Navigation Links
Rhythm Announces Completion of $41 Million Mezzanine Financing
Date:2/16/2017

BOSTON, Feb. 16, 2017 /PRNewswire/ -- Rhythm, a biopharmaceutical company developing peptide therapeutics for rare genetic deficiencies that result in life-threatening metabolic disorders, today announced the completion of a $41 million mezzanine round of financing with existing investors including Deerfield Management, Ipsen, OrbiMed, MPM Capital, New Enterprise Associates, Pfizer Venture Investments, Third Rock Ventures, and an undisclosed public healthcare investment fund. Rhythm will use the proceeds to advance setmelanotide (RM-493), the company's novel melanocortin-4 receptor (MC4R) agonist that targets the MC4 pathway, into Phase 3 clinical trials for pro-opiomelanocortin (POMC) and leptin receptor (LEPR) deficiency obesity. The company will also expand Phase 2 clinical trials for the treatment of obesity caused by several additional rare genetic deficiencies in the MC4 pathway, a key biological pathway in humans that regulates energy expenditure, homeostasis, and appetite.

"This mezzanine financing enables a significant expansion of the setmelanotide clinical development program, for which the FDA has granted Breakthrough Therapy Designation status for POMC deficiency obesity," said Bart Henderson, President and Founder of Rhythm. "In parallel, we are advancing setmelanotide into initial proof-of-concept studies for several additional rare genetic disorders of obesity that are life-threatening and for which there are no effective treatments."

During 2017, Rhythm plans to initiate Phase 3 registration studies for both POMC and LEPR deficiency obesity, along with Phase 2 proof-of-concept clinical studies for Bardet-Biedl syndrome, Alström syndrome, and POMC heterozygous deficiency obesity. Rhythm is also evaluating setmelanotide for the treatment of Prader-Willi syndrome in a Phase 2 study. The company previously presented clinical data for setmelanotide demonstrating substantial efficacy in reducing weight and hyperphagia in both POMC and LEPR deficiency obesity, rare diseases caused by genetic defects that are upstream of the MC4 receptor.

"We are extremely pleased for the continued support of our investors in this financing," said Keith Gottesdiener, CEO of Rhythm. "The initial proof-of-concept data for setmelanotide in both POMC and LEPR deficiency obesity is compelling and is the foundation for our MC4 genetic obesity program. This mezzanine financing enables both a significant expansion of the clinical program and the build-out of Rhythm's capabilities to support Phase 3 development."

About Setmelanotide (RM-493)
Setmelanotide is a potent, first-in-class MC4R agonist in development for the treatment of obesity caused by genetic deficiencies in the MC4 pathway, a key biological pathway in humans that regulates energy expenditure, homeostasis, and appetite. The critical role of the MC4 pathway in weight regulation was validated with the discovery that single genetic defects along this pathway result in early-onset and severe obesity. In 2016, The New England Journal of Medicine reported results from a setmelanotide Phase 2 trial in pro-opiomelanocortin (POMC) deficiency obesity that demonstrated substantial weight loss in two adult patients. At ObesityWeek 2016, investigators presented initial data for the first patient enrolled in a Phase 2 non-randomized, open-label clinical trial of setmelanotide for the treatment of leptin receptor (LEPR) deficiency obesity. Both POMC and LEPR deficiency obesity are rare genetic disorders associated with severe, early-onset obesity and unrelenting hyperphagia. The initial efficacy data with setmelanotide in these disorders demonstrate that setmelanotide has the potential to provide meaningful efficacy in genetic forms of obesity due to MC4 pathway deficiency by restoring absent LEPR-POMC signaling. The company is currently evaluating setmelanotide for the treatment of six genetic disorders of obesity: POMC and LEPR deficiency obesity, Prader-Willi syndrome, Bardet-Biedl syndrome, Alström syndrome, and POMC heterozygous deficiency obesity.

