Clinical-stage biotech Rapport Therapeutics has secured $150 million in a Series B funding round led by Cormorant Asset Management. New investors include Fidelity Management & Research Company, Goldman Sachs Asset Management, and Perceptive Advisors, among others. The funds will help Rapport advance its clinical programs in seizure and psychiatric disorders using receptor-associated proteins (RAPs). The company’s approach targets specific neuroanatomical regions underlying neurological disorders, allowing for more precise treatments. The funding round coincides with the appointment of Raymond Kelleher from Cormorant Asset Management and James Healy from Sofinnova Investments to Rapport’s board of directors.
Rapport Therapeutics, Inc., a clinical-stage biotechnology company leveraging the science of receptor-associated proteins (RAPs) to advance precision neuromedicines, today announced that it has raised $150 million in Series B funding. Led by Cormorant Asset Management, the round includes investments from Fidelity Management & Research Company, Goldman Sachs Asset Management, Logos Capital, Perceptive Advisors, Sofinnova Investments, Surveyor Capital (a Citadel company), funds and accounts advised by T. Rowe Price Associates, Inc., and all existing investors, which include Third Rock Ventures, ARCH Venture Partners and Johnson & Johnson Innovation – JJDC, Inc. (JJDC).
Concurrent with the round, Rapport has appointed Raymond Kelleher, M.D., Ph.D., Managing Director of Cormorant Asset Management, and James Healy, M.D., Ph.D., Managing Partner of Sofinnova Investments, to its Board of Directors.
“We are appreciative for the support of such a prominent group of new investors and excited to welcome Ray and Jim to our board of directors,” said Abraham Ceesay, Chief Executive Officer of Rapport. “Rapport is extremely well positioned to advance our ongoing clinical programs in seizure and psychiatric disorders, and to expand our pipeline by harnessing our unique capability to leverage receptor-associated proteins for precision neuromedicine. We are poised for tremendous growth and look forward to pursuing a wide variety of opportunities to serve patients who desperately need more effective treatments.”
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Rapport is leveraging discoveries made by its scientific founders to target receptors in specific neuroanatomical regions underlying the pathophysiology of neurological disorders. Its approach, based on identifying and targeting receptor-associated proteins, contrasts with current treatments that act on targets expressed ubiquitously in the nervous system and, in some cases, other areas of the body. In June, the company appointed a scientific advisory board that includes two Nobel laureates as well as world-renowned experts in ion channel signaling, seizure disorders and the genesis of pain.
“I am thrilled to join the Rapport team during such an exciting period of growth, and to work with its scientists as well as one of the most esteemed groups of scientific advisors in the biotechnology community,” said Dr. Kelleher. “Rapport is pursuing a unique approach that exploits novel molecular insights with the goal of targeting ion channel receptors with unprecedented precision. I look forward to contributing to the success of a team that possesses such a deep determination to change the lives of patients living with neurological diseases.”
“Rapport is an exciting company because it has the potential to meaningfully change the lives of patients with neurological diseases,” said Dr. Healy. “I am eager to support Rapport as an investor and board member as the team continues to progress its programs in the clinic and extend what is possible in precision neuromedicine.”
Source: BioSpace
