LG Chem announced on Wednesday that Rhythm Pharmaceuticals, which had acquired the global license for LB54640 -- a new oral drug for a rare form of obesity developed by LG Chem -- has begun giving doses to the first participants in a phase 2 clinical trial.

For the phase 2 trial, Rhythm Pharmaceuticals recruited 28 patients aged 12 and older with hypothalamic obesity -- a condition caused by congenital or acquired damage to hypothalamic function, resulting in difficulties in appetite control.

This trial will evaluate the change in body mass index after 14 weeks of treatment as the primary efficacy endpoint. In the extension study the company plans to analyze the safety of long-term use over 52 weeks.

LB54640 is an MC4R, or Melanocortin-4 Receptor, agonist for the satiety signal gene, developed by LG Chem. LG Chem transferred the global license for LB54640 to Rhythm Pharmaceuticals in January for an upfront payment of $100 million.

Previously at an investor relations meeting held in May, Rhythm Pharmaceuticals announced plans to further develop LB54640 and RM-718, focusing on dosing convenience, while also aiming to expand the indications and global reach of Imcivree, another MC4R agonist that is already a commercialized injectable product.

"Based on preclinical and phase 1 clinical data, we have confirmed the potential of LB54640 as an effective MC4R agonist without side effects like skin pigmentation," David Meeker, CEO of Rhythm Pharmaceuticals, was quoted as saying. "We aim to provide a broad portfolio of treatment options so that patients worldwide suffering from severe obesity can choose the appropriate therapy for their needs."