Boston Rare Disease Biopharma Rhythm Seeks $115 Million IPO

Published: Sep 06, 2017

A year after the team at Boston-based Rhythm Pharmaceuticals posted some compelling but limited Phase II data on its lead rare disease drug, the biotech is joining the queue to get onto Nasdaq with an IPO designed to raise around $115 million.

Already armed with the FDA’s breakthrough therapy title for setmelanotide, Rhythm is pitching the potential for its MC4R agonist for the treatment of rare genetic disorders of obesity — though Phase II included only two patients. And it’s out to sell investors on its rapid transition into Phase III studies for POMC deficiency obesity and LepR deficiency obesity while rolling out new Phase II trials to broaden its impact.

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