Welcome to our dedicated page for Rain Oncology news (Ticker: RAIN), a resource for investors and traders seeking the latest updates and insights on Rain Oncology stock.
Rain Oncology Inc. (NasdaqGS: RAIN) is a biotechnology company based in the San Francisco Bay Area, specializing in the development of small molecule targeted therapeutics for cancer patients. The company's focus is on identifying and targeting single, clear oncogenic drivers to provide precision medicine solutions.
Rain's leading product candidate, milademetan, is an oral inhibitor of the p53-MDM2 complex designed to reactivate p53, a protein that plays a crucial role in controlling cell division and suppressing tumors. This promising therapy is currently undergoing Phase 3 trials for dedifferentiated liposarcoma (MANTRA) and Phase 2 tumor-agnostic basket trials (MANTRA-2).
During the second quarter of 2023, Rain reported substantial financial results. Despite a net loss of $22.1 million for Q2 2023, Rain remains financially strong with $86.3 million in cash and short-term investments. Research and development expenses increased due to ongoing clinical trials and personnel costs, while general and administrative expenses rose in anticipation of the commercial launch of milademetan.
Looking ahead, Rain is actively exploring strategic opportunities, including licensing, acquiring clinical-stage programs, and partnering with companies with proprietary technology. These efforts aim to develop innovative drug candidates and enhance shareholder value.
In a significant development, Rain's Board of Directors unanimously approved a merger agreement with Pathos AI, Inc., a clinical-stage biotechnology company leveraging AI technologies to advance precision medicines. The merger, expected to close in January 2024, offers Rain shareholders a premium on their stock and positions the company as a wholly-owned subsidiary under Pathos.
Rain Oncology Inc. continues to make strides in precision oncology, aiming to bring effective cancer therapies to patients and deliver value to its stakeholders.
Rain Oncology Inc. (NASDAQ: RAIN) announced that it will report its first quarter financial results for the period ending March 31, 2023, along with updates on its business on May 11, 2023. The company is focused on developing precision oncology therapeutics, particularly its lead candidate, milademetan, which inhibits the MDM2-p53 complex to reactivate p53. A conference call and webcast will follow the earnings release, scheduled for 2:00 PM PT (5:00 PM ET) on the same day. Investors can access the call via phone or through the provided webcast link. Rain's strategy involves a tumor-agnostic approach, selecting patients based on tumor genetics.
Rain Oncology Inc. (NasdaqGS: RAIN) announced a poster presentation at the upcoming AACR Annual Meeting 2023, scheduled from April 14-19 in Orlando, Florida. The poster, presented by Dr. Arielle Elkrief from Memorial Sloan Kettering Cancer Center, focuses on MDM2 inhibition and MEK inhibition in preclinical models of lung adenocarcinomas. The presentation, titled “MDM2 inhibition in combination with MEK inhibition in preclinical models of lung adenocarcinomas with MDM2 amplification”, is set for April 19 at 9:00 A.M. ET. The details will be accessible on Rain's website post-presentation.
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