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Rapport Therapeutics tumbles after starting stock, convertible offerings

By Reuters News

** Rapport Therapeutics' RAPP.O shares down 20% to $22 post-market as it seeks capital raise

** Neurological disorders-focused biotech kicks off public offerings of $200 mln in stock and $150 mln convertible bonds due 2032; also intends to sell stock to a certain investor in concurrent private placement

** It plans to use net proceeds from the transactions to fund clinical trials advancing its bipolar mania treatment, RAP-219, R&D, among other purposes

** Morgan Stanley, Leerink and Evercore leading the public offerings and private placement

** On Oct 20, RAPP shares ended session up 2.7% at $29.37 after co said RAP-219 met the main and secondary goals in mid-stage trial

** Boston-headquartered firm has ~47.98 mln shares outstanding for ~$1.3 bln current market cap

** Stock closed up 8.7% at $27.54 on Tues. Shares have fallen 34% over the past three months, leaving them down 9% YTD

** Co, backed by Johnson & Johnson JNJ.N, went public in Jun 2024 after IPO priced at $17

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