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Rain Therapeutics Reports Third Quarter 2022 Financial Results and Highlights Recent Progress
– End of third quarter cash position of $90.7 million excludes the recent $50 million registered offering, and together, provide a cash runway into 2025 – –
About this update from Rain Enhancement Technologies Holdco, Inc.
[{"type":"text","content":"– End of third quarter cash position of $90.7 million excludes the recent $50 million registered offering, and together, provide a cash runway into 2025 – – Phase 3 pivotal MANTRA trial topline data now anticipated in first quarter of 2023 – – Phase 2 MANTRA-2 trial preliminary interim data demonstrates encouraging monotherapy signal in ten evaluable patients; MANTRA-2 continues to enroll – – Phase 2 MANTRA-3 trial deprioritized to rationalize use of financial resources – – Phase 1/2 MANTRA-4 trial anticipated to commence in first quarter 2023 – – Management to host conference call and webcast today at 5:00 PM Eastern Time – NEWARK, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Rain Therapeutics Inc. (NasdaqGS: RAIN), (Rain), a late-stage biotechnology company developing precision oncology therapeutics with a lead product candidate, milademetan, an oral, small molecule inhibitor of the MDM2-p53 complex that reactivates p53, today reported financial results for the third quarter ended September 30, 2022, along with an update on the Company’s key developments, business operations and upcoming milestones. “Rain continues to execute on our milademetan franchise with encouraging early interim data from our Phase 2 MANTRA-2 trial and anticipated near-term topline data from our Phase 3 registrational MANTRA trial next quarter,” said Avanish Vellanki, co-founder and chief executive officer of Rain. “The preliminary observations of monotherapy activity of milademetan in the MANTRA-2 trial demonstrates encouraging data in a novel biomarker-based tumor agnostic strategy and supporting potential in additional MDM2-dependent cancers.” Dr. Robert Doebele, MD, PhD, president and chief scientific officer of Rain continued, “Preliminary data from the MANTRA-2 trial exhibited activity with two unconfirmed partial responses (PRs) at their first scan and promising tumor regression activity in two additional patients following milademetan monotherapy. We are very encouraged to see proof of concept activity using a genetic selection strategy across a diverse set of solid tumor types in heavily pre-treated patients, and those that possess multiple genetic co-alterations including strong oncogenic driver mutations. We believe the early activity suggests reactivation of p53 in MDM2-dependent cancers and may represent a sound therapeutic strategy with single...
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