Shares of precision oncology company Rain Oncology (NASDAQ:RAIN) have fallen off a cliff today after its lead product candidate failed to meet the primary endpoint in a Phase 3 trial for the treatment of dedifferentiated liposarcoma (DD LPS).
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The lead candidate, milademetan failed to achieve the primary endpoint of progression-free survival as compared to the standard of care and the company does not plan to develop the drug further in DD LPS.
Separately, Rain is developing milademetan in other indications and plans to begin a Phase 1/2 trial of its combination with atezolizumab for the treatment of wildtype p53 advanced solid tumors in the middle of this year.
With today’s price drop, shares of the company have now tanked 79% year-to-date.
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