Rain Oncology falls on plans to suspend enrollment for lead drug mid-stage study

Rain Oncology

30/05/2023 15:17

** Shares of cancer drug developer Rain Oncology Inc
 RAIN.O  fall 8.6% to $1.01
    ** Co to suspend enrollment in mid-stage trial of lead
cancer drug, milademetan, which is being tested in solid tumors;
also terminates plans of early-stage combination trial 
    ** However, says it will continue late-stage trial in the
treatment of liposarcoma, which is a type of cancer that starts
in the fat cells
    ** Also announces to cut nearly ~65% of its full-time
workforce 
    ** RAIN is focused on reducing its cash burn with the
expectation to extend cash runway to year-end 2026 - co
    ** Forecasts to end 2023 with cash of $75 mln-$80 mln 
    ** Stock down ~87% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))