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
Portfolio Pulse from Happy Mohamed
Rain Oncology announces a strategic update for its milademetan clinical programs, including suspending enrollment in the Phase 2 MANTRA-2 trial and terminating plans for the Phase 1/2 MANTRA-4 trial. The company will reduce its workforce by 65% and transition CMO responsibilities. Year-end 2023 cash guidance is $75-80 million, with a cash runway to year-end 2026.
May 30, 2023 | 12:33 pm
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Rain Oncology's strategic update includes suspending enrollment in the Phase 2 MANTRA-2 trial and terminating plans for the Phase 1/2 MANTRA-4 trial, reducing workforce by 65%, and transitioning CMO responsibilities.
The suspension of enrollment in the Phase 2 MANTRA-2 trial and termination of plans for the Phase 1/2 MANTRA-4 trial indicate potential setbacks in Rain Oncology's clinical programs. The workforce reduction and CMO transition may also impact the company's operations and investor sentiment, leading to a short-term negative impact on the stock price.
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