Rhythm has raised $25m in a Series B financing round from existing investors MPM Capital, New Enterprise Associates and Third Rock Ventures as well as new investor Ipsen, bringing the biotech start-up’s total funding to date to $65m.
The company said it will use the proceeds to continue advancing its small-peptide therapeutics for metabolic diseases such as obesity and diabetes through Phase 2 clinical trials.
“We see the potential for transforming the treatment of diabetes and other metabolic diseases with molecules that activate the ghrelin and MC4R pathways with high potency and specificity,” said Third Rock partner Lou Tartaglia.
“We are pleased to invest in Rhythm and to be working with a great management team as it moves this exciting portfolio of peptides forward.”
Vaughn Kailian, managing director of MPM Capital, will join Rhythm’s board. He joins board members Tartaglia, Keith Gottesdiener, CEO of Rhythm, NEA partner Ed Mathers and Christian de la Tour, chairman of Ipsen UK.
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