Rain Therapeutics Inc. (RAIN) is planning to raise $126 million in an initial public offering on Friday, April 23rd, IPO Scoop reports. The company will issue 7,400,000 shares at a price of $16.00-$18.00 per share.
The company has a market-cap of $441.5 million.
Goldman Sachs, Citigroup, Piper Sandler and Guggenheim Securities acted as the underwriters for the IPO.
Rain Therapeutics Inc. provided the following description of their company for its IPO: “We are a clinical-stage precision oncology company developing therapies that target oncogenic drivers for which we are able to genetically select patients we believe will most likely benefit. This approach includes using a tumor-agnostic strategy to select patients based on their tumors’ underlying genetics rather than histology. We have in-licensed product candidates, each with a differentiated profile relative to available therapies, and we intend to continue strengthening our pipeline through focused business development and internal research efforts. Our lead product candidate, RAIN-32 (milademetan, formerly known as DS-3032), is a small molecule, oral inhibitor of mouse double minute 2 (MDM2), which is oncogenic in numerous cancers. We in-licensed RAIN-32 in September 2020 based on the results of a Phase 1 clinical trial, which demonstrated meaningful antitumor activity in an MDM2-amplified subtype of liposarcoma (LPS) and other solid tumors. This trial also validated a rationally-designed dosing schedule that has been shown to mitigate safety concerns and widen the therapeutic window of MDM2 inhibition, unlocking the potential for RAIN-32 in a broad range of MDM2-dependent cancers. Based on these data, we anticipate commencing a pivotal Phase 3 trial in LPS in the second half of 2021, a Phase 2 tumor-agnostic basket trial in certain solid tumors in the second half of 202, and a Phase 2 trial in intimal sarcoma by early 2022. In addition to RAIN-32, we are also developing a preclinical program that is focused on inducing synthetic lethality in cancer cells by inhibiting RAD52. “.
Rain Therapeutics Inc. was founded in 2017 and has employees. The company is located at 8000 Jarvis Avenue, Suite 204 Newark, CA 94560 and can be reached via phone at (510) 953-5559 or on the web at http://www.rainthera.com/.
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