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Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) shares are trading lower in Wednesday's after-hours session after the company announced a $100 million proposed public offering.
Rhythm has proposed a public offering of $100 million of its common stock. All shares are being offered by the company. Rhythm also intends to grant underwriters a 30-day option to purchase up to an additional $15 million of common stock.
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"We intend to use the net proceeds from this offering to advance global commercialization of IMCIVREE for obesity due to PPL deficiency and BBS, to advance clinical development of setmelanotide in hypothalamic obesity, as well as our EMANATE, DAYBREAK and weekly formulation trials, and for working capital and general corporate purposes," the company said in a regulatory filing.
Rhythm 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 diseases.
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RYTM Price Action: Rhythm has a 52-week high of $27.68 and a 52-week low of $3.04. The stock has been up nearly 800% over the last three months.
At the time of publication, Rhythm shares were down 12.5% in after-hours at $27.
Photo: Konstantin Kolosov from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.