Rhythm Pharmaceuticals Announces European Commission Expands ▼IMCIVREE® (setmelanotide) Marketing Authorization to include Children as Young as 2 Years Old

Rhea-AI Summary

Rhythm Pharmaceuticals (Nasdaq: RYTM) announced that the European Commission has expanded the marketing authorization for IMCIVREE® (setmelanotide) to include children between 2 and 6 years old with obesity due to Bardet Biedl syndrome (BBS) or POMC, PCSK1, or LEPR deficiency. This expansion makes IMCIVREE the first-ever authorized precision medicine in the European Union for control of hunger and treatment of obesity in adults and children as young as 2 years old with these rare genetic conditions. The company believes this is an important milestone for European patients, offering an opportunity to address severe hunger and early-onset obesity associated with these conditions at a young age.

Positive

• Expanded market authorization for IMCIVREE to include children aged 2-6 years
• First-ever authorized precision medicine in the EU for these rare genetic conditions
• Potential to address severe hunger and early-onset obesity in young patients

Negative

• None.

Insights

Medical Research Analyst

The European Commission's expansion of IMCIVREE's marketing authorization to include children as young as 2 years old is a significant development for Rhythm Pharmaceuticals. This broadens the potential patient population for their lead product, which could positively impact the company's revenue prospects.

From a medical perspective, this authorization is important as it addresses a critical unmet need in pediatric patients with rare genetic obesity disorders. Early intervention in these conditions is vital, as untreated obesity in young children can lead to severe comorbidities and reduced quality of life. IMCIVREE, as a precision medicine, offers a targeted approach to managing hunger and obesity in these specific genetic conditions.

However, it's important to note that while this expansion is promising, the actual market size for these rare conditions in young children is relatively small. The commercial success will largely depend on factors such as pricing, reimbursement policies and the ability to identify and diagnose eligible patients at an early age.

Investors should also consider that this authorization is to the European market. While it's a positive step, global expansion, particularly in the U.S. market, would be necessary for more substantial revenue growth. Additionally, long-term safety data in this young population will be important for sustained market acceptance and potential further label expansions.

Financial Analyst

The expanded marketing authorization for IMCIVREE in Europe represents a positive development for Rhythm Pharmaceuticals' business model. By including children as young as 2 years old, the company has effectively increased its addressable market, which could translate to enhanced revenue potential in the medium to long term.

However, investors should temper their expectations regarding immediate financial impact. Rare disease treatments often face challenges in patient identification and market penetration, especially in pediatric populations. The rarity of these genetic conditions means that the absolute number of new patients may be

From a financial perspective, key metrics to watch in upcoming quarterly reports will include:

• Changes in IMCIVREE sales figures, particularly in European markets
• Any updates on pricing and reimbursement negotiations with European health authorities
• Investments in marketing and education initiatives to raise awareness among pediatric endocrinologists

While this authorization strengthens Rhythm's market position, the company's overall financial health will also depend on its pipeline development, cash burn rate and potential need for future capital raises. Investors should closely monitor these factors alongside IMCIVREE's commercial performance to gauge the long-term financial implications of this regulatory win.

IMCIVREE now authorized as treatment of obesity and control of hunger in adult patients and pediatric patients 2 years old or older with Bardet Biedl syndrome or POMC, PCSK1, or LEPR deficiency

BOSTON, July 31, 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 announced that the European Commission (EC) expanded the marketing authorization for IMCIVREE^® (setmelanotide) to include children between 2 and younger than 6 years old with obesity due to Bardet Biedl syndrome (BBS) or pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR) deficiency.

“Today marks what we believe to be an important milestone for European patients with BBS and POMC/LEPR deficiencies ages 2 to 6, who now have the opportunity to address the severe and insatiable hunger and early onset obesity associated with their conditions at an early age,” said Yann Mazabraud, Executive Vice President, Head of International at Rhythm Pharmaceuticals. “Early-onset obesity that goes untreated can manifest in multiple comorbidities and negatively affect quality of life and life expectancy. For the first time, physicians and patients in Europe may have the opportunity to access what we believe is a meaningful treatment option for children as young as 2 years old.”

