Rhythm, a Boston, Massachusetts-based biotechnology company developing peptide therapeutics for metabolic diseases, has completed its Series A financing, raising additional $19m in a second closing of the round.
Third Rock Ventures (TRV) joined MPM Capital and New Enterprise Associates (NEA), which led the $21m first closing.
This brings the total amount raised by the company in this round to $40m.
As part of the financing, Lou Tartaglia, PhD, a Partner at Third Rock, was appointed to Rhythm’s board of directors. He has joined Christian de la Tour, Bart Henderson, Ed Mathers, and Steven St. Peter.
The new capital will be used to advance Rhythm’s lead drug candidates through clinical proof-of-concept studies. Rhythm is developing RM-131, a small-peptide ghrelin agonist, for the treatment of gastrointestinal functional disorders; and RM-493, a small-peptide melanocortin 4 receptor (MC4R) agonist, for the treatment of obesity and diabetes.
FinSMEs
08/09/2010