Mar 15 2010
Rhythm Pharmaceuticals (Rhythm), a biotechnology company developing peptide therapeutics for metabolic diseases, announced today that it has completed the first close on its Series A equity financing of $21 million. The financing was led by MPM Capital (MPM) and New Enterprise Associates (NEA). The funds will be used to develop products licensed from Ipsen (Euronext: IPN).
The Rhythm management team includes Bart Henderson (President) and Elizabeth Stoner, M.D. (Rhythm Chief Development Officer, MPM Managing Director). Lee Kaplan, M.D., Ph.D. (Associate Professor of Medicine, Harvard Medical School; Director, Massachusetts General Hospital Weight Center) is chairman of Rhythm's Scientific Advisory Board.
Mr. Henderson stated, "We are very excited about the programs we have licensed from Ipsen, and we are grateful for the support we have received from the Ipsen team."
"Peptides have tremendous potential for treating metabolic disorders since they can achieve high selectivity for complex metabolic pathways," said MPM Managing Director Steven St. Peter, M.D.
"Rhythm hopes to transform these important discoveries into valuable treatments to address unmet needs in obesity, diabetes, and other metabolic diseases," said NEA Partner Ed Mathers.
SOURCE Rhythm Pharmaceuticals
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