RAPT Therapeutics, Inc. RAPT shares are trading higher after the company disclosed a partnership with Shanghai Jemincare Pharmaceutical.
The collaboration is for an exclusive license agreement to develop and commercialize RPT904, a novel anti-IgE monoclonal antibody worldwide, excluding mainland China, Hong Kong, Macau, and Taiwan.
RPT904 is designed to provide a potential alternative to omalizumab (Xolair), addressing allergic conditions such as asthma and chronic spontaneous urticaria (CSU).
As per the deal, Jemincare will receive a $35 million upfront payment, up to $672.5 million in regulatory and commercial milestone payments, and royalties on sales outside the Jemincare Territory.
RAPT plans to focus on developing RPT904 for food allergies, while Jemincare is conducting Phase 2 trials in China for asthma and CSU.
Jemincare has completed a Phase 1 study of JYB1904 in 56 healthy volunteers in China, evaluating safety, pharmacokinetics (PK), and pharmacodynamics (PD).
Jemincare is now running two Phase 2 trials in China. The asthma trial focuses on PK and PD comparisons with omalizumab, with topline data expected in late 2025. The CSU trial targets safety and efficacy, with results anticipated in early 2026.
Brian Wong, M.D., Ph.D., President and CEO of RAPT said, “We’re delighted to partner with Jemincare and excited by RPT904 and its potential to be a novel best-in-class treatment option for patients with food allergy. Omalizumab’s rapid uptake in food allergy since its approval earlier this year confirms the high unmet need and large opportunity in this growing market.”
“RPT904 targets the same clinically validated epitope as omalizumab and combined with extended half-life, gives this molecule a best-in-class profile. We plan to initiate a Phase 2b clinical trial of RPT904 in food allergy in the second half of 2025.”
In a separate release, RAPT Therapeutics disclosed a securities purchase agreement with accredited investors for a private placement valued at around $150 million.
The agreement includes 100 million common shares priced at $0.85 each and pre-funded warrants for up to 76.45 million shares priced at $0.8499 each.
The pre-funded warrants, exercisable at $0.0001 per share, are immediately exercisable and remain valid until fully exercised.
The transaction is expected to close by December 27, 2024, pending customary conditions.
Price Action: RAPT shares are up 110.2% at $1.735 at the last check Monday.
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