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Bristol-Myers backed RAPT Therapeutics refiles for IPO to raise up to $92M

RAPT Therapeutics Inc. is planning an IPO of its common shares to raise up to $92 million after it had reportedly postponed the offering.

The South San Francisco, Calif.-based biotechnology company — which was formerly known as FLX Bio Inc. and is majority-owned by Bristol-Myers Squibb Co., according to data compiled by S&P Global Market Intelligence — plans to list its shares on the Nasdaq Global Market under the ticker symbol RAPT.

RAPT, which has not disclosed the share count and price range, said some current shareholders have indicated an interest in buying common stock but there are no commitments to do so.

BMO Capital Markets Corp., Wells Fargo Securities, LLC and UBS Securities LLC are acting as underwriters for the proposed IPO.

The biotech company has also granted the underwriters a 30-day to option to buy additional shares of common stock.

RAPT said in a regulatory filing that the main purpose of the IPO was to increase the company's capital and give it greater flexibility in how it deploys that capital.

The company plans to use the net proceeds to fund the development of its cancer drug candidate FLX475 and inflammatory diseases drug RPT193. The funds may also be used for advancing future drug candidates, for capital expenditures, and other general corporate purposes.

RAPT may also use part of the proceeds for acquisitions or investments. However, the company has no such commitments.

The company filed for an IPO in July and was planning to raise up to $76.4 million, assuming a mid-point price range of $15 per share. Renaissance Capital LLC had reported on its website in August that the IPO had been postponed.

RAPT is led by Brian Wong, a former Roche Holding AG and Five Prime Therapeutics Inc. executive who is president, CEO and director.