by Forbion, with participation from existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management.
In conjunction with the close, Regina Salvat of Forbion and François Beaubien of Sectoral Asset Management have joined Sling's board of directors. The company launched in 2022 with a USD 35 million Series A led by TPG's The Rise Fund.
Linsitinib, originally discovered by OSI Pharmaceuticals and subsequently in-licensed by Sling from Astellas Pharma, inhibits IGF-1R signaling, the pathway implicated in the fibrous tissue accumulation behind the eyes that drives proptosis and other TED symptoms. The drug has an established safety database spanning more than 900 patients across 15 clinical trials in multiple indications, the company said.
The Series C proceeds will support the global Phase III ORBIT pivotal trial in adults with moderate-to-severe active TED, which the company said has already dosed its first patients. The trial design was agreed with the US FDA following a successful End-of-Phase II meeting. Linsitinib also holds US FDA Fast Track designation for TED.