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Rain Therapeutics Closes $63 Million Series B Financing

Proceeds to Support Advancement of Expanded Pipeline of Targeted Cancer Therapies

NEWARK, Calif., Sept. 03, 2020 (GLOBE NEWSWIRE) -- Rain Therapeutics Inc., a privately-held, clinical stage biotechnology company focused on targeted therapies for patients with cancer, has closed a $63 million Series B financing. The financing was led by Boxer Capital and followed by new investors Cormorant Asset Management, Samsara BioCapital, Janus Henderson Investors and Logos Capital, with continued support and participation by existing investors BVF Partners L.P., Perceptive Advisors and other investors. In conjunction with the financing, Boxer Capital will appoint a representative to the Rain board of directors.

“We view this lineup of extraordinary investors as validation of the opportunity of the Rain pipeline across a range of cancers leveraging a precision oncology strategy,” said Avanish Vellanki, cofounder and chief executive officer of Rain Therapeutics.

Rain plans to use the proceeds to advance its pipeline of targeted cancer therapies and general corporate purposes. These programs include RAIN-32, a potent and selective small molecule MDM2 inhibitor recently licensed from Daiichi Sankyo Company, Limited that has been evaluated in clinical trials for certain solid and hematological malignancies.

Rain is also pursuing the development of a selective RAD52 inhibitor, which represents a potential synthetic lethal strategy for tumors with BRCA1/2 mutations. Rain’s initial program, tarloxotinib, a pan-HER inhibitor, is currently being evaluated in Phase 2 clinical trials.

About Rain Therapeutics Inc.

Rain Therapeutics Inc. is a privately-held biotechnology company developing targeted therapies for patients with cancer. Rain’s lead program is RAIN-32, a small molecule MDM2 inhibitor for patients with well-differentiated and de-differentiated liposarcoma, and other indications exhibiting MDM2 gene amplification or overexpression. RAIN-32 has completed clinical trials in certain solid tumors and hematological malignancies. Tarloxotinib, a hypoxia-activated pan-HER inhibitor is in clinical trials for patients with non-small cell lung cancer with EGFR exon 20 insertion mutations and HER2 activating mutations, as well as a tumor-agnostic cohort for patients with NRG1, EGFR, HER2, and HER4 fusions. Rain is also developing a potential first-in-class inhibitor of RAD52 in the DNA Damage Response (DDR) pathway as a synthetic lethal strategy for tumors with BRCA1/2 mutations. For more information, visit www.rainthera.com

Media Contact for Rain
Cait Williamson, PhD
LifeSci Communications