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Rain Therapeutics Closes $63M Series B Funding

NEW YORK – Newark, California-based biotechnology firm Rain Therapeutics on Thursday announced the closing of a $63 million Series B financing round.

The financing was led by Boxer Capital and included new investors Cormorant Asset Management, Samsara BioCapital, Janus Henderson Investors, and Logos Capital. Existing investors, including BVF Partners LP and Perceptive Advisors also participated in the round. In a statement, Rain said that Boxer Capital will appoint a representative to its board of directors.

Rain will use the proceeds to advance several biomarker-guided targeted drugs in its pipeline, including RAIN-32. The company said on Wednesday that it has licensed worldwide rights to Daiichi Sankyo's investigational MDM2 inhibitor, dubbed RAIN-32, which it will evaluate in solid and hematologic cancers with MDM2 amplification or overexpression. 

Additionally, Rain is developing a selective RAD52 inhibitor in tumors with BRCA1/2 mutations, and its pan-HER2 inhibitor tarloxotinib is currently in Phase II trials.