Slate Medicines, a Raleigh, North Carolina biotech startup, launched on 24 February 2026 with a $130m Series A round. RA Capital Management, Forbion and Foresite Capital co-led the financing, and an additional biotech investor that was not named also took part, according to Cooley, the law firm that advised on the deal.
The round was announced together with an in-licensing agreement. Slate obtained SLTE-1009, an anti-PACAP monoclonal antibody, from DartsBio Pharmaceuticals of Guangdong, China. The financial terms of the licence, such as upfront payment, milestones or royalties, were not disclosed.
The company said it is on track to begin Phase 1 testing of SLTE-1009 in mid-2026. Details of its other drug candidates were not disclosed.
“PACAP blockade represents a clinically validated approach for the prevention of migraine headaches.”Roger Cady, Chief Medical Officer, Slate Medicines
The drug and the target
PACAP, short for pituitary adenylate cyclase-activating polypeptide, is a protein found throughout the central nervous system. SLTE-1009 is designed to block it to prevent migraine. The antibody has been engineered with half-life extension so that it can be given by injection under the skin, though no dosing interval was specified, MedCity News reported.
Roger Cady, Slate's chief medical officer, said in a prepared statement: "PACAP blockade represents a clinically validated approach for the prevention of migraine headaches." Pharmaceutical Technology reported that PACAP is regarded as a different target from CGRP, the protein addressed by current migraine drugs, and may help patients who are not well served by existing treatments.
Slate said SLTE-1009 could be best in its class but declined to explain that claim to MedCity News.
A target with a mixed record
MedCity News noted that earlier efforts against PACAP have had setbacks. Eli Lilly took an antibody against PACAP38 into mid-stage trials and discontinued it in 2022, and an Amgen anti-PACAP antibody failed a Phase 2 trial.
Lundbeck is developing bocunebart, formerly Lu AG09222, an antibody it acquired through its 2019 purchase of Alder BioPharmaceuticals. In early 2026 Lundbeck reported statistically significant reductions in monthly migraine days against placebo in an intravenous Phase 2b study, without releasing figures, and said it plans to discuss a Phase 3 design with regulators.
Who runs the company
Gregory Oakes is chief executive and a board director. He has more than 30 years in biopharma, was most recently a venture partner at Raven, the healthcare incubator of RA Capital, and previously led Landos Biopharma, which AbbVie acquired in 2024. Neil Buckley is chief operating officer and president, and was also a venture partner at Raven.
Cady, a headache medicine specialist, is a former executive at Alder and Lundbeck. Andrew Levin of RA Capital, Tim Lohoff of Forbion and Cindy Xiong of Foresite Capital are joining the board, according to Pharmaceutical Technology.
Slate's website describes a second candidate, SLTE-2100, a bispecific antibody aimed at PACAP, VIP and CGRP. The founding year and headcount were not stated in the sources reviewed.
Company website: slatemedicines.com