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Rain Oncology Provides Company Update And Outlines Strategic Priorities Of Milademetan Clinical Programs; Workforce Reduction Of ~65% Of The Company's Employees; With A Transition Of Chief Medical Officer Responsibilities
Rain Oncology Provides Company Update And Outlines Strategic Priorities Of Milademetan Clinical Programs; Workforce Reduction Of ~65% Of The Company's Employees; With A Transition Of Chief Medical Officer Responsibilities
– Company plans to suspend enrollment in the ongoing milademetan Phase 2 MANTRA-2 basket trial and terminate plans for its Phase 1/2 MANTRA-4 combination trial –
– Evaluation of outcomes from the MANTRA Phase 3 milademetan trial in dedifferentiated liposarcoma (DD LPS) are ongoing with data and findings to be presented at a medical conference in 4Q23 –
– Company continuing to evaluate opportunities for expansion of its pipeline across precision oncology strategies –
– Overall workforce reduction of approximately 65% of the Company's employees; with a transition of Chief Medical Officer (CMO) responsibilities –
– Year-end 2023 cash guidance of $75-80mm, with cash runway to year-end 2026 –
NEWARK, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- Rain Oncology Inc. (NASDAQ:RAIN), (Rain), a clinical stage company developing precision oncology therapeutics today announced an update to its clinical strategy for milademetan, its small molecule inhibitor of the MDM2-p53 complex, to optimize Company resources. The Company is focused on reducing its cash burn with the expectation to extend cash runway to year-end 2026.
"We are working diligently, as additional information continues to come in, to analyze and understand the outcomes in the Phase 3 MANTRA study in DD LPS," said Avanish Vellanki, co-founder and chief executive officer of Rain. "It is imperative we understand those outcomes before allocating further capital to the milademetan program, with corporate expenses to be greatly reduced to maximize optionality for Rain. In the near-term, Rain plans to suspend enrollment in our Phase 2 MANTRA-2 basket trial and terminate plans to initiate the planned Phase 1/2 MANTRA-4 combination trial."
Mr. Vellanki continued, "Rain will make meaningful reductions in our workforce. It was the tremendous effort of our Rain colleagues that allowed us to execute on MANTRA ahead of schedule despite the extreme pressures of the pandemic. I want to sincerely thank every Rain colleague who has been impacted by this realignment. Their contributions have, without a doubt, brought us closer to better understanding the milademetan program, and towards Rain achieving its mission for patients."
The Company thanks Dr. Richard Bryce, MBCHB, MRCGP, MFPM, Rain's CMO, for his tremendous efforts with the MANTRA study, and notes a planned transition from CMO to an ongoing advisory role, with Rain's cofounder, President and chief scientific officer, Dr. Robert Doebele, MD, PhD, to assume the role of CMO.
Strategic Update Summary:
- Continue evaluation of the totality of the pivotal Phase 3 MANTRA data
- Planned data presentation at a medical conference in 4Q 2023
- Suspend enrollment of additional patients into the MANTRA-2 MDM2 amplified basket study
- Planned MANTRA-2 clinical update at a medical conference in 4Q 2023
- Terminate plans for the MANTRA-4 clinical study in patients with CDKN2A-loss, p53 wildtype advanced solid tumors
- Evaluate avenues to enhance the pipeline through precision oncology program acquisition
- Streamline internal resources to execute on realigned strategy
- Reducing full-time employees by approximately 65%, combined with careful workforce management, including employee attrition
- Transitioning CMO responsibilities from Dr. Richard Bryce to Dr. Robert Doebele
- Year-end 2023 cash guidance of $75-$80 million, and cash runway to year-end 2026
– Company plans to suspend enrollment in the ongoing milademetan Phase 2 MANTRA-2 basket trial and terminate plans for its Phase 1/2 MANTRA-4 combination trial –
— 公司计划暂停正在进行的 milademetan 第 2 期 MANTRA-2 篮子试验的注册,并终止其 1/2 期 MANTRA-4 联合试验的计划 —
– Evaluation of outcomes from the MANTRA Phase 3 milademetan trial in dedifferentiated liposarcoma (DD LPS) are ongoing with data and findings to be presented at a medical conference in 4Q23 –
— 对去分化脂肪肉瘤(DD LPS)的MANTRA 3期milademetan试验结果的评估正在进行中,数据和发现将在23年第四季度的医学会议上公布 —
– Company continuing to evaluate opportunities for expansion of its pipeline across precision oncology strategies –
— 公司继续评估扩大精准肿瘤战略产品线的机会 —
– Overall workforce reduction of approximately 65% of the Company's employees; with a transition of Chief Medical Officer (CMO) responsibilities –
— 公司员工总数裁减了约 65%;随着首席医疗官 (CMO) 职责的移交 —
– Year-end 2023 cash guidance of $75-80mm, with cash runway to year-end 2026 –
— 2023 年年底现金指引为 7.5-80 亿美元,现金流将持续到 2026 年底 —
NEWARK, Calif., May 30, 2023 (GLOBE NEWSWIRE) -- Rain Oncology Inc. (NASDAQ:RAIN), (Rain), a clinical stage company developing precision oncology therapeutics today announced an update to its clinical strategy for milademetan, its small molecule inhibitor of the MDM2-p53 complex, to optimize Company resources. The Company is focused on reducing its cash burn with the expectation to extend cash runway to year-end 2026.
