Rapport Therapeutics expects to raise $154 million from its initial public offering and a concurrent stock sale to private investors, the company announced Thursday evening.
Rapport, a neuroscience biotech backed by Johnson & Johnson, expects to begin trading on Nasdaq on Friday under the ticker $RAPP. The Boston and San Diego-based biotech priced its IPO of 8 million shares at $17 apiece, which translates to $136 million.
Rapport Therapeutics emerged from stealth last year, with plans to study former J&J assets. The company is developing a tablet to treat a form of epilepsy, which it plans to begin studying soon in a Phase 2a trial with adults. It also hopes to develop a long-acting injectable version of the same drug.
Rapport didn’t wait to sell stock to investors. It also announced a sale of just over 1 million shares to certain existing shareholders, also at $17 a share.
Rapport is the third neuroscience company to go public this year, following Contineum Therapeutics and Alto Neuroscience.