{"id":755675,"date":"2023-05-05T16:05:29","date_gmt":"2023-05-05T20:05:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rhythm-pharmaceuticals-announces-new-employment-inducement-grants-13\/"},"modified":"2023-05-05T16:05:29","modified_gmt":"2023-05-05T20:05:29","slug":"rhythm-pharmaceuticals-announces-new-employment-inducement-grants-13","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rhythm-pharmaceuticals-announces-new-employment-inducement-grants-13\/","title":{"rendered":"Rhythm Pharmaceuticals Announces New Employment Inducement Grants"},"content":{"rendered":"
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BOSTON, May 05, 2023 (GLOBE NEWSWIRE) — Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), 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 (MC4R) pathway diseases, today announced that on May 2, 2023, the Compensation Committee of Rhythm\u2019s board of directors granted inducement equity grants covering an aggregate of 76,440 shares of its common stock to 16 new employees, consisting of inducement stock options to purchase an aggregate of 50,960 shares of common stock and inducement restricted stock units, or RSUs, covering an aggregate of 25,480 shares of its common stock.<\/p>\n

These inducement stock options and inducement RSUs are subject to the terms of the Rhythm Pharmaceuticals, Inc. 2022 Employment Inducement Plan (the “Inducement Plan”).<\/p>\n

The Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to the employees entering into employment with Rhythm pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted by Rhythm\u2019s board of directors on February 9, 2022.<\/p>\n

The stock options have an exercise price of $18.74 per share. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the applicable date of hire of each individual, with the remaining 75% vesting in 12 equal quarterly installments over the three years thereafter, subject to each such employee’s continued employment on each vesting date. The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the applicable date of hire, subject to each such employee\u2019s continued employment on each vesting date.<\/p>\n

\n About\u00a0Rhythm Pharmaceuticals<\/strong>
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Rhythm is a commercial-stage biopharmaceutical company committed to transforming the lives of patients and their families living with hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) diseases. Rhythm\u2019s lead asset, IMCIVREE (setmelanotide), an MC4R agonist designed to treat hyperphagia and severe obesity caused by rare MC4R pathway diseases, is approved by the\u00a0U.S. Food and Drug Administration\u00a0(FDA) for chronic weight management in adult and pediatric patients 6 years of age and older with monogenic or syndromic obesity due to pro-opiomelanocortin (POMC), proprotein convertase subtilisin\/kexin type 1 (PCSK1) or leptin receptor (LEPR) deficiency confirmed by genetic testing, or patients with a clinical diagnosis of Bardet-Biedl syndrome (BBS). Both\u00a0the European Commission\u00a0(EC) and the UK\u2019s\u00a0Medicines & Healthcare Products Regulatory Agency\u00a0(MHRA) have authorized setmelanotide for the treatment of obesity and the control of hunger associated with genetically confirmed BBS or genetically confirmed loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 6 years of age and above. Additionally, Rhythm is advancing a broad clinical development program for setmelanotide in other rare MC4R pathway diseases, as well as a preclinical suite of small molecules for the treatment of congenital hyperinsulinism. Rhythm\u2019s headquarters is in\u00a0Boston, MA.<\/p>\n

\n Setmelanotide Indication<\/strong>
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In\u00a0the\u00a0United States, setmelanotide is indicated for chronic weight management in adult and pediatric patients 6 years of age and older with monogenic or syndromic obesity due to POMC, PCSK1 or LEPR deficiency as determined by an FDA-approved test demonstrating variants in POMC, PCSK1 or LEPR genes that are interpreted as pathogenic, likely pathogenic, or of uncertain significance (VUS) or BBS.<\/p>\n

In the\u00a0European Union, setmelanotide is indicated for the treatment of obesity and the control of hunger associated with genetically confirmed Bardet-Biedl syndrome (BBS) or genetically confirmed loss-of-function biallelic proopiomelanocortin (POMC), including PCSK1, deficiency or biallelic leptin receptor (LEPR) deficiency in adults and children 6 years of age and above.<\/p>\n

\n Limitations of Use<\/strong>
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In\u00a0the United States\u00a0and\u00a0Europe, Setmelanotide should be prescribed and supervised by a physician with expertise in obesity with underlying genetic etiology.<\/p>\n

Setmelanotide is not indicated for the treatment of patients with the following conditions as setmelanotide would not be expected to be effective:<\/p>\n