Rhythm Pharmaceuticals Inc RYTM:NASDAQ

Last Price$4.15NASDAQ Previous Close - Last Trade as of 4:00PM ET 6/30/22

Today's Change-0.12(2.81%)
Bid (Size)$4.00 (30)
Ask (Size)$4.80 (9)
Day Low / High$4.09 - 4.29
Volume370.2 K

Update: Rhythm Pharma Modifies Trials of Genetic Obesity Medicine; Shares Drop

3:01PM ET 4/06/2022 MT Newswires
(Updates with share price in the headline and last paragraph)

Rhythm Pharmaceuticals (RYTM) said Wednesday it has modified phase 2 and 3 trials evaluating its setmelanotide medicine for rare genetic diseases of obesity to focus on rare patient populations that it believes "have the highest likelihood of success."

The modifications, which follow recent feedback from the US Food and Drug Administration, and a streamlining of its planned clinical trial sites network are expected to generate "meaningful cost savings," Rhythm said. The modifications include the elimination of a fifth sub-study in the phase 3 Emanate trial, leaving it with four independent sub-studies.

The company now expects that its existing cash, cash equivalents and short-term investments will be adequate to finance operations into at least Q4 of next year.

The stock was down more than 17% in afternoon trading amid a broadly lower market.

Price: 9.67, Change: -2.04, Percent Change: -17.42