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Rhythm Pharmaceuticals, Inc. develops and commercializes therapies for rare neuroendocrine diseases, centered on IMCIVREE (setmelanotide), an MC4R agonist for hyperphagia and severe obesity linked to rare MC4R pathway disorders. Company updates commonly cover U.S. and international commercialization of setmelanotide, regulatory authorizations and label expansions for acquired hypothalamic obesity, Bardet-Biedl syndrome, POMC/PCSK1 deficiency and LEPR deficiency, and safety information tied to approved uses.
Rhythm news also follows clinical data from setmelanotide studies, including acquired hypothalamic obesity and genetically caused MC4R pathway diseases, along with development of investigational MC4R agonists bivamelagon and RM-718 and preclinical small molecules for congenital hyperinsulinism. Recurring corporate items include financial results, specialty-pharmacy access arrangements, healthcare conference presentations and board governance changes.
Rhythm Pharmaceuticals (Nasdaq: RYTM) is set to present full data from its Phase 2 clinical trial of setmelanotide for hypothalamic obesity during the Obesity Society’s ObesityWeek 2022 on November 2, 2022. The conference call will include results from 18 patients. Additionally, Rhythm will report its Q3 2022 earnings on November 8, 2022, at 8:00 a.m. ET. Setmelanotide, approved for chronic weight management, targets hyperphagia and severe obesity linked to rare MC4R pathway diseases. Rhythm is actively advancing its clinical programs and has submitted a Type II variation application for setmelanotide in the EU.
Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM) announced the inaugural International Meeting on Pathway-Related Obesity: Vision of Excellence (IMPROVE) 2022 in Berlin, focused on rare pathway-related obesities driven by MC4R variants. At the event, the company presented data from an exploratory Phase 2 Basket Study evaluating setmelanotide in patients with specific MC4R variants. Results showed that 30.4% of patients in the rescuable cohort achieved significant BMI reduction, while the predictive value of the in vitro assay was limited. Setmelanotide is FDA-approved for chronic weight management in certain genetic obesity cases.
Rhythm Pharmaceuticals (Nasdaq: RYTM) announced the appointment of Dana Washburn, M.D., as Senior Vice President of Clinical Development, effective September 26, 2022. Dr. Washburn will lead the clinical program for setmelanotide, a treatment for hyperphagia and severe obesity linked to rare MC4R pathway diseases. With over 20 years of experience in biopharmaceuticals, he previously held leadership roles at Alexion Pharmaceuticals and other organizations. Rhythm is advancing setmelanotide through multiple clinical trials, supported by recent regulatory approvals in the U.S. and Europe.
Rhythm Pharmaceuticals (Nasdaq: RYTM) announced on October 3, 2022, that its Compensation Committee granted inducement equity awards totaling 205,995 shares to 10 new employees. These include stock options for 145,525 shares and restricted stock units (RSUs) for 60,470 shares. Dana Washburn, the new Senior VP of Clinical Development, received additional grants of 67,500 shares. The options have an exercise price of $23.71 per share and will vest over a four-year period based on continued employment.
Rhythm Pharmaceuticals (Nasdaq: RYTM) announced the release of a children's book, Understanding Hunger & Bardet-Biedl Syndrome (BBS): Gabe’s Story, in collaboration with the Bardet-Biedl Syndrome Foundation. This book aims to assist families in understanding hyperphagia, a condition characterized by constant hunger, prevalent in children with BBS. The launch coincides with the second annual BBS Global Day on September 24, emphasizing the importance of awareness for this rare genetic disease.
Rhythm Pharmaceuticals (Nasdaq: RYTM) announced the closing of a public offering on September 19, 2022, of 4,800,000 shares at $26.00 per share, raising $124.8 million in gross proceeds. The offering included an option for underwriters to purchase an additional 720,000 shares. Proceeds will fund the global commercialization of IMCIVREE for specific obesity types and support the clinical development of setmelanotide for hypothalamic obesity and various trials. Cowen, Stifel, and Wells Fargo acted as joint book-running managers for this offering.
Rhythm Pharmaceuticals presented new findings at the European Society for Paediatric Endocrinology (ESPE 2022) regarding the effects of hyperphagia and obesity in Bardet-Biedl syndrome (BBS). A multi-country survey involving 242 caregivers highlighted the significant burden faced by families. Additionally, Phase 3 analysis revealed that setmelanotide resulted in substantial weight loss in adolescents with severe obesity linked to BBS. The mean BMI-Z score reductions were -0.75 for BBS patients, -0.55 for LEPR deficiency, and -1.51 for POMC deficiency, aligning with the ongoing global launch plans for the therapy.
Rhythm Pharmaceuticals (RYTM) has announced a public offering of 4,800,000 shares at $26.00 each, set to close on September 19, 2022. All shares are being offered by the company, with an option for underwriters to purchase an additional 720,000 shares. Cowen, Stifel, and Wells Fargo Securities serve as joint book-running managers. The offering is registered under a shelf registration statement filed with the SEC.
Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM) announced a proposed public offering of $100 million in common stock. All shares will be offered by Rhythm, with an option for underwriters to purchase an additional $15 million of shares. The offering is managed by Cowen, Stifel, and Wells Fargo Securities. It is subject to customary market conditions, and completion timelines are uncertain. The offering is made under a shelf registration statement declared effective by the SEC in November 2021, with further details to be included in a preliminary prospectus supplement.
Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM) announced the grant of inducement equity covering 84,800 shares of its common stock to 15 new employees on September 2, 2022. The grants include stock options for 56,520 shares at an exercise price of $25.20 and restricted stock units (RSUs) for 28,280 shares, aimed at incentivizing new hires under the 2022 Employment Inducement Plan. Options vest 25% after one year, with the remainder vesting quarterly, while RSUs vest 25% annually over four years. This plan aligns with Nasdaq Listing Rule 5635(c)(4).