Rain Oncology falls as lead asset fails late-stage study

Rain Oncology

22/05/2023 14:08

** Shares of cancer drug developer Rain Oncology Inc
 RAIN.O  down 81% at $1.90 premarket
    ** Co says its lead drug candidate, milademetan, did not
meet main goal in a late-stage study in patients with
dedifferentiated liposarcoma (DLPS), an aggressive form of
cancer originating in the fat cells of the body
    ** Based upon the data, co does not expect to pursue further
development of the drug in the particular indication - RAIN
    ** Very disappointed as the results did not closely mirror
prior clinical results - RAIN CEO
    ** Co is also testing the drug in other forms of liposarcoma
and certain solid tumor types
    ** Stock has risen 280% in last 12 months

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))