Slate Medicines Inc., a Raleigh, North Carolina-based biotechnology company focused on next-generation treatments for headache disorders, announced Tuesday it has closed a $130 million Series A funding round to advance its lead candidate SLTE-1009, an anti-PACAP monoclonal antibody licensed from DartsBio Pharmaceuticals Ltd.
The round was led by RA Capital Management, with participation from Forbion and Foresite Capital. The financing brings Slate’s total capital raised since inception to support clinical development of SLTE-1009 (also known as DS009), a long-acting monoclonal antibody targeting pituitary adenylate cyclase-activating polypeptide (PACAP) to prevent migraine and other headache disorders.
“PACAP blockade represents a clinically validated approach for the prevention of migraine headaches,” said Chief Medical Officer Roger Cady. “For the millions of patients with an inadequate response to existing standard of care, we believe that SLTE-1009 offers a novel, orthogonal approach to preventing migraines.”
SLTE-1009 features half-life extension for convenient subcutaneous dosing, addressing adherence and persistence challenges with current shorter-acting biologic therapies. Industry sources indicate only 15% to 25% of eligible severe migraine patients receive biologics, largely due to injection frequency and other barriers.
“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,” said CEO Gregory Oakes. “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.”
The funding will support advancement of SLTE-1009 through clinical stages. Alongside the raise, Slate added three new board members: RA Capital partner Andrew Levin, Forbion principal Tim Lohoff, and Foresite Capital partner Cindy Xiong.
Cooley LLP advised Slate Medicines, led by Mike Nelson, James Schneider, Geoffrey Spolyar, Won Lee, and Lanny Holstein.
The financing reflects surging investor interest in novel migraine therapies targeting validated pathways like PACAP — offering hope for improved outcomes in a condition affecting millions with limited effective options.
