US-based biotech company Rhythm Pharmaceuticals has filed to raise up to $86m in an IPO.
Founded in 2008, Rhythm develops peptide therapeutics for the treatment of obesity, diabetes, gastroparesis and other gastrointestinal functional disorders.
The company, which initially filed for an offering in July, which use the capital raised to develop and manufacture drugs for the treatment of diabetic gastroparesis and Prader Willi Syndrome.
Citigroup and Cowen & Company will serve as lead underwriters for the deal.
Rhythm has received funding from France-based pharmaceutical company Ipsen, MPM Capital, New Enterprise Associates, Pfizer Venture Investments and Third Rock Ventures who, in total, have injected $73m into the company.
Rhythm has also received $1.4m in the form of a grant from the Michael J. Fox Foundation for its clinical trial of Parkinson’s disease drug RM-131.