On September 3, 2020 Rain Therapeutics Inc., a privately-held, clinical stage biotechnology company focused on targeted therapies for patients with cancer, reported that it has closed a $63 million Series B financing (Press release, Rain Therapeutics, SEP 3, 2020, View Source [SID1234564390]). 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.

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"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.