Receptos

Receptos, Inc. was a San Diego, California biopharmaceutical company focused on discovering and developing therapeutic candidates for immune and inflammatory diseases, built around structure-based drug discovery of G protein-coupled receptors (GPCRs). The company's technology and patent estate originated at The Scripps Research Institute, where Professors Raymond Stevens (GPCR structural biology) and Hugh Rosen (chemical physiology and immunology) developed a GPCR platform and a clinical candidate. Receptos initially targeted the Edg family of receptor proteins, including sphingosine-1-phosphate receptor 1 (S1P1), using its proprietary crystal structure of the S1P1 receptor, and planned to extend the platform to additional high-value GPCR targets independently and with corporate partners.

The company's lead program, ozanimod, is an oral, selective sphingosine 1-phosphate 1 and 5 receptor small molecule modulator developed for immune-inflammatory indications including inflammatory bowel disease and relapsing multiple sclerosis. Patents supporting ozanimod were exclusively licensed to Receptos from The Scripps Research Institute. At the time of the Celgene acquisition, ozanimod was in the phase III TRUE NORTH trial in ulcerative colitis and the phase III RADIANCE and SUNBEAM trials in relapsing multiple sclerosis. Receptos was also developing RPC4046, an anti-interleukin-13 antibody for eosinophilic esophagitis, along with other pipeline and preclinical compounds.

Receptos traded on the NASDAQ Global Market under the ticker RCPT before being acquired by Celgene Corporation in a merger completed on August 27, 2015, in which stockholders received $232.00 per share in cash, totaling approximately $7.2 billion net of cash acquired.

Founding story

Kristina Burow, a partner at ARCH Venture Partners, brought together the Scripps Research Institute team of Raymond Stevens and Hugh Rosen with San Diego entrepreneurs to found Receptos. Co-founders also included William Rastetter (Venrock partner and former executive chairman of Biogen Idec), Marcus Boehm (former VP of Chemistry at Conforma Therapeutics) and Robert Peach (former Senior Director Oncology Discovery at Biogen Idec). Sources differ on the founding date: Flagship Pioneering states 2009, one directory entry states April 2009 with an establishment date of 2007.

Business model

Receptos operated as a research and development-stage biopharmaceutical company, advancing proprietary small-molecule and antibody drug candidates through clinical development, and selectively partnering its GPCR drug discovery and development platform with corporate partners. It entered clinical development partnerships with Eli Lilly, Ono and Johnson & Johnson (through its Ortho-McNeil-Janssen subsidiary).

Not stated in sources beyond development-stage drug candidates and partnering arrangements.

Traction

Series A capital supported the lead S1P1 candidate through Phase 1 trials and a second IND candidate. By 2015, ozanimod was in Phase III trials in ulcerative colitis (TRUE NORTH) and relapsing multiple sclerosis (RADIANCE, SUNBEAM), with RMS data expected in the first half of 2017 and UC data in 2018, and RPC4046 in development for eosinophilic esophagitis. The company was acquired for approximately $7.2 billion.

Latest developments

The Celgene acquisition closed on August 27, 2015 and Receptos shares ceased trading on NASDAQ. Former Receptos CEO Faheem Hasnain and former chief medical officer Sheila Gujrathi subsequently launched Gossamer Bio in San Diego in January 2018 with $100 million in financing. Flagship Pioneering lists Receptos with a 'Historical' status.