Rapport announces $122M IPO for epilepsy trial funding

13 June 2024
Rapport Therapeutics has announced a $122 million IPO, marking a renewed interest in public market offerings since earlier in the year. This biotech firm, focusing on epilepsy treatments, plans to release 8 million shares priced between $16 and $18 each. At a mid-range price of $17 per share, this offering could generate up to $136 million. Additionally, underwriters are given the option to purchase an extra 1.2 million shares.

Based on the $17 mid-range price, Rapport expects net proceeds to be around $122 million, potentially rising to $141.1 million if the underwriters exercise their option. The company will list its shares under the symbol RAPP. Simultaneously, Rapport anticipates gaining an additional $16.7 million through selling shares to existing stockholders in a private placement.

The funds raised are earmarked for pushing RAP-219 into proof-of-concept trials focused on treating focal epilepsy, peripheral neuropathic pain, and bipolar disorder. Rapport Therapeutics has already conducted two phase 1 trials of RAP-219 in healthy volunteers, which paves the way for further studies targeting these conditions. Besides these primary targets, the company has plans for exploring more indications.

A portion of the proceeds will also be allocated to develop a long-acting injectable version of RAP-219. Furthermore, Rapport aims to advance another program, RAP-199, based on the TARPg8 AMPAR platform, into phase 1 trials. The remaining funds will be used for additional research and development activities.

Rapport's IPO signifies a resurgence of public market offerings expected to continue through the summer. Shortly after Rapport's announcement, Actuate Therapeutics also disclosed its plans for a public offering in late May.

This strategic move aims to bolster Rapport's financial capacity to conduct essential clinical trials and advance their innovative therapeutic programs. By focusing on severe conditions such as focal epilepsy and bipolar disorder, Rapport Therapeutics is positioning itself at the forefront of neurological and psychiatric disorder treatment development.

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