Biotechnology company Rapport Therapeutics has secured $150m in Series B funding and unveiled key board appointments to further develop a precision neuromedicine platform.
The funding round was led by Cormorant Asset Management with participation from Fidelity Management & Research Company, Goldman Sachs Asset Management, Logos Capital, Perceptive Advisors, Sofinnova Investments, Surveyor Capital and funds and accounts advised by T. Rowe Price Associates.
The round also saw participation from all existing investors, including Third Rock Ventures, ARCH Venture Partners and Johnson & Johnson Innovation.
The funding, which follows the firm’s launch with a $100m Series A financing in March this year, will be used to support ongoing clinical programmes in seizure and psychiatric disorders.
The biotechnology company has also chosen James Healy, managing partner of Sofinnova Investments and Raymond Kelleher, managing director of Cormorant Asset Management to its Board of Directors.
Healy said: “Rapport is an exciting company because it has the potential to meaningfully change the lives of patients with neurological diseases.
“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.”
Rapport uses receptor-associated proteins (RAPs) science to advance precision neuromedicines. The technique targets receptors in a few neuroanatomical regions under the pathophysiology of neurological disorders.
The firm’s first programme indicated to treat seizure disorders in patients whose condition is resistant to current treatments, is in Phase 1 clinical trial.
Rapport CEO Abraham Ceesay said: “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.
“Rapport is extremely well positioned to advance our ongoing clinical programmes 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.”
