24/7 Market News Snapshot 23 December, 2024 – RAPT Therapeutics, Inc. Common Stock (NASDAQ:RAPT)

December 23, 2024

DENVER, Colo., 23 December, 2024 (247marketnews.com) – (NASDAQ:RAPT) are discussed in this article.
RAPT Therapeutics, Inc. is experiencing a notable surge in pre-market trading, with shares rising 50.23% to $1.240, up from $0.825. This increase is supported by a substantial trading volume of 4.62 million shares, reflecting significant investor enthusiasm about the company’s advancements in immunotherapy. The remarkable price escalation suggests an optimistic outlook among investors regarding RAPT’s future developments, potentially leading to increased market activity throughout the trading day.

In a pivotal development, RAPT Therapeutics has entered into a licensing agreement with Shanghai Jemincare Pharmaceutical Co., Ltd. for the development and commercialization of RPT904, a next-generation anti-immunoglobulin E (IgE) monoclonal antibody. This strategic collaboration is aimed at addressing unmet medical needs in food allergies and other allergic disorders, with Jemincare retaining rights to the product in mainland China.

Under the terms of the agreement, RAPT will initiate a $35 million upfront payment to Jemincare, coupled with additional milestone payments that could total up to $672.5 million, alongside royalties from future sales outside specific territories. RAPT plans to commence a Phase 2b clinical trial in food allergy by the latter half of 2025, underscoring the urgent demand for effective therapies in this area.

RPT904 has shown a promising clinical profile, with studies indicating a half-life that is more than double that of existing treatments, potentially positioning it as a best-in-class option for patients suffering from food allergies and chronic spontaneous urticaria. Dr. Brian Wong, President and CEO of RAPT Therapeutics, has expressed optimism regarding the partnership with Jemincare, emphasizing the significant need for new treatments in this evolving market. The collaboration holds the promise of expanding access to innovative therapies that can greatly improve patient outcomes in the realm of troublesome allergic conditions.

Related news for (RAPT)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.