Migraine treatment took a leap forward with CGRP inhibitors, a drug class that has progressed from novel medicines to first-line therapies over the past decade. But there’s still an unmet need for patients who don’t respond to these and other migraine treatments. Startup Slate Medicines raised $130 million to start clinical tests of a novel drug that could give patients a new choice.
CGRP-blocking drugs were based on research showing the role that the target protein plays in migraine progression. Migraine is also associated with another protein whose activity is independent of CGRP. This protein, pituitary adenylate cyclase-activating polypeptide (PACAP), is found throughout the central nervous system. Slate’s lead drug candidate, SLTE-1009, is a monoclonal antibody designed to block PACAP.
Raleigh, North Carolina-based Slate is following other companies that have pursued PACAP. Eli Lilly got as far as mid-stage clinical development with a PACAP38-targeting antibody, but discontinued that program in 2022. That move followed the Phase 2 failure of an anti-PACAP antibody from Amgen. Lundbeck, which markets the CGRP-inhibitor Vyepti, is developing a PACAP-blocking antibody called bocunebart (formerly Lu AG09222). This drug, which was part of the company’s 2019 acquisition of Alder BioPharmaceuticals, is in development for migraine prevention in patients who failed earlier lines of migraine therapy.
Earlier this month, Lundbeck reported preliminary Phase 2b results for intravenous dosing of bocunebart. Without disclosing specific figures, the company said its drug led to statistically significant reduction in monthly migraine days compared to placebo. Lundbeck said bocunebart was generally well tolerated with no new safety signals observed. The test in the IV cohort was triggered last year, following a futility interim analysis in an earlier part of the study evaluating a subcutaneously injectable formulation of Lundbeck’s migraine drug. Based on the IV results to date, Lundbeck said it plans to meet with regulators to discuss the design of a Phase 3 study. The company also plans to present detailed Phase 2b results at an upcoming scientific meeting.
Slate’s Tuesday announcement claims SLTE-1009 has the potential to be best in the anti-PACAP antibody drug class. Through a spokeswoman, the company declined to elaborate on how SLTE-1009 could be best in class or answer any other questions about its drug. But the news release does state that the antibody was engineered with half-life extension that allows for subcutaneous dosing. No dosing interval was specified.
Slate is led by CEO Gregory Oakes, who was most recently a venture partner at Raven, RA Capital Management’s healthcare incubator. Before that, he was president and CEO of Landos Biopharma, which was acquired by AbbVie in 2024. Slate Chief Medical Officer Roger Cady is a former Alder and Lundbeck executive.
“PACAP blockade represents a clinically validated approach for the prevention of migraine headaches,” Cady said in a prepared statement. “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.”
Slate’s new financing is a Series A round led by RA Capital, Forbion, and Foresite Capital. The round included additional participation from an undisclosed biotech investor. Slate plans to advance SLTE-1009 to Phase 1 testing in mid-2026. The startup also has a drug pipeline whose details remain undisclosed.
Image: John Lund, Getty Images
