Rubius Therapeutics Shifts Its Clinical Focus, Pulls Plug On Two Early-Stage Cancer Assets - Rubius Therapeutics Inc Com (OTC:RUBY)

Rubius Therapeutics Inc RUBY announced plans to restructure and align resources to advance its next-generation red blood cell-based cell conjugation platform.
The company said that with over 80 patients dosed across three clinical trials, Rubius Therapeutics has demonstrated that engineered red blood cells can be manufactured at scale, safely administered, and activate a patient's immune system, resulting in clinical benefits in certain cancer patients.
To enable continued investment in the new platform, Rubius will implement cost-saving measures, extending the company's cash runway until the end of 2023.
The company will cut its workforce by 75%, primarily focused on clinical development, manufacturing, and general and administrative.
It will discontinue its ongoing Phase 1 clinical trials of RTX-240 and RTX-224 for advanced solid tumors and explore the sale of its manufacturing facility in Smithfield, Rhode Island.
Patients on trial will continue to be dosed until disease progression or discontinuation (n=6).
The company will maintain its technical development and preclinical oncology and autoimmunity research capabilities to advance the new platform and related preclinical programs.
Price Action: RUBY shares are down 18.50% at $0.87 on the last check Tuesday.