Rhythm bags $41 million through mezzanine financing
February 16, 2017Boston-based pharmaceutical company Rhythm has secured $41 million through mezzanine financing round to funds its melanocortin-4 receptor for the phase 3 study.
The study will test the receptor that for pro-opiomelanocortin (POMC) and leptin receptor (LEPR) deficiency obesity, while the phase 2 testing will also be expanded to 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, the company said.
Keith Gottesdiener, the CEO of Rhythm said that the initial proof-of-concept data for setmelanotide in both POMC and LEPR deficiency obesity is compelling and is the foundation for the company’s 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.” Gottesdiener said.