IMCIVREE is the first-ever authorized precision medicine in the European Union for control of hunger and treatment of obesity in adults and children, now as young as 2 years old, living with BBS or POMC, PCSK1, or LEPR deficiency.

About Rhythm Pharmaceuticals
Rhythm is a commercial-stage biopharmaceutical company committed to transforming the lives of patients and their families living with rare neuroendocrine diseases. Rhythm’s lead asset, IMCIVREE^® (setmelanotide), an MC4R agonist designed to treat hyperphagia and severe obesity, is approved by the U.S. Food and Drug Administration (FDA) for chronic weight management in adult and pediatric patients 6 years of age and older with monogenic or syndromic obesity due to pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1) or leptin receptor (LEPR) deficiency confirmed by genetic testing, or patients with a clinical diagnosis of Bardet-Biedl syndrome (BBS). Both the European Commission (EC) and the UK’s Medicines & Healthcare Products Regulatory Agency (MHRA) have authorized setmelanotide for the treatment of obesity and the control of hunger associated with genetically confirmed BBS or genetically confirmed loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 6 years of age and above. Additionally, Rhythm is advancing a broad clinical development program for setmelanotide in other rare diseases, as well as investigational MC4R agonists LB54640 and RM-718, and a preclinical suite of small molecules for the treatment of congenital hyperinsulinism. Rhythm’s headquarters is in Boston, MA.

Setmelanotide Indication
In the European Union, setmelanotide is indicated for the treatment of obesity and the control of hunger associated with genetically confirmed BBS or loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 2 years of age and above. In Europe, setmelanotide should be prescribed and supervised by a physician with expertise in obesity with underlying genetic etiology.

In the United States, setmelanotide is indicated for chronic weight management in adult and pediatric patients 6 years of age and older with monogenic or syndromic obesity due to POMC, PCSK1 or LEPR deficiency as determined by an FDA-approved test demonstrating variants in POMC, PCSK1 or LEPR genes that are interpreted as pathogenic, likely pathogenic, or of uncertain significance (VUS) or BBS.

Limitations of Use
Setmelanotide is not indicated for the treatment of patients with the following conditions as setmelanotide would not be expected to be effective:

• Obesity due to suspected POMC, PCSK1 or LEPR deficiency with POMC, PCSK1 or LEPR variants classified as benign or likely benign
• Other types of obesity not related to POMC, PCSK1 or LEPR deficiency, or BBS, including obesity associated with other genetic syndromes and general (polygenic) obesity.

Contraindication
Prior serious hypersensitivity to setmelanotide or any of the excipients in IMCIVREE. Serious hypersensitivity reactions (e.g., anaphylaxis) have been reported.

WARNINGS AND PRECAUTIONS

Skin Pigmentation and Darkening of Pre-Existing Nevi: Generalized increased skin pigmentation and darkening of pre-existing nevi have occurred because of its pharmacologic effect. Full body skin examinations prior to initiation and periodically during treatment should be conducted to monitor pre-existing and new pigmentary lesions.

Heart rate and blood pressure monitoring: In Europe, heart rate and blood pressure should be monitored as part of standard clinical practice at each medical visit (at least every 6 months) for patients treated with setmelanotide.

Disturbance in Sexual Arousal: Spontaneous penile erections in males and sexual adverse reactions in females have occurred. Patients who have an erection lasting longer than 4 hours should seek emergency medical attention.

Depression and Suicidal Ideation: Depression and suicidal ideation have occurred. Patients should be monitored for new onset or worsening depression or suicidal thoughts or behaviors. Consideration should be given to discontinuing setmelanotide if patients experience suicidal thoughts or behaviors, or clinically significant or persistent depression symptoms occur.

