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Print Edition StoriesMonday, March 15, 2010
Rhythm launches to $21M Series A beat
By Mass High Tech staff
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Startup Rhythm Pharmaceuticals Inc., a virtual life sciences company making peptide-based drugs to treat conditions such as obesity and diabetes, has launched with a $21 million Series A round of funding. The round was led by Boston’s MPM Capital and New Enterprise Associates of Maryland.
Located currently in MPM’s offices in Boston, Rhythm has licensed intellectual property from French pharmaceutical Ipsen SA. Last week the two companies announced the deal, in which Rhythm agreed to pay Ipsen up to $80 million in milestone payments and potential future royalties. Specifically, Rhythm acquired the development rights to peptide hormones ghrelin and MSH, which can control food intake and gastrointestinal function.
As part of its earlier deal with Ipsen, the Paris firm gained a 17 percent equity stake in Rhythm and named Christian de la Tour of Ipsen UK to the board of directors.
Rhythm was founded out of MPM by chief development officer and MPM managing director Elizabeth Stoner. The company counts as its president Bart Henderson, formerly an entrepreneur in residence at MPM and former chief business officer at Radius Health Inc.
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