RAIN - Rain Oncology slips on corporate and portfolio restructuring

2023-05-30 11:02:01 ET

Rain Oncology ( NASDAQ: RAIN ) shed ~9% in the morning hours Tuesday after announcing layoffs, the departure of the company’s chief medical officer, and changes to its clinical programs for lead candidate milademetan.

As part of efforts to streamline resources, the company is eyeing a ~65% reduction of its full-time employees.

The co-founder, President, and Chief Scientific Officer, Robert Doebele, will be appointed as medical chief, replacing Richard Bryce, who is expected to take an advisory role.

Rain ( RAIN ) is also suspending further enrollments in its MANTRA-2 trial, designed to evaluate milademetan in MDM2-amplified advanced solid tumors.

The company has also dropped plans to begin its Phase 1/2 MANTRA-4 combination trial, which was designed to test milademetan with Roche’s ( OTCQX:RHHBY ) PD-L1 inhibitor atezolizumab in patients with certain solid tumors.

RAIN projects $75M - $80M of year-end cash guidance and estimates its cash runway to last through year-end 2026 .

More on Rain

• Rain Oncology falls 81% after Phase 3 setback for lead asset
• Rain Oncology: Major Catalysts Ahead, With Supportive Prior Data

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