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 Therapeutics (NasdaqGS: RAIN) announced its participation in Piper Sandler’s 34th Annual Healthcare Conference from November 29 to December 1, 2022, in New York. CEO Avanish Vellanki will join a fireside chat on December 1 at 1:30 p.m. ET. The event will be accessible via webcast. Rain Therapeutics specializes in precision oncology and is developing milademetan, an oral inhibitor targeting the MDM2-p53 complex to reactivate p53. The company also has a preclinical program aimed at inducing synthetic lethality in cancer cells through RAD52 inhibition.
Rain Therapeutics Inc. (NASDAQ: RAIN) announced an oral presentation on its lead product candidate, milademetan, at the Connective Tissue Oncology Society Annual Meeting in Vancouver, Canada, from November 16-19, 2022. The presentation, titled Sustained disease control with MDM2 inhibitor milademetan in patients with advanced dedifferentiated liposarcoma, will be given by Dr. Mrinal M. Gounder on November 17, 2022. Rain Therapeutics focuses on precision oncology, developing therapies targeting oncogenic drivers, alongside a preclinical program inhibiting RAD52.
Rain Therapeutics (NasdaqGS: RAIN) announced participation in the H.C. Wainwright’s 3rd Annual Precision Oncology Conference on November 14, 2022. The company’s management will engage in one-on-one investor meetings, with CEO Avanish Vellanki featured in a fireside chat at 1:00 PM ET. Rain is focused on developing precision oncology therapeutics, including its lead candidate milademetan, an oral small molecule that reactivates p53 by inhibiting the MDM2-p53 complex. The company is also advancing a preclinical program targeting RAD52.
Rain Therapeutics reported a Q3 net loss of $18 million, slightly decreasing from $18.4 million in Q3 2021. The end of Q3 cash position stands at $90.7 million, bolstered by a recent $50 million stock offering, ensuring a cash runway into 2025. The Phase 3 MANTRA trial's topline data is expected in Q1 2023, while early data from the Phase 2 MANTRA-2 trial shows promising results in patients with MDM2-amplified cancers. The MANTRA-3 trial has been deprioritized to optimize resource allocation. Rain continues to advance its milademetan therapies.
Rain Therapeutics Inc. (NASDAQ: RAIN) announced a registered offering of 6,861,080 shares of common stock and 1,715,250 shares of non-voting common stock priced at $5.83 per share, aiming to raise approximately $50 million. The offering is expected to close by November 8, 2022. Proceeds will be utilized for clinical development, commercial launch preparation, working capital, and general corporate purposes. Leading investors, including Deerfield Management and Janus Henderson Investors, are participating in the offering.
Rain Therapeutics Inc. (NasdaqGS: RAIN) announced preliminary results from its Phase 2 MANTRA-2 trial evaluating milademetan, an oral MDM2 inhibitor, on November 4, 2022. Out of ten efficacy-evaluable patients, two showed an unconfirmed partial response, while two others exhibited significant tumor regression. The drug's safety profile remains consistent with prior trials. Enrollment will continue, with a protocol amendment planned to adjust MDM2 copy number thresholds. The trial aims to evaluate milademetan's efficacy in patients with advanced solid tumors.
Rain Therapeutics Inc. (NasdaqGS: RAIN), a biotechnology firm focused on precision oncology, will announce its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022. The report will include updates on its lead product candidate, milademetan, an oral inhibitor targeting the MDM2-p53 complex. A conference call is scheduled for 2:00 PM PT (5:00 PM ET) on the same day to discuss the results and business developments.
Rain Therapeutics Inc. (NasdaqGS: RAIN) presented a poster on milademetan, a small molecule inhibitor targeting the MDM2-p53 complex, at the 34th EORTC/AACR/NCI Symposium in Barcelona on October 26, 2022. The presentation titled "Combination of MDM2 inhibition with milademetan and MEK inhibition leads to improved anti-tumor activity in cancer models harboring WT TP53" was led by Dr. Vijaya G. Tirunagaru. Rain Therapeutics focuses on precision oncology, utilizing a genetically-based patient selection strategy for its therapies, including milademetan, which reactivates the p53 protein.
Rain Therapeutics (NasdaqGS: RAIN) has announced its participation in Citi’s 17th Annual BioPharma Conference, scheduled for September 7-8, 2022, at the Four Seasons Hotel, Boston, MA. CEO Avanish Vellanki will be part of a targeted oncology panel on September 8 from 2:40-3:25 PM ET. The company focuses on developing precision oncology therapies, including milademetan, a small molecule inhibitor of the MDM2-p53 complex, which reactivates p53. Rain emphasizes a tumor-agnostic strategy to select patients based on genetic profiles.
Rain Therapeutics Inc. (NASDAQ: RAIN) reported a net loss of $17.6 million for Q2 2022, increasing from $8.2 million in Q2 2021. For the six months ended June 30, 2022, losses totaled $35 million, up from $15 million in the prior year. The company's cash position stands at $105.7 million, providing sufficient runway into mid-2024. Notably, the Phase 3 MANTRA trial completed enrollment five months early, with topline data expected in H1 2023. Ongoing clinical trials, including MANTRA-2 and anticipated MANTRA-3, show a strong pipeline for the milademetan program.
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