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Rhythm Pharmaceuticals, Inc. announced the granting of inducement restricted stock units to seven new employees as part of their 2022 Employment Inducement Plan. These RSUs cover 15,150 shares of common stock and will vest over a four-year period. The company aims to attract and retain top talent through equity awards.
Rhythm Pharmaceuticals reported first quarter 2024 financial results with $26.0 million in net revenue from global sales of IMCIVREE® (setmelanotide). The company is on track to submit an sNDA to the FDA for pediatric patients aged 2-6 in approved indications. Phase 3 trial for hypothalamic obesity remains on track for topline data readout in 1H 2025. Rhythm secured $150 million in convertible preferred stock financing, funding operations into 2026. The company continues to focus on expanding the global opportunity for setmelanotide and advancing the MC4R portfolio with RM-718 and LB54640 programs.
Rhythm Pharmaceuticals presented data from a Phase 3 pediatrics trial at the Pediatric Endocrine Society Annual Meeting, showcasing setmelanotide's achievement of a 3.04 mean reduction in BMI-Z score and an 18.4% mean reduction in BMI in pediatric patients with specific genetic disorders. The company is on track to submit an sNDA seeking label expansion for pediatric patients by the first half of 2024.
Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM) announced the publication of results from its Phase 2 study of setmelanotide for treating hypothalamic obesity in The Lancet Diabetes & Endocrinology. The therapy resulted in a 15% reduction in BMI at 16 weeks and a 26% reduction at one year. Topline data from the Phase 3 clinical trial is expected in 2Q 2025.