Rhythm raises $41M in mezzanine round
Rhythm Holding Co. LLC (Boston, Mass.) raised $41 million in a mezzanine financing with existing investors Deerfield Management, Ipsen Group (Euronext:IPN; Pink:IPSEY), OrbiMed, MPM Capital, New Enterprise Associates, Pfizer Venture Investments, Third Rock Ventures and an undisclosed public healthcare investment fund. President and founder Bart Henderson declined to discuss whether the company plans to conduct an IPO.
This year, Rhythm plans to start Phase III trials of setmelanotide (RM-493) to treat proopiomelanocortin (POMC) and leptin receptor (LEPR; CD295) deficiency obesity, as well as Phase II studies to treat Bardet-Biedl syndrome, Alstrom syndrome and POMC heterozygous deficiency obesity. The small peptide melanocortin 4 receptor (MC4R) agonist is also in a Phase II trial to treat Prader-Willi syndrome. ...