Want to share this story? Any forward-looking statements contained in this release represent our views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Rubius has decided to scrap two of its leading ongoing trials, let go of 75% of its workforce and explore the sale of its manufacturing facility in Rhode Island, the biotech announced Tuesday.. As of September 12, 2022, 36 patients have been dosed in the monotherapy arm of the Phase 1/2 clinical trial of RTX-240 in advanced solid tumors. CAMBRIDGE, Mass., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biopharmaceutical company that is developing an entirely new class of cellular medicines called Red Cell Therapeutics for the treatment of cancer and autoimmune diseases, today announced plans to restructure the Company and align resources to advance its next generation red blood cell-based cell conjugation platform. Rubius to lay off about 70 R.I. employees, considering sale of Who is Monica Bertagnolli, Bidens pick to lead NIH? With our deep scientific know-how and dedicated team, we are focused on making our vision a realitycreating life-changing cellular therapies for patients with cancer and autoimmune diseases. About Us - Rubius Therapeutics - Rubius Therapeutics The Flagship Pioneering spinout (Nasdaq: RUBY) said late Wednesday that it was laying off 82% of its workforce and would begin. Even if its a quite capable market brawler like AbbVie. Rubius Therapeutics kicks off $155M renovation of former , Working at Rubius Therapeutics | Glassdoor, Rubius touts new data for lead program, but shares routed as , Flagship woos another Big Pharma BD exec to biotech. Executives took advantage of the bump to offer another round of shares at $29 a piece. New biotechs continue to emerge despite a challenging market environment that has persisted in 2023, forcing venture firms to build their drug startups more cautiously. Leading applications include programs in cancer, enzyme deficiency diseases and the induction of tolerance to treat autoimmune disease. What a week it honestly felt more like a month. Rubius Therapeutics - Crunchbase Company Profile & Funding We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. CAMBRIDGE, Mass., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biopharmaceutical company that is developing an entirely new class of cellular medicines called Red Cell Therapeutics for the treatment of cancer and autoimmune diseases, today announced that it has initiated a process to explore a range of strategic All Rights Reserved. The past four years have been a roller coaster for investors in Rubius, which burst onto the biotech scene with the intriguing goal of turning engineered red blood cells into medicines. Sign up here. 230 Employees . The company decided to halt the studies and change its strategy instead. Get the free daily newsletter read by industry experts. Implementing a 75% reduction in force, primarily focused on clinical development, manufacturing and general and administrative; Discontinuing its ongoing Phase 1 clinical trials of RTX-240 and RTX-224 for the treatment of advanced solid tumors; and, Exploring the sale of its manufacturing facility in, Patients still on trial will continue to be dosed until disease progression or discontinuation (n=6). Rubius Therapeutics is a clinical-stage biopharmaceutical company developing a new class of medicines called Red Cell Therapeutics. Nous sommes dsols pour la gne occasionne. Any such risks and uncertainties could materially and adversely affect our results of operations and cash flows and the amount of time we can meet our operational and capital needs. Overdose hot spot to get R.I.s 1st safe injection Bridging gaps to help patients get proper care, Bryant to host inaugural health care summit, Blue Cross to open new store in Narragansett. Shares were worth about 30 cents in early trading Thursday, giving the company a market value of less than $30 million. Rubius decision ends a drawn-out decline. Any forward-looking statements in this release are based on managements current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this release, including, without limitation, risks related to the substantial doubt about our ability to continue as a going concern given that we currently do not have adequate financial resources to fund our forecasted operating costs for at least 12 months; our ability to execute on and realize the expected benefits of the restructuring plan described in this release; the amount of debt we have outstanding and the lenders rights under our loan facility, including the lenders ability to accelerate amounts outstanding under the loan facility, or exert control over our cash accounts in connection with certain events of default, including a material adverse change in our business; our ability to pursue and secure financing to fund our operations; our ability to maintain our listing on the Nasdaq Stock Market, particularly in light of our recently disclosed deficiencies; those risks and uncertainties related to the development of the our Red Cell Therapeutic product candidates and their therapeutic potential; risks related to our ability to execute on our plans and expectations and our analyses of clinical and preclinical data; and other risks identified in our filings with the U.S. Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter-ended June 30, 2022 and subsequent filings with the SEC.