Business
Rapport Therapeutics Reports Second Quarter Financials and Provides Business Update
Completed initial public offering, raising $174.4 million in gross proceeds, including full exercise of the underwriters’ option to purchase additional shares
About this update from Rapport Therapeutics, Inc.
[{"type":"text","content":"Completed initial public offering, raising $174.4 million in gross proceeds, including full exercise of the underwriters’ option to purchase additional shares and a concurrent private placement, to fund clinical development of precision neuroscience pipelinePhase 2a trial of RAP-219 in focal epilepsy initiation on track, with topline data expected in mid-2025 On track to begin two additional proof of concept clinical trials of RAP-219 in patients with peripheral neuropathic pain in 2H 2024, and patients with bipolar disorder in 2025Terry-Ann Burrell, who was recently appointed as vice chairman of investment banking at JPMorgan, will transition off the Board of Directors of Rapport following the Company’s Form 10-Q filingEnded the quarter with $336.1 million in cash, cash equivalents, and short-term investments, excluding restricted cash, which is expected to fund operations through the end of 2026 BOSTON, Mass. and SAN DIEGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Rapport Therapeutics, Inc. (Nasdaq: RAPP), a clinical-stage biotechnology company focused on discovery and development of transformational small molecule medicines for patients suffering from central nervous system (CNS) disorders, today announced financial results for the second quarter of 2024 and provided a business update. “Following our recent IPO, the Rapport team is relentlessly focused on advancing our pipeline, which has the potential to transform the treatment of many CNS disorders. Our receptor associated protein (RAP) technology platform provides a foundation for a portfolio of precision neuroscience product candidates designed to overcome the limitations of existing standards of care,” said Abraham N. Ceesay, chief executive officer of Rapport Therapeutics. “With several near-term milestones ahead, this is an exciting time for Rapport. We are on track to initiate a Phase 2a trial in the third quarter of 2024 for our lead product candidate, RAP-219, in patients with focal epilepsy and look forward to advancing RAP-219 with the goal of it becoming a potentially transformational treatment option in this area of significant unmet need,” Ceesay continued. “I also want to congratulate TA Burrell on her new role and thank her for her invaluable service and insightful contributions as a Board member during the pivotal transition of Rapport to a public company.” BUSINES...