New study data from a competing clinical-stage drug bode well for Rain Therapeutics Inc/-. (RAIN:NASDAQ) late-stage, lead product candidate milademetan, reported Oppenheimer analyst Jeff Jones in a May 27 research note.
Further, the Outperform-rated developer of targeted cancer therapies offers investors a potentially significant return based on Oppenheimer's $16 per share target price on it versus Rain's current share price, around $2.32.
Milademetan is an MDM2, or murine double minute, inhibitor that is oncogenic in multiple cancers. Rain's most advanced clinical program involving this compound is a Phase 3 study in well-differentiated and de-differentiated liposarcoma. (Data from this trial, MANTRA-1, are expected in H1/23.)
Recently released Phase 1a/b trial data from a competing MDM2, BI-907828, the test population of which includes the same patients as in MANTRA-1, resulted in nine of 19 patients achieving progression-free survival lasting 10.5 or more months, Jones wrote. This compares to the 2.9 and 5.6 months achieved with two approved liposarcoma drugs, eribulin, and trabectedin, respectively.
As far as the safety of BI-907828, about 43% of study patients experienced grade 3 or greater adverse events, Jones relayed. The percentage among patients on milademetan, however, has been shown to be much lower, at 20%.
"Together, these data further validate MDM2 in liposarcoma," Jones wrote. Also, they "suggest that RAIN's optimized dosing strategy. . .could provide a significantly differentiated safety profile in this drug class," wrote Jones.
California-based Rain's MANTRA-2, a Phase 2 trial of milademetan in advanced solid tumors, is due to read out in late 2022, further highlighting the safety of the small molecule, before the release of MANTRA-1, the liposarcoma study, results, Jones noted.
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