RAPT Therapeutics Inc (NASDAQ: RAPT) has been on an upward trajectory since it went public in October. The stock went public at $12 and of yesterday’s close, it was trading at $25.13. Since it went public, the company has made a number of announcements that have played into its price trajectory. On the 4th of December, it announced that, it had entered into a collaboration with Hanmi Pharmaceutical for the development and commercialization of FLX475 in Asia.
Under the deal, RAPT will get an upfront payment of $10 million and overtime, it will get other milestone payments. On top of that, the company will get up to $48 million that will be based on the success of the development. From potential sales after development, the company will receive up to $60 million. It also stands to earn royalties in the double-digits on sales that will come from FLX475. According to Hanmi CEO, Se-Chang Kwon, Ph. D, the company sees FLX475 as a major keystone in their efforts to deliver safe cancer treatments.
The company has also recently announced that it had appointed Rodney Young as its new CFO. According to the CEO, Brian Wong, Young is an experienced executive with broad knowledge of strategic management and financial management, and has in the past helped biotech companies in attaining sustainable growth. The CEO further added that, the new CFO will be the leader of the company’s finance functions.
Speaking on his appointment, Young stated that, RAPT has a strong drug discovery platform, one that has generated some promising candidates. He added that with an experienced team, RAPT will have data from two compounds in 2020 and that he was happy to be part of the team.
About RAPT Therapeutics Inc
RAPT Therapeutics Inc is a clinical-stage biopharma. It focuses on developing and selling oral molecular therapies. It has its headquarters in San Francisco, California.