J&J-backed neuromedicine company Rapport jumps into IPO queue

19 May 2024
firstwordpharma.com
Phase 1IPOPROTACs
Less than a year after bagging back-to-back mega rounds, central nervous system (CNS) disorder-focused Rapport Therapeutics has decided to throw its hat into the IPO ring.
The huge investor interest in Rapport – which raised a $100-million A round and $150-million series B within months of each other in 2023 – could help the biotech succeed in the seemingly chilling public markets. For more, see - Vital Signs: Taking the temperature on a cooling IPO cycle.
Rapport was one of two firms on Friday to file for a public debut on NASDAQ, along with Australian radiopharmaceutical developer Telix.
Neurosci portfolio
The biotech emerged from stealth last year with backing from Johnson & Johnson’s venture arm and a licence to a receptor associated protein (RAP) technology platform from the pharma’s Janssen unit. Scientific co-founder and chief scientific officer David Bredt previously served as global head of neuroscience discovery at J&J, where he discovered and conducted early work on the portfolio of CNS programmes now owned by Rapport.
Lead candidate RAP-219 is an AMPA receptor negative allosteric modulatorAMPA receptor negative allosteric modulator that selectively targets TARPγ8 in the hippocampus. Rapport has finished Phase I safety testing of the compound and plans to start a pair of Phase II trials in drug-resistant focal epilepsy and peripheral neuropathic pain this year, with a third mid-stage study in bipolar disorder planned for 2025.
The company is also developing a second TARPγ8-targeted molecule, RAP-199, and expects to start Phase I testing in the first half of 2025.
Additionally, Rapport has two preclinical programmes directed against nicotinic acetylcholine receptor (nAChR) to treat chronic pain and hearing disorders.
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