Rain Oncology Reports Second Quarter 2023 Financial Results and Provides Corporate Update

About this update from Rain Enhancement Technologies Holdco, Inc.

[{"type":"text","content":"– Evaluating a number of opportunities to diversify pipeline in precision oncology – – Submitted data abstracts for milademetan in both MANTRA and MANTRA-2 clinical studies; anticipated presentations at medical conferences in 4Q23 – – Quarter-end cash position of $86.3 million expected to provide runway into year-end 2026 – – Management to host conference call and webcast today at 2:00 pm PT/5:00 pm ET – NEWARK, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Rain Oncology Inc. (NasdaqGS: RAIN), (Rain), today reports financial results for the second quarter ended June 30, 2023, and provides a corporate update. “Rain has been aggressively pursuing a multitude of opportunities as we seek to leverage our clinical execution capabilities and strong cash position to add value to our shareholders,” said Avanish Vellanki, co-founder and chief executive officer of Rain. “Our efforts are focused on licensing or acquiring differentiated clinical-stage programs, as well as avenues to partner with companies utilizing proprietary technology that may help develop drug candidates entering the clinic. We are very excited about the progress we’ve made and recognize it’s important to act expeditiously. We will provide an update publicly on these endeavors at the appropriate time.” Second Quarter 2023 Corporate Highlights and Key Research and Development (R&D) Updates Corporate Activities Commenced review of opportunities to maximize shareholder value inclusive of the opportunity to acquire new precision oncology assets and/or novel technology platformsReduced headcount to approximately 25 FTEs, maintaining key personnel to execute on earlier-stage clinical programs and wind down the MANTRA and MANTRA-2 studies for milademetanReduced cash burn through various cost saving initiatives, including headcount reduction, to extend runway through end of 2026, in the absence of a corporate transaction and further financing Phase 3 Dedifferentiated Liposarcoma (DD LPS) Trial (MANTRA) Submitted abstracts to upcoming medical conferences; anticipate presentations in 4Q23 Phase 2 Basket Trial (MANTRA-2) of Milademetan for MDM2-Amplified Advanced Solid Tumors Suspended enrollment in May 2023 and trial will be discontinued in 4Q23Submitted abstract to upcoming medical conference; anticipate presentation in 4Q23 Second Quarter 2023 Financial Results For the three and six...

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