Rain Therapeutics, a Phase 3-ready biotech developing in-licensed therapies for cancer, raised $125 million by offering 7.4 million shares at $17, the midpoint of the range of $16 to $18. At pricing, the company commands a fully diluted market value of $457 million.
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.
Rain Therapeutics plans to list on the Nasdaq under the symbol RAIN. Goldman Sachs, Citi, Piper Sandler and Guggenheim Securities acted as lead managers on the deal.
