Completed initial public offering ("IPO") with net proceeds of
Key appointments to the leadership team, board of directors and scientific advisory board
Planned Phase 3 trial initiation in 2H 2021 for RAIN-32 in well-differentiated ("WD")/de-differentiated ("DD") liposarcoma
Planned initiation of an open-label MDM2-amplified tumor-agnostic Phase 2 basket trial for RAIN-32 in 2H 2021
“We are thrilled with the progress made so far this year, which included the successful completion of our IPO in April 2021,” said
Key Developments and Operational Updates
- Initial Public Offering
- Rain completed its IPO in
April 2021 in which the company received net proceeds of$121.9 million , net of estimated offering costs from the sale of a total of 7,845,011 shares in the IPO, including shares sold pursuant to the exercise of the underwriters’ option to purchase additional shares. The shares began trading on The Nasdaq Global Select Market onApril 23, 2021 under the ticker symbol “RAIN.”
- Rain completed its IPO in
- Appointment of
Robert Doebele , M.D., Ph.D. as President- Rain announced the appointment of Rain co-founder
Robert Doebele , M.D., Ph.D. as president effective onMay 14, 2021 .Dr. Doebele co-founded Rain withMr. Vellanki inApril 2017 and has served as executive vice president and chief scientific officer ("CSO") sinceSeptember 2020 . As president,Dr. Doebele will play a critical role in shaping the company’s corporate strategy and operations and will continue to provide his precision oncology expertise to advance Rain’s clinical pipeline and lead the company’s research and development efforts as CSO.
- Rain announced the appointment of Rain co-founder
- Appointment of
Richard Bryce , MBChB, as Executive Vice President and Chief Medical Officer- Rain announced the appointment of
Richard Bryce , MBChB, as executive vice president and chief medical officer onApril 7, 2021 .Dr. Bryce brings over 30 years of experience in oncology, clinical research and biopharmaceutical roles to the Rain team. He joined the company as it prepares to initiate multiple clinical studies for RAIN-32, an oral MDM2 inhibitor, including a Phase 3 clinical trial for patients with WD/DD liposarcoma.
- Rain announced the appointment of
- Appointments of
Stefani Wolff to the board of directors andSimon N. Powell , M.D., Ph.D. to the scientific advisory board- Rain announced the appointments of
Stefani Wolff to the board of directors andSimon N. Powell , M.D., Ph.D. to the scientific advisory board onApril 13, 2021 .Stefani Wolff brings extensive leadership across clinical development and into commercial launch preparation which will be indispensable as Rain continues to plan for the future of RAIN-32. In addition, Dr. Powell’s appointment to Rain’s scientific advisory board is significant given his role in discovering RAD52 as a synthetic lethal hit for critical homologous recombination deficiencies in cancer.
- Rain announced the appointments of
Anticipated Near-term Milestones
- RAIN-32 WD/DD Liposarcoma
- Phase 3 trial start expected to commence in 2H 2021
- RAIN-32 MDM2 Basket Study
- Phase 2 trial start expected to commence in 2H 2021
- RAIN-32 Intimal Sarcoma
- Phase 2 trial start expected to commence by early 2022
- RAD52 Research Program HRD+ Tumors
- Lead candidate selection expected in 2022
First Quarter Financial Results
For the first quarter ended
Research and development ("R&D") expenses were $5.3 million for the first quarter of 2021, as compared to $1.8 million for the first quarter of 2020. The increase in R&D expenses was primarily due to increases in third-party R&D costs for our lead product candidate, RAIN-32, as well as personnel costs. Non-cash stock-based compensation expense included in R&D expenses was approximately
General and administrative ("G&A") expenses were $1.5 million for the first quarter of 2021, as compared to $0.7 million for the first quarter of 2020. The increase in G&A expenses of
Total non-cash stock-based compensation expense was approximately
As of March 31, 2021, Rain had $53.1 million in cash and cash equivalents which does not include the net proceeds from the IPO in
As of May 20, 2021, Rain had 26.5 million shares of common stock outstanding which includes a total of 7,845,011 shares sold in Rain’s IPO in
The Company expects the full year 2021 net cash used in operating and investing activities to be approximately
About
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Rain’s ongoing and planned studies for RAIN-32 (milademetan) and the development of a preclinical program focused on inducing synthetic lethality in cancer cells by inhibiting RAD52, the strength of Rain’s balance sheet and the adequacy of cash, cash equivalents and short-term investments on hand, and commercial readiness activities. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will”, “anticipates,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rain’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Rain’s business in general, the impact of the COVID-19 pandemic, and the other risks described in Rain’s filings with the
Media Contact:
+1.646.876.5026
gfotiades@lifescicomms.com
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||
(in thousands, except share and per share amounts) | |||||||||||
Three Months Ended | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Operating expenses: | |||||||||||
Research and development | 5,328 | 1,762 | |||||||||
Selling, general and administrative | 1,480 | 668 | |||||||||
Total costs and expenses | 6,808 | 2,430 | |||||||||
Loss from operations | (6,808 | ) | (2,430 | ) | |||||||
Other income (expense) | |||||||||||
Interest income | 8 | 20 | |||||||||
Interest expense, related party | - | (31 | ) | ||||||||
Change in fair value of convertible promissory notes, related party | - | (128 | ) | ||||||||
Total other income (expense), net | 8 | (139 | ) | ||||||||
Net loss | $ | (6,800 | ) | $ | (2,569 | ) | |||||
Net loss per share, basic and diluted | $ | (1.93 | ) | $ | (0.82 | ) | |||||
Weighted-average shares used in computing net loss per share, | |||||||||||
basic and diluted | 3,530,975 | 3,139,695 | |||||||||
SUMMARY BALANCE SHEET DATA | |||||||||||
(in thousands) | |||||||||||
2021 | 2020 (1) | ||||||||||
(unaudited) | |||||||||||
Cash, cash equivalents and short-term investments | $ | 53,110 | $ | 58,863 | |||||||
Total assets | 56,497 | 61,080 | |||||||||
Stockholders' deficit | (44,052 | ) | (37,417 | ) | |||||||
(1 | ) | Derived from audited financial statements | |||||||||
Source:
2021 GlobeNewswire, Inc., source