Business
Rhythm Pharmaceuticals Reports Second Quarter 2023 Financial Results and Business Update
-- Second quarter 2023 net revenue of $19.2 million from global sales of IMCIVREE® (setmelanotide) -- -- Strong U.S. commercial progress continues with more
About this update from Rhythm Pharmaceuticals, Inc.
[{"type":"text","content":"-- Second quarter 2023 net revenue of $19.2 million from global sales of IMCIVREE® (setmelanotide) -- -- Strong U.S. commercial progress continues with more than 125 new prescriptions for Bardet-Biedl syndrome (BBS) in 2Q 2023, more than 425 since FDA approval -- -- Achieved commercial sales milestone and now eligible to receive third investment tranche of $25 million from Healthcare Royalty Partners -- -- Announced plans to submit an investigational new drug application for RM-718, a new, weekly, MC4R-specific agonist, by end of 2023 -- -- Enrollment ongoing in pivotal Phase 3 trial evaluating setmelanotide in hypothalamic obesity; based on rapid progress, study now expected to be fully enrolled by the end of 2023 -- -- Management to host conference call today at 8:00 a.m. ET -- BOSTON, Aug. 01, 2023 (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 hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) pathway diseases, today reported financial results and provided a business update for the second quarter ended June 30, 2023. “The first half of 2023 was marked by strong execution across global commercial and clinical development programs. Our strong revenue performance was supported by robust patient demand for IMCIVREE® (setmelanotide) in the U.S. with more than 125 Bardet-Biedl syndrome (BBS) prescriptions written in the second quarter of 2023. Globally, we have expanded our footprint with IMCIVREE to include Canada and in Gulf Cooperation Council (GCC) countries,” said David Meeker, M.D., Chair, President and Chief Executive Officer of Rhythm. “And in July, we achieved the specified sales milestone under our Revenue Interest Financing Agreement (RIFA) with Healthcare Royalty Partners, making us eligible to receive an additional investment of $25 million in non-dilutive capital.” “Based on rapid progress and substantial patient and physician interest in our ongoing pivotal Phase 3 clinical trial of setmelanotide in hypothalamic obesity, we now expect to complete enrollment by the end of 2023. Finally, we look forward to providing additional details on our pre-clinical development programs later this year, including RM-718, a new weekly, MC4R-specific agonist des...