US-based peptide therapeutics developer Rhythm closed a $41m mezzanine round yesterday that included pharmaceutical companies Pfizer and Ipsen, the former participating through its Pfizer Venture Investments unit.
The corporates were joined in the round by Deerfield Management, OrbiMed, MPM Capital, New Enterprise Associates (NEA), Third Rock Ventures and an unnamed public healthcare investment fund.
Rhythm is developing treatments for rare genetic deficiencies that cause potentially fatal metabolic disorders.
The company will use the funding to advance its lead candidate, a melanocortin-4 receptor (MC4) agonist called setmelanotide, into phase 3 clinical trials for pro-opiomelanocortin (POMC) and leptin receptor deficiency obesity.
Additional capital will support the expansion of phase 2 trials for the treatment of obesity caused by other rare genetic deficiencies in the MC4 pathway, and Rhythm is planning phase 2 proof-of-concept studies for Bardet-Biedl syndrome, Alström syndrome and POMC heterozygous deficiency obesity.
Rhythm had previously raised $73m in funding, as of its last disclosed round, a series B that closed at $33m in late 2012. Pfizer Venture Investments invested $8m while the other participants were Ipsen, MPM Capital, NEA and Third Rock Ventures.
MPM Capital had previously led a $40m series A round in 2010 that included NEA and Third Rock. Rhythm Metabolic, a subsidiary working on treatments for obesity linked to genetic deficiencies, raised $40m from investors including Pfizer and Ipsen in 2015.