Rubius Therapeutics Outlines Dissolution Plan, After Unsuccessful Attempt On Alternatives

Author: Vandana Singh | February 22, 2023 01:00pm

• In November 2022, Rubius Therapeutics Inc (NASDAQ:RUBY) initiated a process to explore a range of strategic alternatives and planned to engage an investment bank to act as a strategic advisor.
• But the battered company failed to find any alternatives, and the company's board approved a plan of liquidation and dissolution.
• The biotech said its board approved the plan with a special meeting of Rubius' stockholders being lined up to seek a green light, per an SEC filing.
• The biotech terminated its clinical trials and let go more than 80% of the staff so the remaining employees could execute an alternative path. 
• In September, Rubius Therapeutics announced plans to restructure and align resources to advance its next-generation red blood cell-based cell conjugation platform.
• It discontinued Phase 1 trials of RTX-240 and RTX-224 for advanced solid tumors and laid off 75% of its employees.
• Rubius went public in July 2018 with a market cap of around $2 billion.
• Price Action: RUBY shares are down 13.949% at $0.1420 on the last check Wednesday.

Posted In: RUBY