Rhythm Pharmaceuticals, Inc.
Canaccord Genuity Acted as a Lead Manager in a Follow-On Offering for Rhythm Pharmaceuticals, Inc.
Rhythm Pharmaceuticals, Inc. (the “Company”) (Nasdaq:RYTM), priced its $150.0 million public offering on February 4, 2021 at a price of $30.0 per share. The Company issued 5,000,000 shares of common stock. The Underwriters exercised their option to purchase an additional 750,000 shares of common stock at a public offering price, bringing the total proceeds to $172.5 million, less the underwriting discounts and commissions.
Rhythm is a commercial-stage biopharmaceutical company committed to transforming the treatment paradigm for people living with rare genetic diseases of obesity. The Company’s precision medicine, IMCIVREE™ (setmelanotide), has been approved by the FDA for chronic weight management in adult and pediatric patients 6 years of age and older with obesity due to POMC, PCSK1 or LEPR deficiency confirmed by genetic testing. IMCIVREE is the first-ever FDA approved therapy for these rare genetic diseases of obesity. Rhythm is advancing a broad clinical development program for setmelanotide in other rare genetic diseases of obesity. The Company is leveraging the Rhythm Engine and the largest known obesity DNA database - now with approximately 37,500 sequencing samples - to improve the understanding, diagnosis and care of people living with severe obesity due to certain genetic deficiencies.