EMANATE

Rhythm Pharmaceuticals Reports Fourth Quarter 2023 Financial Results and Business Update

Retrieved on: 
Thursday, February 22, 2024

-- Acquired global rights to oral MC4R agonist LB54640 from LG Chem --

Key Points: 
  • ET --
    BOSTON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), a global commercial-stage biopharmaceutical company focused on transforming the lives of patients and their families living with rare neuroendocrine diseases, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2023.
  • Fourth Quarter and Full Year 2023 Financial Results:
    Cash Position: As of December 31, 2023, cash, cash equivalents and short-term investments were approximately $275.8 million, as compared to $333.3 million as of December 31, 2022.
  • S,G&A Expenses: S,G&A expenses were $32.4 million in the fourth quarter of 2023 and $117.5 million for the year ended December 31, 2023, compared to $26.3 million in the fourth quarter of 2022 and $92.0 million for the year ended December 31, 2022.
  • ET today to review its fourth quarter and year end 2023 financial results and recent business activities.

Rhythm Pharmaceuticals, Inc. Announces Closing of $124.8 Million Public Offering

Retrieved on: 
Monday, September 19, 2022

The aggregate gross proceeds to Rhythm from the offering were $124.8 million, before underwriting discounts and commissions, and offering expenses.

Key Points: 
  • The aggregate gross proceeds to Rhythm from the offering were $124.8 million, before underwriting discounts and commissions, and offering expenses.
  • In addition, Rhythm has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of its common stock at the public offering price, less the underwriting discount and commission.
  • All of the shares in the offering were offered by Rhythm.
  • Cowen, Stifel and Wells Fargo Securities are acting as joint book-running managers for the offering.

Rhythm Pharmaceuticals Reports Second Quarter 2022 Financial Results and Business Update

Retrieved on: 
Tuesday, August 2, 2022

-- Entered into non-dilutive revenue interest financing agreement with Healthcare Royalty Partners for up to $100 million, extending cash runway into second half of 2024 --

Key Points: 
  • ET--
    BOSTON, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM) today reported financial results and provided a business update for the second quarter ended June 30, 2022.
  • R&D Expenses: R&D expenses were$31.5 millionin the second quarter of 2022, as compared to$25.1 millionin the second quarter of 2021.
  • S,G&A Expenses: S,G&A expenses were $22.3 million for the second quarter of 2022, as compared to $15.5 million for the second quarter of 2021.
  • ET today to review its second quarter 2022 financial results and recent business activities.

Rhythm Pharmaceuticals Presents First-ever Data Showing Improvements in Health-related Quality of Life for Patients Living with Bardet-Biedl Syndrome at ObesityWeek® 2021

Retrieved on: 
Monday, November 1, 2021

BOSTON, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), a commercial-stage biopharmaceutical company committed to transforming the care of people living with rare genetic diseases of obesity, this week presented the first-ever data on the health-related quality of life (HRQOL) and experience of patients with Bardet-Biedl syndrome (BBS) who were treated in its Phase 3 trial of setmelanotide at The Obesity Society’s ObesityWeek®, a virtual conference that runs from Nov. 1 to 5.   

Key Points: 
  • Elizabeth Forsythe, Ph.D., Great Ormond Street Institute of Child Health, Faculty of Population Health Sciences, University College London, presented a poster entitled, Quality of Life in Patients with Bardet-Biedl Syndrome in a Setmelanotide Phase 3 Trial.
  • Rhythm also presented new hunger reduction data from its exploratory Phase 2 Basket Trial evaluating setmelanotide in patients with obesity due to variants of the SRC1 gene or the SH2B1 gene.
  • Rhythm is a commercial-stage biopharmaceutical company committed to transforming the treatment paradigm for people living with rare genetic diseases of obesity.
  • IMCIVREE is the first-ever FDA-approved and EC- and MHRA-authorized therapy for patients with these rare genetic diseases of obesity.

Rhythm Pharmaceuticals Presents New Data from Phase 2 and 3 Trials Evaluating Setmelanotide in Multiple Rare Genetic Diseases of Obesity at the 59th Annual ESPE Meeting

Retrieved on: 
Wednesday, September 22, 2021

“In addition to presenting data from our Phase 2 and 3 trials of setmelanotide, we also presented posters at ESPE describing the gene selection process and the design of our Phase 2 DAYBREAK trial,” said Linda Shapiro, M.D., Ph.D., Chief Medical Officer of Rhythm. “We are excited to share these presentations, which provide further rationale for our planned clinical development strategy. Collectively, these presentations depict setmelanotide’s potential to deliver meaningful benefit – even without change in exercise or diet -- to people with obesity and variants in the SRC1 or SH2B1 gene, both of which are included in our Phase 3 EMANATE trial, and they support our decision to enroll people with obesity and variants in at least one of 31 other genes, all of which have ‘strong’ or ‘very strong’ MC4R pathway relevance, in our Phase 2 DAYBREAK trial. We look forward to initiating both EMANATE and DAYBREAK in the fourth quarter, which will evaluate setmelanotide on top of standard of care dietary and physical activity guidance, as we work to broaden setmelanotide’s reach to many more patients with rare genetic diseases of obesity caused by variants in the MC4R pathway.”

Key Points: 
  • Together, these data support the potential for further development of setmelanotide for patients with rare genetic diseases of obesity driven by a range of variants in the MC4R pathway.
  • Rhythm also presented complete topline data from two genetic cohorts in its exploratory Phase 2 Basket Trial.
  • Rhythm is a commercial-stage biopharmaceutical company committed to transforming the treatment paradigm for people living with rare genetic diseases of obesity.
  • Rhythm is advancing a broad clinical development program for setmelanotide in other rare genetic diseases of obesity.