Rapport Therapeutics appoints new chief medical officer

BOSTON and SAN DIEGO - Rapport Therapeutics, Inc. (NASDAQ: RAPP), a biotech firm focusing on central nervous system (CNS) disorders, has named Dr. Jeffrey Sevigny as its new chief medical officer (CMO), effective immediately. With a market capitalization of approximately $367 million and trading near $10 per share, the company faces significant challenges, as InvestingPro data shows rapid cash burn despite maintaining a strong balance sheet. Dr. Sevigny, a seasoned leader in drug development, brings over 15 years of experience to the role, having previously served as CMO at Prevail Therapeutics (NASDAQ:PRVL) and senior vice president of Neuroscience at Eli Lilly (NYSE:LLY).

At Prevail, he was instrumental in the company’s clinical development and contributed to its corporate milestones, including financing rounds, an IPO, and its acquisition by Eli Lilly. His career has spanned various leadership roles at notable pharmaceutical and biotechnology companies, including F. Hoffmann-La Roche, Biogen (NASDAQ:BIIB), Novartis (SIX:NOVN), and Merck (NSE:PROR), where he has been recognized for advancing neuroscience research and development. The appointment comes as Rapport’s stock trades near its 52-week low of $9.73, having declined over 50% in the past six months. Wall Street analysts remain optimistic, with price targets ranging from $35 to $42.

In his new position at Rapport, Dr. Sevigny will oversee the clinical strategy and progression of the company’s pipeline, which leverages receptor associated protein (RAP) science. His immediate focus will be on the RAP-219 program, a precision medicine initiative currently in clinical trials for conditions such as focal epilepsy, diabetic peripheral neuropathic pain, and bipolar mania.

Abraham N. Ceesay, CEO of Rapport, expressed enthusiasm for Dr. Sevigny’s appointment, highlighting his track record in successful clinical program leadership and his expertise in neuroscience drug development. Dr. Sevigny’s role will be crucial in advancing the company’s mission to deliver novel treatments for neurological disorders.

Dr. Sevigny himself has expressed honor in joining the Rapport team, emphasizing the company’s strong scientific foundation and the potential of RAP-219 to transform patient care. His appointment is expected to bolster Rapport’s clinical development efforts as the company continues to pursue its precision neuroscience pipeline.

This announcement is based on a press release statement from Rapport Therapeutics. The company has cautioned that forward-looking statements within the release are subject to risks and uncertainties that may affect their business and financial results. These include the progress of clinical trials, regulatory approvals, and the company’s continued ability to fund and advance its research and development efforts. According to InvestingPro, the company maintains a healthy current ratio of 45.91, with liquid assets exceeding short-term obligations, though it remains unprofitable with an EBITDA of -$73.7 million in the last twelve months. Subscribers to InvestingPro can access 8 additional key insights about Rapport’s financial health and market position, along with detailed valuation metrics and peer comparisons.

In other recent news, TD Cowen has outlined significant developments in the biotech sector anticipated for 2025. Notably, ANAB is expected to release Phase II data for its rheumatoid arthritis treatment, Rosnilimab, in February 2025. UTHR is working on extending its Tyvaso treatment to a Phase III program for idiopathic pulmonary fibrosis. QURE is preparing to submit an accelerated approval application for its Huntington’s disease treatment, AMT-130. ALKS is set to release Phase II data for its orexin candidate, ’2680, in the first half of 2025. JAZZ is looking forward to Phase III readouts for its gastric-esophageal junction adenocarcinoma treatment, Zanidatamab, while also searching for a new CEO. PRME plans to announce initial clinical data for PM359 in chronic granulomatous disease this year. Additionally, CMRX has submitted Dordaviprone for accelerated approval and is awaiting a decision from the FDA. These developments highlight key areas of focus and potential opportunities for investors in the biotech sector.

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