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Benzinga

Vandana Singh

Rhythm Pharma Secures Non-Dilutive Financing Of $100M To Use Of This...

Rhythm RYTM FDA Nasdaq Rhythm Pharmaceuticals Inc Obesity

Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) entered into a Revenue Interest Financing Agreement with HealthCare Royalty Partners for a total investment of $100 million.
Rhythm intends to use the proceeds to support global commercialization efforts for its newly approved Imcivree (setmelanotide) and ongoing clinical development.
With this new approval, Imcivree is indicated for chronic weight management in 6 years old and older with monogenic or syndromic obesity due to proopiomelanocortin, proprotein convertase subtilisin/kexin type 1 or leptin receptor deficiency, or Bardet-Biedl syndrome (BBS).
Rhythm will receive an initial investment of $37.5 million due to the FDA approval of Imcivree in BBS.
The additional investment of $37.5 million will follow the European approval of Imcivree for BBS, which is anticipated in 2H of 2022.
The final investment of $25 million will be payable upon Rhythm's achievement of certain agreed sales milestones in 2023.
HealthCare Royalty will receive a tiered royalty based on global Imcivree sales.
Price Action: RYTM shares are down 7.69% at $3.60 during the premarket session on the last check Friday.

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