加利福尼亚州纽瓦克,2023年5月30日(GLOBE NEWSWIRE)——开发精准肿瘤疗法的临床阶段公司Rain Oncology Inc.(纳斯达克股票代码:RAIN)今天宣布更新其mdm2-p53复合物的小分子抑制剂米拉德美坦的临床战略,以优化公司资源。该公司专注于减少现金消耗,预计将现金流延长至2026年底。
"We are working diligently, as additional information continues to come in, to analyze and understand the outcomes in the Phase 3 MANTRA study in DD LPS," said Avanish Vellanki, co-founder and chief executive officer of Rain. "It is imperative we understand those outcomes before allocating further capital to the milademetan program, with corporate expenses to be greatly reduced to maximize optionality for Rain. In the near-term, Rain plans to suspend enrollment in our Phase 2 MANTRA-2 basket trial and terminate plans to initiate the planned Phase 1/2 MANTRA-4 combination trial."
Rain联合创始人兼首席执行官Avanish Vellanki表示:“随着更多信息的不断涌入,我们正在努力分析和了解DD LPS的3期MANTRA研究的结果。”“在向milademetan计划分配更多资金之前,我们必须了解这些结果,同时要大幅减少公司开支,以最大限度地提高Rain的可选性。在短期内,Rain 计划暂停我们的第 2 阶段 MANTRA-2 篮子试验的注册,并终止启动计划中的第 1/2 阶段 MANTRA-4 联合试验的计划。”
Mr. Vellanki continued, "Rain will make meaningful reductions in our workforce. It was the tremendous effort of our Rain colleagues that allowed us to execute on MANTRA ahead of schedule despite the extreme pressures of the pandemic. I want to sincerely thank every Rain colleague who has been impacted by this realignment. Their contributions have, without a doubt, brought us closer to better understanding the milademetan program, and towards Rain achieving its mission for patients."
Vellanki先生继续说:“雨将大幅裁减我们的员工。正是我们的 Rain 同事的巨大努力使我们得以在疫情的极大压力下提前执行 MANTRA。我要衷心感谢每一位受到这次调整影响的 Rain 同事。毫无疑问,他们的贡献使我们更接近于更好地了解milademetan计划,也更接近于Rain实现其为患者服务的使命。”
The Company thanks Dr. Richard Bryce, MBCHB, MRCGP, MFPM, Rain's CMO, for his tremendous efforts with the MANTRA study, and notes a planned transition from CMO to an ongoing advisory role, with Rain's cofounder, President and chief scientific officer, Dr. Robert Doebele, MD, PhD, to assume the role of CMO.
公司感谢Richard Bryce博士、MBCHB、MRCGP、MRCGP、MFPM、Rain的首席营销官为MANTRA研究所做的巨大努力,并注意到计划从首席营销官过渡到持续的咨询职位,Rain的联合创始人、总裁兼首席科学官Robert Doebele博士担任首席营销官。
Strategic Update Summary:
战略更新摘要:
- Continue evaluation of the totality of the pivotal Phase 3 MANTRA data
- Planned data presentation at a medical conference in 4Q 2023
- Suspend enrollment of additional patients into the MANTRA-2 MDM2 amplified basket study
- Planned MANTRA-2 clinical update at a medical conference in 4Q 2023
- Terminate plans for the MANTRA-4 clinical study in patients with CDKN2A-loss, p53 wildtype advanced solid tumors
- Evaluate avenues to enhance the pipeline through precision oncology program acquisition
- Streamline internal resources to execute on realigned strategy
- Reducing full-time employees by approximately 65%, combined with careful workforce management, including employee attrition
- Transitioning CMO responsibilities from Dr. Richard Bryce to Dr. Robert Doebele
- Year-end 2023 cash guidance of $75-$80 million, and cash runway to year-end 2026
- 继续评估关键的第 3 阶段 MANTRA 数据的全部情况
- 计划于 2023 年第四季度在医学会议上发布数据
- 暂停招收更多患者参加 MANTRA-2 MDM2 扩增篮子研究
- 计划在 2023 年第四季度的一次医学会议上更新 MANTRA-2 的临床信息
- 终止针对 cdkn2a-loss、p53 野型晚期实体瘤患者的 MANTRA-4 临床研究计划
- 评估通过收购精准肿瘤学项目来加强渠道的途径
- 精简内部资源以执行调整后的战略
- 将全职员工减少约 65%,再加上谨慎的劳动力管理,包括员工流失
- 将首席营销官的职责从理查德·布莱斯博士移交给罗伯特·多贝勒博士
- 2023年年底的现金指导为7500万至8000万美元,到2026年底的现金流向
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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