Rapport Therapeutics Prices IPO

Rapport Therapeutics, Inc., a biotechnology company centered on the discovery and development of small molecule medicines for central nervous system disorders, has announced the pricing of its initial public offering (IPO). The company, listed on Nasdaq with the ticker symbol "RAPP," is offering 8,000,000 shares at $17.00 each. Trading is set to commence on June 7, 2024, and the IPO is expected to close by June 10, 2024, pending standard closing conditions.

In addition to the primary offering, Rapport has provided the underwriters with a 30-day option to purchase up to an additional 1,200,000 shares at the same price, excluding underwriting discounts and commissions. Goldman Sachs & Co. LLC, Jefferies, TD Cowen, and Stifel are the joint book-running managers for this offering.

Concurrently, Rapport will sell 1,058,824 shares to some of its existing stockholders through a private placement at the same public offering price. This private placement is not registered under the Securities Act of 1933 and is also expected to close on June 10, 2024, subject to customary closing conditions. Notably, the completion of the private placement hinges on the successful closing of the IPO, although the IPO itself is not contingent on the private placement.

The combined gross proceeds from the IPO and the concurrent private placement are projected to be about $154 million, excluding any additional earnings from the underwriters' option to purchase more shares. These figures are calculated before deducting expenses related to underwriting discounts, commissions, and other fees.

A registration statement for the shares sold in the IPO has been filed with and approved by the Securities and Exchange Commission as of June 6, 2024. The offering will be conducted solely through a prospectus, which can be obtained from the joint book-running managers.

Rapport Therapeutics is committed to transforming the treatment landscape for central nervous system disorders through its precision neuromedicine platform. The company’s leading clinical program, RAP-219, focuses on achieving neuroanatomical specificity by selectively targeting a receptor-associated protein (RAP) expressed only in specific brain regions. RAP-219 is currently being tested in clinical trials for focal epilepsy, peripheral neuropathic pain, and bipolar disorder. Additionally, Rapport is advancing preclinical and discovery-stage programs aimed at addressing conditions such as chronic pain and hearing disorders.

Rapport’s technology platform is based on pioneering discoveries by its founders around receptor-associated proteins in the brain. This platform supports the development of small molecule candidates that aim to overcome the limitations associated with traditional neurology drug discovery.

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