Company: Rhythm Pharmaceuticals
Symbol: RYTM
Description: They are a biopharmaceutical company focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders.
Shares: 6.67 million
Price Range: $14.00-$16.00
Trade Date: 10/5
Underwriter(s): Morgan Stanley, BofA Merrill Lynch, Cowen & Co.
Co-Manager(s): Needham & Co.
Business: Their lead peptide product candidate is setmelanotide, a potent, first-in-class melanocortin-4 receptor, or MC4R, agonist for the treatment of rare genetic disorders of obesity. They believe setmelanotide, for which they have exclusive worldwide rights, has the potential to serve as replacement therapy for the treatment of melanocortin-4, or MC4, pathway deficiencies. MC4 pathway deficiencies result in the disruption of satiety signals and energy homeostasis in the body, which, in turn, leads to intense feelings of hunger and to obesity. Their development efforts are initially focused on obesity related to six single gene-related, or monogenic, MC4 pathway deficiencies—pro-opiomelanocortin, or POMC, leptin receptor, or LepR, Bardet-Biedl syndrome, Alström syndrome, POMC heterozygous, and POMC epigenetic disorders—for which there are currently no effective or approved treatments. They believe that the MC4 pathway is a compelling target for treating these genetic disorders because of its critical role in regulating appetite and weight by promoting satiety and weight control, and that peptide therapeutics are uniquely suited for activating this target.
INSIDER BUYING: Certain of their existing stockholders have indicated an interest in purchasing up to an aggregate of approximately $40.0 million of shares of their common stock.
Licensing Agreement: They have entered into a license agreement with Camurus AB, or Camurus, for the use of Camurus’ drug delivery technology, FluidCrystal, to formulate setmelanotide. This formulation, if successfully developed for setmelanotide, will be delivered subcutaneously, similar to their current formulation, except that they anticipate it will be injected once weekly.
Sector Performance:
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