Rain Oncology slips on corporate and portfolio restructuring

• 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 for corporate restructuring, the company is eyeing a ~65% reduction of its full-time employees, and the co-founder and Chief Scientific Officer, Robert Doebele, will become its 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 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