Rapport Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to developing groundbreaking treatments for central nervous system (CNS) disorders, has announced its initial public offering (IPO). With the estimated pricing set between $16.00 and $18.00 per share, this IPO marks a significant milestone for the company. Let’s dive into the details of this exciting event.
What is Rapport Therapeutics?
Rapport Therapeutics leverages its proprietary RAP technology platform to target previously inaccessible neuronal receptors, aiming to develop CNS drugs with high specificity. Their lead product candidate, RAP-219, is designed to treat drug-resistant epilepsy, among other CNS conditions. The company’s innovative approach and promising pipeline have positioned it as a notable player in the biopharmaceutical landscape.
Founded in February 2022, with founding support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC, Rapport Therapeutics has made significant strides in the field. The company’s scientific founder, Dr. David Bredt, M.D., Ph.D., has been pivotal in pioneering the discovery of receptor-associated proteins (RAPs). Dr. Bredt’s expertise, combined with the dedicated team from Janssen Pharmaceutica NV, has laid a strong foundation for Rapport’s ambitious goals.
IPO Details
Shares Offered: 8,000,000 shares of common stock
Price Range: $16.00 - $18.00 per share
Estimated Pricing Date: June 6, 2024
IPO Commencement Date: June 7, 2024
Stock Symbol: RAPP (Nasdaq Global Market)
Underwriters: Goldman Sachs & Co. LLC, Jefferies, TD Cowen, and Stifel
The company has also granted underwriters a 30-day option to purchase up to an additional 1,200,000 shares at the IPO price, less underwriting discounts and commissions.
Concurrent Private Placement
In addition to the public offering, Rapport Therapeutics plans a concurrent private placement. Existing stockholders Sofinnova Venture Partners XI, L.P. and affiliates of Goldman Sachs & Co. LLC are expected to purchase approximately $8 million and $10 million, respectively, in shares of common stock. This private placement will close concurrently with the IPO, but the IPO is not contingent on it.
Use of Proceeds
Rapport Therapeutics intends to use the proceeds from the IPO to advance RAP-219 through clinical development, further develop its other pipeline programs, and for general corporate purposes. The promising results from Phase 1 trials and the upcoming Phase 2a trials highlight the potential of RAP-219 in treating CNS disorders.
About Rapport Therapeutics
Founded with support from Third Rock Ventures and Johnson & Johnson Innovation-JJDC, Rapport Therapeutics is driven by pioneering discoveries related to receptor-associated proteins (RAPs). The company's scientific founder and Chief Scientific Officer, Dr. David Bredt, has been instrumental in advancing the understanding of RAP biology. Rapport's cutting-edge RAP technology platform is the cornerstone of its innovative therapeutic approach.
Forward-Looking Statements
This announcement contains forward-looking statements that involve risks and uncertainties. Actual results may differ significantly due to various factors, including market conditions and the completion of the IPO.
FAQ
What is the estimated price range for Rapport Therapeutics' IPO? The estimated price range for Rapport Therapeutics' IPO is between $16.00 and $18.00 per share.
When is the IPO pricing date and commencement date? The estimated pricing date is June 6, 2024, and the IPO is expected to commence on June 7, 2024.
What is Rapport Therapeutics' stock symbol? Rapport Therapeutics has applied to list its common stock on the Nasdaq Global Market under the symbol "RAPP."
Who are the underwriters for the IPO? The joint book-running managers for the offering are Goldman Sachs & Co. LLC, Jefferies, TD Cowen, and Stifel.
What are the plans for the proceeds from the IPO? The proceeds from the IPO will be used to advance RAP-219 through clinical development, further develop other pipeline programs, and for general corporate purposes.
Is there a concurrent private placement? Yes, existing stockholders Sofinnova Venture Partners XI, L.P., and affiliates of Goldman Sachs & Co. LLC are expected to purchase approximately $8 million and $10 million, respectively, in shares of common stock in a concurrent private placement.
What is the focus of Rapport Therapeutics' research and development? Rapport Therapeutics focuses on discovering and developing small molecule medicines for patients suffering from CNS disorders, leveraging their proprietary RAP technology platform.
Rapport Therapeutics' IPO is a major step forward for the company, poised to bring transformational treatments for CNS disorders to the market. With a solid foundation in RAP technology and a robust pipeline, the company is well-positioned for future success. Investors and stakeholders will be closely watching as Rapport Therapeutics takes this significant leap.
For more information, refer to the prospectus included in the registration statement filed with the Securities and Exchange Commission (SEC).
RAPP IPO
RAPP IPO
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