Rapport Therapeutics Announces Pricing of Initial Public Offering
June 06 2024 - 6:54PM
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 disorders, today announced the pricing
of its initial public offering of 8,000,000 shares of its common
stock at a public offering price of $17.00 per share. Rapport’s
shares are expected to begin trading on the Nasdaq Global Market on
June 7, 2024 under the ticker symbol “RAPP.” The offering is
expected to close on June 10, 2024, subject to the satisfaction of
customary closing conditions. In addition, Rapport has granted the
underwriters a 30-day option to purchase an additional 1,200,000
shares of its common stock at the public offering price, less
underwriting discounts and commissions. All of the shares of common
stock are being offered by Rapport.
Goldman Sachs & Co. LLC, Jefferies, TD Cowen and Stifel are
acting as joint book-running managers for the offering.
In addition to the shares being sold in the initial public
offering, Rapport has agreed to sell 1,058,824 shares of common
stock at the public offering price per share in a concurrent
private placement to certain of its existing stockholders. The sale
of the shares of common stock in the concurrent private placement
will not be registered under the Securities Act of 1933, as
amended. The concurrent private placement is also expected to close
on June 10, 2024, subject to the satisfaction of customary closing
conditions. The closing of Rapport’s initial public offering is not
conditioned upon the closing of the concurrent private placement,
but the closing of the concurrent private placement is conditioned
upon the closing of the initial public offering.
The gross proceeds to Rapport from the initial public offering
and the concurrent private placement, before deducting underwriting
discounts and commissions, placement agent fees and offering and
private placement expenses payable by Rapport, are expected to be
approximately $154 million, excluding any exercise of the
underwriters’ option to purchase additional shares of common
stock.
A registration statement relating to the shares sold in the
initial public offering has been filed with the Securities and
Exchange Commission and was declared effective on June 6, 2024. The
offering is being made only by means of a prospectus. A copy of the
final prospectus, when available, may be obtained from: Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200
West Street, New York, NY 10282, by telephone at (866)
471-2526, or by email at Prospectus-ny@ny.email.gs.com;
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, New York, NY 10022, by telephone at (877)
821-7388, or by email at Prospectus_Department@Jefferies.com;
TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017,
by telephone at (855) 495-9846, or by email at
TD.ECM_Prospectus@tdsecurities.com; or Stifel, Nicolaus &
Company, Incorporated, Attention: Prospectus Department, One
Montgomery Street, Suite 3700, San Francisco, CA 94104, by
telephone at (415) 364-2720 or by email
at syndprospectus@stifel.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Rapport Therapeutics
Rapport Therapeutics is a clinical-stage biotechnology company
dedicated to discovering and developing transformational precision
neuromedicines for patients suffering from central nervous system
(CNS) disorders. The Company’s founders have made pioneering
discoveries related to the function of receptor associated proteins
(RAPs) in the brain. Their findings form the basis of Rapport’s RAP
technology platform, which enables a differentiated approach to
generate precision small molecule product candidates with the
potential to overcome many limitations of conventional neurology
drug discovery. Rapport’s precision neuroscience pipeline includes
the Company’s lead clinical program, RAP-219, designed to achieve
neuroanatomical specificity through its selective targeting of a
RAP expressed in only discrete regions of the brain. The Company is
currently advancing RAP-219 in clinical trials in focal epilepsy,
peripheral neuropathic pain, and bipolar disorder. Additional
preclinical and late-stage discovery stage programs are also
underway, targeting CNS disorders including chronic pain and
hearing disorders.
Contacts
Investors and Media:Julie DiCarloHead of Communications &
IRRapport Therapeuticsjdicarlo@rapportrx.com
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