Rain Oncology Inc. has agreed to pay investors nearly $7.3 million to settle claims that the drug developer misled them about the basis for a clinical trial, according to a court filing Wednesday.
The proposed accord merits preliminary approval, lead plaintiff Myo Thant and an additional investor, Branden Schenkhuizen, told the US District Court for the Northern District of California. The amount represents a 13% recovery of the approximately $56 million in maximum potential damages, Thant and Schenkhuizen said.
The suit says Rain went directly from a Phase 1 trial of a cancer drug, milademetan, to a Phase 3 trial ...
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