Transaction Information
Rhythm Pharmaceuticals, Inc. (Nasdaq:RYTM) announced the closing of its public offering of 4,800,000 shares of its common stock at a public offering price of $26.00 per share on September 19, 2022. The aggregate gross proceeds to Rhythm from the offering were approximately $124.8 million, before underwriting discounts, commissions, and offering expenses. In addition, Rhythm has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of its common stock at the public offering price, less the underwriting discount and commission. All of the shares in the offering were offered by Rhythm.
Rhythm expects to use the net proceeds from this offering to advance global commercialization of IMCIVREE for obesity due to POMC, PCSK1 or LEPR deficiency and BBS, to advance clinical development of setmelanotide in hypothalamic obesity, as well as its EMANATE, DAYBREAK and weekly formulation trials, and for working capital and general corporate purposes.
Ladenburg Thalmann & Co. Inc. acted as manager in connection with this offering.
The offering was made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed by Rhythm with the Securities and Exchange Commission ("SEC") on November 2, 2021 and declared effective by the SEC on November 15, 2021. A preliminary prospectus supplement relating to the offering was filed with the SEC on September 14, 2022. The final prospectus supplement relating to the offering was filed with the SEC on September 15, 2022. Copies of the final prospectus supplement relating to the offering may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at 415-364-2720 or by email at syndprospectus@stifel.com, or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York 10001, at 833-690-2713 or email a request to cmclientsupport@wellsfargo.com.
About Rhythm Pharmaceuticals, Inc.
Rhythm Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on transforming the lives of patients and their families living with hyperphagia and severe obesity caused by rare melanocortin-4 receptor pathway (MC4R) diseases. For more information visit www.rhythmtx.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.