RAPT Therapeutics Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

RAPT Therapeutics has successfully closed its underwritten public offering of 4,356,060 shares of common stock at $33.00 per share, raising approximately $143.7 million before expenses. This includes 568,181 shares sold due to underwriters' full exercise of their option. The offering was made under an effective shelf registration statement filed with the SEC. J.P. Morgan, SVB Leerink, and Piper Sandler acted as joint lead book-running managers for this offering.

Positive

• Raised approximately $143.7 million, providing funds for further development.
• Increased liquidity for operational and clinical trials.

Negative

• Issuance of new shares could lead to dilution of existing shareholders.

SOUTH SAN FRANCISCO, Calif., June 18, 2021 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases, today announced the closing of its previously announced underwritten public offering of 4,356,060 shares of its common stock at a price to the public of $33.00 per share, which includes 568,181 shares issued and sold upon full exercise of the underwriters’ option to purchase additional shares of common stock. All of the shares of common stock were offered by RAPT. The aggregate gross proceeds to RAPT from the offering were approximately $143.7 million, before deducting underwriting discounts and commissions and other offering expenses.

J.P. Morgan, SVB Leerink and Piper Sandler acted as joint lead book-running managers for the offering. Cantor acted as book-running manager for the offering. H.C. Wainwright & Co. and Roth Capital Partners acted as co-lead managers for the offering.

The offering was made pursuant to a shelf registration statement, including a base prospectus, filed by RAPT with the Securities and Exchange Commission (SEC), which was declared effective by the SEC on November 16, 2020. The offering was made only by means of a prospectus supplement and accompanying prospectus. The final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the final prospectus supplement and the accompanying prospectus may also be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by email at syndicate@svbleerink.com or by telephone at (800) 808-7525, ext. 6105; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, by email at prospectus@psc.com or by telephone at (800) 747-3924.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About RAPT Therapeutics, Inc.

RAPT Therapeutics is a clinical stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases. Utilizing its proprietary discovery and development engine, the Company is developing highly selective small molecules designed to modulate the critical immune drivers underlying these diseases. RAPT has discovered and advanced two unique drug candidates, FLX475 and RPT193, each targeting C-C motif chemokine receptor 4 (CCR4), for the treatment of cancer and inflammation, respectively. The Company is also pursuing a range of targets that are in the discovery stage of development.

Investor Contact:
Sylvia Wheeler
swheeler@wheelhouselsa.com

Media Contact:
Aljanae Reynolds
areynolds@wheelhouselsa.com

FAQ

What is the purpose of RAPT Therapeutics' public offering?

The public offering aims to raise funds for the development of its clinical-stage drug candidates.

How many shares did RAPT Therapeutics offer in its recent public offering?

RAPT Therapeutics offered a total of 4,356,060 shares.

What was the offering price for RAPT Therapeutics' common stock?

The offering price was $33.00 per share.

What are the financial implications of the public offering for RAPT's shareholders?

The offering may result in dilution of existing shares, affecting shareholder value.

Who managed the public offering for RAPT Therapeutics?

J.P. Morgan, SVB Leerink, and Piper Sandler acted as joint lead book-running managers.