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Mar 31, 2021
Rhythm Pharmaceuticals Q1 2021 Earnings Report
Rhythm Pharmaceuticals reported first quarter 2021 financial results, highlighting the first U.S. commercial sales of IMCIVREE™ and progress in clinical development programs.
Key Takeaways
Rhythm Pharmaceuticals reported its Q1 2021 financial results, marking the first commercial sales of IMCIVREE™ in the U.S. The company also achieved proof-of-concept data from Phase 2 Basket Study and closed a $172.5 million public offering and sold Priority Review Voucher for $100 million.
First U.S. commercial sales of IMCIVREE™ (setmelanotide) completed late in first quarter.
Late-breaking data presentations at ENDO 2021 demonstrated continued weight loss with setmelanotide at up to nine months in HET obesity, as well as weight loss data in adults and BMI-Z reductions in adolescents with Bardet-Biedl syndrome.
Delivered proof-of-concept data from Phase 2 Basket Study in HET POMC, PCSK1 or LEPR deficiencies, and obesity due to SRC1 and SH2B1 deficiencies.
Closed $172.5 million public offering and sold Priority Review Voucher for $100 million, providing additional funding to advance continued development of setmelanotide.
Forward Guidance
Rhythm Pharmaceuticals expects that its existing cash, cash equivalents and short-term investments as of March 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements into at least the second half of 2023.
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