Therapeutics and medical device companies rake in more than $300 million in new capital.

Although there has been a slowdown in public financings for life sciences companies, privately-held startups have raised more than $786 million in new capital globally during the first two weeks of June. While medical device and technology companies continue to command some of the largest deals, developers of novel therapeutics account for a third of the total raised. In the United States, venture-backed life sciences companies have raised $600 million so far this month, with $233 million, or 38.8 percent, of that raised by drug developers.

Venture capital firm Third Rock participated in three of the biggest financings of the week, including the launch of Global Blood Therapeutics, in which it is investing $40.7 million to develop treatments for genetic blood-based diseases for which there are no effective cures. Based in San Francisco, Global Blood has a unique platform, called SHAPE, which enables the discovery and development of oral, small molecule drugs that change the shapes of key blood proteins to modify their functions to enhance biological pathways and drive therapeutic benefits.

Founders of the company include Charles Homcy and Craig Muir of Third Rock Ventures, David Phillips, co-founder of COR Therapeutics and co-founder with Homcy of Portola Pharmaceuticals, and three scientific researchers at the University of California, San Francisco: Matthew Jacobson, a professor of pharmaceutical chemistry, Andrej Sali, a professor of bioengineering and therapeutic sciences, and Jack Taunton, an associate professor of cellular and molecular pharmacology.

Global Blood Therapeutics is the first company formed and launched out of Third Rock’s recently opened San Francisco office. The startup’s first focus is on sickle cell disease, caused by a single mutation that affects more than 15 million people worldwide.

Third Rock also led Igenica’s $33 million series C funding round along with existing investors The Column Group, Orbimed Advisors, and 5AM Ventures. It brings the total raised by the Burlingame, California-based biopharma to $55 million since it was founded in January 2009. Igenica is focused on using its technology for the discovery and development of first-in-class antibodies against a broad range of drug targets that have not been previously investigated for the treatment of cancer.

Proceeds from the financing will be used to advance the company’s monoclonal antibody pipeline toward clinical trials. The funds will also be used support the company’s discovery platforms, which it will employ to find new monoclonal antibodies against a broad range of drug targets that have not been previously investigated for the treatment of cancer. Igenica will also use the new funding to advance its first product candidate toward the clinic.

Third Rock also participated in the $25 million Series B funding of Rhythm, a Boston-based biotech developing therapies to treat diabetes and obesity. Existing investors MPM Capital, New Enterprise Associates, and Third Rock were joined in the financing by new investor Ipsen. Rhythm has raised $65 million to date.

The biotech will use the proceeds to continue advancing its small-peptide therapeutics for metabolic diseases through phase 2 clinical trials. RM-131 is a ghrelin agonist currently in a phase 2 clinical trial for the treatment of diabetic gastroparesis. RM-493, an agonist of the melanocortin 4 receptor, is currently in early-stage clinical trials for the treatment of obesity and diabetes.

Deals for the Week Ending June 15, 2012 : Sheet1

Global Venture Financings