About Rhythm (www.rhythmtx.com)
Rhythm is a biopharmaceutical company focused on developing peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders. Rhythm's lead peptide product candidate is setmelanotide, a first-in-class melanocortin 4 receptor (MC4R) agonist for the treatment of rare genetic disorders of obesity. Rhythm supports The Genetic Obesity Project (www.GeneticObesity.com), which is dedicated to improving the understanding of severe obesity that is caused by specific genetic defects. The company is based in Boston, Massachusetts.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rhythm-announces-completion-of-41-million-mezzanine-financing-300408672.html


'/>"/>
SOURCE Rhythm
Copyright©2017 PR Newswire.
All rights reserved


Related biology technology :

1. Rhythm Announces Phase 1b Results for Ghrelin Prokinetic RM-131 for Gastroparesis in Patients with Type 1 Diabetes
2. Rhythm Awarded $1.35 Million from The Michael J. Fox Foundation to Advance Clinical Development of RM-131 for Refractory Constipation in Parkinsons Disease
3. Announcing the new MouseMonitor™ Telemetry and MouseMonitor™ Rhythm Families of Wirelessly Rechargeable Telemetric Implants
4. MediPoint: Cardiac Rhythm Management - US Analysis and Market Forecasts
5. Rhythm Files Registration Statement for Proposed Initial Public Offering
6. Actavis Signs Option to Acquire Rhythm Subsidiary and its GI Development Product, Relamorelin
7. Rhythm Appoints Fred T. Fiedorek, M.D., Chief Medical Officer
8. Rhythm Initiates Two Phase 2 Clinical Trials of Setmelanotide (RM-493) in Rare Genetic Disorders of Obesity Caused by MC4 Pathway Deficiencies
9. FDA Office of Orphan Products Development Awards Rhythm $1 Million Grant to Support Phase 2 Study of Setmelanotide in Prader-Willi Syndrome
10. Generex Announces Agreement to Acquire Equity Interest in Alfa Rhythm Ltd.
11. iRhythm Technologies Founder to Present Key Insights Into Digital Health Technology Trends in Cardiac Care at the American Heart Association Scientific Sessions
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/28/2017)... ... February 28, 2017 , ... RoviSys, a ... today that it has joined the Cisco® Digital Solutions Integrator Program. As a ... hardware and software that addresses Industrial IT and Business IT in manufacturing environments. ...
(Date:2/28/2017)... ... , ... Over 8,000 recognized rare diseases afflict an estimated 350 million people ... March 7, DrugDev will gather international experts to share challenges and provide insight and ... Overcoming the Challenges of Rare Disease Clinical Trials, Date: March 7, 2017, Time: 10:00-11:00 ...
(Date:2/28/2017)... ... February 28, 2017 , ... GigaGen Inc ... millions-diverse immune repertoires, today announced a strategic partnership with Trianni, Inc. , ... express human antibodies. The partnership will use GigaGen technology to discover immuno-oncology antibody ...
(Date:2/28/2017)... and PHILADELPHIA , Feb. 28, 2017 ... held biopharmaceutical company focusing on debilitating diseases including rare ... announced that the company joins with the National Organization ... advocacy and support around the world in commemorating Rare ... unique challenges and needs of the millions of patients ...
Breaking Biology Technology:
(Date:2/27/2017)... Feb. 27, 2017   Strategic Cyber Ventures , ... has led a $3.5 million investment in  Polarity , ... Cyber Ventures is DC based and is led by ... Thomas . Ron Gula , also a longtime ... participated in this series A round of funding. This ...
(Date:2/24/2017)... Feb. 24, 2017  EyeLock LLC, a leader of iris-based ... iris biometric solution on the latest Qualcomm® Snapdragon™ ... Mobile World Congress 2017 (February 27 – ... Hall 3, Stand 3E10. The ... security platform—a combination of hardware, software and ...
(Date:2/21/2017)... ARMONK, N.Y. and PORTLAND, Ore. ... IBM ) and the Avamere Family of Companies (Avamere ... Care) today announced a six-month research study that will ... caregivers improve eldercare at senior living and health centers. ... facilities, Avamere hopes to gain insights into physical and ...
Breaking Biology News(10 mins):