Rain Therapeutics (RAIN) IPO Opens 30% Higher

Today's IPO for Rain Therapeutics Inc. (NASDAQ: RAIN) opened for trading at $22.10 after pricing 7,352,941 shares of common stock at a public offering price of $17.00 per share.

Goldman Sachs & Co. LLC, Citigroup, Piper Sandler and Guggenheim Securities, LLC are acting as joint book-running managers for the offering.

Rain Therapeutics Inc. is a clinical-stage precision oncology company developing therapies that target oncogenic drivers for which it is able to genetically select patients it believes will most likely benefit. This approach includes using a tumor-agnostic strategy to select patients based on their tumors’ underlying genetics rather than histology. Rain’s lead product candidate, RAIN-32 (milademetan, formerly known as DS-3032), is a small molecule, oral inhibitor of MDM2, which is oncogenic in numerous cancers. In addition to RAIN-32, Rain is also developing a preclinical program that is focused on inducing synthetic lethality in cancer cells by inhibiting RAD52.

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