(By Balachander) Biotechnology company Rhythm has expanded its Series B financing to $33 million, with an additional $8 million coming from the venture capital arm of Pfizer Inc. (NYSE: PFE).
This additional financing brings the total capital raised by Rhythm to $73 million, the Boston, Massachusetts-based company said.
Rhythm is developing the ghrelin peptide agonist, RM-131, for the treatment of diabetic gastroparesis and other GI functional disorders, and the MC4R peptide agonist, RM-493, for obesity and diabetes.
The company said it will use the proceeds to further develop its small-peptide therapeutics for metabolic diseases.
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The company's investors include MPM Capital, New Enterprise Associates, Third Rock Ventures, Ipsen, and Pfizer Venture Investments.
"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," said Barbara Dalton, Vice President Venture Capital, Pfizer Venture Investments. "We are pleased to help Rhythm capitalize on its opportunities."