Financing Led by MPM Capital and New Enterprise Associates
BOSTON, March 15, 2010— Rhythm Pharmaceuticals (Rhythm), a biotechnology company developing peptide therapeutics for metabolic diseases, announced today that it has completed the first close on its Series A equity financing of $21 million. The financing was led by MPM Capital (MPM) and New Enterprise Associates (NEA). The funds will be used to develop products licensed from Ipsen (Euronext:IPN).
The Rhythm management team includes Bart Henderson (President) and Elizabeth Stoner, M.D. (Rhythm Chief Development Officer, MPM Managing Director). Lee Kaplan, M.D., Ph.D. (Associate Professor of Medicine, Harvard Medical School; Director, Massachusetts General Hospital Weight Center) is chairman of Rhythm’s Scientific Advisory Board.
Mr. Henderson stated, “We are very excited about the programs we have licensed from Ipsen, and we are grateful for the support we have received from the Ipsen team.”
“Peptides have tremendous potential for treating metabolic disorders since they can achieve high selectivity for complex metabolic pathways,” said MPM Managing Director Steven St. Peter, M.D.
“Rhythm hopes to transform these important discoveries into valuable treatments to address unmet needs in obesity, diabetes, and other metabolic diseases,” said NEA Partner Ed Mathers.
The company’s Board of Directors includes Dr. St. Peter, Mr. Mathers, Mr. Henderson, Todd Foley (MPM Managing Director), and Christian de la Tour (Ipsen UK).
Rhythm is a biotechnology company developing peptide therapeutics that address unmet needs in metabolic diseases. Rhythm investors include MPM Capital and New Enterprise Associates. The company is based in Boston, Massachusetts.
About MPM Capital
MPM Capital is one of the world’s largest life science-dedicated venture investors. With committed capital under management in excess of $2 billion, MPM Capital is uniquely structured to invest globally in healthcare innovation.
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare, and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. Since the firm’s founding in 1978, NEA’s experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 265 have been acquired. In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.