Rhythm Metabolic raises $40M in series A

The Rhythm Metabolic Inc. subsidiary of Rhythm Holding Co. LLC (Boston, Mass.) raised $40 million in a series A round led by new investor OrbiMed. New investors Deerfield Management; Wellington Management; and an undisclosed public healthcare investment fund also participated, as did existing investors MPM Capital; New Enterprise Associates; Third Rock Ventures; Pfizer Ventures; and Ipsen Group (Euronext:IPN).

Rhythm Metabolic's setmelanotide ( RM-493) is in Phase IIa testing to treat Prader-Willi syndrome (PWS) and pro-opiomelanocortin ( POMC)-null obesity. President Bart Henderson declined to disclose a development timeline for the small peptide melanocortin 4 receptor ( MC4R) agonist. ...