The funding coincides with the in-licensing of SLTE-1009, an anti-PACAP monoclonal antibody acquired from DartsBio Pharmaceuticals (Guangdong).
The company is headed by CEO and board director Gregory Oakes, who brings more than 30 years of experience from clinical-stage and commercial biopharma organisations.
Oakes previously worked as a venture partner at Raven, RA Capital’s healthcare arm, and held executive roles at Celgene, Landos Biopharma, Vifor Pharma, and Novartis.
Neil Buckley has joined as COO and president after serving as a venture partner at Raven. The clinical team includes chief medical officer Roger Cady, a specialist in headache medicine and former neurology vice-president at Alder Biopharmaceuticals.
Also referred to as DS009, SLTE-1009 is a monoclonal antibody developed to target PACAP to prevent migraines and other headache disorders.
PACAP is considered a distinct clinically validated target compared to calcitonin gene-related peptide (CGRP), possibly offering benefits for those not effectively treated by current therapies.
SLTE-1009 incorporates half-life extension technology, allowing for subcutaneous dosing. Slate Medicines is also developing another pipeline project, details of which have not yet been disclosed.
Oakes said: “With compelling biology, a differentiated product profile, and strong investor backing, Slate Medicines is positioned to redefine migraine prevention for patients who need new options.
“We believe that SLTE-1009 not only offers patients a novel mechanism for migraine prevention but also improved access through convenient at-home subcutaneous dosing.”
Cady said: “PACAP blockade represents a clinically validated approach for the prevention of migraine headaches. For the millions of patients with an inadequate response to the existing standard of care, we believe that SLTE-1009 offers a novel, orthogonal approach to preventing migraines.”
Andrew Levin (RA Capital), Tim Lohoff (Forbion), and Cindy Xiong (Foresite Capital) will join Slate Medicines’ Board of Directors following this financing round.