Rain Therapeutics Closes $63 Million Series B Financing Following Recent Acquisition of Two Oncology Assets

Sep 10, 2020 | Investor Watch, News

Rain Therapeutics Closes $63 Million Series B Financing Following Recent Acquisition of Two Oncology Assets

Rain Therapeutics 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. Rain plans to use the proceeds to advance its pipeline of targeted cancer therapies and general corporate purposes. 

Rain’s initial program, tarloxotinib, a pan-HER inhibitor, is currently being evaluated in Phase 2 clinical trials.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. 

The company recently added RAIN-32 (formerly DS-3032/milademetan), a potent and selective small molecule MDM2 inhibitor, to its pipeline through a licensing agreement with Daiichi Sankyo. RAIN-32 has been evaluated in clinical trials for certain solid and hematological malignancies. 

In addition, Rain recently signed an exclusive, worldwide license agreement of a Drexel University research program for small molecule inhibitors of RAD52, a critical molecule involved in the DNA damage response (DDR) pathway. RAD52 is involved in several DDR pathways, and RAD52 inactivation is synthetically lethal in cancer cells with BRCA1/2 and other homologous recombination (HR) gene mutations. Drexel’s RAD52-targeted inhibitors have evidenced potent in vitro and in vivo activity in BRCA1-deficient xenograft models, alone and in combination with PARP inhibitors.

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