Hub biotech Rhythm raises $25m

Rhythm, a Boston biotechnology company focused on diabetes and obesity, announced Wednesday that it has raised $25 million in a Series B financing round.

The Series B financing brings the total capital raised by Rhythm to $65 million.

All existing investors participated in the round, which was joined by new investor Ipsen. Existing investors include MPM Capital, New Enterprise Associates, and Third Rock Ventures, Rhythm said in a press release.

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Rhythm said it will use the proceeds to continue advancing its small-peptide therapeutics for metabolic diseases through Phase 2 clinical trials.