In a recent 8-K filing with the Securities and Exchange Commission (SEC), Rhythm Pharmaceuticals (NASDAQ:RYTM), Inc. announced the postponement of its 2024 annual meeting of stockholders. The meeting, initially set for June 18, 2024, has been rescheduled to September 18, 2024, due to a technical error regarding the record date used for conducting the broker search.
The Boston-based company, which operates under the ticker NASDAQ:RYTM, discovered the error which led to the decision to ensure all stockholders of record receive the updated proxy materials. The new record date for determining stockholders eligible to vote at the Annual Meeting has been set for July 24, 2024.
Preliminary voting reports indicated that a quorum would have been met and all proposals would have passed significantly if the original record date had been correct. Despite the postponement, the Board has confirmed that there will be no changes to the meeting's agenda from what was previously filed in the definitive proxy statement on April 26, 2024.
In light of the new meeting date, stockholders seeking to bring forth new business or nominate directors must submit their proposals by June 27, 2024, in accordance with the Company’s Amended and Restated Bylaws. This deadline also applies to stockholder proposals intended for inclusion in the proxy statement under Rule 14a-8 of the Securities and Exchange Act.
This announcement comes as the pharmaceutical company, known for its focus on obesity and rare genetic disorders of obesity, prepares for its Annual Meeting. The company, headquartered at 222 Berkeley Street, Boston, MA, emphasizes that the postponement is strictly procedural and not indicative of any underlying issues with the stockholder proposals themselves.
The information for this report is based on statements from a press release.
In other recent news, Rhythm Pharmaceuticals has been making significant strides in its obesity treatment trials and has reported solid first quarter results in 2024. The company's drug, setmelanotide, has shown promising results in Phase 2 trials for hypothalamic obesity, with patients experiencing beneficial changes in sleep, energy levels, and weight classifications.
The drug, known as IMCIVREE, has also been approved by the FDA and European authorities for chronic weight management in patients with certain genetic obesity disorders.
However, the company's stock was recently downgraded by BofA Securities due to a less optimistic sales outlook. This downgrade followed Rhythm Pharmaceuticals' fourth-quarter 2023 results which were impacted by new Medicaid reimbursement barriers and sales that didn't meet expectations. The firm's analysts now project a more gradual growth rate for IMCIVREE sales.
Despite facing some challenges, Rhythm Pharmaceuticals continues to focus on expanding its business domestically and internationally. The company has seen a consistent demand for IMCIVREE, with an increase in prescriptions and reimbursement approvals. It has also raised $150 million through convertible preferred shares, extending its financial runway into 2026.
These are recent developments that investors should consider as they evaluate the performance and future prospects of Rhythm Pharmaceuticals.
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