Rapport talks up $122M IPO to support proof-of-concept epilepsy trials

2024-06-03

临床1期IPO

Rapport talks up $122M IPO to support proof-of-concept epilepsy trials

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来源: FierceBiotech

Proceeds from the raises will go towards advancing RAP-219 into proof-of-concept trials for focal epilepsy, peripheral neuropathic pain and bipolar disorder.

Rapport Therapeutics is talking up a $122 million IPO, the first in a return to public market interest since an earlier rush this year.

The Third Rock epilepsy biotech is offering 8 million shares, with a range of $16 and $18. Assuming the $17 mid-range price, the offering could net as much as $136 million. The underwriters will have a chance to buy an additional 1.2 million shares.

Rapport is expecting net proceeds to be $122 million after all is said and done based on the $17 price, or $141.1 million if the underwriters opt-in. The shares will list under the symbol RAPP.

The company is also expecting an additional $16.7 million in net proceeds through a sale of shares to existing stockholders in a private placement happening at the same time.

Proceeds from the raises will go towards advancing RAP-219 into proof-of-concept trials for focal epilepsy, peripheral neuropathic pain and bipolar disorder. The TARPg8 AMPAR program has already completed two phase 1 trials in healthy volunteers in preparation for assessing the candidate in focal epilepsy, peripheral neuropathic pain and bipolar disorder, with more indications planned.

Rapport will also put the money towards developing a long-acting injectable formulation of RAP-219 and advancing another TARPg8 AMPAR program called RAP-199 into phase 1. The rest of the money will go towards other R&D activities.

The biotech's planned IPO was the first in a small resurgence of public offerings for the summer to come. Rapport was quickly followed by Actuate Therapeutics in late May.

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