BRIEF—Rain raises $63 million in series B round

Californian targeted therapy specialist Rain Therapeutics has raised $63 million in a series B financing round led by Boxer Capital.

The firm said it plans to use the money to advance its pipeline of targeted cancer therapies and for general corporate purposes.

Rain’s candidates include RAIN-32, a potent and selective small molecule MDM2 inhibitor recently licensed from Japanese drugmaker Daiichi Sankyo.

The firm is also working on a selective RAD52 inhibitor, which represents a potential synthetic lethal strategy for tumors with BRCA1/2 mutations.

Rain’s initial program, tarloxotinib, a pan-HER inhibitor, is currently being evaluated in Phase II clinical trials.