02:25 PM EDT, 06/03/2024 (MT Newswires) -- Rapport Therapeutics expects to price its initial public offering of 8 million shares between $16 and $18 per share, according to a securities filing Monday.

The stock will start trading on Nasdaq under the symbol RAPP. The underwriters can purchase up to an additional 1.2 million shares.

Proceeds from the IPO will be used to advance the company's treatments, including RAP-219 for focal epilepsy, peripheral neuropathic pain and bipolar disorder, and for general corporate purposes.

Meanwhile, the company said existing shareholders Sofinnova Venture Partners XI and affiliates of Goldman Sachs (GS) plan to buy $8 million and $10 million worth of stocks from the company, respectively, in a concurrent private placement.