US-based diabetes and obesity treatment company Rhythm Pharmaceuticals has extended its series B round by $8m by ading Pfizer Venture Investments, the corporate venturing unit of the eponymous local drugs company, to the syndicate.
The extension brings Rhythm’s B round to $33m and the total raised to $73m in less than two years.
In June, Ipsen, a France-based pharmaceutical company, helped Rhythm raise $25m.
Ipsen was joined in the series B round by Rhythm’s existing investors, venture capital firms MPM Capital, New Enterprise Associates and Third Rock Ventures. The series B takes Rhythm to $65m raised in its history.
Barbara Dalton, vice-president of venture capital at Pfizer Venture Investments, said: “The obesity and diabetes epidemics represent one of the largest medical challenges confronting society today.
“Rhythm’s metabolic programs are compelling because of the initial proof-of-concept data from ongoing clinical programs, along with the fact that peptide therapeutics have delivered high success rates in clinical development.