RAPT Therapeutics Launches $36 Million IPO to Advance Immune-Targeted Therapies

VCBeat (WeChat ID: vcbeat) learned from Business Wire that on October 30, 2019, biotechnology and pharmaceutical company RAPT Therapeutics (RAPT) announced its initial public offering, raising a total of $36 million. The company’s shares began trading on the Nasdaq Stock Market on October 31, 2019, under the ticker symbol RAPT.

It is reported that the initial public offering issued a total of 3 million shares of common stock at an offering price of $12.00 per share. Following the listing, RAPT’s estimated market capitalization will reach $254 million. In addition, BMO Capital Markets, Wells Fargo Securities, and UBS Investment Bank served as joint book-running managers for this offering.

Since its inception, RAPT has completed four rounds of financing, raising a total of $176 million. Notably, the company closed a $50 million Series B round in April 2016 and a $60 million Series C round in December 2017.

RAPT, formerly known as FLX Bio, was founded in 2015 and is headquartered in South San Francisco, California, USA. It is a clinical-stage biotechnology and pharmaceutical company. The company primarily focuses on the fields of immunology and oncology, specializing in the discovery and development of novel small-molecule oral agents. RAPT aims to provide new therapeutic options for patients with cancer and inflammatory diseases by activating the human immune system.

RAPT remains at the forefront of scientific innovation, dedicated to developing oral medications that can automatically target the immune system. The company’s mission is to transform the treatment of cancer and inflammatory diseases, thereby safeguarding patients’ health and lives. Leveraging its proprietary drug discovery and development engine, RAPT explores immune-driven mechanisms and screens for highly selective small molecules to modulate the human immune system. Its products and technologies are designed to either activate anti-tumor immune responses or suppress an overactive immune system, offering treatments for conditions such as allergic inflammation.

RAPT’s primary drug candidates are FLX475 and RPT193, both of which are small-molecule antagonists of the CC chemokine receptor 4 (CCR4) that target and inhibit CCR4. The chemokine family comprises small-molecule proteins with similar primary structures, secreted by immune or non-immune cells, exhibiting diverse biological activities and playing a crucial role in immune responses. CCR4 is a G protein-coupled receptor composed of a polypeptide chain containing seven transmembrane domains, and it is expressed in various tissues and cells. Studies have indicated that CCR4 may serve as a potential therapeutic target for chronic inflammatory diseases such as asthma.

It is understood that FLX475 and RPT193 function by specifically binding to the CCR4 receptor, thereby inhibiting the migration and homing of abnormal cells. On October 23, 2019, RAPT announced the initiation of the first-in-human clinical study for RPT193, while another candidate drug, FLX475, also entered the clinical trial phase within just two and a half years.

(Compiled by Xu Xiaoxue)