Rhythm raises $151.4M in follow-on

Rhythm Pharmaceuticals Inc. (NASDAQ:RYTM) raised $151.4 million on June 20 through the sale of 5.7 million shares at $26.42 in a follow-on underwritten by Morgan Stanley, BofA Merrill Lynch, Cowen and Needham. The price is an 8% discount to Rhythm's close at $28.80 on June 18, when it proposed the offering after market hours.

Rhythm expects data in 3Q19 from two Phase III trials of setmelanotide (RM-493) to treat obesity associated with proopiomelanocortin deficiency and leptin receptor (LEPR; CD295) deficiency. This year, the company plans to start a combined Phase III trial of the therapy to treat obesity related to Bardet-Biedl syndrome and Alström syndrome...