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Friday, Jun 14, 2024

Rapport Therapeutics Files $100M IPO

BIOTECH: Developing Pipeline of Precision Neuromedicines

SAN DIEGO & BOSTON – Rapport Therapeutics, a biotech developing small molecule therapies for central nervous system, is going public.

Rapport, which counts San Diego and Boston as dual headquarters, announced May 17 it had filed with the SEC to raise up to $100 million in an IPO. The company plans to trade on the Nasdaq Global Market under the ticker “RAPP.”

The IPO announcement comes almost exactly one year after the company raised a $100 million Series A, led by Third Rock Ventures. The company followed that round just five months later with a $150 million Series B, led by Cormorant Asset Management.

Abraham Ceesay
Rapport Therapeutics, Inc.

In an interview with the Business Journal at the time, Rapport CEO Abraham Ceesay described the company’s launch as having “extraordinary momentum.”

Ceesay noted that Rapport landed its back-to-back funding rounds totaling $250 million without a “major data release” but that the company had shown “meaningful progress” across both its clinical stage program and its discovery platform.

Pipeline of Precision Neuromedicines

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Rapport’s platform is based on research founder and Chief Scientific Officer David Bredt, M.D., Ph.D. conducted at Janssen Research & Development’s San Diego lab. Rapport’s pipeline of small molecules target receptor-associated proteins (RAPs), which enables them to focus in on a neuro-anatomical region of interest or sensory neuron of interest, sparing other areas of the brain from adverse effects.

Rapport’s lead program, RAP-2019, targets a protein associated with epilepsy. RAP-219 has completed Phase 1 studies and the company expects to begin a Phase 2a proof-of-concept trial in drug-resistant focal epilepsy this year and release topline results sometime in mid-2025. In addition to clinical trials for its epilepsy indication, Rapport also plans to test RAP-2019 as a possible therapy for peripheral neuropathic pain with a Phase 2a trial later this year; and test it as a therapy for bipolar disorder with a Phase 2a trial next year.

In addition to its clinical stage programs, Rapport also has two discovery-stage programs based on drug targets discovered through its RAP technology platform – one program is a possible treatment for chronic pain and the other a treatment for hearing disorders.

Staffing Up C-Suite

Besides advancing its clinical pipeline, since raising the $250 million venture rounds Rapport has been bulking up its C-suite and boards with key hires.

In September last year, the company appointed Cheryl Gault – a 20-year biotech veteran with portfolio strategy expertise – as chief operating officer. In November, Troy Ignelzi joined Rapport as CFO, after stepping down from that role at Karuna Therapeutics, where he led that company’s IPO. In February this year, Rapport also hired Chief People Officer Kathy Wilkinson.

In March of this year, Rapport announced the appointment of John Maraganore, Ph.D., to its board of directors. Maraganore is the former founding CEO of Alnylam Pharmaceuticals and currently serves as venture partner at both ARCH Venture Partners and Atlas Ventures; as senior advisor at Blackstone Life Sciences; and as Principal and CEO at JMM Innovations, LLC.

Following its presentation at the J.P. Morgan Healthcare Conference this January, Rapport added Beam Therapeutics CFO Terry-Ann Burrell to its board of directors. Prior to Beam, Burrell served as managing director in J.P. Morgan’s healthcare investment banking group.

Rapport Therapeutics, Inc.
CEO: Abraham Ceesay
HEADQUARTERS: San Diego and Boston
BUSINESS: neuromedicine biotech
FUNDING: $250 million (Series A and B)
WEBSITE: www.rapportrx.com
NOTABLE: Rapport leadership and board have established track records of innovation in neuroscience and drug discovery, with past experience at Cerevel Therapeutics, Zogenix, Eli Lilly, J&J, Karuna, Incyte, and Bristol Myers Squibb.


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