RAPT Ther­a­peu­tics re­turns to Wall Street to re­vive IPO bid

On May 24, FLX Bio, a small can­cer and in­flam­ma­tion biotech with back­ing from GV, changed its name to RAPT Ther­a­peu­tics and filed con­fi­den­tial­ly for an IPO. On Ju­ly 5th, they filed to raise up to $86 mil­lion. On Ju­ly 22, they an­nounced the IPO with a $75 mil­lion goal.  And on Au­gust 1, they abrupt­ly and with­out ex­pla­na­tion called it all off.

Now, with­out ex­pla­na­tion, they’re re­viv­ing the bid, fil­ing again for a $75 mil­lion IPO, this time with a new bookrun­ner and a new drug can­di­date in the clin­ic. The terms will be the same: 5 mil­lion shares at $14-$16 per share. It would give them a di­lut­ed mar­ket val­ue of $351 mil­lion.

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