Rhythm, a Boston, Massachusetts-based biotechnology company developing peptide therapeutics that address needs in metabolic diseases, has raised $25m in Series B financing.
Backers include all existing investors MPM Capital (MPM), New Enterprise Associates (NEA), and Third Rock Ventures (TRV), as well as new investor, Ipsen (Euronext: IPN; ADR: IPSEY).
The company intends to use the capital, which brings the total amount raised to date to $65m, to continue advancing its small-peptide therapeutics for metabolic diseases through Phase 2 clinical trials.
Led by Founder and President, Bart Henderson Rhythm is developing RM-131, a ghrelin agonist currently in a Phase 2 clinical trial for the treatment of diabetic gastroparesis, and RM-493, an agonist of the melanocortin 4 receptor (MC4R), which is currently in Phase 1 clinical trials for the treatment of obesity and diabetes.
In conjunction with the funding, Vaughn Kailian, Managing Director of MPM Capital, will join Rhythm’s board.