Rain Therapeutics, a Phase 3-ready biotech developing in-licensed therapies for cancer, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Rain's lead candidate, RAIN-32, is a small molecule oral inhibitor of MDM2 in-licensed in September 2020 based on the results of a Phase 1 trial, which demonstrated meaningful antitumor activity in an MDM2-amplified subtype of liposarcoma (LPS) and other solid tumors. The company anticipates commencing a pivotal Phase 3 trial in LPS in the 2H21, a Phase 2 tumor-agnostic basket trial in certain solid tumors in the 2H21, and a Phase 2 trial in intimal sarcoma by early 2022.
The Newark, CA-based company was founded in 2017 and plans to list on the Nasdaq under the symbol RAIN. Rain Therapeutics filed confidentially on January 29, 2021. Goldman Sachs, Citi, Piper Sandler, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
