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. (RAIN) has announced that its abstract on milademetan, an oral MDM2-p53 inhibitor, will be presented at the 2023 ESMO Sarcoma and Rare Cancers Annual Congress in Lugano, Switzerland. The presentation, titled "MDM2 inhibitor milademetan: safety profile and management of adverse events (AEs)", will take place on March 21, 2023, at 10:50 AM CET. This event underscores the company's commitment to developing precision oncology therapies that target oncogenic drivers. Milademetan aims to reactivate p53, and further materials from the presentation will be available on the Rain website after the event.
Rain Oncology Inc. (NASDAQ: RAIN) reported financial results for Q4 and full year 2022, showing a net loss of $22.7 million for the quarter and $75.7 million for the year. The company ended 2022 with $130.5 million in cash, sufficient for ongoing clinical trials of milademetan, including the Phase 3 MANTRA trial with expected topline data in Q2 2023. R&D expenses rose significantly to $19.1 million for Q4 and $61.4 million for the year, driven by clinical trial costs. Rain anticipates filing for regulatory approvals in the U.S. and Europe if supportive data is generated.
Rain Oncology Inc. (NasdaqGS: RAIN) announced that CEO Avanish Vellanki will present a corporate overview at the Oppenheimer 33rd Annual Healthcare Conference on March 13, 2023, at 11:20 a.m. ET, virtually. Rain is focused on developing precision oncology therapeutics, particularly its lead candidate, milademetan, which inhibits the MDM2-p53 complex to reactivate p53. The presentation will be available via live webcast, with a replay accessible later on the Rain website. Rain is also advancing a preclinical program aimed at inducing synthetic lethality in cancer cells through RAD52 inhibition.
Rain Oncology Inc. (NasdaqGS: RAIN) announced it will report its fourth quarter and full-year financial results for 2022 on March 9, 2023. This will include highlights of recent progress, primarily focusing on its lead candidate, milademetan, an oral small molecule designed to inhibit the MDM2-p53 complex and reactivate p53. A conference call and webcast will be hosted at 2:00 pm PT (5:00 pm ET) to discuss these results. Interested parties can access the call via dial-in or the provided webcast link. Rain is committed to precision oncology, selecting patients based on genetic profiling to enhance therapeutic effectiveness.
Rain Oncology Inc. (NasdaqGS: RAIN) has announced that CEO Avanish Vellanki will participate in a fireside chat at the Citi Virtual Oncology Leadership Summit on February 21, 2023, at 12:00 p.m. ET. The event will be held virtually, and interested parties can access a live webcast here. A replay will be available on Rain's website after the event. Rain specializes in precision oncology, focusing on therapies like milademetan, which targets the p53-MDM2 complex.
Rain Oncology Inc. (NasdaqGS: RAIN) announced that CEO Avanish Vellanki will participate in a fireside chat at the Guggenheim Healthcare Talks Oncology Day Conference on February 8, 2023, at 9:35 a.m. ET, in New York, NY. The discussion will provide insights into the company's leading product candidate, milademetan, an oral small molecule inhibitor targeting the p53-MDM2 complex, which reactivates p53. A live webcast of the event can be accessed here. A replay will be available on the company's website.
Rain Oncology Inc. (RAIN) has published a peer-reviewed article detailing Phase 1 clinical data of its drug, milademetan, a p53-MDM2 complex inhibitor, in advanced dedifferentiated liposarcoma (DD LPS). The study indicates that intermittent dosing (260 mg qd, 3/14 days) demonstrates favorable safety and tolerability, leading to a median progression-free survival (mPFS) of 7.4 months for patients on this schedule. The company is preparing for the registrational Phase 3 MANTRA trial and has reported a significant reduction in severe drug-related thrombocytopenia compared to continuous dosing. Milademetan has received Orphan Drug Designation from the FDA.
Rain Therapeutics Inc. will change its name to Rain Oncology Inc. effective December 30, 2022, to better represent its focus on precision oncology for cancer patients. CEO Avanish Vellanki emphasized the company's dedication to developing new strategies in this field. The name change will not affect current stockholders, and the ticker symbol RAIN will remain unchanged. Rain is working on its lead product candidate, milademetan, an oral MDM2-p53 complex inhibitor, and aims to utilize a tumor-agnostic approach in its oncology therapies.
Rain Therapeutics Inc. (NasdaqGS: RAIN) announced its participation in the J.P. Morgan 41st Annual Health Care Conference from January 9-12, 2023, in San Francisco, CA. CEO Avanish Vellanki will present on January 11, 2023, at 9:00 a.m. PT, offering a corporate overview. Rain is a late-stage biotechnology firm focusing on precision oncology therapeutics, notably its lead candidate, milademetan, an oral inhibitor of the MDM2-p53 complex, designed to reactivate p53.
The company utilizes a tumor-agnostic strategy to identify patients likely to benefit from its therapies.
Rain Therapeutics Inc. (NasdaqGS: RAIN) has announced a poster presentation at the 2022 San Antonio Breast Cancer Symposium, scheduled for December 6-10, 2022. The presentation will focus on genetic alterations in breast cancer linked to MDM2 dependency and sensitivity to milademetan, an oral inhibitor targeting the MDM2-p53 complex. The poster session is set for December 9, 2022, at the Henry B. Gonzalez Convention Center. Rain aims to use precision oncology to select patients based on genetic profiles rather than tumor histology.
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