Slate Medicines has raised $130 million in Series A funding to advance a new migraine prevention drug licensed from China into clinical testing. The round was led by RA Capital Management, Forbion, and Foresite Capital, with another undisclosed backer participating.
Slate’s focus is a drug candidate called SLTE-1009, originally developed by DartsBio Pharmaceuticals. Unlike many current migraine preventives that target CGRP, SLTE-1009 blocks a different protein known as PACAP.
CGRP inhibitors have reshaped migraine prevention over the past decade. But a significant portion of patients do not respond to them. PACAP operates through different intracellular signaling pathways than CGRP, raising hopes that blocking it could help people who remain underserved by existing therapies. The most advanced anti-PACAP drug so far is bocunebart from Lundbeck, acquired through its purchase of Alder BioPharmaceuticals. That therapy has shown promise in mid-stage trials and is moving toward Phase 3 discussions with regulators.
Slate believes its approach could offer a practical edge. While bocunebart is administered via intravenous infusion, SLTE-1009 is designed as a subcutaneous injection that could potentially be given at home. Slate is positioning itself around a validated but still emerging migraine target, aiming to carve out space in a market where more than 37 million Americans live with the condition.
Phase 1 testing is expected to begin in mid-2026.
