Rapport Therapeutics, a Phase 2-ready biotech developing small molecule therapies for CNS disorders, raised $136 million by offering 8 million shares at $17, the midpoint of the $16 to $18 range. The company planned to raise an additional $18 million in a concurrent private placement to certain existing shareholders.
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 plans to list on the Nasdaq under the symbol RAPP. Goldman Sachs, Jefferies, TD Cowen, and Stifel acted as joint bookrunners on the deal.
