Shares of Rain Oncology Inc. (RAIN) are losing 87% on Monday after the company announced that the phase 3 trial of its lead drug candidate milademetan for the treatment of a type of liposarcoma failed to meet its primary endpoint.
Rain Oncology is currently trading at $1.2150, down 87.7644 percent or $8.7150, on the Nasdaq. The stock opened its trading at $1.7300 after closing Friday's trading at $9.9300. The stock has traded between $1.1100 and $14.4800 in the past 52-week period.
The clinical trial assessing the effectiveness, safety, and tolerance of milademetan in patients with dedifferentiated liposarcoma did not achieve its primary goal of progression-free survival when compared to the standard treatment, trabectedin.
The median progression-free survival for milademetan was found to be 3.6 months compared to 2.2 months for trabectedin. The hazard ratio was 0.89, indicating a slightly better outcome for milademetan, although this difference was not statistically significant.
The most commonly observed side effects in the milademetan group included nausea, thrombocytopenia (low platelet count), anemia, vomiting, and neutropenia (low white blood cell count). Among these, thrombocytopenia, neutropenia, and anemia were the most severe.
Dose reductions were more frequent in the milademetan group compared to the trabectedin group. Additionally, a lower percentage of patients discontinued treatment in the milademetan group due to adverse events compared to the trabectedin group.
Rain does not have plans to continue the development of milademetan for DD LPS based on the initial data findings.
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