Hypersensitivity Reactions: Serious hypersensitivity reactions (e.g., anaphylaxis) have been reported. If suspected, advise patients to promptly seek medical attention and discontinue setmelanotide.

Pediatric Population: The prescribing physician should periodically assess response to setmelanotide therapy. In growing children, the impact of weight loss on growth and maturation should be evaluated. In Europe, the prescribing physician should monitor growth (height and weight) using age- and sex-appropriate growth curves.

Risk of Serious Adverse Reactions Due to Benzyl Alcohol Preservative in Neonates and Low Birth Weight Infants: Setmelanotide is not approved for use in neonates or infants. Serious and fatal adverse reactions including “gasping syndrome” can occur in neonates and low birth weight infants treated with benzyl alcohol-preserved drugs.

ADVERSE REACTIONS

Most common adverse reactions (incidence ≥20%) included skin hyperpigmentation, injection site reactions, nausea, headache, diarrhea, abdominal pain, vomiting, depression, and spontaneous penile erection.

USE IN SPECIFIC POPULATIONS

Lactation: Not recommended when breastfeeding.

To report SUSPECTED ADVERSE REACTIONS, contact Rhythm Pharmaceuticals at +1 (833) 789-6337 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. See section 4.8 of the Summary of Product Characteristics for information on reporting suspected adverse reactions in Europe.

Please see the full Prescribing Information for additional Important Safety Information.

Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the potential, safety, efficacy, and regulatory and clinical progress of any of our products or product candidates, including setmelanotide; the potential benefits of any of our products or product candidates for any specific disease indication, in any particular patient population, or at any dosage, including the potential benefits of setmelanotide for pediatric patients with BBS or POMC, PCSK1, or LEPR deficiency; our expectations surrounding potential regulatory submissions, and approvals, including within the EU; our business strategy and plans, including regarding commercialization of setmelanotide in the EU and other international regions; and the timing of any of the foregoing. Statements using words such as “expect”, “anticipate”, “believe”, “may”, “will” and similar terms are also forward-looking statements. Such statements are subject to numerous risks and uncertainties, including, but not limited to, our ability to enroll patients in clinical trials, the design and outcome of clinical trials, the impact of competition, the ability to achieve or obtain necessary regulatory approvals, risks associated with data analysis and reporting, our ability to successfully commercialize setmelanotide, our liquidity and expenses, our ability to retain our key employees and consultants, and to attract, retain and motivate qualified personnel, general economic conditions, and the other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 and our other filings with the Securities and Exchange Commission. Except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise.

Corporate Contact:
David Connolly
Head of Investor Relations and Corporate Communications
Rhythm Pharmaceuticals, Inc.
857-264-4280
dconnolly@rhythmtx.com

Media Contact:
Adam Daley
Berry & Company Public Relations
212-253-8881
adaley@berrypr.com

FAQ

What is the new age range for IMCIVREE treatment in Europe for BBS and POMC/PCSK1/LEPR deficiency?

The European Commission has expanded IMCIVREE's marketing authorization to include children as young as 2 years old for the treatment of obesity and control of hunger in patients with Bardet Biedl syndrome or POMC, PCSK1, or LEPR deficiency.

What makes IMCIVREE unique in the European Union for treating rare genetic obesity conditions?

IMCIVREE is the first-ever authorized precision medicine in the European Union for control of hunger and treatment of obesity in adults and children, now as young as 2 years old, living with BBS or POMC, PCSK1, or LEPR deficiency.

How might early treatment with IMCIVREE benefit young patients with BBS or POMC/PCSK1/LEPR deficiency?

Early treatment may help address severe and insatiable hunger and early-onset obesity associated with these conditions, potentially preventing multiple comorbidities and improving quality of life and life expectancy.

What is Rhythm Pharmaceuticals' stock symbol?

Rhythm Pharmaceuticals' stock symbol is RYTM, traded on the Nasdaq stock exchange.