<SEC-DOCUMENT>0001104659-17-059206.txt : 20171102
<SEC-HEADER>0001104659-17-059206.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20170927164447
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-17-059206
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RHYTHM PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001649904
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				462159271
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 BOYLSTON STREET
		STREET 2:		11TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		857-264-4280

	MAIL ADDRESS:	
		STREET 1:		500 BOYLSTON STREET
		STREET 2:		11TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RHYTHM METABOLIC, INC.
		DATE OF NAME CHANGE:	20150803
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Julio E. Vega</font></b></p>
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner</font></p>
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+1.617.951.8901</font></p>
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">julio.vega@morganlewis.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONFIDENTIAL TREATMENT REQUESTED</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;27, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONFIDENTIAL</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission<br> Division of Corporation Finance<br> 101 F Street, NE<br> Washington, D.C. 20549<br> Attention: Suzanne Hayes, Assistant Director, Office of Healthcare and Insurance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Rhythm Pharmaceuticals,&nbsp;Inc.<br> Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;S-1 (&#147;<i>Registration Statement</i>&#148;)<br> Filed on September&nbsp;25, 2017<br> SEC File No.&nbsp;333-220337</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of Rhythm Pharmaceuticals,&nbsp;Inc. (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;), we supplementally submit this letter in response to a verbal comment from the staff (the &#147;<b><i style="font-weight:bold;">Staff</i></b>&#148;) of the Securities and Exchange Commission (the &#147;<b><i style="font-weight:bold;">Commission</i></b>&#148;) conveyed by the Staff during a telephone conversation on September&nbsp;27, 2017 between Jim Rosenberg and Christine Westbrook of the Staff and Laurie Cerveny of this firm. This letter supplements and updates the letters we provided to the Staff on September&nbsp;18, 2017 (the &#147;<b><i style="font-weight:bold;">Original Letter</i></b>&#148;) and September&nbsp;26, 2017 (the &#147;<b><i style="font-weight:bold;">Subsequent Letter</i></b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Staff&#146;s comment is paraphrased in italics and is followed by the Company&#146;s response.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Please provide an explanation for the change from the reverse stock split provided in the Original Letter and the reverse stock split provided in the Supplemental Letter and the impact of that change on the Company&#146;s overall valuation</font></i><i>.</i></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Morgan,   Lewis&nbsp;&amp; Bockius LLP</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One   Federal Street</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston,   MA 02110-1726</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="11" height="11" src="g2084210bci002.gif" alt="GRAPHIC"></font>&nbsp;+1.617.341.7700</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United   States</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Original Letter, the Company advised the Staff that the Company intended to file with the Commission Amendment No.&nbsp;1 to the Registration Statement (&#147;<b><i style="font-weight:bold;">Amendment No.&nbsp;1</i></b>&#148;) indicating that the Company expected to effect a 1</font>-for-[***] reverse stock split (the &#147;<b><i style="font-weight:bold;">Original Proposed Split</i></b>&#148;) of all outstanding shares of the Company&#146;s common stock prior to effectiveness of the Registration Statement.&#160; In the Subsequent Letter, the Company advised the Staff that it had filed with the Commission on September&nbsp;25, 2017 Amendment No.&nbsp;1 indicating that the Company intended to effect a 1-for-9.17 reverse stock split prior to effectiveness of the Registration Statement.&#160; In both the Original Letter and the Supplemental Letter, the Company also provided information about its proposed preliminary price range and aggregate valuation of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Original Proposed Split was determined based on the Company&#146;s fully-diluted capitalization.&#160; After submission of the Original Letter, it was determined that the Original Proposed Split had been determined based on an error in the Company&#146;s fully diluted capitalization information which resulted from double counting of certain stock options both as options and outstanding common stock.&#160; In order to ensure that the aggregate valuation of the Company was not affected by this error, the anticipated stock split was adjusted, resulting in a higher number of outstanding shares of the Company prior to the IPO. None of the Company&#146;s anticipated IPO price range, the anticipated number of shares to be issued in the IPO or the Company&#146;s Pre-Offering Equity Value or Pre-Offering Equity Value Per Share were impacted by the adjustment to the stock split.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:33.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Rhythm Pharmaceuticals,&nbsp;Inc. respectfully requests that the information contained in this response be treated as confidential information and that the Commission provide timely notice to Keith Gottesdiener, Chief Executive Officer and President, Rhythm Pharmaceuticals,&nbsp;Inc., 500 Boylston Street, 11th Floor, Boston, MA 02116, </font></b><b>(617) 857-4280,</b><b> before it permits any disclosure of the omitted information in this letter.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please contact me at (617) 951-8901 or Keith Gottesdiener, Chief Executive Officer and President at the Company, at (857) 264-4280 with any questions or further comments regarding this letter or the Amendment.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[***] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT REQUESTED BY RHYTHM PHARMACEUTICALS UNDER 17 C.F.R. Section&nbsp;200.83</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Julio E. Vega</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julio   E. Vega</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Christine Westbrook, U.S. Securities and Exchange Commission</p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jim Rosenberg, U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mary Beth Breslin, U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith Gottesdiener, Rhythm Pharmaceuticals,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laurie A. Cerveny, Morgan, Lewis&nbsp;&amp; Bockius LLP</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Katerina S. Papacosma, Morgan, Lewis&nbsp;&amp; Bockius LLP</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Zachary E. Zemlin, Morgan, Lewis&nbsp;&amp; Bockius LLP</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jacquelyn E. Burke, Morgan, Lewis&nbsp;&amp; Bockius LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[***] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT REQUESTED BY RHYTHM PHARMACEUTICALS UNDER 17 C.F.R. Section&nbsp;200.83</font></p>
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