RAPT Therapeutics Enters into Exclusive License Deal Shanghai Jemincare Pharmaceutical and Announces $150M Private Placement

December 23, 2024

DENVER, Colo., Dec 23, 2024 (247marketnews.com)- RAPT Therapeutics (NASDAQ: RAPT) stated that it entered into an exclusive license agreement with Shanghai Jemincare Pharmaceutical, a subsidiary of Jiangxi Jemincare Group, for JYB1904 (RAPT designation RPT904), a clinical-stage, half-life extended anti-immunoglobulin E (IgE) monoclonal antibody.

The license agreement grants RAPT the worldwide rights, excluding mainland China, Hong Kong, Macau and Taiwan, to develop and commercialize RPT904, in exchange for a $35 million upfront license fee and up to $672.5 million in additional payments upon the achievement of various regulatory and commercial milestones, and royalties on future RPT904 sales.

Brian Wong, M.D., Ph.D., RAPT’s President and CEO of RAPT, stated, “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.”

Xiaoxiang Li, Jemincare’s President, added, “We are delighted to be working with RAPT Therapeutics to advance development of JYB1904 in food allergy and other allergic disorders. We trust this partnership could significantly enhance and accelerate the development and potential commercialization of JYB1904 to benefit patients.”

Jemincare completed a randomized, double-blinded, Phase 1 single-dose dose-escalation study in 56 healthy Chinese volunteers focused on safety, pharmacokinetics and pharmacodynamics, which received a good safety and tolerability rating, as all treatment-related adverse events were Grade 1-2.

RAPT Therapeutics further announced that raised approximately $150 million via a private placement with a group of accredited investors for 100,000,000 shares of common stock at a purchase price of $0.85 per share and pre-funded warrants to purchase up to 76,452,000 shares of common stock at a price per pre-funded warrant of $0.8499.

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.

CONTACT:
24/7 Market News
Editor@247marketnews.com

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.