Rapport Therapeutics, a Phase 2-ready biotech developing small molecule therapies for CNS disorders, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $136 million by offering 8 million shares at a price range of $16 to $18. It plans to raise an additional $18 million in a concurrent private placement to certain existing shareholders. At the midpoint of the proposed range, Rapport Therapeutics would command a fully diluted market value of $633 million.
Rapport Therapeutics is focused on the discovery and development of transformational small molecule medicines for patients suffering from central nervous system (CNS) disorders. Its most advanced candidate, RAP-219, is an AMPA receptor negative allosteric modulator designed to achieve neuroanatomical specificity through its selective targeting of a RAP which is associated with a clinically validated target for epilepsy. RAP-219 has completed Phase 1 trials in healthy adults and is expected to enter a Phase 2a proof-of-concept trial in drug-resistant focal epilepsy in mid-2024, with topline results expected in mid-2025. The company believes RAP-219 also has therapeutic potential in peripheral neuropathic pain and bipolar disorder, and it intends to initiate Phase 2a trials in these indications in the 2H24 and 2025, respectively.
Rapport Therapeutics was founded in 2022 and plans to list on the Nasdaq under the symbol RAPP. Goldman Sachs, Jefferies, TD Cowen, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 3, 2024.
