By Will Feuer
Rain Oncology said it plans to reduce its staff by about 65% in a broad cost-cutting push meant to extend the clinical-stage drug company’s cash runway to the end of 2026.
The company, which is developing therapies that target tumors, said it is suspending enrollment in one of its trials and scrapping plans for another trial. The company is also reducing its workforce and said Chief Medical Officer Richard Bryce will become an adviser.
Rain Oncology said it is targeting $75 million to $80 million in cash at the end of this year, and expects to have enough cash to operate through 2026.
As of Dec. 31, Rain Oncology had 63 full-time employees, 47 of whom were engaged in research and development.
Write to Will Feuer at [email protected]
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