BOSTON and SAN DIEGO, June 12, 2024 — Rapport Therapeutics, Inc. (Nasdaq: RAPP), a clinical-stage biotechnology firm specializing in the development of small molecule medicines for central nervous system disorders, has concluded its initial public offering (IPO). The company sold 9,200,000 common shares at $17.00 each, including 1,200,000 shares through the full exercise of the underwriters' option to buy additional shares. Trading commenced on the Nasdaq Global Market on June 7, 2024, under the ticker "RAPP." All shares were sold by Rapport.
Goldman Sachs & Co. LLC, Jefferies, TD Cowen, and Stifel served as joint book-running managers for the IPO.
Subsequent to the IPO, Rapport also finalized a private placement on June 10, 2024, selling 1,058,824 shares at the IPO price to some of its existing shareholders. This private placement was not registered under the Securities Act of 1933, as modified.
The gross proceeds from the IPO, including the full exercise of the underwriters' option and the private placement, were roughly $174 million, excluding underwriting discounts, commissions, placement agent fees, and other offering expenses.
A registration statement regarding the IPO shares was filed with the Securities and Exchange Commission and declared effective on June 6, 2024. The offering was conducted solely through a prospectus.
About Rapport Therapeutics
Rapport Therapeutics is dedicated to creating transformative precision neuromedicines for central nervous system (CNS) disorders. The discoveries by the company’s founders concerning receptor associated proteins (RAPs) in the brain underpin Rapport’s proprietary RAP technology platform. This platform facilitates the development of precision small molecule candidates, potentially addressing the limitations of conventional neurology drug discovery methods.
Rapport’s pipeline is led by RAP-219, a precision neuroscience drug in clinical trials for focal epilepsy, peripheral neuropathic pain, and bipolar disorder. The company is also pursuing preclinical and late-stage discovery programs targeting various CNS disorders, including chronic pain and hearing disorders.
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