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Pfizer Venture boosts Rhythm financing round with $8m investment

27 Nov 2012

Pharmaceutical giant Pfizer’s venture capital arm has brought metabolic drug developer Rhythm’s latest financing round to $33m through an $8m investment.

Existing investors MPM Capital, New Enterprise Associates, Third Rock Ventures and Ipsen had provided the backbone of the Series B round during a first close earlier this year.

Rhythm said it would use the cash to further develop its drugs to combat diabetes and GI function disorder, and another drug which aims to tackle diabetes and obesity.

The latest financing brings the total capital raised by Boston-based Rhythm to $73m.

Barbara Dalton, vice president of venture capital at Pfizer Venture Investments, said, “The obesity and diabetes epidemics represent one of the largest medical challenges confronting society today.

“Rhythm’s metabolic programs are compelling because of the initial proof-of-concept data from ongoing clinical programs, along with the fact that peptide therapeutics have delivered high success rates in clinical development.

“We are pleased to help Rhythm capitalize on its opportunities.”

MPM Capital managing director Vaughn Kailian joined Rhythm’s board as part of the financing round alongside Third Rock partner Lou Tartaglia, Rhythm CEO Keith Gottesdiener, NEA partner Ed Mathers and Ipsen UK chairman Christian de la Tour.

Earlier this month UK clinical stage biotechnology company Ziarco completed a Series A financing from investors including Pfizer Venture and sector-focused venture firm BVF Partners.

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