USA — Rapport Therapeutics, a cutting-edge neuromedicine startup backed by Johnson & Johnson, has announced the successful completion of a remarkable US$150 million series B funding round.
Having launched earlier this year with a substantial US$100 million backing, the company’s CEO, Abraham Ceesay, expressed gratitude for the support of prominent new investors.
This significant investment positions Rapport Therapeutics to advance its ongoing clinical initiatives in seizure and psychiatric disorders, along with its groundbreaking precision neuromedicine discovery platform.
Rapport Therapeutics, a promising neuromedicine venture endorsed by Johnson & Johnson, has achieved a significant milestone by securing a substantial US$150 million series B funding round.
CEO Abraham Ceesay conveyed his appreciation for the support from a notable group of new investors, highlighting the company’s strong position to advance critical clinical programs in seizure and psychiatric disorders, as well as the revolutionary precision neuromedicine discovery platform.
Led by Cormorant Asset Management, the series B funding round saw contributions from distinguished entities such as Fidelity, Goldman Sachs, and Sofinnova Investments, among others.
Additionally, existing investors including Third Rock, ARCH, and Johnson & Johnson Innovation reinforced their commitment.
As the company gains momentum, the board of Rapport Therapeutics welcomes new perspectives with the appointment of Raymond Kelleher, Managing Director of Cormorant, and James Healy, Managing Partner at Sofinnova.
Unlocking novel avenues in neuromedicine
Since its emergence from stealth in March, Rapport Therapeutics, under the leadership of Abraham Ceesay, has made significant strides.
The company has initiated clinical trials for its inaugural product, a groundbreaking drug designed to target treatment-resistant seizures.
Currently, the asset is undergoing Phase I studies, and Rapport’s strategy involves advancing it to Phase II trials next year.
This progression aims to not only tackle treatment-resistant seizures but also to address psychiatric disorders through separate trials.
Ceesay emphasized that Rapport Therapeutics’ series B funding serves as a strategic move to foster the company’s integrated growth.
He envisions a future characterized by a diverse clinical pipeline, driven by their discovery program and sustained by a regenerative approach.
The CEO described this funding round as “opportunistic,” considering the challenges faced by emerging biotechs in attracting investments.
A flourishing journey
With around 25 team members situated between Boston and San Diego, Rapport Therapeutics has set the stage for growth.
Plans are underway to expand the team to approximately 40 employees by the end of the year. As the company’s footprint expands, Boston is poised to become the primary hub for employees, transitioning from the current even distribution between Massachusetts and California.
Rapport Therapeutics is actively seeking new additions to its clinical operations, drug development, medical and regulatory affairs, and research teams, marking a pivotal phase in its dynamic journey of innovation and impact.
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