Rhythm, a Boston, Massachusetts-based biopharmaceutical company developing peptide therapeutics that address unmet needs in gastrointestinal diseases and obesity, completed a $40m Series A financing.
New investors OrbiMed, Deerfield Management, Wellington Management Company, and an undisclosed public healthcare investment fund joined existing investors MPM Capital, New Enterprise Associates, Third Rock Ventures, Pfizer Ventures, and Ipsen. In conjunction with the financing, Jonathan Silverstein, JD, Partner and Co-Head of Global Private Equity at OrbiMed, joined the Rhythm Metabolic Board of Directors.
Led by Keith Gottesdiener, MD, CEO, Rhythm is developing the ghrelin peptide agonist, relamorelin (RM-131), for the treatment of diabetic gastroparesis and other gastrointestinal functional disorders. Its subsidiary, Rhythm Metabolic, Inc., is developing the MC4R peptide agonist, setmelanotide (RM-493), a novel peptide MC4 agonist for the treatment of obesity caused by genetic deficiencies in the MC4 pathway.